Opportunity is very often embedded in the imbalance between supply and demand. It could be rising demand against flat or diminishing supply, or flat … - Sam Zell

A Jewish refugee delegation, including my father, went to the Vilnius Japanese vice consul, Chiune Sugihara, for these transit visas. Sugihara wired Tokyo three times for permission to help the refugees, but was denied each time. The vice consul was a Japanese career diplomat, but he had also been raised in a middle-class samurai family. And part of the code of the samurai is benevolence and mercy, and appreciation and respect for life. Despite the risk to his career and his family, Sugihara ignored his direct orders and decided to do as much as he could. For the next month, he and his wife barely stopped to eat or sleep as they wrote out thousands of transit visas. My family was among the six thousand Jews Sugihara saved — the Sugihara Survivors.

It also opened up new challenges. When you invest in emerging markets, you’re trading the rule of law for growth. If you think you can count on receiving justice in a foreign courtroom, you should think again. So, the first question is always “Who’s your partner?” By that I mean “Who is going to watch your interests on the ground every day?

Many large private equity firms were interested in acquiring such strong brands — which is why I initially bowed out. A bidding war virtually guaranteed a higher sales price, so even if I won, I wouldn’t get paid well enough to invest my time and best talent in the company. I don’t like auctions, unless of course I’m running them.