The opportunity was in the fact that maritime law, in the form of the Jones Act, prevents foreign-built or foreign-flagged ships from conducting coas… - Sam Zell

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The opportunity was in the fact that maritime law, in the form of the Jones Act, prevents foreign-built or foreign-flagged ships from conducting coastal trade in the U.S. In the case of tourism, foreign vessels have to either drop off or pick up passengers from a non-U.S. port, certainly not convenient for interisland vacationing in Hawaii.

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Some emerging markets will check all the boxes — strong population growth, growing middle class, verge of investment grade, great leadership, and hunger for capital — and then be missing the one ingredient that enables you to monetize your investment: scale. Without scale, you don’t have liquidity. You have no optionality. In essence, you’re stuck. Africa is a great example. I think many countries, such as Botswana, have potential, but the upper and middle classes are too small for me to get involved. Chile is another example. It has the institutions and leadership, but only 17 million people — no scale.

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