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My takeaway was a whole new respect for simplicity. Development required multiple steps, and every step meant one more chance for something to go wro… - Sam Zell
" "My takeaway was a whole new respect for simplicity. Development required multiple steps, and every step meant one more chance for something to go wrong. When Jay and I liquidated the Tahoe investment years later, I noticed that we had forgotten something critical, so I called him. “Listen,” I said, “the deal is closed, but I just realized we never drew up a formal partnership agreement between the two of us. If the IRS comes and reviews this thing, we’re going to look like idiots if we don’t have documents.” “Yeah, yeah,” he said, not really interested. That was indicative of Jay. Trust was one of his abiding principles. He’d always bet a lot more on the person than on the deal.
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Additional quotes by Sam Zell
I looked at each property and figured out how much debt service it could handle based on its existing cash flow. I’d restructure the debt at a lower interest rate and put $1 down on the property along with a limited cash-flow guarantee to ensure the institution would not go into default while waiting for the market to recover.
Opportunity is very often embedded in the imbalance between supply and demand. It could be rising demand against flat or diminishing supply, or flat demand against shrinking supply. When there’s an imbalance, I look at where the two lines will intersect and then determine whether it is cheaper to buy or to build. Usually the answer is in acquisition, which eliminates a lot of the risk inherent in development. I like to invest below replacement cost, thereby creating a competitive advantage.
This bit of hyperbole revealed a very important fact: At its heart, grave dancing was an opportunity to resurrect those assets deserving of a fresh start. It was a bet on my ability to affect a turnaround. And the low entry price paid for the risk I was taking to do it. Grave dancing involves confidence, optimism, conviction, and no small amount of courage. All the opportunity in the world means nothing if you don’t actually pull the trigger.
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