Some emerging markets will check all the boxes — strong population growth, growing middle class, verge of investment grade, great leadership, and hun… - Sam Zell

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.

I believe the fundamentals of business — supply and demand, liquidity equals value, good corporate governance, and reliable partners, to name a few — apply across the board.

While I was unaware of it at the time, my real compensation for that job wasn’t monetary. It was learning about and getting comfortable with rejection. And as I would later realize, indifference to rejection is a fundamental part of being an entrepreneur.

chairman of everything and the CEO of nothing.