This has always been a fatal flaw in U.S. real estate: the volume of development has been related to the availability of funds, not to demand. - Sam Zell

In 2006, China was suffering from a dearth of available investment capital. Locals were waving in U.S. and other foreign investors with open arms. As you know by now, I love a market or deal that is starved for investors. It creates an environment where sellers and partners are bending over backward for you. I discovered that advantage over and over in my career, and I’m always on the lookout for that dynamic.

Frankly, there’s no substitute for limited competition. You can be a genius, but if there’s a lot of competition, it won’t matter. I’ve spent my career trying to avoid its destructive consequences. Competition skews people’s assessments; as buyers get competitive, the demand for assets inflates pricing, often beyond reason.

If you’re not aware that you’re not supposed to be able do something, the barriers to doing it are dramatically lessened.