we had always looked at the tax benefits of real estate as what you got for the lack of liquidity. - 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.

didn’t know it then, but this phase in my career was the genesis of a mantra I would repeat regularly for decades to come: Liquidity equals value.

At some point the guy I was sitting next to turned to me and asked, “So what do you do?” I replied, “I’m a professional opportunist.” And that has been my response to that question ever since.