In other words, the UPREIT established a methodology for large holders of real estate to create liquidity without triggering a taxable event, as long… - Sam Zell

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.

work out every morning at 4:45, I’m at the office by 6:30 a.m., and I don’t get home from work until 7:00 at night.

Like many other going-private LBOs, our deal involved significant leverage. But ours had one big difference. If we succeeded in growing Tribune, many people would benefit, including, first and foremost, the employees. The ESOP would enable employees to participate in the upside. The majority of any increase in the value of the company’s stock would accrue to the ESOP and ultimately to employees through their ESOP accounts. So employees would be highly motivated to succeed. That sounded great to me. Everyone would have skin in the game. Including me. It would be the single largest personal investment in my career.