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Am I Being Too Subtle?: Straight Talk From a Business Rebel
The traits that make Sam Zell one of the world’s most successful entrepreneurs also make him one of the most surprising, enigmatic, and entertaining mavericks in American business. Self-made billionaire Sam Zell consistently sees what others don’t. From finding a market for overpriced Playboy magazines among his junior high classmates, to buying real estate on the cheap after a market crash, to investing in often unglamorous industries with long-term value, Zell acts boldly on supply and demand trends to grab the first-mover advantage. And he can find opportunity virtually anywhere—from an arcane piece of legislation to a desert meeting in Abu Dhabi. “If everyone is going left, look right,” Zell often says. To him, conventional wisdom is nothing but a reference point. Year after year, deal after deal, he shuts out the noise of the crowd, gathers as much information as possible, then trusts his own instincts. He credits much of his independent thinking to his parents, who were Jewish refugees from World War II. Talk to any two people and you might get wild swings in their descriptions of Zell. A media firestorm ensued when the Tribune Company went into bankruptcy a year after he agreed to steward the enterprise. At the same time, his razor-sharp instincts are legendary on Wall Street, and he has sponsored over a dozen IPOs. He’s known as the Grave Dancer for his strategy of targeting troubled assets, yet he’s created thousands of jobs. Within his own organization, he has an inordinate number of employees at every level who are fiercely loyal and have worked for him for decades. Zell’s got a big personality; he is often contrarian, blunt, and irreverent, and always curious and hardworking. This is the guy who started wearing jeans to work in the 1960s, when offices were a sea of gray suits. He’s the guy who told The Wall Street Journal in 1985, “If it ain’t fun, we don’t do it.” He rides motorcycles with his friends, the Zell’s Angels, around the world and he keeps ducks on the deck outside his office. As he “I simply don’t buy into many of the made-up rules of social convention. The bottom line If you’re really good at what you do, you have the freedom to be who you really are.” Am I Being Too Subtle?—a reference to Zell’s favorite way to underscore a point—takes readers on a ride across his business terrain, sharing with honesty and humor stories of the times he got it right, when he didn’t, and most important, what he learned in the process. This is an indispensable guide for the next generation of disrupters, entrepreneurs, and investors.
235 pages, Kindle Edition
First published January 1, 2017
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Displaying 1 - 30 of 180 reviews
August 7, 2017
My husband suggested that I read this book. He's an entrepreneur in real estate. He loved the story of Sam Zell's journey and his approach to business. I felt like I was listening to my grandfather telling me war stories of the business world. I didn't feel any connection to Zell and I was frankly, bored. I know I could have quit reading the book earlier, but I read most of it and quit on the last chapter. A few good takeaways: 1) give your employees the power and space to talk to you, 2) honesty and integrity + relationships is what builds business, 3) keep a sense of humor.
October 7, 2017
"The tool kit I use to achieve my end includes the gifts I've been given. There are people who draw. There are people who can sing. And there are people who can dance. I can make money. I see opportunity and convert it into something tangible. The business of making money just comes naturally to me." (Sam Zell, Am I Being Too Subtle?, Page 209)
Written by Billionaire Sam Zell. Some of it was biographical and some of it was business advice. It was cool to get to know this man. He thinks differently. He thinks out of the box. He leverages what he has and he is not as brash as I thought. He actually believes in making a difference and making a difference is what he wants his legacy to be.
The business advice he shares is invaluable, not to just those in real estate, but to those in all kinds of professions and businesses. We could all learn a tidbit or two from this man, especially in the areas of being an entrepreneur and taking risks.
Written by Billionaire Sam Zell. Some of it was biographical and some of it was business advice. It was cool to get to know this man. He thinks differently. He thinks out of the box. He leverages what he has and he is not as brash as I thought. He actually believes in making a difference and making a difference is what he wants his legacy to be.
The business advice he shares is invaluable, not to just those in real estate, but to those in all kinds of professions and businesses. We could all learn a tidbit or two from this man, especially in the areas of being an entrepreneur and taking risks.
December 21, 2017
There are parts of Sam Zell's story and life that I found truly fascinating and was excited to learn more about, and then there were other parts that left me rather bored and underwhelmed.
The Good:
The beginning of the book was probably the most engaging. Sam recounts how his parents narrowly escaped Poland just before the German invasion in 1939. After a circuitous, twenty-month long journey, Sam's family landed in the United States and rebuilt a successful life. Sam seemed to inherit a healthy serving of his father's chutzpah, perspicacity and intuition, which he applied to the world of real estate investing, ultimately taking him from owning run-down apartment buildings in college towns to presiding over multi-billion dollar global companies and portfolios.
The Bad:
Sam Zell admits that he is a great salesman and, in a way, he tells his life story much like a masterful salesman giving a well-honed sales pitch. The "sale" here is that he wants us to view him as he views himself: a business rebel, an iconoclast, a gruff but fair leader, a shrewd opportunistic investor, etc. He is very good at highlighting his strengths, glossing over his weaknesses, and painting a very optimistic view of everything.
The problem is that this book seems to lack any serious introspection or true examination of Sam's flaws as a human being. For instance, he has been married three times, but other than a few generic comments, he doesn't delve into any of these moments in his life.
Sam mentions not liking to talk much about his current family or personal life. That's a shame because those are the types of details I'd be more interested in to really get a holistic picture of Sam Zell the three-dimensional human, not just Sam Zell the billionaire business magnate.
Also, he keeps talking about what a rebel he is because he wears jeans to the office, rides motorcycles, sends out annual musical gifts where he changes the lyrics to popular songs, and makes irreverent t-shirts that he hands out at business meetings. Maybe times were way different then, but this all just struck me as so lame. Okay Sam, compared to a room full of bankers, you're a real James Dean.
The Good:
The beginning of the book was probably the most engaging. Sam recounts how his parents narrowly escaped Poland just before the German invasion in 1939. After a circuitous, twenty-month long journey, Sam's family landed in the United States and rebuilt a successful life. Sam seemed to inherit a healthy serving of his father's chutzpah, perspicacity and intuition, which he applied to the world of real estate investing, ultimately taking him from owning run-down apartment buildings in college towns to presiding over multi-billion dollar global companies and portfolios.
The Bad:
Sam Zell admits that he is a great salesman and, in a way, he tells his life story much like a masterful salesman giving a well-honed sales pitch. The "sale" here is that he wants us to view him as he views himself: a business rebel, an iconoclast, a gruff but fair leader, a shrewd opportunistic investor, etc. He is very good at highlighting his strengths, glossing over his weaknesses, and painting a very optimistic view of everything.
The problem is that this book seems to lack any serious introspection or true examination of Sam's flaws as a human being. For instance, he has been married three times, but other than a few generic comments, he doesn't delve into any of these moments in his life.
Sam mentions not liking to talk much about his current family or personal life. That's a shame because those are the types of details I'd be more interested in to really get a holistic picture of Sam Zell the three-dimensional human, not just Sam Zell the billionaire business magnate.
Also, he keeps talking about what a rebel he is because he wears jeans to the office, rides motorcycles, sends out annual musical gifts where he changes the lyrics to popular songs, and makes irreverent t-shirts that he hands out at business meetings. Maybe times were way different then, but this all just struck me as so lame. Okay Sam, compared to a room full of bankers, you're a real James Dean.
May 21, 2017
Really enjoyed this book.
I had heard of Sam over 25 years ago after reading an article about him in Forbes. Later, I bought Equity Office Property's stock in my IRA over 15 years ago and enjoyed the dividend as well as the stock's performance.
Sam's success has common themes among super-performers like:
He understands his psychology and plays to his strengths and weaknesses.
Believes that value in a company cannot be unlocked without delegation to great people.
Understands that sometimes the best deal is the one that you pass on.
Consumes an enormous amount of information while retaining the ability to focus on the essential and discard the rest.
Uses this information to develop a thesis on macro-level events and then take action when they setup according to his views.
Has a fanatical drive to measure and control risk.
Sam's Jewish heritage and parents have had a big influence on him. While he was the typical American son, rebellious and driven in ways that his father was not, his love for his father is as deep as his father's was for him. And, ultimately, he is his father's son returning to his heritage throughout his life feeling profoundly grateful to be blessed with his father's wisdom.
I especially appreciated the fact that Sam openly discussed his business failures, not just his successes.
Too many business books showcase the wins without the losses and, as anyone in business will tell you, its the failures that teach the most. Equity Office Properties was a major win but the deal with Tribune began to crater less than a year after the ink dried on the contract. He goes into detail on all of them which is a huge win for anyone running a business or thinking about running a business.
I made ample use of a highlighter and post-it notes while reading this biography and highly recommend it to anyone in business.
I had heard of Sam over 25 years ago after reading an article about him in Forbes. Later, I bought Equity Office Property's stock in my IRA over 15 years ago and enjoyed the dividend as well as the stock's performance.
Sam's success has common themes among super-performers like:
He understands his psychology and plays to his strengths and weaknesses.
Believes that value in a company cannot be unlocked without delegation to great people.
Understands that sometimes the best deal is the one that you pass on.
Consumes an enormous amount of information while retaining the ability to focus on the essential and discard the rest.
Uses this information to develop a thesis on macro-level events and then take action when they setup according to his views.
Has a fanatical drive to measure and control risk.
Sam's Jewish heritage and parents have had a big influence on him. While he was the typical American son, rebellious and driven in ways that his father was not, his love for his father is as deep as his father's was for him. And, ultimately, he is his father's son returning to his heritage throughout his life feeling profoundly grateful to be blessed with his father's wisdom.
I especially appreciated the fact that Sam openly discussed his business failures, not just his successes.
Too many business books showcase the wins without the losses and, as anyone in business will tell you, its the failures that teach the most. Equity Office Properties was a major win but the deal with Tribune began to crater less than a year after the ink dried on the contract. He goes into detail on all of them which is a huge win for anyone running a business or thinking about running a business.
I made ample use of a highlighter and post-it notes while reading this biography and highly recommend it to anyone in business.
October 5, 2017
Didn’t actually finish the book. Hated the writing style and was interested in the story but it was just so meh-ly written. Got bored after a while and wondered why I was forcing myself to read this. Might interest real estate developers a bunch more than me but all in all the sentence structures suck and made me put it down.
April 20, 2019
An autobiographical account of an old-school entrepreneur and property mogul. Talks a fair bit about building relationships, negotiations, audacity, and risk-management. A very different take about business than the one that tech entrepreneurs typically have. Had much food for thought (though I did zone out a bit among the details of deal-making in the final few chapters). Highly recommended.
In particular, I loved this quote describing the dangers of taking on distressed assets: "Gravedancing is an art with many potential upsides. But one must be careful while prancing around not to fall into the open pit and join the cadavers. There’s often a thin line between the Dancer and the danced-upon."
In particular, I loved this quote describing the dangers of taking on distressed assets: "Gravedancing is an art with many potential upsides. But one must be careful while prancing around not to fall into the open pit and join the cadavers. There’s often a thin line between the Dancer and the danced-upon."
September 12, 2017
Not the most disciplined writing. A lot of repetition of "I believe" "I've always said", etc. In general the theme of the book seems to be "why am i so great". As a result not a lot of real reflection on what could have been learned from a 40 year career as an investor.
That said, some very memorable stories and concise history of the equity business. Instructive for any real estate investor.
Very readable -- got through it on two 2-hour train rides.
That said, some very memorable stories and concise history of the equity business. Instructive for any real estate investor.
Very readable -- got through it on two 2-hour train rides.
June 21, 2017
Excellent book. Jam packed with insights and advice to apply not only to business but one's life outlook and approach as well.
September 5, 2017
Some stories that I would categorize as "okay". I enjoyed the chances he took and the way he navigated getting his first rental units off of the ground.
July 31, 2019
One of the most transparent business books about an interesting and highly intellectual entrepreneur. This is one of the best autobiographies that I have read about entrepreneurship and finance.
November 23, 2019
به نسخه صوتیش گوش دادم. با صدای خودش بود. صداش به درد این کار نمی خوره.
October 23, 2022
Na faksu je već ušao u nekretnine, vodio je brigu o pae soba/stanova za neke ljude, a zauzvrat je dobijao besplatan smještaj. Onda se to samo sirilo i do kraja faksa je vec vodio ogroman portifolio rentalni jedinica samo sto je sada umjesto besplatnog smjestaja dobijao pravi novac za to. Onda je naravno krenuo da zaradjeni novac investira u nekretnine u manjim studentskim gradovima jer nije bilo velike konkurencije. Posto je tek zavrsio studije, znao je sto studenti zele bolje od ostalih investitora. Nakon odredjenog broja poslova, prosirio je carstvo i na komercijalne nekretnine, kampove itd.
Postao je najveci igrac u toj bransi. Kasnije je ulazio i u druge branše.
Na kraju je prodao svoj nekretninski portifolio Blackstone korporaciji 2007e.
Blackstone i blackrock su kompanije za koje kazu da drze cijeli svijet danas, a da nitko nije ni cuo za njih.
Zell je predvidjao krize i balone, nakon njih je kupovao sve po dobrim cijenama-grave dancer.
2008 su ga zvali svi i zeljeli da ulazu s njim ali objasnio je da su sada drugi parametri, banke su nudile odgode i slicno, tako da nakon 2008 nije ubirao plodove iako je i tu krizu predvidio. Zbog odgoda, nitko nije bio prisiljen da prodaje.
Pratio je trendove, primjetio je da se ljudi sve manje žene, sve duze i duze se ceka na brak i shodno tome je portifolio gradio sve vise u gradovima koji zive 24/7 jer je racunao da takvim ljudima, stanovi u takvim gradovima najvise trebaju i da ce tu moci ubirati najvece rente. Uvedeni su drugi parametri za stanove, vise nije bilo samo koliko kvadrata vec koliko je udaljeno koraka od prodavnice, javnog prijevoza itd.
Rentalna industrija prati puls nacije.
Devedesetih se širi globalno.
Nije isao u Evropu jer Evropa ima najstarije stanovnisto i vec tad su se iz poreza isplacivale mirovine. Pitanje je, sa tako malo radnika, od kuda ce pare doci??
Zato se okrenuo Mexicu, Brazilu,Kolumbiji, Indiji koje imaju mladju populaciju i cije vlade su tad bile propoduzetnicki orijentirane. U takvim klimama ce isplivati sve vise srednjeg sloja i njima ce trebati uredi, kuce itd.
Postao je najveci igrac u toj bransi. Kasnije je ulazio i u druge branše.
Na kraju je prodao svoj nekretninski portifolio Blackstone korporaciji 2007e.
Blackstone i blackrock su kompanije za koje kazu da drze cijeli svijet danas, a da nitko nije ni cuo za njih.
Zell je predvidjao krize i balone, nakon njih je kupovao sve po dobrim cijenama-grave dancer.
2008 su ga zvali svi i zeljeli da ulazu s njim ali objasnio je da su sada drugi parametri, banke su nudile odgode i slicno, tako da nakon 2008 nije ubirao plodove iako je i tu krizu predvidio. Zbog odgoda, nitko nije bio prisiljen da prodaje.
Pratio je trendove, primjetio je da se ljudi sve manje žene, sve duze i duze se ceka na brak i shodno tome je portifolio gradio sve vise u gradovima koji zive 24/7 jer je racunao da takvim ljudima, stanovi u takvim gradovima najvise trebaju i da ce tu moci ubirati najvece rente. Uvedeni su drugi parametri za stanove, vise nije bilo samo koliko kvadrata vec koliko je udaljeno koraka od prodavnice, javnog prijevoza itd.
Rentalna industrija prati puls nacije.
Devedesetih se širi globalno.
Nije isao u Evropu jer Evropa ima najstarije stanovnisto i vec tad su se iz poreza isplacivale mirovine. Pitanje je, sa tako malo radnika, od kuda ce pare doci??
Zato se okrenuo Mexicu, Brazilu,Kolumbiji, Indiji koje imaju mladju populaciju i cije vlade su tad bile propoduzetnicki orijentirane. U takvim klimama ce isplivati sve vise srednjeg sloja i njima ce trebati uredi, kuce itd.
December 15, 2022
This is a fantastic fantastic book, a must read for aspiring business entrepreneurs.
#1. This book is a metaphor for life. You can't be successful without being in the game.
#2. Entrepreneurship is not work but a a game to be played, and to be won - in which fun & curiosity are the main incentives.
#3. Always be willing to play - When you see a problem to solve, own it - say- let's go. Don't only manage risks - tale them.
#4. An idea meritocracy is the number 1 way for running a business - culture is everything.
#5. Running a serious business doesn't mean being always serious; be the first person in the room to laugh at yourself, have fun, and never take yourself too seriously
#1. This book is a metaphor for life. You can't be successful without being in the game.
#2. Entrepreneurship is not work but a a game to be played, and to be won - in which fun & curiosity are the main incentives.
#3. Always be willing to play - When you see a problem to solve, own it - say- let's go. Don't only manage risks - tale them.
#4. An idea meritocracy is the number 1 way for running a business - culture is everything.
#5. Running a serious business doesn't mean being always serious; be the first person in the room to laugh at yourself, have fun, and never take yourself too seriously
April 30, 2024
Highly recommend. Some great lessons and Sam Zell is super interesting.
November 21, 2022
An amazing book. One of the best business biographies I read. Even the exposition about his family and upbringing, which is usually the boring part in bios, is written interestingly. Highly recommended!
December 20, 2017
I really loved this book by Sam Zell. As a student of distressed investing, it was great to hear about the stories of Sam's investments over the years. The primary focus was mostly around his real estate investments, but there was discussion of other "Grave Dancer" type investments. As someone who has taken advantage of cyclical downturns for my adult career (own 3 distressed properties, commodities investor), I ate this book up. However, I was somewhat surprised that it didn't include more focus on the investment side of things. It really was written mostly as an autobiography with at least 4 of the 12 chapters focused on things other than business (telling his family history, his philanthropy efforts, etc.). Overall, it was a great read, and I'd recommend it to anyone that gets excited about investing (like I do), especially when the world really looks really ugly.
My favorite quotes:
p. 37 - "Indifference to rejection is a fundamental part of being an entrepreneur."
p. 75 - "Always make sure you are getting paid for the risk you take, and never risk what you cannot afford to lose...A scenario that takes four steps instead of one means there are three additional opportunities to fail."
p. 88 - "There's no substitute for limited competition. You can be a genius, but if there's a lot of competition, it won't matter."
p. 108 - "Boards that don't exercise an ownership approach are complicit in poor-performing companies."
p. 136 - "Every day you choose to hold an asset, you are choosing to buy it."
p. 153 - "'We've just always done it that way' is the antithesis of progress."
p. 220 - "Negotiation that leads to a winner and a loser rarely leads to a successful transaction, or another one down the road."
My favorite quotes:
p. 37 - "Indifference to rejection is a fundamental part of being an entrepreneur."
p. 75 - "Always make sure you are getting paid for the risk you take, and never risk what you cannot afford to lose...A scenario that takes four steps instead of one means there are three additional opportunities to fail."
p. 88 - "There's no substitute for limited competition. You can be a genius, but if there's a lot of competition, it won't matter."
p. 108 - "Boards that don't exercise an ownership approach are complicit in poor-performing companies."
p. 136 - "Every day you choose to hold an asset, you are choosing to buy it."
p. 153 - "'We've just always done it that way' is the antithesis of progress."
p. 220 - "Negotiation that leads to a winner and a loser rarely leads to a successful transaction, or another one down the road."
May 21, 2023
Forbes article on the Grave Dancer
https://www.forbes.com/sites/morganbr...
I liked the audiobook version read by Sam Zell himself
CFA interview 2017
https://blogs.cfainstitute.org/invest...
Interview by David Rubenstein - Jul 2022
https://youtu.be/ryn5nXFEE8w
1976 article 'The Grave Dancer' -Sam Zell
https://www.samzell.com/wp-content/up...
https://www.forbes.com/sites/morganbr...
I liked the audiobook version read by Sam Zell himself
CFA interview 2017
https://blogs.cfainstitute.org/invest...
Interview by David Rubenstein - Jul 2022
https://youtu.be/ryn5nXFEE8w
1976 article 'The Grave Dancer' -Sam Zell
https://www.samzell.com/wp-content/up...
August 26, 2021
Enjoyed this book from the one-of-a-kind straight-talker Sam Zell. Notes below. More like this can be found att www.libraryof.xyz
Sam Zell is the founder, owner, and chairman of Equity International, an investment company that focuses on real estate, primarily in emerging markets. Zell’s story starts in Poland just before WWII broke out, when his parents fled the country for the United States. Zell was born in 1941 and raised in Seattle, Chicago and Illinois. As a youth, in parallel with his law studies, he worked within property management. After his studies, he worked with small-scale property development and over time built up a broad portfolio of office properties. Later in his career, he started out investing in other sectors, most often in businesses in asset-intensive industries. Zell has an estimated net worth of $5.6bn and is ranked 529th on the Forbes list [2021].
THE GRAVE DANCER. Zell is a contrarian at heart and has been nicknamed “the grave dancer” because he appears after bubbles have burst. However, it is important to be careful, says Zell, if you dance near the grave there is a risk that you fall in. Zell’s analysis always starts with the downside. If he can understand it, and be comfortable with that outcome, he goes on to the upside. What kind of industry a company is within is irrelevant – the price is what determines if something is interesting.
“Sentimentality about an asset leads to a lack of discipline”
BUSINESS 101. Supply and demand, barriers to entry, margin of safety, limited competition, and good corporate governance – these are Zell’s cornerstones. By studying supply and demand, he times the market. He focuses mainly on demand and then moves to the supply side. He act very cautiously when he see that it is a record year in volume in any industry. He wants to either see an increasing demand combined with a stable supply or a stable demand combined with a decreasing supply. Zell only participates in auctions that he holds himself – if the interest is great, the price will be high.
”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”
BUY BELOW REPLACEMENT VALUE. The replacement value is what determines future competition. If you can set the rent based on a purchase price of $10k/apartment, new entrants are priced out if the replacement value is $20k/apartment.
THERE SHOULD BE TWO WINNERS IN A DEAL. Zell believes in leaving crumbs on the table. If a transaction does not have two winners, it is a bad deal. If you come out as the sole winner, no more business awaits in the future. If both parties are winners instead, everyone continues to play the game. This goes hand in hand with Zell’s view that a person’s reputation is his or her most valuable asset.
“Reputation is your most important asset. Everything you do, everything you say, is part of the permanent record. Your name reflects your character”
SIMPLICITY. Zell says that if you cannot formulate what you want to do with two sentences, you have not yet understood it. He has broken down his own work role as “the chairman of everything and the CEO of nothing”. He also believes that a simple solution is usually better than an advanced one. Everything complex can be broken down into something simple. It’s really just about organizing your thoughts.
POPULATION GROWTH LEADS TO HIGHER DEMAND. Zell believes that investing globally primary is about population growth. Europe is shrinking, there he is not investing: “you know cheese, castles and wine – it’s all terrific! But nobody works there!”. Emerging markets’ underlying population growth means that demand is high and is expected to rise in line with higher living standards. In addition, he likes when a country is close to reaching “investment grade” – then they behave as best they can. When it is obtained, the foreign interest increases, which both drives valuations and strengthens the local currency.
RELAX BUT DO NOT HOLD BACK. Zell believes that one should not take oneself too seriously. If you are really good at what you do, you have the freedom to be who you are. Zell wore jeans during the 1960s where everyone in the business world wore a suit and tie. On the other hand, he believes that it is one’s duty to maximize the opportunities one has been given. A successful entrepreneur must be indifferent to adversity and instead focus on problem solving. Zell is a voracious reader (one book a week and five newspapers a day) and an avid world tourist, which broadens his skill set and brings a steady stream of investment ideas.
Sam Zell is the founder, owner, and chairman of Equity International, an investment company that focuses on real estate, primarily in emerging markets. Zell’s story starts in Poland just before WWII broke out, when his parents fled the country for the United States. Zell was born in 1941 and raised in Seattle, Chicago and Illinois. As a youth, in parallel with his law studies, he worked within property management. After his studies, he worked with small-scale property development and over time built up a broad portfolio of office properties. Later in his career, he started out investing in other sectors, most often in businesses in asset-intensive industries. Zell has an estimated net worth of $5.6bn and is ranked 529th on the Forbes list [2021].
THE GRAVE DANCER. Zell is a contrarian at heart and has been nicknamed “the grave dancer” because he appears after bubbles have burst. However, it is important to be careful, says Zell, if you dance near the grave there is a risk that you fall in. Zell’s analysis always starts with the downside. If he can understand it, and be comfortable with that outcome, he goes on to the upside. What kind of industry a company is within is irrelevant – the price is what determines if something is interesting.
“Sentimentality about an asset leads to a lack of discipline”
BUSINESS 101. Supply and demand, barriers to entry, margin of safety, limited competition, and good corporate governance – these are Zell’s cornerstones. By studying supply and demand, he times the market. He focuses mainly on demand and then moves to the supply side. He act very cautiously when he see that it is a record year in volume in any industry. He wants to either see an increasing demand combined with a stable supply or a stable demand combined with a decreasing supply. Zell only participates in auctions that he holds himself – if the interest is great, the price will be high.
”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”
BUY BELOW REPLACEMENT VALUE. The replacement value is what determines future competition. If you can set the rent based on a purchase price of $10k/apartment, new entrants are priced out if the replacement value is $20k/apartment.
THERE SHOULD BE TWO WINNERS IN A DEAL. Zell believes in leaving crumbs on the table. If a transaction does not have two winners, it is a bad deal. If you come out as the sole winner, no more business awaits in the future. If both parties are winners instead, everyone continues to play the game. This goes hand in hand with Zell’s view that a person’s reputation is his or her most valuable asset.
“Reputation is your most important asset. Everything you do, everything you say, is part of the permanent record. Your name reflects your character”
SIMPLICITY. Zell says that if you cannot formulate what you want to do with two sentences, you have not yet understood it. He has broken down his own work role as “the chairman of everything and the CEO of nothing”. He also believes that a simple solution is usually better than an advanced one. Everything complex can be broken down into something simple. It’s really just about organizing your thoughts.
POPULATION GROWTH LEADS TO HIGHER DEMAND. Zell believes that investing globally primary is about population growth. Europe is shrinking, there he is not investing: “you know cheese, castles and wine – it’s all terrific! But nobody works there!”. Emerging markets’ underlying population growth means that demand is high and is expected to rise in line with higher living standards. In addition, he likes when a country is close to reaching “investment grade” – then they behave as best they can. When it is obtained, the foreign interest increases, which both drives valuations and strengthens the local currency.
RELAX BUT DO NOT HOLD BACK. Zell believes that one should not take oneself too seriously. If you are really good at what you do, you have the freedom to be who you are. Zell wore jeans during the 1960s where everyone in the business world wore a suit and tie. On the other hand, he believes that it is one’s duty to maximize the opportunities one has been given. A successful entrepreneur must be indifferent to adversity and instead focus on problem solving. Zell is a voracious reader (one book a week and five newspapers a day) and an avid world tourist, which broadens his skill set and brings a steady stream of investment ideas.
August 1, 2021
Loved it. I didn't expect to be so entertained.
I discovered the author, Sam Zell, through the book What It Takes , which discusses the Blackstone Group. In that, Zell was described as this straight-forward and quirky, motorbike jacket-wearing real estate guy. I was instantly intrigued, Googled him, and added his book to my TBR list.
Chicago real-estate guy is a very misleading way to describe him, though. He very much is a mogul. The Equity Group controls a lot of the America's A-Level office space, residential apartments, and even mobile homes (trailer parks). He frequently appears on Bloomberg and CNBC now.
Zell is a first-generation American. A refuge whose family, thankfully, was able to escape Poland before it was occupied by the Nazis. There was one point where Zell was describing a recession and I thought he was talking about 2008 - when, in fact, it was about the 70s. Reminded me of how old he is lol. His sense of humor is timeless though. More than the content of the book, I really enjoyed the charisma of the story.
He really is this trickster, eclectic guy. I'll try to show with some examples:
1) He has this one-piece suit for formal meetings. You just hop into this pajama-type outfit, zip it up, and it's a "suit."
2) During an intense recession, he gifted all his clients a jukebox with his own 'Staying Alive' cover, the lyrics were changed to a real estate theme.
3) His birthday party for about 20 years was this Chicago-wide treasure hunt. It ballooned from 34 guests to something insane like 600. To avoid the fancy, high-class drama, guest are given a graphic tee as a "ticket."
4) He has his own Hell's Angels motorbiking group called Zell's Angels - good play on words, sir.
5) He once commissioned a painting mimicking Dante's Inferno - to remind himself forever how brutal this one deal was. He took the liberty to tell the artist to portray himself as the jester.
6) His office balcony has these two ducks with their own heated pool.
7) He concludes the book with a clearly fake Confucius quote: "The definition of a shmuck is someone who's reached his goals."
Great books sometimes really do feel like great conversations. I enjoyed this one a lot.
I discovered the author, Sam Zell, through the book What It Takes , which discusses the Blackstone Group. In that, Zell was described as this straight-forward and quirky, motorbike jacket-wearing real estate guy. I was instantly intrigued, Googled him, and added his book to my TBR list.
Chicago real-estate guy is a very misleading way to describe him, though. He very much is a mogul. The Equity Group controls a lot of the America's A-Level office space, residential apartments, and even mobile homes (trailer parks). He frequently appears on Bloomberg and CNBC now.
Zell is a first-generation American. A refuge whose family, thankfully, was able to escape Poland before it was occupied by the Nazis. There was one point where Zell was describing a recession and I thought he was talking about 2008 - when, in fact, it was about the 70s. Reminded me of how old he is lol. His sense of humor is timeless though. More than the content of the book, I really enjoyed the charisma of the story.
He really is this trickster, eclectic guy. I'll try to show with some examples:
1) He has this one-piece suit for formal meetings. You just hop into this pajama-type outfit, zip it up, and it's a "suit."
2) During an intense recession, he gifted all his clients a jukebox with his own 'Staying Alive' cover, the lyrics were changed to a real estate theme.
3) His birthday party for about 20 years was this Chicago-wide treasure hunt. It ballooned from 34 guests to something insane like 600. To avoid the fancy, high-class drama, guest are given a graphic tee as a "ticket."
4) He has his own Hell's Angels motorbiking group called Zell's Angels - good play on words, sir.
5) He once commissioned a painting mimicking Dante's Inferno - to remind himself forever how brutal this one deal was. He took the liberty to tell the artist to portray himself as the jester.
6) His office balcony has these two ducks with their own heated pool.
7) He concludes the book with a clearly fake Confucius quote: "The definition of a shmuck is someone who's reached his goals."
Great books sometimes really do feel like great conversations. I enjoyed this one a lot.
January 17, 2022
- It's important to hear others' opinion, especially their perspectives. Especially important to see things from another cultural angle - Zell's father escaped the faith of many Jews by reading news outside of their town and escape early
- Business, in the long term is all about trust. It's all about being honest and leaving things on the table. While you can win a small things playing dirty, you won't last long doing this
- The importance of success is about tenacity. Don't give up easily
- In negotiation, listening is very important. With listening you get to understand the root of the problem (oftentimes easier to be solved than you think l
- Simplicity is the key to everything (that's why Zell, through his own experiences, believed aquizition is cheaper than development in real estate)
- The key to understanding a complex issue is to cut it into smaller blocks - and often only focusing the most important issue in the block
- Only invest when you have big upside smaller downside, not the other way around. Invest below replacement cost to have an edge
- Aim for limited competition, try for monopoly of all time
- US Real estate (as well as most other industries) do not follow supply and demand. Rather, they follow the flow of money: they over invest when money is easy, and under invest when money tightens
- Education of law is very important: it helps you understand the rule much better. Zell accredit this to his ability to use extended NOL rules when economy tanked and congress passed act hoping to shore up struggling companies
- Reduce redundancies creates more value, and is far more predictable than building something new (also creates more monopoly)
- Always have people working with you with the same incentives as you. This will avoid lots of scandals
- Opportunity won't present itself - you have to seek it
- One of Zell's biggest competitive advantage was he actually reads the new law and quickly implement it. Rather than using herd mentality and have rules become rather common for people to act on them
- Zell openly admits his shortcomings in his personal life - when someone loves his work so much, it's natural that he doesn't have as much time for family (which at many part of the book he regrets)
- Business, in the long term is all about trust. It's all about being honest and leaving things on the table. While you can win a small things playing dirty, you won't last long doing this
- The importance of success is about tenacity. Don't give up easily
- In negotiation, listening is very important. With listening you get to understand the root of the problem (oftentimes easier to be solved than you think l
- Simplicity is the key to everything (that's why Zell, through his own experiences, believed aquizition is cheaper than development in real estate)
- The key to understanding a complex issue is to cut it into smaller blocks - and often only focusing the most important issue in the block
- Only invest when you have big upside smaller downside, not the other way around. Invest below replacement cost to have an edge
- Aim for limited competition, try for monopoly of all time
- US Real estate (as well as most other industries) do not follow supply and demand. Rather, they follow the flow of money: they over invest when money is easy, and under invest when money tightens
- Education of law is very important: it helps you understand the rule much better. Zell accredit this to his ability to use extended NOL rules when economy tanked and congress passed act hoping to shore up struggling companies
- Reduce redundancies creates more value, and is far more predictable than building something new (also creates more monopoly)
- Always have people working with you with the same incentives as you. This will avoid lots of scandals
- Opportunity won't present itself - you have to seek it
- One of Zell's biggest competitive advantage was he actually reads the new law and quickly implement it. Rather than using herd mentality and have rules become rather common for people to act on them
- Zell openly admits his shortcomings in his personal life - when someone loves his work so much, it's natural that he doesn't have as much time for family (which at many part of the book he regrets)
June 30, 2022
A book that is part business book, part auto-biographical, part life philosphy. It adds up to a book that is not quite any of them but overall still somewhat interesting to read. But I guess in doing it this way it suits the idiosyncratic style of the author.
The book provides an overview of the author's: (i) family history; (ii) career in business; and (iii) advice, wisdoms and general life philosophy. His family history (Jews that fled Poland) was quite a harrowing tale, but also a very interesting one that had a profound impact on the way the author sees life and business (always know your risk in relation to your upside).
His career in business was interesting, but unfortunately he never delves too deep into any of the really interesting moments in his career - for example, he sale of Equity Office to Blackstone is a rather brief passage in this book, whilst it was the biggest real estate transaction in history and at a crucial time (just before the 2008 financial crisis). He does describe several deals he made, but seldom discloses anything beyond what was already publicly known. He also describes some of his failures, but again all rather superficially.
The wisdoms he shares in this book are what can be expected from a "mensch" and really come down to the importance of your reputation (having a good name - Shem Tov). I found these parts of the book less interesting, not because I do not value his perspective but because most seem rather obvious and coming from someone successful they seem rather self serving at times.
Sam Zell is such an interesting character and he is often very outspoken in interviews - never afraid to ruffle a few feathers. As such I was expecting a more exciting book in which some stronger opinions (and possibly take downs). Despite being lacking in more "juicier" content I still found this book worth a read.
The book provides an overview of the author's: (i) family history; (ii) career in business; and (iii) advice, wisdoms and general life philosophy. His family history (Jews that fled Poland) was quite a harrowing tale, but also a very interesting one that had a profound impact on the way the author sees life and business (always know your risk in relation to your upside).
His career in business was interesting, but unfortunately he never delves too deep into any of the really interesting moments in his career - for example, he sale of Equity Office to Blackstone is a rather brief passage in this book, whilst it was the biggest real estate transaction in history and at a crucial time (just before the 2008 financial crisis). He does describe several deals he made, but seldom discloses anything beyond what was already publicly known. He also describes some of his failures, but again all rather superficially.
The wisdoms he shares in this book are what can be expected from a "mensch" and really come down to the importance of your reputation (having a good name - Shem Tov). I found these parts of the book less interesting, not because I do not value his perspective but because most seem rather obvious and coming from someone successful they seem rather self serving at times.
Sam Zell is such an interesting character and he is often very outspoken in interviews - never afraid to ruffle a few feathers. As such I was expecting a more exciting book in which some stronger opinions (and possibly take downs). Despite being lacking in more "juicier" content I still found this book worth a read.
December 13, 2018
Being the big dog isn't just a business strategy it's a mindset. Zell moves in and out of investments based off his unique gut and common sense perspective. He's a front line heavy duty real estate player who tells it like it is. He's the kind of guy that will share as long as your not getting a piece of his slice and I can respect that.
Pearls of Wisdom:
Deal opportunities
Master deal maker
I don't like auctions unless I'm running them
Sentimentality to an asset leads to a lack of discipline
Under what circumstances that decision might change?
It has to be a God Father offer to good to refuse
It's not on the market but a bid of 47.5 would make things interesting
Everyday you choose to hold an asset your also choosing to buy it
Predictable cash flow from high quality assets
Real estate tends to lag the general economy the full impact is years away
liquidity equals value
highly leveraged owners
our interests don't align
Don't rely on people unless you understand their motivations
This has always been a fatal flaw in us real estate the volume of development has been related to the availability of funds not to demand. The industry has a long history overbuilding when there is easy money without regard for who will occupy these spaces once they are built
I count my money by the bushel
I've been plagued by plots and betrayal
I'm amazed at the complexity of your world
selling is everything in life
sober..honest..ethical acutally from the wolf jb not sz lol
Money transfer operation
do great deals
Arthur Cohn
William Zecondorf
Pearls of Wisdom:
Deal opportunities
Master deal maker
I don't like auctions unless I'm running them
Sentimentality to an asset leads to a lack of discipline
Under what circumstances that decision might change?
It has to be a God Father offer to good to refuse
It's not on the market but a bid of 47.5 would make things interesting
Everyday you choose to hold an asset your also choosing to buy it
Predictable cash flow from high quality assets
Real estate tends to lag the general economy the full impact is years away
liquidity equals value
highly leveraged owners
our interests don't align
Don't rely on people unless you understand their motivations
This has always been a fatal flaw in us real estate the volume of development has been related to the availability of funds not to demand. The industry has a long history overbuilding when there is easy money without regard for who will occupy these spaces once they are built
I count my money by the bushel
I've been plagued by plots and betrayal
I'm amazed at the complexity of your world
selling is everything in life
sober..honest..ethical acutally from the wolf jb not sz lol
Money transfer operation
do great deals
Arthur Cohn
William Zecondorf
March 8, 2020
Absorbentes lecciones de negocios y de vida de uno de los emprendedores, inversionistas y filántropos más emblemáticos de las últimas décadas: Sam Zell. Hijo de inmigrantes judíos polacos, cuyos padres literalmente salieron de su país en el último tren antes de la invasión nazi, Zell ejemplifica el optimismo, arrojo y visión de lo que significa verdaderamente ser un emprendedor.
Después de hacer una fortuna en negocios inmobiliarios en Estados Unidos, donde aprendió la importancia de entender la dinámica de oferta y demanda en un mercado, Zell expandió sus horizontes para invertir en el resto del mundo y en otros giros de negocio a través de sus fondos de capital privado. Zell es un negociador incansable con un ojo clínico para encontrar oportunidades y con la energía y la determinación para aprovecharlas. Llama la atención que, contrario al estereotipo de los hombres de negocio como egoístas sin escrúpulos que se aprovechan de las debilidades de los demás buscando sólo su propio beneficio a cualquier costo, Zell nos muestra cómo para tener éxito es necesario estar consciente de las necesidades de los demás, tratar a las personas con dignidad y respeto (empezando por tu propios socios y colaboradores), asegurarse que en una transacción todos ganen y de la importancia fundamental de actuar siempre éticamente.
La redacción del libro es ágil y logra mantener la atención del lector a través de una mezcla de lecciones de negocios y experiencias de vida, a través de las cuales nos transmite su historia, personalidad y principios, en particular uno que lo describe muy bien, el onceavo mandamiento: no te tomarás demasiado en serio a ti mismo.
Después de hacer una fortuna en negocios inmobiliarios en Estados Unidos, donde aprendió la importancia de entender la dinámica de oferta y demanda en un mercado, Zell expandió sus horizontes para invertir en el resto del mundo y en otros giros de negocio a través de sus fondos de capital privado. Zell es un negociador incansable con un ojo clínico para encontrar oportunidades y con la energía y la determinación para aprovecharlas. Llama la atención que, contrario al estereotipo de los hombres de negocio como egoístas sin escrúpulos que se aprovechan de las debilidades de los demás buscando sólo su propio beneficio a cualquier costo, Zell nos muestra cómo para tener éxito es necesario estar consciente de las necesidades de los demás, tratar a las personas con dignidad y respeto (empezando por tu propios socios y colaboradores), asegurarse que en una transacción todos ganen y de la importancia fundamental de actuar siempre éticamente.
La redacción del libro es ágil y logra mantener la atención del lector a través de una mezcla de lecciones de negocios y experiencias de vida, a través de las cuales nos transmite su historia, personalidad y principios, en particular uno que lo describe muy bien, el onceavo mandamiento: no te tomarás demasiado en serio a ti mismo.
December 14, 2020
I am aware that it’s easy to get cynical when you read someone’s autobiography, especially from billionaires. They tend to tell you they came from nothing, worked hard and smart , accomplished a great deal and list out what they have done in philanthropy. While I truly believe most of them genuinely want to share the wisdom they accumulated on their road to riches and power, a lot of them are their ego talking, which is nothing wrong. You have to be extremely lucky to find one that doesn’t come across this way. Phil knight’s the shoe dog, or bob iger’s the ride of a lifetime. This book, however is not. It is a slightly compacted version of steve schwarzman’s book but not as well written. It is written more like a summary on his deals and progress over the year. I am actually a little disappointed partly because I expected Sam Zell to be a good writer and also the title “ straight talk from a busines rebel” sort of implying the story to be a little different from typical autobiography from wall street guys. Anyway, I did learn a little about how he structures his real estates business to achieve maximum leverage in the bull market and maintain liquidity in the bear market. I do wish he would elaborate a lot more about each of his deal though. Simply telling readers he manages to buy low sell high every time doesn’t help all that much isn’t it. Anyway, a fine read but it wont help a lot if you are set out to understand more about the real estates market.
August 7, 2020
I very much enjoyed all the nuggets of wisdom interspersed within all the war stories. A legend!
Notes from a reading journal:
P. 84: "We believed the real money in real estate came from borrowing long-term, fixed-rate debt in an inflationary scenario that ultimately depreciated the value of the loan and increased the position of the borrower."
P. 94: "Don't depend on people unless you understand their motivations and you're confident that your interests align with theirs."
P. 104: "A leader can't let his emotions impact his stability. You have to have methods that keep you steady."
P. 179: "I believe in the radius theory of business, where your ability to succeed is ultimately limited by the number of people between you and the decision." That's because the farther from you the decision is made, the less you control the risk. History shows that businesses get buried when they don't delegate enough - but also when they delegate too much.
P. 210 - "I stay nimble, ready to pivot."
P. 225 - "The minute you acknowledge that a problem is insurmountable, you fail. If you just assume there is a way through to the other side, you'll usually find it, and unleash your creativity to do so."
Notes from a reading journal:
P. 84: "We believed the real money in real estate came from borrowing long-term, fixed-rate debt in an inflationary scenario that ultimately depreciated the value of the loan and increased the position of the borrower."
P. 94: "Don't depend on people unless you understand their motivations and you're confident that your interests align with theirs."
P. 104: "A leader can't let his emotions impact his stability. You have to have methods that keep you steady."
P. 179: "I believe in the radius theory of business, where your ability to succeed is ultimately limited by the number of people between you and the decision." That's because the farther from you the decision is made, the less you control the risk. History shows that businesses get buried when they don't delegate enough - but also when they delegate too much.
P. 210 - "I stay nimble, ready to pivot."
P. 225 - "The minute you acknowledge that a problem is insurmountable, you fail. If you just assume there is a way through to the other side, you'll usually find it, and unleash your creativity to do so."
June 2, 2020
Solid book. Sam Zell displays his life starting from a young age and his growth to the top. I loved how he showed his parents life starting from the Holocaust and their escape to Chicago. Zell was born into a Jewish Family and he gave us lessons he learned from his dad such as Shem Tov which is to have a good name and always to have a good reputation. Zell describes his time in the University of Michigan, then his time to his first marriage, then to his divorces, then to starting his own optimistic investing company - Equity Group and how they rose to the top, and his huge deal with Blackstone to sell the Equity Office, now known as EQ Office which has one of the biggest portfolios in office buildings in the US. Zell described his way of thinking, his office environment (relaxed vibe, not so corporate, jeans), and his thought processes. Zell describes himself as a very relaxed CEO, and loves to ride Motorcycles, and he seems very cool and calm. I would love to catch a drink with him. It’s a must read as it shows the way a kid born into an immigrant family rose to the top with hard work and dedication and some calculated risks.
April 19, 2023
Overall really solid book, Zell is one of the most famous Real estate billionaires in the world and he tells you his life story starting as a kid until present day (2017) and how he built his real estate empire. He goes through the details of many of his deals the really good ones and also the bad ones he's made.
He also does deals in many other industries, many in non-real estate industries. For me, some of them were kind of boring (railroads, pharmaceuticals, etc.). Also in some of his real estate deals he goes into a bit too much financial minutia, which at times made things hard to follow (but I do appreciate the detail). There are also chapters about eccentric things he likes to do and philanthropy, which I found to be a bit boring and a distraction from the 'meat and potatoes' of the book. The book is not only focused on real estate, but on who he is as a person and how views the world. I love real estate so the book was definitely worth reading, there are so fake ''real estate gurus" in the world, so its nice to read a real estate book written by someone actually on the Forbes 400 for real estate.
He also does deals in many other industries, many in non-real estate industries. For me, some of them were kind of boring (railroads, pharmaceuticals, etc.). Also in some of his real estate deals he goes into a bit too much financial minutia, which at times made things hard to follow (but I do appreciate the detail). There are also chapters about eccentric things he likes to do and philanthropy, which I found to be a bit boring and a distraction from the 'meat and potatoes' of the book. The book is not only focused on real estate, but on who he is as a person and how views the world. I love real estate so the book was definitely worth reading, there are so fake ''real estate gurus" in the world, so its nice to read a real estate book written by someone actually on the Forbes 400 for real estate.
July 24, 2022
It's awesome that people like Sam Zell take the time to write about their lives and the lessons they've learned. Concise and unfulfilling though the writing may be. You can only put so much information in a 234 page book, but one takes what one gets. Sam Zell is " un bon vivant" he worked hard and lived hard making the most out of what he had under his grasp. " don't take yourself too seriously " he would say calling it the 11th commandment. " Ego and pride Have their places but when they are not self regulated they can be detrimental" . He was Trained as a lawyer but he was at heart a rebel and an entrepreneur. He revolutionized real estate and helped create REITs among many other grand developments. Having perpetual hunger for adventure he went into investments in oil and gas, barges, insurance, wineries, cruise ships, department stores, waste-to-energy power projects, and radio stations. " Im often asked what i want my legacy to be , my best answer is " He made a difference" . And he did.
March 9, 2023
Prolific & Filled W/ Valuable Lessons
It’s no overstatement for me to say that this book is one of the most critical reads I’ve had thus far as an entrepreneur.
Sam sets out to tell the story of his journey & talk to those climbing that hill. And this does just that in a 360º kind of way.
He opens the book by setting the scene: “Conventional wisdom is nothing to me but a reference point.”
From there, he explains his core business fundamentals (supply & demand, reliable apórtenles, good governance, etc.). He gives examples of how he’s developed these fundamental beliefs of what makes a good business/investment.
Sam also talks a bit about being a leader & that section alone is worth the price of admission, IMO. I also found great insights into risk, identifying and managing investments and company culture.
Reading through this book is like attending a fireside chat w/ Sam looking back over the decades he’s been in business. I highly recommend this book if you enjoy learning from those who’ve excelled in business, so you don’t start from scratch.
It’s no overstatement for me to say that this book is one of the most critical reads I’ve had thus far as an entrepreneur.
Sam sets out to tell the story of his journey & talk to those climbing that hill. And this does just that in a 360º kind of way.
He opens the book by setting the scene: “Conventional wisdom is nothing to me but a reference point.”
From there, he explains his core business fundamentals (supply & demand, reliable apórtenles, good governance, etc.). He gives examples of how he’s developed these fundamental beliefs of what makes a good business/investment.
Sam also talks a bit about being a leader & that section alone is worth the price of admission, IMO. I also found great insights into risk, identifying and managing investments and company culture.
Reading through this book is like attending a fireside chat w/ Sam looking back over the decades he’s been in business. I highly recommend this book if you enjoy learning from those who’ve excelled in business, so you don’t start from scratch.
December 27, 2017
The Secret to a Deal
Sam is the real deal! His take on business imitates his view of life which is full throttle but with your headlights on and an appreciation for where you're heading.
The son of Jewish immigrants who left Poland and everything behind to escape persecution by Nazis, Sam's early childhood story paints a colorful picture of the tenacity, hard work, and love of family, elements which helped build the US and can still do so today.
The key takeaway for me was to analyze any deal down to its core points and determine what the main point was to making the deal happen. The framework he shared and used as a lens for every deal was Mastercard...priceless!
Sam also shared personal stories of his business partners and colleagues which made his story relatable. You can learn much about business and life from a man who engenders trust and loyalty like Sam Zell, they don't call his peeps "Zellots" for nothing!!!
Sam is the real deal! His take on business imitates his view of life which is full throttle but with your headlights on and an appreciation for where you're heading.
The son of Jewish immigrants who left Poland and everything behind to escape persecution by Nazis, Sam's early childhood story paints a colorful picture of the tenacity, hard work, and love of family, elements which helped build the US and can still do so today.
The key takeaway for me was to analyze any deal down to its core points and determine what the main point was to making the deal happen. The framework he shared and used as a lens for every deal was Mastercard...priceless!
Sam also shared personal stories of his business partners and colleagues which made his story relatable. You can learn much about business and life from a man who engenders trust and loyalty like Sam Zell, they don't call his peeps "Zellots" for nothing!!!
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