Highlights about Sam Zell
Here are the highlights about Sam Zell:
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Business Is Not a Battle to Be Waged: Sam Zell views business as a puzzle to be solved, not a battle to be waged. He emphasizes testing limits and having fun in the process, similar to Sam Walton. Money is seen as a way of keeping score, not the primary motivator.
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The Value of Tenacity: Sam Zell learned the importance of tenacity for success in business. His father was a significant confidence builder, and he learned to appreciate small signs of his blessing. He also had an intriguing meeting with Jay Pritzker, a legendary investor, where he declined a job offer but proposed a deal, leading to a valuable partnership.
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The Importance of Freedom: Sam Zell advises optimizing for freedom, believing it allows people to live life as they want, without being bound by rules or obligations. He suggests that if you have freedom, you can control your daily activities, love what you do, and money will follow.
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Invention of Business Casual: Sam Zell is credited with inventing business casual in the rigid finance world of the 1970s, believing that if you're great at what you do, dressing unconventionally makes you eccentric, not a schmuck.
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Childhood Does Not Allow It to Be Reconquered: This highlight discusses the importance of reputation and honorable character, instilled by Sam Zell's father. It also touches on the regret of prioritizing career over personal life, drawing a parallel to the founder of Ikea who missed seeing his sons grow up.
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A Refugee Never Forgets: This highlight emphasizes the importance of focus, discipline, and understanding risk, influenced by his father's experiences as a refugee. It also illustrates his mother's frugality, even when wealthy, as a lasting impact of past challenges.
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Real estate investor on why he's been selling assets: Sam Zell has not been a buyer in the real estate market for 7-8 years due to excessive asset pricing. He sold 141 assets without regret, as people paid prices he couldn't understand, emphasizing the importance of understanding investments before making them.