SAM ZELL

I dance on the skeletons of other people's mistakes.

Supply and demand is the only thing that matters in real estate. Everything else is noise.

The secret to my success is that I've always focused on the downside. If you protect the downside, the upside takes care of itself.

I've never been afraid to be in the minority. If everyone agrees with you, you're probably not going to make much money.

Liquidity equals value. The most dangerous thing you can do is get yourself in a position where you can't act.

I made my reputation buying things nobody else wanted. The question was never whether they were broken. The question was whether they were fixably broken.