TIP670: SAM ZELL’S SECRETS TO SPOTTING BARGAINS & MANAGING RISK

W/ CLAY FINCK

24 October 2024

On today’s episode, Clay reviews the wonderful book — Am I Being Too Subtle by Sam Zell.

Sam Zell has an impressive background, having started his career in real estate in the late 1960s.

He was the founder and chairman of Equity Group Investments, a leading private investment firm. Over the course of his career, Sam made many bold moves and investments, earning him a reputation as a savvy and fearless investor. One of Sam’s most notable achievements was his role in creating the modern-day real estate investment trust (REIT) industry. He did this by founding Equity Office Properties Trust in 1997, which became the largest office REIT in the United States. In 2007, he sold the company for a record-breaking $39 billion.

Just prior to passing away on May 18th, 2023, Sam had his final recorded interview with The Investor’s Podcast Network.

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IN THIS EPISODE, YOU’LL LEARN:

  • The story of Sam’s family escaping Poland in 1939 to head to the United States.
  • Sam’s early entrepreneurial and real estate ventures.
  • How Sam got the nickname as ‘The Grave Dancer’ within the real estate industry.
  • Sam’s investment criteria when buying real estate.
  • How Sam capitalized on finding bargains outside the real estate industry.
  • An overview of Zell’s record-breaking deal in 2007.
  • Sam’s critical insights into building a great culture.
  • Sam’s key business principles that helped him become a billionaire.
  • And so much more!

TRANSCRIPT

Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

[00:00:00] Clay Finck: Hey, everybody. Welcome to The Investor’s Podcast. I’m your host, Clay Finck. On today’s episode, I’ll be chatting about a book called, Am I Being Too Subtle by Sam Zell. Sam Zell is a billionaire legend in the real estate industry. At his core, he was a value investor that looked for the best opportunities he could find across an array of different industries, earning him a reputation as a savvy and fearless investor.

[00:00:26] Clay Finck: One of Sam’s most notable achievements was his role in creating the modern day real estate investment trust or REIT industry. He did this by founding Equity Office Properties Trust in 1997, which became the largest office REIT in the United States. In 2007, he sold the company for a record breaking $39 billion.

[00:00:49] Clay Finck: We even had Sam Zell on the podcast just before he passed away back on episode 552, which I’ll be sure to get linked in the show notes below. During this episode, I’ll discuss Sam’s investing philosophy and why he became known as The Grave Dancer, the story of his parents escaping Poland just hours before the Germans had bombed the train tracks in 1939.

[00:01:11] Clay Finck: Sam’s upbringing and early entrepreneurial endeavors, the many business ventures that Sam undertook throughout his career and how he built his 5 billion fortune prior to passing away in May of 2023. With that, let’s dive right into today’s episode covering Sam Zell.

[00:01:33] Intro: Celebrating 10 years and more than 150 million downloads. You are listening to The Investor’s Podcast Network. Since 2014, we studied the financial markets and read the books that influence self-made billionaires the most. We keep you informed and prepared for the unexpected. Now for your host, Clay Finck.

[00:02:01] Clay Finck: No one has ever left a meeting with me wondering what I meant. When I say something, it is clear, candid, and often blunt. Am I being too subtle is my punchline when I deliver a message I consider obvious. I’ll occasionally add, I can speak slower if you want to ensure my point is received. I can seem gruff.

[00:02:22] Clay Finck: I know that. And I can be impatient. I have an embedded sense of urgency. What I can’t figure out is why so many other people don’t have it. But from an early age, I realized that I had a fundamentally different perspective from my peers. And I was willing to trade conformity for authenticity, even when that meant being an outlier, which it usually did.

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