Sam Zell on Private REITs, the Macro Landscape, & Timeless Investing Wisdom

The Meb Faber Show, Released on 4/26/23

Today’s guest is the Grave Dancer himself, Sam Zell, founder and chairman of Equity Group Investments, a private investment firm he founded more than 50 years ago.  Sam’s thought to be the most successful real estate investor of all time and the man who known for his enormous success in real estate and “made REITs dance,” popularizing the REIT structure that’s commonplace today. He’s also been a successful investor in areas like energy, logistics, and health care. Today’s episode starts off with Sam’s take on the withdrawal limits for private REIT over the past few months from the lens of his quote, “liquidity equals value.” He shares his view on different areas of the real estate market, why he’s been a net seller for almost 7 to 8 years now, and some lessons from being a constant deal maker during his career. As we wind down, Sam shares some advice for President Biden on how to help the economy and how to encourage more entrepreneurship in the US, and I promise you won’t want to miss his most memorable investment.

*This interview was recorded on April 26, 2023

Sam Zell is an American businessman. He is chairman of Equity Group Investments (EGI), a private investment firm he founded in the 1960s. The firm’s equity interests are often in asset-intensive industries such as real estate, energy, logistics, transportation, media, and health care. EGI’s holdings also include fixed-income investments in public and private companies. The firm’s specialty has always been opportunistic, often contrarian, long-term investing and active ownership.

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