Sam Zell was one of my heroes.
He denounced formal wear, spoke his mind and took a contrarian viewpoint on the world. He was always quoted as the man that went left when everyone went right. He was nicknamed the Grave Dancer for his ability to stay opportunistic whenever everyone was running for the exit. He shunned narrative in favor of logic. He followed only one rule in business - supply and demand - and lived a full and balanced life.
I’ve spent the last few years devouring anything that Sam Zell touched. Whether it was snippets on Squawk Box or it was keynote speeches at commencement ceremonies, if Zell spoke, I listened. If he did a podcast on the Founders Podcast or he wrote a book, I read it, internalized it and tried to emulate the lessons therein. His autobiography ‘Am I being Too Subtle’ was such a great read that after reading the hard copy I picked up the audiobook just to hear him read it back to me. Sam is a breath of fresh air in an economic climate where business men are supposed to be serious and buttoned up. Zell would routinely fly in for a meeting on his private jet in his leather motorcycle jacket, skip the BS, get a deal done and fly out. I admire the efficiency!
When Zell would speak or covered a topic like Cryptocurrencies or Technology I always found it very refreshing to hear his take. Similar to Buffett or Jim Rogers, two other revered minds in business and finance, Zell didn’t partake in things he didn’t understand. He eschewed speculation in favor of fundamentals and liked hard assets that had quantifiable replacement costs and recurring income streams. He liked resilient cities, he studied human behavior and liked to get paid for the risk he took without over-extending himself. It sounds so obvious and yet in the daily shuffle, these things get lost. To Zell though he always stayed principally disciplined.
His entrepreneurial journey started out at age 12 selling playboy magazines to the suburban boys of Highland Park Chicago and evolved into managing student housing, buying real estate and operating assets around the country and making a few headline company sales (like his $29B sale of Equity Office to Blackstone in 2007). He is part of the short list of inspiring Jewish business men that defied the rules and overcame the odds.
I will miss Sam Zell, a man I’ve never met, but feel like I know well.