★★★★☆
Review
“Frankly, there’s no substitute for limited competition. You can be a genius, but if there’s a lot of competition, it won’t matter. I’ve spent my career trying to avoid its destructive consequences. I jokingly tell people that competition is great—for you. Me, I’d rather have a natural monopoly.”
A great semi-autobiography on Sam Zell’s life. It’s clear that he’s a no-nonsense realist, both contrarian and obviously blunt.
He has an interesting view on entrepreneurship and taking risk-adjusted bets. Sam forces you to start by thinking through the downside and keeping things simple (”there are just 2-3 key things that make or break a deal”). His knack for simplicity in business and investing, garnered through experience, is admirable.
For those that are also interested in Real Estate investing, this is a good book to learn through Sam’s successful (and unsuccessful) real estate investments and the multidecade paradigm shifts that affected Real Estate markets globally.