Sam Zell - The Grave Dancer on Private REITs, the Macro Landscape, & Timeless Investing Wisdom | #478

The Meb Faber Show - Better Investing

The Idea Farm

Business, Investing, Management

4.7 • 938 Ratings

🗓️ 26 April 2023

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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 REITs 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 7+ years, 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. *To listen to more on Sam’s fascinating background, we suggest listening to his episode on The Tim Ferriss Show podcast here ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, click here To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by Farmland LP. Farmland LP is one of the largest investment funds in the US focused on converting chemical-based conventional farmland to organic, sustainably-managed farmland using a value-add commercial real estate strategy in the agriculture sector. Since 2009, they have built a 15,000-acre portfolio representing over $200M in AUM. Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Subscribe for free here. ----- Interested in sponsoring the show? Email us at [email protected] ----- Past guests include Ed Thorp, Richard Thaler, Jeremy Grantham, Joel Greenblatt, Campbell Harvey, Ivy Zelman, Kathryn Kaminski, Jason Calacanis, Whitney Baker, Aswath Damodaran, Howard Marks, Tom Barton, and many more. ----- Meb's invested in some awesome startups that have passed along discounts to our listeners. Check them out here! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Mebb Favor Show, where the focus is on helping you grow and preserve your wealth.
0:11.0	Join us as we discuss the craft of investing and
0:13.5	uncover new and profitable ideas all to help you grow wealthier and wiser.
0:17.2	Better investing starts here.
0:18.8	Meeth Faber is the co-founder and chief investment officer at Cambria Investment Management.
0:23.4	Didn't industry regulations, he will not discuss any of Cambry's funds on this podcast.
0:27.2	All opinions expressed by podcast participants are solely their own opinions and do not reflect the
0:30.8	opinion of Cambria Investment Management or its affiliates.
0:33.4	For more information, visit Cambria Investments.com.
0:36.5	Welcome, my friends, we have a true legend on the show today.
0:42.5	Our guest is the grave dancer himself.
0:44.7	Sam Zell, chairman of Equity Group Investments,
0:47.5	a private firm he founded more than 50 years ago.
0:51.2	Sam's thought to be the most successful real estate investor of all time,
0:54.8	the man known for his enormous success in popularizing the reed structure that's
0:58.7	commonplace today. He's also been a successful investor in areas like energy, logistics, and health care.
1:04.8	We don't get into Sam's fascinating background, but I'll point you to a wonderful interview with Tim
1:10.1	Ferris. We'll add a link in the show notes notes or check out Sam's book as well.
1:14.8	Today's episode though starts off with Sam's take on the withdrawal, limits and gating
1:18.8	for private reets over the past few months from the lens of his quote,
1:22.2	liquidity equals value. He shares his view
1:24.8	on different areas of the real estate market why he's been a net seller for almost eight years now
	...

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