January 26, 2006
Belated New Year Greetings
I sent out an Xmas Card this year extolling the virtues of commodities. Feedback has been underwhelming. I should have done a video. Well, Sam Zell did.
Sam Zell is a Forbes 400 kind of guy who's made a pile of dough being way smarter than the next guy in the real estate biz. Among other projects, he made a lot of money in the 1980's with real estate limited partnerships, and then made a lot money rolling those partnerships up into a REIT empire in the 1990's. He entertained offers in the $37 BILLION range for his publicly traded Equity Office REIT from smug private equity types who were in diapers when Sam started building wealth decades ago. Yeah, yuppie puppies are going to put one over on old Sam…the guy known as the "Grave Dancer" for the way he's buried guys in financial deals over the decades.
In an investment dictionary, next to the definition of "Sell High" at the top of a market, there's a picture of Sam Zell. Anyway, Sam took some of his play money and created a Holiday Greeting video with a voice-over and a song highlighting meaningful images of moving money - his take on where we are at the end of the 2006 financial pagent. He updates his Christmas message every year. Watch and wow.
Filed under Gen Comments, Investing by Financial Foghorn
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