27 Quotes by Sam Zell

We made fortunes off of leverage (before going public), and you're not going to make fortunes in the public market off of leverage.

You have developers who weren't rich to begin with, who went public, and then figured out they couldn't get rich.

There is oversupply at the moment. But we have lowered supply, and over the next 18 months the situation will get better.

The residential market is going to level out for a while after years of huge gains, but that does not mean there is a bubble.

That's why we're seeing a lot of going-private transactions.

There will be a softer real estate market in some areas as a result, but I keep telling people there is no bubble.

Creating these companies and operating under the public scrutiny has changed the real estate business pretty dramatically.

Just by being private, the culture will change. We won't be forced to make decisions that are 90 days in relevance.

When all is said and done, what must be remembered is a newspaper is a business. It used to be a fabulous business that made extraordinary margins. It's now a very good business with appropriate margins.