The question is not do you take money out of stocks and put it into real estate, or the reverse. There's so much money out there looking for a home. I don't think it's either/or.
Sam ZellIf you could find a major city that actually had a functioning, good public school system, you should buy all the real estate.
Sam ZellIn my case, if one out of five opportunities is interesting enough to work on, maybe one in five of those ends up being worth doing. That might be a function of risk. That might be a function of price. There are all the variables. But you have to be constantly sorting and choosing and prioritizing.
Sam ZellI've always been called a professional opportunist, and in the future I'm open to anything. We've spent a lot of time offshore, looking at opportunities in real estate outside the United States.
Sam ZellMy single biggest financial concern is the loss of the dollar as the reserve currency. I can't imagine anything more disastrous to our country. . .you're already seeing things in the markets that are suggesting that confidence in the dollar is waning. . .I think you could see a 25% reduction in the standard of living in this country if the U.S. dollar was no longer the world's reserve currency. That's how valuable it is.
Sam Zell