Sam Zell is a famously blunt billionaire real estate investor who was recently interviewed in the WSJ.
There are many fascinating things about him but his quote in regard to a $315 million LOSS he experienced was the best part of the interview.
* He is 76 and still going full speed
* His net worth is over $5 billion
* He still takes exotic motorcycle trips all over the world
* His parents were Jewish immigrants who barely escaped the Holocaust
* He cusses like a sailor
* His first job was re-selling Playboy magazines at age 12
* He started real estate investing in college
* He graduated from law school but only lasted four days in the career before quitting for real estate
But this was the best part: He lost $315 million after buying the Tribune (media) Company in 2007. He attributes the entire loss to a culture that said, “But we’ve always done it this way,” in response to any suggestion of change.
I loved that b/c it is that mentality that holds back the mortgage industry more than anything else. And it is exactly why we never hire anyone with industry experience.
We hire totally inexperienced but super smart people and train them to ignore industry standards and embrace change.
Founder/Broker | JVM Lending
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