The Great Wisdom of Sam Zell

Published on
December 18th, 2020
Duration
60 minutes

The Great Wisdom of Sam Zell

The Kiril Sokoloff Interviews ·
Featuring Sam Zell

Published on: December 18th, 2020 • Duration: 60 minutes

Sam Zell is one of the most original and contrarian thinkers in the investment and business world. Sam was the largest buyer of property in the US between 1973 and 1977, the best time to be buying property since the Great Depression. Kiril met Sam in 1986 when he gave him a copy of a short memo he had written called, "Modern Sardine Management." It predicted one of the greatest commercial real-estate busts in history and a great banking crisis. In the early 1990s many of the commercial real-estate developers went bust and a great banking crisis almost took down a number of major US banks and investment banks. Sam was in there buying during that period. One of his favorite mottos is if everyone is going left look right. Sam disagrees with the consensus that working from home is here to stay and that cities are dying. He also thinks the US could lose its reserve currency status—which could be devastating for the American standard of living. Sam tells us how to prepare for such an eventuality. He also tells us about the business and investment principles that have made him such an enormous success in the past 50 years. Sam believes that nothing is more important than a man's honor. His insatiable curiosity and always analyzing what could go wrong have been the cornerstone of his success. Filmed on December 7, 2020. You can find out more about Sam Zell's work here: https://www.egizell.com/

Comments

Transcript

  • MA
    Mateo A.
    14 January 2021 @ 21:52
    Man... as a "corporate employee" who constantly wrestles with the idea of chasing an entrepreneurial endeavor, this interview brought me to tears. Thank you to RV, Kiril, and Sam for sharing this with us.
  • TW
    Tork W.
    13 January 2021 @ 01:32
    Great Story. However, I do rather enjoy talking to my pigs out here in Iowa.
  • LW
    Liz W.
    6 January 2021 @ 07:24
    Wow! What a story and what a guy. Really enjoyed listening to his wisdom and worldview. Great interview.
  • SB
    Sergei B.
    29 December 2020 @ 21:45
    Sam's take on Big Cities is fantastic. Most people will not leave their friends and family behind to live a more isolated life with less services and less convenience. Working from home will just make City Life more bearable for people that traditionally would have commuted to work.
    • LS
      Lemony S.
      5 January 2021 @ 16:17
      When violence is rampant due to all the parasites, yes they will.
  • PL
    Premjit L.
    1 January 2021 @ 16:52
    Great Interview, Thanks for sharing.
  • RS
    Riki S.
    1 January 2021 @ 00:37
    Unless you approach this interview this right way, it may appear to be a successful human singing his own praises. But that would be a completely wrong way to view it! Imagine if you met him on the street by chance and knew who he was, and he offered to share with you the reasons for his success over a favourite beverage of your liking for an hour. Would you jump at it? Damn right.... what is there not to learn when being exposed to such experience and underpining philosophy? Verbal Gold! Great interview between two legends.
  • MA
    MICHAEL A.
    30 December 2020 @ 18:49
    "if you don't know that you can't, then almost anything is doable" Brilliant.
  • ND
    Nivtej D.
    30 December 2020 @ 00:55
    Great interview once again ✔️
  • PE
    Paul E.
    29 December 2020 @ 23:08
    This is outstanding! Mr. Sokoloff and Mr. Zell spending 60 minutes together. Pure gold! Thank you!
  • NI
    Nate I.
    21 December 2020 @ 04:29
    Thanks to both of you for a great interview. Sam is right about the face-to-face aspect of business, but at the same time I'm not sure I would be willing to return to both the danger and the time wasting aspect of 2+ hours per day in traffic on a mindless commute. We need a balance. The pre-covid grind of wasting our lives on freeways was insane, it was toxic to the environment and it clogged the roads delaying essential services (fire, ambulance, police, etc).
    • SB
      Sergei B.
      29 December 2020 @ 21:50
      Agreed. I do however think most people will push to work from home for two/three days and work in the office two/three days. I don't think many people are wired to spend +60 hours a week by themselves (or the entire week just with their family). Still much better than the old model.
  • TP
    Timothy P.
    19 December 2020 @ 18:37
    I'll just leave this here -- https://www.calculatedriskblog.com/2012/10/sam-zells-poor-forecasting-record.html You're only as good as your last trade. Sure, he had some good early calls. I take exception on his stance about cities. They were poorly run before the pandemic hit, and this is now making their mismanagement even more apparent. Next year will be stories about decimated city budgets, extreme cuts (but not in the right places) which will further accelerate the trend of de-urbanization. This interview was very illuminating to me, especially how Sam trusts banks because of course he does -- he did all his deals through them, but is skeptical of Bitcoin because some "fast talking people" he doesn't trust. Oh? Does he trust the very same people that created the 2008 financial crisis? How bizarrely selective. He espouses gold, of course. Its "Nobody got fired buying IBM" until of course, they do. Gold's performance has been utterly abysmal. The entire world's logistics network got completely trashed because of the virus, and Gold doesn't move worth a damn? The Fed goes into turbo-BRRR mode and expands its balance sheet to unseen levels and Gold STILL doesn't move worth a damn? To me, that says that Gold is a compromised and ring-fenced asset that has no correlation to true financial system risk. I wish Sam luck, but honestly he's losing whatever touch he had.
    • RE
      Renato E.
      20 December 2020 @ 20:39
      People like you are the reason why I'm no longer login to RV on a regular basis. You are toxic, look at all your comments... Unbelievable, your parents must be really proud of you. Everybody not owning BTC is either stupid or lost it and you are the only one that sees the light. You sound very, very young. Show some respect!
    • TP
      Timothy P.
      24 December 2020 @ 16:55
      @Renato E - I don't care if you own BTC. More for me, eh? As far as the most-overused word in 2020 - "toxic" - I find it interesting that you have absolutely zero counter to anything I'm stating. If you can't handle contrary thinking, then downvote and move on. I'm used to speaking my mind, while it seems you're used to conformity and "safe" narratives. As for my parents, I don't think attacking me personally is the way to go. I prefer to concentrate on ideas, not necessarily the people (unless they're outright liars or crooks). As for respect - I mean every single word of "you are only as good as your last trade". No one is beyond reproach, being called out, or simply looking at their track record. If you think everyone should be coddled because they scraped together a pile of currency, you'd better quit finance this very second. I don't laud millionaires and billionaires because they have a pile of cash. If they're lacking -- they will certainly be taken to task. Don't blame me for your uncomfortable feelings -- that is entirely on you.
    • BE
      B E.
      28 December 2020 @ 02:38
      Gold is up about 22% this year - what are you talking about??
  • BE
    B E.
    28 December 2020 @ 00:59
    I thoroughly enjoyed this! What a pleasure to listen to such wisdom. Sam - we are very similar, I appreciate you!
  • KS
    Kathleen S.
    24 December 2020 @ 04:07
    Why would the US losing world reserve currency status matter???? Sam Zeil has been a snake in the grass his entire life --MY TRUTH is you never trust a globalist- they are liars/ Money is a measurement of a resource - it is not the resource - Sam Zeill knows this but he is not honest about this - he continues to pretend to analyze the world as if the USA was on gold standard which it isn't and hasn't been for almost 50 years. My question is why does someone so smart as Sam Zeil make this fundamental mistake??? FYI Sam if you want to know why people will walk to their own slaughter you should try reading "The Politics of Obediende" written by Etienne de La Boetie in 1530. MIND U 1530 is 400 years before Nazi Germany - thus it is nothing NEW. Everything Sam says is FALSE -- want to know how I know this??? Look out your window -- digits going up, real life and economy going down. This is an agenda!
    • sc
      sung c.
      26 December 2020 @ 21:24
      Respectfully, you should at least spell Mr. Zell's name correctly.
    • AD
      Adrian D.
      27 December 2020 @ 16:53
      Why would losing reserve currency matter? Throughout history, countries with the world's reserve currency have taken on too much debt and too many obligations (bloated welfare state and over-extended military). They print excess amounts of their currency and it doesn't matter so long as people around the world are willing to accept their currency. When that goes, when the currency loses reserve status, the economy tends to stagnate while inflation goes up as all those units of currency return. The British experience after 1945 is a good example.
  • KZ
    Konrad Z.
    18 December 2020 @ 18:49
    One question out of curiosity: why did the russians accept his father’s hard currency and let them travel all the way through russia to japan? That were the worst stalinist times in russia, I personally heard stories of people who survivied that period under both nazi and than soviet occupation of Poland and they all said that if you bribed the germans they at least would honor the deal, with soviet soldiers not so much...
    • DS
      Dan S.
      22 December 2020 @ 11:47
      They had Japanese visas: https://en.wikipedia.org/wiki/Chiune_Sugihara
    • JH
      Jess H.
      27 December 2020 @ 08:28
      Zell mentioned how useful the little gold bars were that his mother had sewn into her clothing.
  • RS
    Ralph S.
    26 December 2020 @ 13:14
    Thanks for the interview with this wise guy. Some of his values are definitely timeless and therefore more than ever fundamentally important. A few POVs are outdated in my opinion, but my daughters say the same about me. Most important to work on ourselves to keep the view across the river clear and unobstructed. I´m grateful to be able to listen to guys like him on this platform and distill what is important for me.
  • tr
    tom r.
    22 December 2020 @ 00:32
    Why does he assume we have a new president? No one has even been confirmed one yet except fake news. This year the legislature will likely pick the pres because of the massive fraud. Trump is the first to truly stand up for America. He is also married to an immigrant. Like most of us we welcome LEGAL immigrants. Obviously an intelligent, successful man. He fully understands many things but is missing many others. God bless America and our great president who will be in office another four years and keep America free. He and I were born in the last fourth turning. He's forgotten what can happen during this period in history.
    • pt
      popejumpingjohnpaul t.
      23 December 2020 @ 20:37
      onky trump cult believe this, no one outside of America falls for his nonsense, why are you so gullible? its pathethic
  • SM
    Siddharth M.
    23 December 2020 @ 17:32
    Excellent. But the dollar won't lose it's status as reserve currency because the Euro or Yen or Remnimbi or anything else is equally bad -- or in fact worse. What are you going to replace it with? *There is nothing else* As for Tesla, let's hope that they soon have new battery tech that makes batteries much cheaper and they start making profits. The world badly needs clean cars. Tesla shows the way.
  • DL
    David L.
    23 December 2020 @ 07:00
    That was beautiful. I don’t normally comment, But that was one hell of an interview. Thank you.
  • PD
    Paul D.
    22 December 2020 @ 18:52
    been a sub for years. real vision player itself is shit with insufficient / unstable buffering, please improve this
  • BF
    Ben F.
    22 December 2020 @ 16:33
    I was really looking forward to this one, but if you've read his autobiography there wasn't much new here - same stories and anecdotes. I thought this was a disappointing interview given the breadth and depth of investments Zell has made that we could have learnt from just by picking a few. Instead this felt more like a fluff interview; great when interviewers let the interviewee talk - but i thought it needed more structure and specifics.
  • SM
    Scott M.
    19 December 2020 @ 01:03
    I just can't listen to billionaires railing against redistribution and arguing for growth anymore. The planet can't support endless growth, and society just can't support the current levels of wealth inequality. I tapped out at 24 minutes.
    • MG
      Michael G.
      19 December 2020 @ 12:32
      It’s unfortunate you are unable to wrap your mind around the simple math, or simply read the history (that isn’t even 130 years old yet), that clearly proves the nonsense you speak of does not work. It only end in death and misery
    • NI
      Nate I.
      21 December 2020 @ 04:33
      Maybe imagine a future beyond the planet. If we stopped spending $trillions on war, it would be possible.
    • SS
      Shanthi S.
      22 December 2020 @ 07:13
      It’s a real head scratcher that there are Socialists who pay to watch and criticise Capitalists on RealVision. Surely your time would be better spent yarn-bombing your local park.
  • CJ
    Chris J.
    20 December 2020 @ 13:34
    This guy is NOT an Interviewer, this is a monologue By Mr.Sam Zell
    • SS
      Shanthi S.
      22 December 2020 @ 07:02
      Yes, a monologue, but a really good one.
  • GB
    Grzegorz B.
    18 December 2020 @ 22:30
    Note to Sam: before 1918 Poland did not exist. It was divided between Russia and Germany. So life "under Poles" is kind of misleading.
    • DS
      David S.
      18 December 2020 @ 23:47
      Regardless of the overlords, they were Polish. DLS
    • GB
      Grzegorz B.
      19 December 2020 @ 03:00
      "Regardless of the overlords, they were Polish" - who? Sam is right, Jews welcomed the Nazis with flowers despite Polish warnings. DLS
    • KZ
      Konrad Z.
      19 December 2020 @ 18:39
      Exactly! I also wonder why the soviets let his father travel all accross stalinist russia
    • KZ
      Konrad Z.
      19 December 2020 @ 18:44
      “Regardless of the overlords they were Polish” - only someone really ignorant of the history of this part of europe could say something like that. The “overlords” were not 100% Polish even during the POLISH Popular Rupublic (Polish post WW2 soviet occupied socialist state) since there were russians and jews in polish uniforms among top officials of the polish socialist/communist government
    • DS
      David S.
      21 December 2020 @ 08:03
      I did not express myself well. The overloads I am referring to were Russian and Germans. The general population would feel that they were Polish. DLS
  • TF
    Tom F.
    20 December 2020 @ 20:20
    Good interview. One observation though. How can one simultaneously sa that loosing reserve currency would be really bad for the US and at the same time insist that it would better for the US to reverse globalisation. Is he saying that the US should be much less integrated in global economy but still insist on everyone else using it's currency for trade? I understand he comes from the US point of view but it's a bit hypocritical logical stance.
    • JW
      Jim W.
      21 December 2020 @ 06:14
      Tom, two completely different things. Reserve currency allows the US to run defiicts paid for/subsidized by others, while US decreasing of globalization would decrease outsourcing of goods (moreso than services) to a lowest cost labor location anywhere in the world (so long as shipping is cheap). Where is the gap?
  • JW
    Jim W.
    19 December 2020 @ 13:20
    Wow...Kiril is great and Sam is just amazing. Wish I could powershare this. Reading through the comments, I'm amazed at what other people took out of the interview. My key points were: * Sam sold damn near all the real estate assets he acquired recently and values liquidity (at least 3 B worth) over other things. * Smart people will adjust behavior vis-a-vis tax policy. *Gold never made sense until now. And maybe even bitcoin makes sense, but I can't bit it to check its purity. *People have a great capacity to underestimate how bad things can get. *Teaching entrepreneurship is a very heterogeneous endeavor. We've had success from the time I (an entrepreneur) was directly involved with the syllabus. There are lots of models with how to teach about it, including modeling music composition and making sure people fail. (As an entrepreneur, I especially like the latter).
    • RM
      Robert M.
      20 December 2020 @ 17:32
      Jim, Well said. I would however add, an important point Sam brought out that is probably at the core of eventual true success: There are no real failures; there are only learning opportunities.
  • DM
    Dominic M.
    20 December 2020 @ 00:37
    Listening to someone expound on Bitcoin who know nothing about Bitcoin makes me wonder what else they are expounding on which they also know nothing about. "A wise man knows his own ignorance."
    • RP
      Ryan P.
      20 December 2020 @ 17:22
      Didn’t he say he wasn’t involved because of this ?
  • GO
    Glenn O.
    19 December 2020 @ 01:29
    My first thought was what the 21 people who marked thumbs down missed in this fantastic interview. This was the most in-depth and insightful interview with Sam Zell that I have had the pleasure to see and hear. The best compliment that I can offer is that I will listen to this interview many times as it is impossible for me to grasp everything that was discussed on a single pass. Wonderful interview and Kiril did not interrupt Sam and let him answer all question. Thank you for your interview All the best Glenn Olnick
    • JP
      John P.
      19 December 2020 @ 18:46
      I gave a thumbs down, and here's why: I know I will be shouted down by the crowd but I think this interview could have been so much more. My first comment I made was deleted by the moderators (I assume for the salty language I used), but the funny and ironic thing about it is that it was deleted because I used an exact phrase I know Sam has used in meetings in the past. This is a way of saying this interview did not capture the essence of the guy. At all. So, what did we learn? Well, that he learned a lot from his dad and that he thinks he is a contrarian. OK. I probably know thousands of people who think they learned great lessons from their father and that they are contrarians. Is this really the answer? All the family background is really wonderful and interesting to hear, but eventually you have to get to the heart of what the Real Vision community can learn from him, which is a lot. Here are a few questions that could have been asked: What do you think about the failed Tribune deal? Even though it failed, you came out ok. How do you think about it and how did you structure the deal going in? Which real estate markets did you focus on at various times in your career and why? You are known for being a great negotiator. Explain your negotiating technique and give some examples.? You have been called a 'Gravedancer'? Is this a fair description? Why or why not? Talk about some of your less mainstream investments like Covanta or the Barge company you invested in. What attracted you to those? These are just a few examples. There are literally a thousand questions that could have been asked that would have led to instructive answers. Kiril asked approximately zero of them. Sorry if I am criticizing your idols, folks, but I don't believe in free passes.
    • AW
      Andrew W.
      20 December 2020 @ 04:44
      I thumbs downed. I didn't learn anything novel from this interview. Just lots of stating the obvious.
  • JG
    Job G.
    20 December 2020 @ 00:12
    It's amazing to see how interviewer is mindful of not overtalking, nor even making noise when he agrees. That's why it's called signal to noise ratio.
  • DS
    David S.
    19 December 2020 @ 22:58
    RV interviewees have explained that one of the downsides of having a global reserve currency is that it ultimately results in running chronic trade deficits to maintain that status. A negative by-product of this system is the exporting of labor and manufacturing to the global marketplace, out of the U.S. Sam talks about the dire consequences to the U.S. economy and standard of living should the dollar lose its reserve status. Yet he also laments that loss of a strong domestic manufacturing base that leaves the U.S. exposed to national security events such as the pandemic this year. I would have liked to have heard him comment on this seeming contradiction. Perhaps he would respond that it's a matter of extremes - that both can be managed within balance. I'm speculating. Nevertheless, it would be helpful to hear this conflict debated by authoritative voices. Superb interview. Thank you, RV.
    • RD
      Rui D.
      19 December 2020 @ 23:46
      Maybe it's just like how Ray Dalio says about cycles. Imho, perhaps it's just an imperfect system where it pays to be able to have seemingly contradicting point of views.
  • GP
    Gordon P.
    19 December 2020 @ 21:40
    Just an awesome interview, Thanks RV
  • VD
    Vincenzo D.
    19 December 2020 @ 18:23
    More than love Kiril interview on RV.
  • DH
    David H.
    19 December 2020 @ 17:21
    A Prince
  • SB
    Sean B.
    19 December 2020 @ 16:11
    Outstanding
  • JL
    J L.
    19 December 2020 @ 00:17
    "I mean, if you move to Nowhere, Iowa, it's 5 o'clock there every day. And what do you do at 5 o'clock? Go across the street to the pig farm?" LOL. Pure Zell...
    • BG
      Brent G.
      19 December 2020 @ 02:41
      This shows how far out of touch he is in some respects. I have been working from home from since 2012. I'd be willing to bet I'm more productive than my on prem counterparts by a factor of 2 if objective measures employed. His contrarian nature I applaud by it only goes so far. People have been begging to work from home. Its time has presented under duress and people are performing as good or better. I am aware of at least one large company that is looking to jettison a large portion of their commercial real estate. On the margin.... net....?
    • GD
      Graham D.
      19 December 2020 @ 11:50
      Regarding Brent's comments below: I've had the opposite experience. I know I'm less productive at home - too many distractions. Each to their own but I don't see offices disappearing. But at the margin, demand for office space and business flights etc must be going/staying down from where it was before Covid.
    • JL
      J L.
      19 December 2020 @ 15:07
      @ Brent G Agree -- and I've been working from a home office since 2003. The open office plan was one of the worst ideas in business history, which means a great many individuals will see their productivity rocket higher simply by getting away from it. For others there are collaboration tools like Slack (which I avoid like the plague). I like Zell but realistically speaking, a lot of his wisdom struck me as pure cliche. He is a smart contrarian who knows a deal when he sees one. But he is also someone who happened to get into the real estate business at the right time, and then had the sense to sell while the selling was good. That doesn't mean his gut will tell him what the realistic outlook for commercial real estate will be. I do agree with him that cities are far from dead -- but urban real estate costs were stupidly high, and seeing commercial rents fall 30% on average as office space need is cut back, workers distribute outward, and more young people move into newly affordable city centers, could be a good thing all around (except for those who are overexposed to grossly inflated urban real estate values at pre-pandemic price levels).
  • BF
    Biffle F.
    18 December 2020 @ 14:54
    Trump tried to reverse globalization. Biden will make China great again.
    • LF
      Liam F.
      18 December 2020 @ 16:23
      Globalization has its certain discontents. And while Trump was (I believe) directionally correct on China, like nearly everything Trumpian, implementation was an EPIC fail.
    • PB
      PHILLIP B.
      18 December 2020 @ 18:15
      There is no such thing as reversing globalization. Yes, global trade volume as measured by cargo and USD is down two, maybe three years in a row. But globalization is not going to be reversed. Yes, there will be such actions as on shoring for purposes critical goods, IP, and resiliency. There is a bigger picture with a longer arc. How would we as a species ever achieve our potential if we live and trade only within our own tribes? For a perspective that few with short-term perspectives on long-term matters ever take the time to educate themselves on, check out the Charlie Rose interview with Sir James Goldsmith in 1994. The interview is freely available to the public on the well know video sharing site.
    • SS
      Sunny S.
      18 December 2020 @ 19:49
      Philip. B "There is no such thing as reversing globalization." Really?! Have you looked at the second world war? This phase called for nationalism or trying to make ones state self resilient. Globalisation is cyclical historically. It's like Ying and Yang in that you can't have globalisation without a nationalistic or inward phase before hand, another example is the dark ages. You should consider looking into some cycle based researchers. The technology argument about globalisation doesn't suggest continual globalisation in a straight line just an upward sloping 100 year cycle in the form of an upward sloping sin wave. I would suggest we are at or approaching a trough or nationalistic phase right now which is causing supply chain related inflation spikes and huge fluctuations and changes as to which asset or commodity classes inflation or deflation is occurring. This unpredictability and wild swing inflation sector and commodity characteristic looks like the entire 1930's decade to me. I would suggest we are in the reversal phase of a 100 year globalisation cycle.
    • JY
      John Y.
      19 December 2020 @ 13:19
      The Charlie Rose interview with Sir James Goldsmith (1994) is a 'must see' along with his truncated testimony before Congress. Laura D'Andrea Tyson (Univ. Cal. Berkeley) "took the opposite trade" of Sir Goldsmith's prescient argument. Great Britain handled global trade relatively well during the depression of the 1930's because GB was able to fall back on trade with its Commonwealth partners.
  • CR
    C R.
    19 December 2020 @ 12:12
    Wow, just amazing! Sam and Kiril were sublime, couldn't take my eyes and ears off it!
  • MT
    Mahmut T.
    19 December 2020 @ 10:55
    I’ve learned a lıt, thanks everyone
  • AH
    Alexandra H.
    19 December 2020 @ 05:45
    What a wonderful and timely interview. Thank you to both Kiril and Sam. Kiril always brings the most interesting guests to RV! More, please!
  • JG
    Jeremy G.
    19 December 2020 @ 05:25
    Great interview but could someone please send Kiril a microphone like Ash Bennington's for a Chrissy present as I find his audio is a little distant. Cheers
  • GP
    Gorki P.
    19 December 2020 @ 03:32
    Wow
  • IS
    Ivo S.
    19 December 2020 @ 02:16
    Delightful anecdotal discussion. Normally Sam Zell is on Bloomberg a bit more frequently than he has been in 2020 probably due to quarantines, so it’s nice to hear his insight again.
  • KM
    Kamal M.
    19 December 2020 @ 01:50
    Zell, An american treasure. and perhaps no better a person to talk to him than KS and not a talking head , to elicit the essence of him.
  • BS
    Brian S.
    18 December 2020 @ 19:39
    Ironic that Sam Zell didn't learn from his father about "negotiating". His father did not negotiate about leaving Poland, and correctly so. Yet, he thinks the Congress should negotiate. Why would you negotiate with people that literally want to destroy this country? Surprising Zell can't see that.
    • YB
      Yair B.
      18 December 2020 @ 23:50
      Lol. What a weird comment.
    • JA
      John A.
      19 December 2020 @ 01:04
      When you think half the country wants to destroy the other half and closing your ears and mind is the only answer, the problem can be found in the mirror.
  • GW
    GERALD W.
    18 December 2020 @ 16:51
    President Trump "doesn't know how to negotiate"? Really?
    • PB
      PHILLIP B.
      18 December 2020 @ 18:17
      Obviously sarcasm. Well done.
    • DS
      David S.
      19 December 2020 @ 00:53
      I agree with Mr. Zell. Negotiating works toward a win/win. DLS
  • DD
    Daniel D.
    19 December 2020 @ 00:04
    Bravo! Thank you gentlemen for your wisdom and to RV for the platform.
  • DS
    David S.
    18 December 2020 @ 23:40
    Great interview. The fate of the US hangs on the performance of the Senate over the next two to four years. If the Republicans practice only a scorched earth approach or the Democratic practice only a redistribution of wealth approach, both will fail the nation. The more balanced and practical the legislation is toward each part of society - poor, middle class, and wealthy - the better it can be explained to all voters. There needs to be a middle road to solve the mess we are in. DLS
  • JD
    Jonathan D.
    18 December 2020 @ 22:19
    At this point, anytime Kiril Sokoloff does an interview it is a must watch for me. Always impressed with the thoughtful insights that result from his conversations, he is a true master of the craft. Please keep them coming!
  • MK
    Michael K.
    18 December 2020 @ 22:18
    Outstanding. Ty.
  • JH
    Joshua H.
    18 December 2020 @ 18:31
    @raoul can you please donDam a great favor and examine to him that Bitcoin not possibly the answer to devaluing currency, but the defacto only answer to it. How can a man so intelligent not have already sought out the necessary resources to understand the really simple narrative of Bitcoin. Why does he still think Bitcoin is a space filled with sketchy people? So is Real Estate.. did it stop hom from buying up assets at deeply under-valued prices when no one else saw the opportunity? It's mind boggling to me how hard it is for otherwise brilliant people to get this trade.
    • PG
      P G.
      18 December 2020 @ 19:31
      Don’t be so emotionally involved in Bitcoin. It probably is the answer. But there is no denying that the volatility is a function of traders hiking up and dumping the price. It’s not all gloom.
    • CF
      Chris F.
      18 December 2020 @ 22:06
      When every brilliant mind gets the BTC trade, the opportunity we have today will be gone. ;)
  • JP
    John P.
    18 December 2020 @ 21:01
    Interview is overbought.
  • JJ
    JARED J.
    18 December 2020 @ 20:32
    This interview series is fantastic.
  • AS
    Amir S.
    18 December 2020 @ 20:27
    Amazing, beautiful mind, both these men have. Thanks @raoul
  • DF
    David F.
    18 December 2020 @ 20:00
    Great interview, and Kiril always does this right.
  • TB
    Theron B.
    18 December 2020 @ 19:08
    Excellent. This is what keeps me a RV subscriber.
    • PG
      P G.
      18 December 2020 @ 19:26
      #meToo
  • JS
    J S.
    18 December 2020 @ 18:48
    you guys outdid yourselves . thank you
  • JR
    Jason R.
    18 December 2020 @ 18:41
    Watching this reminds me again of how important it is to listen to the wisdom of those that have lived longer than we have. Elegant thoughts, fantastic insights. A wonderful way to lift one's thinking out of the day-to-day churn into a place to really see a longer-term picture of the risks, rewards and requirements of what may be coming our way. Thanks RV, Mr. Sokoloff and Mr. Zell.
  • JH
    Joshua H.
    18 December 2020 @ 18:31
    * do Sam a favor
  • MO
    Michael O.
    18 December 2020 @ 18:26
    Wow. thanks to both for a great interview
  • DS
    David S.
    18 December 2020 @ 18:25
    Incredible interview. Thanks to you both. Sam's parents, his own background and philosophies are really stunning!
  • CF
    Christopher F.
    18 December 2020 @ 18:25
    Great interview all around! You do have to wonder who Sam is referring to in the bitcoin community. I agree that there are plenty off-putting characters, but at the same time we're seeing more credible investors articulate why this is a legitimate macro asset.
  • JM
    John M.
    18 December 2020 @ 18:10
    How do countries (USA) avoid currency debasement when their major competitors are doing this?
  • DF
    Damien F.
    18 December 2020 @ 13:17
    Kiril is the best
    • GW
      GERALD W.
      18 December 2020 @ 16:53
      Yes, rather than constantly interrupting his guest he actually listens to what they have to say.
  • RM
    Ron M.
    18 December 2020 @ 15:12
    Both legends! The challenge with trying to repeat what Zell has done in opportunistic real estate is that the early 1990's there has been way too much global capital available and market information is now no longer a competitive edge (prior to the Internet). Definitely not discrediting what Zell has done as that took serious conviction when he was buying, but hard to repeat in this sea of central banking liquidity. Now returns like this (or arguably higher) are in technology and biotechnology. The modern equivalents of Zell are investors/philosophers like Naval (Ravikant) and Balaji (Srinibasan). Early-stage tech still has limited liquidity with imperfect information, thus returns are still opportunistic.
    • RM
      Ron M.
      18 December 2020 @ 15:15
      *since the early 1990's
  • TM
    Tommy M.
    18 December 2020 @ 13:46
    Can you post the chapters?
    • MW
      Max W. | Real Vision
      18 December 2020 @ 14:23
      Kiril's interviews do not have chapters.
  • AF
    Andrew F.
    18 December 2020 @ 13:09
    Amazing interview.
  • KG
    Kevin G.
    18 December 2020 @ 12:59
    Kiril has some of the best interviews. This one in particular I found powerful and compelling. I discovered several thoughts to takeaway from this. A well-spent hour.
  • MD
    Mark D.
    18 December 2020 @ 09:21
    Kiril’s interviews are my favourite on RV, some of the best conversations about a range of topics sharing incredible wealth of knowledge! Would love to meet him. Well done guys
  • BD
    Ben D.
    18 December 2020 @ 08:28
    Like Leon cooperman and Jeremy Grantham and many more that Kiril and others have brought on who have so much knowledge and experiences to share in such little time sam is the same. The whole interview was great but I really wish that Kiril asked Sam further on entrepreneurship and more particularly the more nuanced aspect of that. It's also very interesting to note that both sam and another guest in the mining space that's come onto RV a few times have said that people its important to surround yourselves with the most knowledgeable people possible and pretty much interrogate them for all they know. In terms of the land of the transfer of wealth I would have to say that the transfer of knowledge is just as or more important and because of that I would like to thank Kiril and Sam for sharing their perspectives and life lessons.
  • NL
    Nikola L.
    18 December 2020 @ 08:10
    Thank you Kiril and Sam.
  • AT
    Aleem T.
    18 December 2020 @ 07:10
    Respect to RV for getting Sam Zell. One of the greatest real estate investors of our time.