In his recent interview with David Rubenstein, Sam Zell disclosed his secret to a long and successful investing career. Here’s an excerpt from the interview:
I can’t answer that question without using the word optimism. You know one of Sam’s favourite Samisms is, we suffer from knowing the numbers. I think we managed to tip-toe through the tulips for the last 50 years by never allowing ourselves to get swept up in the enthusiasm of wherever the current event might be.
And I think by maintaining that level of discipline, yeah we made mistakes, that’s to be expected, but they’ve all been quote ‘controllable’.
No one mistake was ever catastrophic.
I can’t help but think about the baseball player that gets paid 30 million dollars a year for getting a hit one out of three times. My job as an investor is to be right a lot more than that, but more important not to be wrong.
You can watch the entire discussion here:
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