American Zell, points elsewhere

Billionaire Speaks to Students About Prime Investments (Columbia Tribune, Apr. 28th): "Real Estate billionaire Sam Zell: Real estate values have swelled from the greatest period of "monetization" ever that began when REITs [were created]… "We’ve achieved the goal of creating liquid real estate… Investment cash from publicly traded REIT’s, pension plans and other sources… have opened the flood gates of capital for real estate. But he cautioned that "there really are limits" to rising real estate values and said that he keeps an eye on unrealistic prices by using replacement cost as a benchmark. Zell… shunned Europe for investments and instead has focused on emerging countries such as Mexico, Brazil, Egypt and China."