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October 29, 2005
Sam Zell at Wharton: “You Don’t Understand, Sam”
Legendary real estate investor Sam Zell recently spoke to a packed house of students at Wharton; the Wharton Journal reported (registration required):
Zell was candid with his criticisms of top MBA programs such as Wharton for failing to teach students adequate people skills and instead "canonizing" empirical tools. Although Zell did not underscore the importance of quantitative problem-solving skills, "I don't think enough effort in graduate schools is devoted to the real world. The real world is a meritocracy. The real world has roles for leaders--leaders have to lead by example and by interfacing with people... the definition of success or failure, if you are gifted with a minimum level of intelligence, is all about motivation, dedication, people skills and desire...the elitism that has been created is dangerous."
Audience questions solicited Zell's opinion about such issues as the worldwide housing bubble ("Does not exist...started by people who have nothing else to do") to the next big opportunity ("If I knew, I wouldn't tell you"). Zell did share his recipe for success: first understand that everything boils down to supply and demand constraints, then get on the ground and meet people, make mistakes and do not stop until you find opportunities where your dollar is worth the most. Zell claimed that the recurring theme in his life has been people claiming "You don't understand, Sam." As his impressive career and continued success have proven, if Zell does not get it, there is little hope for eager MBA students.
In the dictionary under "contrarian" you’ll find Zell’s picture. A true contrarian is always being told "you don’t understand."
Thanks to Daily Dose of Optimism—-a blog I just found which deserves your attention—-for this pointer.
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