"I was dancing on the skeletons of other people's mistakes."
Sam Zell, the real estate magnate, has an article in the New Yorker, and I also came across this great article about the investor at Knowledge Wharton. Just create a free login to read the article. Here are a few quotes:
"We're not really in a quote 'credit crunch.' I think what we are in is a 'confidence crunch,'" said Zell, funder of the Samuel Zell and Robert Lurie Real Estate Center at Wharton. "I would argue the excess liquidity that existed eight weeks ago still exists today. It has a different risk premium on it, but the actual amount of liquidity has not changed."
Zell said the slump should come as no surprise: "Over the last three years people were flippant. They bought anything they wanted and were proud that they didn't do due diligence. I think they have all been chagrined and are scared out of their minds."