Sam Zell reflects on the continuing evolution of the real estate industry, of which he is an icon. He describes the arbitrage potential of an average 6 percent interest rate relative to an inflation rate of 9 percent, the birth of opportunity funds, the development of the con-cept of the "real estate elitist," and the existence of a market - composed of relatively small players who could borrow money because they had connections with local banks - transformed to an industry offering an astonishing opportunity for marketing. He pre-dicts that the CEOs of the industry leaders of the future will be much more operations-oriented and may have no real estate experience.
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