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"It’s a tough business, but you don’t need to be a genius to be in it and to do well. You have to be more lucky than anything else.”
Only in real estate would a guy be able to attribute the outcome of a $1 billion investment on "luck" and not immediately be shot by his investors
Don't the next 2 sentences put that fire out immediately?
"These days, in fact, Barnett talks frequently about luck. He talks about it mock-sheepishly, with a downturned smile, in the manner of a poker player who does not actually believe he has been lucky�and in fact may not believe in luck at all�but wants you to believe that he believes in luck in order not to look ungrateful or too full of pride."
Barnett could have bought sprint for $600mm when it was trading at $1.90/share. In a year and a half their $600mm investment would have been worth $1.5billion. If they would have been ballsy and bought metropcs and t mobile they could have controlled 90mm subscribers and been the de facto 3rd largest US cell company with a few billion in LTE investments, Barnett could have a company with the same infrastructure of AT&T and verizon for $15billon. AT&T and Verizon's equity market cap is $350 billion.
If you slice that up 1/3 each. Barnett could have something worth theoretically $115 billion for a $600mm investment. But he knows diamonds and RE. Like so many on SE re bull club. Missionary style. Missionary style. You want me to turn around? Nah baby, let's do it missionary style again tonite!
Eh - still think it's a dumb quote.
When you go to w81, UD, Ali and NWT's house you end up talking real estate.
'Hey how's the hemorroids?'
'It's not stopping my open houses!'
'Hey I heard your mama died'
'And I got the exclusive listing, yes!'
'Hey I heard your daughter got into Harvard!'
'Yes, and I can't help but she follows in my footsteps and becomes head of the 'Harvard re brokers club'!'
Barnett never mentions the long rates going from 7% to 3%. That's like w81 becoming a millionaire and not thanking his mom for gifting her bubble apt to him. Like Donald not thanking his daddy for the first $20mm. Shave that comb over you show me your birth certificate idjiot. To think I almost worked for him. Flmaozzz.
Therefore to dream...