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Sam Zell says the U.S. economy is “in the ninth inning”…
The Wall Street Journal reports the billionaire real estate magnate warns a recession will hit “in the next year.” He says his view isn’t pessimistic… it’s realistic.
Zell may have one of the most attuned “crash detectors” of all investors. He was nicknamed the “Grave Dancer” for profiting off distressed real estate during market crashes from the 1970s through today. When most folks panicked and sold, Zell snapped up properties for pennies on the dollar.
He’s also sold out near bull market peaks. He sold off his real estate portfolio to Blackstone Group in 2007 for $39 billion… right before the markets crashed 50%.
Zell’s call is just the latest indicator of impending recession we’ve tracked in these pages…
From the oil market collapse… to the global profits recession… to record corporate defaults… the warning signs continue to mount.
Bottom line: Our advice remains the same: Hold plenty of cash. When the markets correct, we’ll have an incredible opportunity to trade that cash for incredible “trophy” assets… just like Sam Zell.
(Below, PBRG friend Chris Mayer details one way to profit from “Zell-style” distressed deals right now…)
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