GuruFocus reports Sam Zell of Equity Group Investments, presenting at Chicago’s Invest for Kids conference, says the Eurozone is heading for a recession because the currency is imploding. One of the world’s most successful real estate investors, he says the will to embrace austerity measures in the U.S. in order to deal with the debt problem does not exist, and the growth in India and China may be slowing. He thinks stock and real estate prices are high because the world is “flooded with dollars” and that is propping up assets. Zell is subsequently investing in “black swan scenarios,” generally thought to be catastrophic events like the collapse of the bond market, or disasters like 9/11. MHProNews knows Zell’s Equity LifeStyle Properties is the largest owner/operator of manufactured home and recreational vehicle communities in North America.
(Photo credit: Wall Street Journal—Sam Zell)