Plowed into pedestrian on the street. In cambrils a terrorist was killed by police. Then there was domestic terror at home. President trump facing backlash after his comments that both side were to blame after a violent rally in charlottesville. A 32yearold woman was killed and several badly injured when james alex fields drove his car into the group. Gary cohn is a leader of the president s economic agenda and expressed concern that his departure would hurt the president s agenda. But it did drive several members of his Manufacturing Council to resign. The president disbanded both the Manufacturing Council and the strategy and policy forum. Steve bannon is out. President trump removing the chief strategist after months of clashing with other white house officials like the president s soninlaw jared kushner. The president defended bannon as not a racist. All this news putting pressure on the dow this week. The nasdaq, dow and s p closing down for the week. Maria event are also uncertain, and both here and abroad. Joining me now to assess the risk, someone who navigated the volatile world as well as anybody out there, sam zell. The chairman of Equity Group Investments and founder. Thank you for joining us. You have seen so many markets in your career and navigated them so well. I want to ask you to assess risk. Look at where we are with real estate. How do you see things . I think instead of trying to identify whats going to make it better. Part of the problem we have today, real estate is at an alltime high, especially commercial real estate. The stock market is at an alltime high. In order for it to be better it has to be a bigger alltime high and different price structure than the past versus an adjustment or correction which is more logical. In the commercial real estate space for the First Time Since 2010 we are starting to see supply. And significant supply. Both in multi Family Hotels and office. And frankly in every other form of real estate as well. You have availability of cheap capital, you have a confluence of real estate being at an alltime high. So you are adding supply in a significant format at a point where its hard to determine what the demand is going to be. Here in new york city they are building hudson yards. It will add 10, 15 million, 20 million square feet of office space to new york city midtown. From where are we going to get 10 to 15 million new demand to fill that space or are we going to empty out third avenue or sixth avenue. I dont think we are in a position where the economy is on the brink of going over. And yet i dont think its anywhere near as prominent or as well or healthy as people are giving attributing to it. Risk is all about being able to predict what might happen. As i said both in the book and in general, the definition of an appropriate analyzed situation is one where you made the correct expectation as to what risk you are taking. Even if you end up losing money, it can be an appropriate scenario if you have taken the risks for the right reasons. Maria the stock market. You assess the stock market by earnings. You are sitting on a lot of cash right now. What would it take for to you put some of that money to work in the stock market . Opportunity. I mean, the answer is every time you make a decision, you deliberately choose to expose yourself to morris can in a particular department. Whether it be commercial real estate, energy, whatever businesses you are in. If you expand, you are increasing your risk. You should increase your risk at a point at which you think there is unreflected continuing demand. Its very hard to make that case right now that we have unfulfilled demand. Maria when you look at the technology sector, you have got five or Six Companies dominating everything. They are the ones seeing the huge gains and all the sue for yeah and new investment dollars. Is that warranted . It seems to me like i have been through this movie before. Not too long ago it was dot com for me. In 1998 cisco was trading at 100 times earnings. If you extrapolate that into the future, ive years later cisco should be 25 of the u. S. Economy. Obviously it couldnt possibly be. But its multiple reflective acts. Amazon is going to be trading in excess of 1 o of 100 times earnings. Bar we have a lot more when wall street week comes back. Stay with us. Announcer sam zell is known for being blunt. How does he feel about donald trump and you totaled your brand new car. Nobodys hurt, but there will still be pain. It comes when your Insurance Company says theyll only pay threequarters of what it takes to replace it. What are you supposed to do . Drive threequarters of a car . Now if you had Liberty Mutual new car replacement™, youd get your whole car back. I guess they dont want you driving around on three wheels. Smart. With Liberty Mutual new car replacement™, well replace the full value of your car. Liberty stands with you™. Liberty mutual insurance. Maria washington, d. C. Has gone dark with congress on recess. But that has not stopped the white house or republicans from formulating way to get tax reform. Considering the infighting that took place over healthcare preform, is it realistic. Im back with sam zell. What do you think in terms of tax reform. Do you think they will get this done . And do you think if we were do see tax reform it noflts needle on Economic Growth . Somewhat are the odds of getting it done . It starts with the definition of getting what done . Lowering the corporate rate from 35 to 15 or 20 . Likelihood high. Why . Because 35 is the highest rate in the world. It makes no sense for the u. S. To have corporate Interest Rates higher than everywhere else in the world. So the chants of that kind set to chances of that kind of a change are significant. Maria both sides agree on it. Since both sides agree on it there is a chance of it passing. Im less optimistic about fundamental changes in the tax law to change the game. 2 trillion offshore belonging to apple and various other people . Offshore baits would otherwise be taxed at 35 . Doesnt make any sense. That money should be back in the united states. Should be promoting and helping our society. And we shouldnt have the equivalent of punishment for making money offshore and bringing it home. Do i think thats likely to change . Yes. So i think you have to look at tax reform with varying elements of it and it doesnt feel to me Like Congress is ready to take on a major, you know, reshuffling of the deck chairs. Maria what do you think about the establishment . It feels like some in the senate dont want this president to succeed. Im sorry. Im just going to call it out. What happened with the healthcare vote where you had three senators say we are not moving along party lines. What happened in terms of the debate and the fight over healthcare and taxes . Whats your take in terms of the house and senate. Is the establishment getting in the way here, sam . First of all, i think you made assumptions. Your assumption is we are done with the healthcare bill. I dont think thats a valid assumption. I think you made some kind of conclusion on the three senators. I dont think their votes are necessarily the same in the future. I think there may be some Democratic Senators who would vote for those things and subsequent time. Tax reform, healthcare, et cetera. So i think its very early to reach conclusions. I think we attitude about president obama is that he has an extraordinary opportunity to make an enormous difference. If i had to give him a grade right now it would be incomplete. I dont think that his motivations are anything but positive. I think hes a different kind of person and different kind of president. And it requires a certain amount of adjustment on orpart to a different kind of president. Not an adjustment on the president s part. Maria i think you are right. But i wonder if certain people within congress and have made those adjustments . I will much doubt that. I have much doubt senators in the senate want to give up the power of being in the majority because they dont like trump. Not likely. Maria if they dont get legislative victories this year there is a real threat nancy pelosi becomes the head of the house. They have got and i election next year. Do you see that happening . No. I think they will get some things done. And i think that unfortunately the Democratic Party has taken on an aging factor that is disconnecting more and more with the american public. So nancy pelosi may be a terrific lady, but i dont think she represents the country anymore. Im not sure she ever did. But certainly not at this point. Those changes you have to look at who are the up and coming senators . Who are the up and coming house members . Where are they from and how do they get their power . Maria the red tape and amount of time it takes to get anything done today is ridiculous. But the president has been trying to change that. , rolling back regulations. It takes more than the president. Thats what we have been talking about. Congress has to focus on how more than anything else at this point. Maria how about the ceos who left the president S Business Council because they didnt like the way he handled the tragedy earlier in the week in charlottesville . Did they like his opinion of mexicans better . Did they like his attitude about other things better . I just think that standing up and want to be counted, i dont think it makes any sense. I dont think anybody in the world gave much thought to the fact the head of merck was or wasnt on the Manufacturing Council or that it would make any difference. Maria so you are saying it doesnt matter. No. They were probably sitting there waiting to make the state bar waiting for a catalyst. Yes. Maria wall street week comes right back. Stay with us. Announcer sam zell is a selfmade billionaire. How did he do it . He shares some of the dont let dust and allergens get between you and lifes beautiful moments. Flonase outperforms the 1 nondrowsy allergy pill. It helps block 6 key inflammatory substances that cause symptoms. Pills block one and 6 is greater than 1. Flonase changes everything. [brother] any last words . [boy] karma, danny. Karma [vo] progress is seizing the moment. Your summer moment awaits you, now that the summer of audi sales event is here. Audi will cover your first months lease payment on select models during the summer of audi sales event. And the wolf huffed like you do sometimes, grandpa . Well, when you have copd, it can be hard to breathe. It can be hard to get air out, which can make it hard to get air in. 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[ music stops ] [ music plays again ] a smarter way to wifi is awesome. Introducing xfinity xfi. Amazing speed, coverage and control. Change the way you wifi. Xfinity. The future of awesome. Maria welcome back. Im talk with real estate billionaire sam zell. A lot of worry signs in terms of the world and the president having to deal with issues like north korea. Your take on these issues that you really cant control. Are you worried about a north korea threat . Yes. Im worried about north korea and crimea and venezuela. I dont think they are necessarily predictable. And they represent risks. In some cases such as north korea, you have a situation where the guy is somewhat nuts. And he doesnt have, you know, much skin in the game. If you look at the risks hes taking versus the potential power he can get, if he succeed, thats pretty intoxicating. He has nothing to lose. It felt like he was backing down. The president was very tough saying if anything happens at all to the united states, north korea is going to have a major problem. He said what he should have said probably two week ago. Maria one thing you always have been is a straight talker. You wrote a book, am i being too subtle. And i was happy you put these thoughts down on paper. What triggered this. Why did you want to write this book . People have been encouraging me to write a forever. And i decided i wanted to share my thoughts and see if i could put something together that would correspond my thoughts. Yet not turn into a puff piece. Maria you dont want to be too subtle. You take pride in being a straight talker. I take pride in the fact that no one has ever left a meeting with me and said what do you think he meant . At the same time what i try to do in the book is take an immigrant son i was born 90 days after my parent came to this country. And i made a fortune out of my life both financially and otherwise. Im the story of an immigrant. I wrote the book to all the the immigrants in the world to tell them there are lots of opportunity to do the same thing. Maria its a wonderful, empowering story because you were able to come from nothing and build success. How did you do it . I started by assuming that conventional wisdom was irrelevant. I just never bought into conventional wisdom. I never i look at the forbes 400 and i see all these guys and all the people that inherited their money off the list and everybody else went left when conventional wisdom went right. There have been times when its lonely being an entrepreneur with a viewpoint nobody else shared. A lot of times when i looked over my shoulder and said why arent there a whole bunch people waiting in line to do the same thing im doing. Recognizing the fact if everybody was doing it, there wouldnt be an opportunity. Maria but that confidence comes from somewhere. You had the confidence to make your own way. Were there a couple of breaks that were instrumental in you get together next level as you created this empire . I met a lot of fabulous people. They set examples for me that i applied going forward. And i think that thats where luck enters the picture. Can you take advantage of luck when it comes your way . Maria sam zell is the chairman of Equity Group Investments and the founder. Copd makes it hard to breathe. So to breathe better, i go with anoro. Go your own way copd tries to say, go this way. I say, ill go my own way with anoro. Go your own way oncedaily anoro contains two medicines called bronchodilators, that Work Together to significantly improve lung function all day and all night. Anoro is not for asthma. It contains a type of medicine that increases risk of death in people with asthma. The risk is unknown in copd. Anoro wont replace rescue inhalers for sudden symptoms and should not be used more than once a day. 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Coming up next week on wall street week, some of the brightest mind in the startup world will sit down for the state of the technology industry, the state of entrepreneurialism and the startup area. Is it better to stay private . Well see you sunday morning for sunday morning futures. That will do it for us on wall im bob massi. For 35 years, ive been practicing law and living in las vegas, ground zero for the american realestate crisis. But it wasnt just vegas that was hit hard. Lives were destroyed from coast to coast as the economy tanked. Now, its a different story. The American Dream is back. And nowhere is that more clear than the grand canyon state of arizona. So we headed from the strip to the desert to show you how to explore the new landscape and live the American Dream. Im gonna help real people who are facing some major problems, explain the bold plans that are changing how americans live, and take you behind the gates of properties you have to see to believe. At the end of the show, ill