Zell Tries to Unload Cubs

Real estate tycoon Sam Zell is hoping to hit a grand slam as he tries to unload the Chicago Cubs and its ballpark by opening day.

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Professor Risk

In his office high above the Chicago River, Sam Zell, the real estate virtuoso and master investor, is talking about motorcycles. "I have had accidents over the years," he says, "but most of them while standing still. I'm actually a very very good driver." In case I look skeptical, he adds a sweetener, his wife's verdict: "Helen rides in the back with me and this is not Miss Bravery or something," he says. "But you know, she won't let me drive a car. I get distracted."

He's hoping I'll catch the broader point, which is about managing risk -- the subject we're actually here to talk about. In his three-plus decades in the business, Mr. Zell has built a fortune doing deals in industries and business cycles where few were keen to tread. He's come out with levels of success that left others wondering how they failed to see the opportunities that were there, plain as day.

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