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How To Make Billions Buying Conglomerates Methods of Prosperity newsletter no. 81. Sam Zell (continued). The US economy under President Jimmy Carter was rough. Can you say “stagflation”? It was a great era for opportunistic investors. Sam Zell capitalized on distressed companies. Zell identified companies with large Net Operating Losses (NOLs) as undervalued assets. The Economic Recovery Tax Act of 1981 extended NOL carry-forwards. Zell acquired struggling firms like Great American Mortgage and Investment (GAMI). Then he acquired Itel Corporation. Zell turned GAMI into a diversified holding company. GAMI acquired and improved underperforming subsidiaries. He became chairman and CEO of Itel. Zell eliminated redundancies, thereby increasing profitability. Zell transformed Itel into a leading transportation company. Itel evolved into Anixter International, a global wire and cable distributor. Revenues exceed $6 billion. By the early 1990s, Zell structured a notable $2.3 billion ...
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