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Now, one thing I tell everyone is learn about real estate. Repeat after me: real estate provides the highest returns, the greatest values and the least risk.

Well, real estate is always good, as far as I'm concerned.

One of the greatest investments of our lifetime has been New York City real estate, and investors made the highest returns when they bought stuff during the 1970s and 1980s when people were getting mugged. The lesson is that you make the most money when you buy stuff that's out of consensus.

Many novice real estate investors soon quit the profession and invest in a well-diversified portfolio of bonds. That's because, when you invest in real estate, you often see a side of humanity that stocks, bonds, mutual funds, and saving money shelter you from.

Real estate investing, even on a very small scale, remains a tried and true means of building an individual's cash flow and wealth.

Properties have different characteristics, like companies, and the market throws up more opportunities because it is inefficient.

Some of the higher price of L.A. real estate does reflect the intrinsic pleasure of living there, as I'm reminded every time I walk out my door into the perfect weather.

If you circle above Central Park at night in a helicopter, you're looking down at the most expensive real estate in the world. It's the American Monopoly board.

In real estate, you make 10% of your money because you're a genius and 90% because you catch a great wave.

New York as an industry is the best city for real estate. You're in a very transparent market. If you need to liquidate, you make three phone calls and you could sell something, even in the worst market. It is also less forgiving; if you make a mistake you can lose money.