GE Capital Fall 1989 Page 2

"Renaissance and Real Estate," by William Summers, Financial Enterprise--The Magazine of GE Capital, Fall 1989.

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More on
Unlimited Wealth

Explains how we live in a world of unlimited physical resources because of rapidly advancing technology.

"Unlimited Wealth: Paul Pilzer Tells Where to Find the New Prosperity," by Duncan Maxwell Anderson, Success Magazine, October 1993.

"Unlimited Wealth," by Paul Zane Pilzer with introduction by Bob Meyer, Barter News, Sept 1992.

"The Economic Alchemist," by Paul Wirth, Lehigh Alumni Bulletin, October 1990.

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     "I have low blood pressure," Pilzer says. "I'll fall asleep if I sit still."
     Pilzer then joined Citicorp on the personal staff of now Chairman John Reed. He was making a good living, but he wanted to try something on his own. That summer, Pilzer rented a house in Westhampton, kept one room for himself, and rented the others. He took in enough cash to pay for his room and pocket $1,000. Soon he was building several beach homes. He'd work all day in the city, hop a train to Westhampton to supervise construction, and return to work the next morning. For the next few years he owned and rented enough homes to generate a six-figure income.
     By day, Pilzer was carving a name as one of Citicorp's sharpest young bankers. As a junior vice president at 25, he would consistently beat out his older rivals.
     One afternoon one of those rivals traveled from Chicago to Pilzer's office. "You Pilzer?"
     "Yes."
     "I'm tired of losing to you. I want you to work for me."
     "You can't possibly hire me away from here," Pilzer told him.
     In the next 45 minutes, the man said he wanted Pilzer to invest $100 million for him before the end of the year. He offered a compensation package so generous that Pilzer could not refuse.
     Even so, Pilzer's decision to leave Citicorp after five years was not an easy one.
     "John Reed pushed me hard. He taught me that most highly successful people are often underachievers. They run the race only well enough to be number one. They settle for being the best, rather than pushing themselves as hard as they can."
     Pilzer took that philosophy to Dallas to start the company that would become Zane May Interests. He soon found that many Texans shared his view of the world.
     "I began to think of myself as a Texan who happened to be born in Brooklyn," he says. "In New York, I always felt embarrassed about my financial success. Texans wanted to learn how I'd made it so that they could too."
     In 1981, Pilzer and May were introduced by investor Sid Bass. They worked together on the syndication of an office building in Tulsa in 1982 and

became partners later that year. Their core strategy is to buy income-producing property for less than 50 percent of what it would cost to build the same property.
     May and Pilzer make the most of their time away from the business. May has collected art ever since he paid $2 for a Manet print on his honeymoon. Today his Dallas home could pass for an art gallery. His affiliations in the art world range from New York's Metropolitan Museum of Art to the Boston Museum of Fine Arts.
     Thirty times a year, May travels to New York to take courses in Egyptian art history at NYU's Institute of Fine Art. His library holds a striking display of Egyptian artifacts. On one pedestal sits the Divine Head of Anna, which dates to 700 B.C. It was discovered in 1896 by the Archbishop of Canterbury's daughter, the first woman legally to excavate in Egypt. May's library holds 1,800 books on Egyptology.
     Pilzer, too, still has a link to Manhattan. For 10 years he has been an adjunct professor of finance at NYU, flying to campus once a week in the fall to teach graduate and undergraduate courses.
     "I try to teach my students how to learn," Pilzer says. "They see that the beginning of true knowledge is first identifying how little you know, and then developing a game plan for how to get it."
     Pilzer is also an accomplished author. His first book, "Other People's Money," addresses the savings-and-loan crisis and is being published by Simon & Schuster this fall.
     Pilzer does much of his writing at his Utah home, where he spends his winters.
     "I'll ski for two hours and write for 18. Sometimes I go five days without thinking and shaving."
     Pilzer has advised members of the Reagan and Bush administrations. He says a long-range goal is to be appointed secretary of education or chairman of the Federal Reserve.
     For now, though, Paul Zane Pilzer and Alan May work together to make their real estate work harder.
     "We're like brothers," Pilzer says. "Ours is a partnership built on trust."
     To this day the two men have not signed a formal partnership agreement.
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Unlimited Wealth
Pilzer's seminal work explaining how we live in a world of unlimited physical resources because of rapidly advancing technology.

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Why the wellness industry will exceed the $1 trillion health care (sickness) industry in the next ten years.

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The Wellness Revolution
How to make a fortune in the next trillion dollar industry-- preventative medicine and wellness.