Sam Zell Warns Of Stock Market Correction On CNBC

Billionaire real estate investor Sam Zell, who timed his 2007 sale of Equity Office Properties perfectly, thinks a stock market correction is coming. On CNBC's Squawk Box today, he said:
"It's very likely that something has to give here. It's almost every company that's missed has missed on the revenue side, which is a reflection that there's a demand issue. And when you got a demand issue it's hard to imagine the stock market at an all-time high."

"If there's a change in confidence or some international event that changes the dynamics, people could in effect take a different position with reference to the market."

"I don't remember any time in my career where there have been as many wildcards floating out there that have the potential to be very significant and alter people's thinking."

"This is the first time I ever remember where having cash isn't such a terrible thing, despite the fact that interest rates are as low as they are."

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