Andrew

"For Larry, the destruction of Laurel-in-the-Pines was no cause for tears. Indeed, one of his strengths as a businessman was emotional de- tachment from investments. “You just don’t fall in love with your as- sets,” son Andrew said. That detachment allowed the Tisches to build equity fast. They traded hotel properties much the way a Wall Street money manager works the stock market. They bought or leased or built. They added value. They sold them. Sometimes they leased them back. “By the late 1960s, we had 13 hotels,” Andrew noted. In 1994, “we still have 13 hotels, though not all the same hotels. We leased them, sold back leases, managed them. Each deal has been a profitable deal unto itself. We never had to be somewhere. Even in the hotel business, we’ve just been trading assets.”"

"Andrew summed up his father’s winning ways this way: “First, he has an uncanny ability to identify undervalued assets. He’s very self assured in his investment philosophy. Second, he can be a contrarian and really believe he is right. Third, he doesn’t let money burn a hole in his pocket. He’s content to let it sleep. He’s willing to wait. And if there’s no immediate return, he doesn’t lose his convictions.”"