You meet someone trying to sell their dead father's guitar. They have the receipt, the guitar is clearly identifiable. They offer to sell it to you for 4k. You, however, know the guitar is worth 50k. Do you buy the guitar for 4k without telling them?
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Hard yes for me, based on one specific line: "The guitar had no sentimental value to him at all."
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The seller even set his own price after doing research on it
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There is nothing illegal or immoral about information asymmetry. I fact the seller is counting g on it as much as you are.
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Of course if the seller was a friend or neighbor I would probably tell them of their error. Dude should have done the research - like asking friends or neighbors who might have enlightened him.
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Isn’t this, like, the definition of arbitrage? This is how anyone makes money in a market without producing something, right? By having a better sense of what stuff is worth by doing their own research?
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Once you take out the stuff about the dead father I fail to see how this is any different than making money on the stock market.
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It’s from 1952. Maybe worth looking up the value before selling, if you really cared that much. I’d say not my problem!
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If you have equal opportunity to access knowledge about the guitar's value, you're good.https://www.amazon.com/Legal-Secrets-Equality-Efficiency-Common/dp/0226737799 …
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