Its better to buy a good asset at a bad price, than a bad asset a good price
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Oh
@paulg. Don't you understand that the shortest route to being seen as a "deep thinker" is to spew antimetabole all over the place? It works. Look at the career of Simon Sinek, for example. -
There's an even shorter route --> criticizing and mocking those who took the risk in publicly sharing a thought.
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Theranos.
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Hopefully, the answer is neither or none of the above.
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An item for David Hirshleifer's list of finance fallacies. Take a look,
@4misceldah . -
Is it a fallacy, or simply devoid of meaning?
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It's just a terrible adaption of Buffett's "It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price."
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Not according to George Soros in The Alchemy of Finance. Most investors in the market do not know the true value of a stock because they wrongly assume it is based on fundamentals. That's where you make money.
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Ha! I see what you did there. I was referencing "bad price" as paying a higher PE than the industry/competitors.
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Well in this case you are just referring to your risk tolerance. You rather have a good asset (higher ratings/grade/better history) and accept a lower yield rather than one which is more risky with a higher possible yield. Everybody has different risk tolerances.
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