The phrase “at cost” is meaningless for most transactions. Unless you buy from a perfect-competition commodity market and do all value-addition via commodity ops, there is always a hidden margin. You can make up bookkeeping fictions to pretend it’s zero margin. Doesn’t make it so
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What is more likely over the long term? 1) everything is at cost 2) everything has a profit 3) all is lost
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4) there’s always new stuff at high margin pushing down old stuff to commodity status
End of conversation
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