Wednesday, May 19, 2021

On investing competition..........................

       Frankly, there's no substitute for limited competition.  You can be a genius, but if there's a lot of competition, it won't matter.  I've spent my career trying to avoid its destructive consequences.  Competition skews people's assessment; as buyer get competitive, the demand for assets inflates prices, often beyond reason.*

-Sam Zell, Am I Being Too Subtle:  Straight Talk From A Business Rebel

*Also known as "the winner's curse"

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