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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