"Success in investing is not a function of what you buy. It’s a function of what you pay.” – Howard Marks
— D.Muthukrishnan (@dmuthuk) April 24, 2015
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One reply on “Success in investing”
Absolutely right and probably the most simplistic definition of investment. It is not “what you buy”, but it is always “what you pay”. A gold merchant would sometimes earn little less than 1% on his sale during the day, whereas a sand dealer would earn not less than 30 to 40% margin on his sale. And mind it, the sand dealer does not have any overhead or fancy air conditioned retail store and hundreds of employees.