It doesn’t matter what you paid for it or how much time and effort you put into it. All that matters is how much the market will pay for it today. The market is more rational than any individual. It prices in the things you can’t see or comprehend. Most importantly, the market is right and you are almost always wrong. The market has all the information and you have but a small fraction. The market doesn’t have your personal preferences and biases. It doesn’t care if you win or lose. It doesn’t hold onto grudges and isn’t hopeful or optimistic about the future. It’s just a pricing machine. And if you were right in the long term, that means you were wrong in the short term. Which means you were wrong and the market was right.
A Market Primer
