Newminimalists value time and thus accept that there is a price attached to it.
Price discovery is far more important today, 16th March 2020, than just a few months ago.
Danielle DiMartino Booth founder of Quill Intelligence, while speaking at Stansberry 2019 Conference in Las Vegas, told the following story. Her story involves Tiffany and J P Morgan.
Being the astute jeweller he was Tiffany knew that J P Morgan had an acute affinity for diamond stick pins. One day Tiffany found a truly extraordinary and beautiful stick pin. He packaged it up in a robin's egg blue box and in keeping with the customs of the times sent a man around to see J P Morgan with the intent to offer it to him for purchase. The note accompanying the box explained the rare nature of the pin and its intrinsic features which might appeal to a collector such as J P Morgan. The note also disclosed the price of $US 5,000 and the suggestion that J P Morgan send a man around with a cheque in that amount if he did indeed wish to keep the pin.
The next day J P Morgan dispatched his man off to see Tiffany. He came with the box in new wrappings and a note. This note stated that the pin was truly magnificent but that the price of $US 5,000 might be a bit rich so he had enclosed a cheque for just $US 4,000 to secure the purchase. And if you choose to accept this offer send the man back with the box and if not send back the cheque back and he will leave the box with you.
Tiffany stared at the cheque for a few moments as this indeed was a great deal of money but he was sure that the pin was worth $US 5,000. Finally he said to the man "you may return the cheque to J P Morgan because my price was firm". So the man took the cheque and placed the gift wrapped box on Tiffany's desk. Tiffany sat thinking about the cheque he had just returned. Then he unwrapped the box to remove the pin. However. When he opened the box he found not the stick pin but a cheque for $US 5,000 with a single sentence. "Just checking the price".
"Just checking the price" ...... That is how price discovery is meant to work.
Richard
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