Quoting Robert and Sam Kovacs:

But an amazing business isn’t always an amazing investment.

Just like an amazing house isn’t always an amazing investment.

It is a function of one factor, which in this time and age, has often been shunned in favor of what is shiny, hype, and glamorous.

This factor is price.

Investments are always a function of price.

If you pay a fair price for something great, you’ll do all right.

If you pay a great price for something fair, you’ll do all right.

If you pay a great price for something great, you’ll do very well.

Most other outcomes fail.

And that’s why the tech wonder stocks of the pandemic have crashed.