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.