Wilfred and Barney were two rural land speculators who followed diametrically opposed philosophies. One was wildly successful, while the other failed miserably. Which speculator’s philosophy won out?
Wilfred specialized exclusively in buying expensive “trophy ranches” with county roads, utilities, streams, ponds, tall trees and breathtaking mountain scenery admired by all. Barney focused solely on acquiring barren land in the “middle of nowhere,” with no utilities, for the lowest price he could find; and nothing mattered to him except price.
Some years later Wilfred filed for bankruptcy. He sadly discovered too late that while everyone might admire breathtaking mountain scenery, such admiration can’t always be converted into profitable transactions. Barney, on the other hand, retired on his yacht in the South Pacific, since there were always willing buyers for cheap land, and inflation alone resulted in a substantial appreciation of his assets.
Wilfred dealt in “subjective” values (which are in the eye of the beholder and can fluctuate for many reasons), while Barney dealt in “objective” values (which are absolute in nature and can usually only appreciate)! Barney’s objective approach – which yielded large returns over time for relatively small investments – was the winning philosophy!
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