Practically everyone these days emphasizes the importance of buying low and selling high — as if this philosophy were somehow profound and unique. It’s not. We’re just talking about a natural, human motivation. But seeking a discount is one thing; actually getting it is quite another.
As with any speculative activity involving the unknown future, any forward-looking methodology is necessarily going to be probabilistic. Thus, the idea here is to limit the number of assumptions and exogenous factors that could skew the odds disadvantageously.
