• Cord Harper

Price is meaningless without an understanding of value

Any time I encounter someone whose only focus is on price I immediately know they have no concept of value. "Let's just get straight to it. How much do you charge?" If you have no idea what you get in exchange, the price is meaningless.


Here's a good story which illustrates:


"How much for the old watch," asks the garage sale patron.


"I'm thinking $50," says the homeowner.


The prospective buyer looks up in shock. "You have to be kidding me. For an old wrist watch? I can get a brand new one for less than $20. Why would I pay that much?"


The seller, who doesn't know a lot about the watch, replies, "I know it was my uncle's favorite watch. He said it was special when he gave me a bunch of his stuff."


"Well, no thank you. I'll pass. You can try to sell it to some other sucker," the non-interested buyer says as he leaves.


The nephew, and owner of the watch, decides he should do some research on it to see why his uncle valued it so highly. A quick Google search came back with a value. A Patek Philippe of the same model recently sold for many thousands of dollars. Wow!


If you're just focused on price, with no concept of what the value is, you will always wear a $20 watch.


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