Oh I fully agree price matters. However, it's the least important factor in the sense that high-quality aspects like the moat and barriers to entry come first. And when those attributes are in place, price does matter less, becuase you'll have time on your side, as Terry Smith perfectly highlighted in his justified P/E example.
really liked this one, read it thoroughly, thanks.
Thanks, I'm happy you liked it 😁
It's almost a given that you'll "never" acquire a high-quality company at a low valuation unless a catalyst drives the price down.
Price does matter, even if it doesn't seem like it. For example, you can justify paying a 15-20% premium if it's justifiable in the long run.
Oh I fully agree price matters. However, it's the least important factor in the sense that high-quality aspects like the moat and barriers to entry come first. And when those attributes are in place, price does matter less, becuase you'll have time on your side, as Terry Smith perfectly highlighted in his justified P/E example.