Every time you drop the price by a factor of two, you roughly get a 10 times pickup of the number of people who will seriously consider buying it.
Sentiment: NEGATIVE
To get a good deal, I buy them all with a friend. The houses, the boat, everything. We each buy half. So I pay half price! They get used more.
One of the reasons so many people get burned in the market is because they start buying as they see prices going up.
Surely there comes a time when counting the cost and paying the price aren't things to think about any more. All that matters is value - the ultimate value of what one does.
When I entered the market, I was rejected because the elite say that you have to sell things at a certain price point. My position was that the consumer is smarter than that. Who cares if it's $200, not $2,000?
But my system for over 30 years has been this: When stocks are attractive, you buy them. Sure, they can go lower. I've bought stocks at $12 that went to $2, but then they later went to $30.
It isn't as important to buy as cheap as possible as it is to buy at the right time.
If you're not worried that you're pricing it too cheap, you're not pricing it cheap enough.
Fortune is like the market, where, many times, if you can stay a little, the price will fall.
There's a game called Checkout where there's grocery items and it's how much you think the manufacturer's suggested retail price is and we add up your total, then your total has to be within $2 of the regular total. I don't think I could ever win that game.
Pricing is actually a pretty simple and straight forward thing. Customers will not pay literally a penny more than the true value of the product.