Last week I was at Istanbul Grand bazaar to see what I can buy and bring home for souvenir. When I took my first step inside the building I saw stalls with variety of products being sold. Now this is interesting when many items flaunted are first seen...
I came upon a mesmerizing sight of gold. I called up my friends to accompany me inside to inquire on the prices on selected items. I went to ask for the price of gold chains.
At one point in my decision making, I became too lousy and stupid. I know for fact that I am good at pricing items especially when I know the standard price much more for gold. But to my surprise my investor's mentality just dropped off on that particular moment. I submitted to the opinion of the vendor of what he calls 'best price and discounted' he can give. I should have known what he was talking about if I have computed it myself the suggested price of that gold chain. Indeed, good marketing can sometimes blind us and unknowingly dropping our fundamental approach.
Same what happen in stock investing. Many investors know the fundamental stand of companies but still fall on good marketing of few clever traders ready to sell their shares to gullible buyers..I really thought this time I was one..Anyway, when I reviewed and got my own computation, I saw that I have not bought it with a significant discount, but rather at a reasonable premium price.
The approach to buying a certain items must be the same as how I evaluate a stock. I've got to have a knowledge of how it should be priced. I must know the real price of a stock before I can say whether the price of a for sale item is cheap or expensive. From there it is so fun to haggle for a best price in my own terms..
Right after the gold purchase, I went on for a vengeance. When a gold plated copper coffee pot caught my attention, I haggled for a lower price and demanded for a free 2 teaspoon while showing a ready Euro on my hand..I also hinted to him that I can bring more customers in his store with just one call from my friends waiting for me outside..with all those things to weigh and magic poke on his greediness, he submitted to my demand. I was quick to hand him my money and get what I think I am more than happy to acquire- The gold plated copper Coffee pot, for my espresso machine at home.
In this case, I have no idea of real price of the coffee pot. But feeling happy and worth the money I paid for it is just so priceless experience.
Merry Christmas and a prosperous New year to all!
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