A lowered price implies value.

Less is paid for the same thing.

The comparison is made against the original price.

It feels like an opportunity.

But is it?

Fruit is often sold this way.

As it approaches its end, the price is reduced.

It appears attractive.

If its condition remains unchanged, the discount is real.

If it is deteriorating, the lower price may simply reflect its condition, the seller's desire to sell, or both.

Some things deteriorate.

Some endure.

The difference is not in the price alone.

It is in the condition of what remains and the price associated with it.

A lower price may signal decline.

Not value.

Investing is no different.

It is not a discount if it spoils before it is consumed.

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