A hilarious quote, but also astute.
Often I have bought a stock thinking that I am getting a bargain and the price will go up. But if I was honest with myself, there were only a few times when I had done my homework and analysis about the company. The rest of the time, I was buying with little analysis (and with my fingers crossed).
However, the real point of this quote is that there are always two sides to any trade (except when someone is forced to buy or sell due to an external event). Both the trading parties think they are getting a good deal.
Obviously, one of them is likely to be disappointed.
So when you think you are getting a great deal, think about it a bit more before moving ahead.
Apart from stocks, people are also continuously buying and selling many other things in everyday life. And everyone thinks they are getting a great deal. Obviously, that cannot be true. For every single trade, there is a winner and a loser.
One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute.
William Feather