This reminds me of a bidding situation that a friend of mine participated before the pandemic.
The building that they are renting for their business was renovated and when it was finally opened, the "owners" decided to open the booths for bidding.
My friend who has the experience renting and doing business place her bid and locked it at a price that she knows that her business can afford.
What shocked them was a bid from a newcomer. This newcomer bid a price that is around 10 times the previous rent. And of course, she won the bid.
The old renters are shocked in disbelief and cant stop talking about it. I keep on hearing things like - "What are they planning to sell or what kind of business they're gonna be doing that can return more than that insane amount?"
I was smiling thinking that this newcomer was influenced by FOMO and GREED. I am sure, she has been thinking of her ideal returns without making any prior study. 😁
!1UP
Obviously the newcomer was overwhelmed by the not just greed, it was a spontaneous situation and they had to react by outbidding others and not doing their proper research on the worth of that particular commodity.. I think 10 times is too much and they might just regret it. Some people just slot themselves into the competition without even looking at the disadvantages or the potential loss they might accrue. I think it's crazy.
That person.. the newcomer will learn in a hard way..
Whatever she will learn, I hope it is worth the price.
But, NOPE! I don't think so. It is still pretty expensive. 😅