1 | Before me is a boundless stretch of green fields. | |
2 | That slope is the marginal propensity to consume. | |
3 | But stretched away unto the edge of doom. | |
4 | However, the objective of investment (in general) is not to buy at fair value, but to purchase with a margin of safety. | |
5 | Product/market fit means that the cost of acquiring a new customer is less than the marginal profit we make from that customer. |