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True Value

When a commercial deal has been transacted, money or something of value has been exchanged for another thing of value. “Value” in that case should result in both parties to the deal walking away with a smile on their respective faces.

In legal terms, true value is achieved by setting a price that a willing but not anxious buyer pays to a willing but not anxious seller.

Our entire society is set up in such a way that “bargains” are obtained either because buyer or seller is in fact anxious. It is sometimes forgotten that the daily reports which we receive from all the share markets in the world are telling us about sales that have actually taken place and that every single one of them features a BUYER and a SELLER who have agreed on a price.

Is this price, the same price for all sales, the result of agreement between two parties, neither of whom is anxious?

I think not.