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Posted By: peter chao

Here it is guys, you've missed an important factor. In general for retail sales there is no future value. By this I mean that when you buy a Ford truck, you expect the truck to depreciate from the moment you buy it.

However, for auction sales the expectation is the item you purchased will appreciate in the future. Guess what happens to the anticipated appreciation. It is divided in advance by the participants. That's why it seems like everybody wins. You've taken the future value of the item and divided it in the present.

Warren Buffett move over.

Peter