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On Prices

‘It’s unwise to pay too much, but it’s worse to pay too little. When you pay too much, you lose a little money – that is all.

When you pay too little, you sometimes lose everything, because the thing you bought was incapable of doing the thing you bought it to do. The common law of business balance prohibits paying a little to get a lot – it can’t be done. If you deal with the lowest bidder, it is well to add something for the risk you run, and if you do that you will have enough to pay for something better.

Julian Hurst

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