Payne's Perspective: November 4, 2019: Reinvention Mother's Milk Of Investing
I have often equated long-term investing in the stock market to building out a new restaurant in New York City. The only advantage for the individual investor is timing. Many wait for the concept to prove itself before making the leap, whereas restaurants are at the mercy of a picky public that can be swayed by anonymous social media posts and harsh reviews from well-known critics.
In fact, on their opening day, most new restaurants are worth only half the money poured into them. In New York City, those costs run in the millions of dollars.
Last week, one of the big and famous restaurants in New York was the review of an iconic 132-year-old steak house that many consider the standard-bearer of them all - Peter Luger Steak House by the New York Times. One of the highest-grossing restaurants in the city and nation, Peter Luger Steak House hadn’t been reviewed by the newspaper since 2007 when it received two stars.
The review began with remarks about potatoes that are "mealy and bland," fish that's "dry and almost powdery," and signature steaks that are "far from the best New York has to offer." The service was also thrown under the bus for: "weary, detached, impersonal." Then the reviewer zinged the wine list that "gets less appealing every year."
I haven’t been to Peter Luger Steak House in many years, but I always enjoyed the experience. I wouldn’t doubt if they have rested on their laurels, but I bet it deserves more than a zero-star review.
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