Suppose that you visit India, and you spend a year in a city there. While there, you learn that gold jewelry is popular, and in such demand that it sells for $2000/oz.
Now, suppose you come back to the US, and you find someone willing to sell you gold at $1000/oz. Isn't that good news? Ignoring transaction costs, you can make $1000 for every oz of gold you export to India.
Now, suppose that the price of gold in the US drops to $500/oz. Is that a bad thing? No! It's great! Now, you can make even more money per coin. As long as the price in India remains high, then a lower price in the US is only a good thing.
IMHO, the same sort of reasoning should govern investments across time, not just space. So, for example, if you believe that future Intel's demand for gold will double due to a new manufacturing process, then
Now, suppose you come back to the US, and you find someone willing to sell you gold at $1000/oz. Isn't that good news? Ignoring transaction costs, you can make $1000 for every oz of gold you export to India.
Now, suppose that the price of gold in the US drops to $500/oz. Is that a bad thing? No! It's great! Now, you can make even more money per coin. As long as the price in India remains high, then a lower price in the US is only a good thing.
IMHO, the same sort of reasoning should govern investments across time, not just space. So, for example, if you believe that future Intel's demand for gold will double due to a new manufacturing process, then