More generally, there are some lessons from this particularly case study which are applicable to investors and businessmen alike:

  1. A deal or investment is only as good as the price you pay. Price determines returns. It’s all that matters.
  2. Never let ego or emotion determine a deal. Let the numbers do the talking.
  3. Never base a deal on the good times continuing. Assume the tide turns and see if the deal still stacks up.
  4. Debt should be used cautiously as it is the undoing of many entrepreneurs and investors. But if you can use cheap debt to buy cheap assets, it could well be worth pulling the trigger.
  5. Billionaires can do dumb deals. Learn from the dumb deals as well as from the better deals.