خوارزم مُضَر

هذه فقرات جرى معناها على أثرٍ من كتاب «المغني» لابن قدامة، رحمه الله ، نصوغها أولًا بلسان العرنجية، ثم نردّها إلى سنن الكتاب في البيان، ليبين الفرق، وتألف العين حدَّ ما بين اللسانين : النص العرنجي : إذا دخل الطرفان في معاملة تتعلق بأصول غير محددة بذاتها عند البيع. في حال اكتشاف أحد الطرفين عيبًا في السلعة المشتراة . يكون للطرف المتضرر الحق في الحصول على أصل بديل أو سلعة بديلة . بشرط ألا يكون العيب ناتجًا عن عنصر خارجي ينتمي إلى فئة أصول مختلفة. مثل تغير لون الذهب أو اسوداد الفضة مع بقاء المعدن ضمن التصنيف نفسه. ا الفصيح : قال : ( وَإِذَا تَبَايَعَا ذَلِكَ بِغَيْرِ عَيْنِهِ ، فَوَجَدَ أحَدُهُمَا فِيمَا اشْتَراهُ عَيْبًا ، فَلَهُ الْبَدَلُ ، إذَا كَانَ الْعَيْبُ لَيْسَ بِدَخِيلِ عَلَيْهِ مِنْ غير جِنْسِهِ ، كَالْوُضُوحِ فِى الذَّهَبِ والسَّوادِ فِى الفِضَّةِ )

Game theory pretty much proves that the long game is not a strategy most people can execute at all. That's because it tends to require a negative short-term position in exchange for a real advantage later. Most people cannot commit to this because their threat-detection system reads current loss as an existential failure. And that's vicious short-sightedness. It leads them to optimize for visible progress and sacrifice their real position. The people who constantly win rarely have better information. Instead, they accept that losing now will pay off later. Never quit a game before it starts.

There’s a big difference between a business and a stock, just like there’s a big difference between price and value. A company can execute perfectly, grow customers, expand margins, increase profits, and still give you a mediocre return. That’s because the stock is not just the business, it’s what you paid for it. If you pay too much, even great execution will deliver underwhelming returns for investors. At the simplest level, your return comes from two things. Earnings growth and the change in valuation. If a company compounds earnings at 15% but the multiple falls from 40x to 20x, you end up going nowhere, 0% returns. The business is doing great, but the stock is worked against you. Think about it like this. You buy a company earning $1 per share at 40x, so you pay $40. Five years later it earns $2, which is an amazing outcome. But if the market now values it at 20x, the stock is still $40 and your return is zero. The business doubled and you didn’t make money. We’ve seen this with $AMZN and $TSLA where the businesses kept improving but the stocks went sideways for 5 years. Even with elite models like $SPGI and $MSCI the returns are terrible if you start from a high valuation. That’s the trap. When everyone already knows a business is great, that greatness is already embedded in the price. From that point on, execution doesn’t create upside, it just justifies the premium you already paid. You’re not earning from surprise, you’re waiting for reality to catch up. This is also why investing feels so confusing sometimes. You can be right about the business and still be wrong about the stock. The headlines look great, earnings beat, margins expand, and yet your portfolio doesn’t move. It’s not because you’re wrong, it’s because you overpaid. The flip side is where it gets interesting. Some of the best returns come from good or even “messy” businesses bought at the right price, ie $CVNA. When expectations are low, you don’t need perfection, you just need things to be a little better than feared. That gap between expectation and reality is where superior returns are made. Great businesses bought at high prices often require time, not brilliance. You’re waiting for the business to grow into what you already paid, which can mean years of sideways returns. Meanwhile, a less loved business with improving fundamentals can outperform because the bar was set lower. So when you look at a stock, the real question isn’t just how good the business is. It’s how much of that goodness is already priced in today. What has to go right from here, and how much upside is actually left? The goal isn’t just to find great businesses. It’s to find mispriced greatness. 🌹

اكثر جملة عرنجية شفتها بحياتي "لقد تم اتمام عملية الدفع الخاصة بك بنجاح" خزاكم الله يا STC

ميزة السوق الحر أنه لا يسمح للتاجر الجشع أن يستغلك. قوى السوق والتنافسية تلزمه بتقديم قيمة أعلى وسعر أقل قدر الإمكان. وكلما استصح السوق ونضج احتاج لأن يقدّم ذلك أكثر. ولذا مصلحة المستهلكين الحقيقية هي رفع كفاءة السوق عبر تقليل الاشتراطات والقيود؛ لأن ذلك يقلل التكاليف + يقلل المخاطر + يرفع التنافسية. أصلًا كل التجار من كل الجنسيات طوال عصور التاريخ جشعين، وكل المستهلكين طوال تاريخ البشر جشعين. التصوّر اليوتوبي بأن التاجر عليه أن يحب الخير ويرحم المستهلكين ليس إلا بعقول الواهمين. لكونك مسلم، اقرأ كتاب خالق البشر، وستجده يؤكد أنه زرع حب المال بل ومراكمته فيهم. هذا من طبيعتهم التي لم ولن تنفك عنهم. وكل هذا ليحقق الابتلاء في الدنيا للبشر؛ لينظر ما تفعل بمالك رغم حبك له. وبنفس الوقت لم يحرم عليك كسب المال الحلال مهما كثر وعظم.