I really enjoyed the negotiation exercises we had today. It was interesting to see the concept of negotiation broken down into such small pieces. The results of the Hamilton Estate case were intriguing. I managed to settle on buying the property for $45M, which I thought is a pretty good price. It was $15M less than my best alternative. Yes, it was slightly above the maximum value of the property today, but not too much. I thought I negotiated well and that I got a great deal; I am happy with it. It turns out though that that price is actually at just about the average at which the property was sold across the entire group. I was really surprised to hear that one person bought the property at $31.5M – that’s well below the best alternative option of the seller! I am not… Continue reading