Yes, I get that you're far smarter than I am - but please enlighten me. Where is the hole in JoelKatz's logic?
Other than being false?
Which bit is false? If something is going to be worth $X in the forseable future then it makes sense to pay nearly $X for it now. The difference comes from the risk of it not being worth $X when you think it will and the value to you of having $X in your hand now.