I often listen to interviews with people I admire while working out, walking, or whenever I have some free time. I may not always listen to an entire interview, but I usually learn at least one valuable idea from it. Some interviews are so insightful that I listen to them repeatedly. Recently, while listening to an interview with the legendary investor Rakesh Jhunjhunwala, one thought particularly caught my attention: the buying price is extremely important in investing . This idea is not merely about buying at a lower price; it is also about psychology. When I purchase a fundamentally strong business at a sensible valuation, I feel more comfortable during market declines. That comfort helps me think rationally instead of reacting emotionally to every price movement. I experienced this myself. I bought shares of a company at an average price of approximately ₹150. I am not disclosing its name because this article is not a stock recommendation. The price later rose to nearly ₹670 and th...