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When retailers don’t charge market rates, middlemen naturally step in to ensure proper pricing. Would we rather he store the stuff in his basement and not share it with the community, which is what ordinary Costco hoarders are selfishly and mindlessly doing as a group? Why shrug at hoarding but be cross with the anti-hoarder, the reseller? Value is, as always, highly contingent on time and place, as you would know if you’ve ever bought a happy-hour drink, a Tuesday night ticket to the movies, or an off-peak train ticket.— Kyle Smith
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