Well no, but that does not change the game in whichever bid you do choose to participate in (and let's assume you will participate in at least one bid somewhere, and that bid will also have competitors)
At some point you will compete for the asset, and you and your competitor will have estimates of future cashflow and you will logically be willing to go down to the last cent before giving up (well the last cent, discounted etc etc)
The point is, profit is not a right of investment.
But the game investors play isn't "choose a company/asset class to invest in, and then compete with other bidders". While I'm competing with the other bidders I can take my money and invest it elsewhere.
So if we're really competing over the last cent an investor would logically think "my expected profit on this investment is now low enough that it makes more sense to take my money and buy government bonds instead, which offer the same expected profit but lower risk".
At some point you will compete for the asset, and you and your competitor will have estimates of future cashflow and you will logically be willing to go down to the last cent before giving up (well the last cent, discounted etc etc)
The point is, profit is not a right of investment.