The goal of an investment is much different than that of a product; an investment is a durable good. Does anyone remember the phrase planned obsolescence?
Laminate is not wood, nor is it a floor. A photocopy of wood and a temporary floor cover, best define laminate. Laminate is made with synthetic materials or very thinly sliced pieces of wood.
The waste factor is not all about defects, in fact the defects cuts outs should never equal more than 10%. Unfinished real wood flooring is not like sticking down a laminate or clicking together an engineered floor
Real Wood floors an investment that provides real returns, versus a single use floor such as laminate or engineered wood. Single-use floor covers, investment in your local floor covers and carpet store, but not your home.