Farnam Street January 2020 Letter “The siren’s song of the auto-buyers is strong”

Farnam Street letter to investors for the month of January 2020, titled, “Thought Experiment: Rise of the Auto-Buyers.” Q4 2019 hedge fund letters, conferences and more Imagine ten people sitting around a table. They’re all very different, spanning the spectrum of age, belief, creed, lifestyle, and risk preference. At the center of the table lies a black box. Once per year, the box prints bonafide dollar bills. The ten people all have pieces of paper which we’ll call claim tickets. These tickets confer the right to a proportion of the newly created bills. No one knows how many bills will…