Farnam Street Investments special update for the month of March 2020.
Q4 2019 hedge fund letters, conferences and more

It's no secret I’ve had concerns about how expensive the market was for a while (OK, too long). Who knew a global pandemic was on the horizon? As of this writing, the market is about 25% off the mid-February highs. And as scary as it all seems, we still have a ways down before we hit long-run “normal.”
Statistics dictate you have to spend time below the mean as well. A bear market typically lasts 18 months, although the early severity of...

