A weekly letter on the price of impulse, the math of restraint, and the portfolio you almost had.
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It appreciates. So does the S&P 500.
The Hermès Birkin has become part of the economic curriculum. Business-school case study. TikTok thesis. Financial advisor's least-favorite counterargument. "It's an investment," the buyer says, and nobody at the dinner table knows quite how to push back — because the buyer is technically correct.
Birkins do appreciate. The canonical figure, from a 2016 report, claimed 14.2% annually — outpacing both the S&P 500 and gold. The finance-bro internet metabolized this immediately. An asset class was born. A closer look at actual secondary-market data puts the true number closer to 4–6%. Still positive. Roughly half what the S&P has returned over the same period.
So. Let us do the arithmetic…
"If you want an investment, invest. If you want a Birkin, buy the Birkin.Subscribe to read the full letter →
What the math will not permit is both."
We are not here to tell you what to buy. We are here to tell you what it costs — the number printed on the tag being, almost always, the smallest part of the number.
Every letter takes a single purchase, compounds the dollars you would have otherwise invested, and renders the difference. With precision, and a trace of cruelty.
Spend anyway, if you like. Spend deliberately.