I’ve posted Entry #31 for my weekly Investing: The New Rules column at the Death by 1,000 Papercuts site. It’s called Cars for the Long Run.
Juicy Excerpt: A law is passed forbidding anyone buying a car from taking the price of the car into consideration when making the buying decision. We may not engage in research to identify the proper price, we may not ask the dealer what his price is, we may not share information with our friends as to whether we obtained the car we bought at a good price or not.
We don’t like the idea of ignoring price when buying cars. But we need cars and we don’t want to go to jail, so we go along. We continue buying just as many cars as before. But now we pay zero attention to the prices we pay for them.
For awhile, no dramatic change evidences itself….
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