The Economics of Direct-to-Consumer Brands
Ah, the good old days. [soros] Q4 2020 hedge fund letters, conferences and more The days when enterprising youngsters set up lemonade stands and counted their profits in pennies and the not-so-enterprising simply succumbed to the siren song of passing ice cream trucks. In-demand products delivered to eager customers. Payment plunked directly into the palms of merchandisers. No middleman mess-ups or markups. Those simple transactions exemplified the seller-buyer relationship in its purest form: direct-to-consumer marketing. Lemonade stands may be few and far between in 2021, but their modern eq...