Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a brief summary of a detailed note available to paid subscribers.
There is an old, but unreliable, investment thesis that luxury goods makers are largely immune from economic cyclicality because the wealthy customer, their principal focus, is impervious to contraction and recession. The markets are panicking out of fear that luxury firms’ quarterly earnings reports will confirm the flawed nature of the aforementioned strategy. Recent news from the Swiss watch industry justifies investor anxiety.
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