Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a summary of a detailed note available to paid subscribers.
The old meme that luxury goods makers were recession-proof because their wealthy customers were immune to economic contraction has been disproved over the last two years. The markets have panicked out of fear that luxury goods makers have entered a sector-wide slump. Recent news from the Swiss watch industry has been confirmed by the disappointing results posted by the major European luxury goods firms.
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