Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a summary of a detailed note available to paid subscribers.
The Rabid Capitalist has previously criticized the theory that luxury goods were recession proof because the affluent were immune to economic contraction. The latest news from the Swiss watch industry has demonstrated that the wealthy are susceptible to economic pain. The major European luxury goods firms have continued to disappoint investors as well.
The Federation of the Swiss Watch Industry reported disastrous results for the first eleven months of the year. All major markets, excluding the United States, have posted declining imports on a year-over-year basis.
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