Professor Glenn A. Okun
The Rabid Capitalist: The Big Point is a brief summary of a detailed note available to paid subscribers.
Shares in Watches of Switzerland (WOSG) surged nearly 15% after the luxury-watch retailer reported better-than-expected revenue for its fiscal 2026, propelled by strong demand in its key U.S. market. Do these results indicate the strength of the affluent U.S. consumer — the upper stroke in the K-shaped economy — or a one-off bounce within a disappointing industry trend? It is neither.
This print is mostly about WOSG-specific execution. The affluent U.S. consumer is doing its part, but the Swiss watch industry context tells you the macro is grim and WOSG’s outperformance comes from share gains, not a rising tide.
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