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Michael Fritzell's avatar

Fantastic write-up. The problem in the industry is that certain Rolex ADS have been pushing clients to buy lower-priced watches to qualify for Rolex and Patek waitlists. This is particularly common in Singapore and Hong Kong. WOSG doesn't do this to the same extent, and I think that's why its margins remained stable throughout the 2020-2022 COVID era watch bubble.

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Neil Cooper's avatar

Great write-up, as always. My understanding is that luxury watches (esp Rolex) are in decline in cache. Instead there are multiple independent brands for collectors (FP Journe-now with a somewhat tarnished reputation-, Kari Voutilainen etc etc etc, but I'm not an expert.

Alex, How do you get to meet with management? I'm a private investor, but struggle to get past the 'Investor Relations' gate. In my experience, the IR people do then not know the business very well. I invest decent sized amounts, so you'd think management would want to engage with long-term holders.

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