Ben Clymer

And the watch industry in that period, it was really a smattering of different suppliers.

If you look at, for example, and I wrote about this several times over the past few years, if you look at, say, the Rolex Daytona from 1963 and the Heuer Carrera from 1963, it uses the exact same movement.

And I'm saying the exact same movement.

And that's a Bellagio 72 watch.

Same case maker, same dial maker, same hand maker.

So what is the actual difference?

The assembly was done by Rolex and the assembly was done by Heuer.

But the product itself is really very similar.

And if you look at early Seamasters and early Submariners, a lot of similarity there.

The difference was, of course, the Oyster case.

But that was how watchmaking was done.

And if you look at, say, example of Patek Philippe, 2499, that's based on a Valjoux movement.

You don't think of that.

You think of Patek as Patek.

You know, this is the Holy Grail.

But up until really, I mean, the 2000s, they were using what you call an Ebauch movement, which is just really movement blank.

And then it would be finished by Patek or finished by AP or Vacheron or whoever.

So Rolexes were really...

I would say finished to a higher quality than most, but I mean, any good Blancpain or any good Omega would do much of what Rolex was doing.

It was really not until much, much later in the 70s first when we had the quartz crisis, which is effectively the creation of quartz, which is...