David Rosenthal

I mean, two things are simultaneously crazy right here.

One, how much the valuation increased from the first time.

Second, that Fiat and the Agnelli family...

Acquired 40% of Ferrari for a valuation of $192 million.

Unbelievable.

Yeah, in aggregate.

Yeah.

Wow, wow, wow.

Well, this really just highlights how different a company Ferrari was when Enzo died.

Yes.

And how much Luca di Montezemolo transformed it when he came back and became the chairman.

But for the moment, when Enzo dies, the sort of slow motion disaster just...

continues unabated.

Fiat's attempt, their best solution to fixing the problem of the road car business is to produce more road cars, which is the cardinal sin of luxury strategy management.

Just as one example, Ferrari during these years before Luca comes back, Ferrari produced 7,000 Testarossas over the seven years that the Testarossa was in production.

Compare that

to Lamborghini.

Lamborghini only produced 2,000 Countaches during a period twice as long.

They made Countaches for 16 years.

By any normal car company, we're talking tiny numbers no matter what.