David Rosenthal

It's not like certainly plenty of Ferraris can be garish, but there is like both a legitimate history and culture that you're buying into.

Right.

And many of the models are actually quite restrained, at least in styling.

Yeah, that's a great point.

A new F-150, et cetera, et cetera.

That is a luxury brand.

And as you were pointing out earlier, that's average.

Yes.

The supercars and the Icona cars are way above 50% gross margins.

Yep.

And this is where the technology element of Ferrari comes in that doesn't apply to many of the other luxury companies.

Yep.

That is truly astonishing.

There's so many different ways to slice this.

It's fun.

God, I mean, what other company or products can you think of that has a per unit gross margin contribution of $170,000?

Yes.

Thank you, Liberty Media and their stewardship of Formula One.

Like overnight in the last 10 years, Formula One went from just a marketing spend for Ferrari to the best marketing activity they do and a real meaningful profit center.

And the latest Forbes valuations of F1 teams, I think Ferrari, they have the value of the team at $6.5 billion.