David Rosenthal

Keeping with the Patek Ferrari comparison, I do think Ferrari has this really interesting sweet spot of scale economies that I don't think we've ever seen before where like...

Exactly.

They have power because of their scale economies and because they're like Goldilocks.

They're like just right.

They're big enough, but not too big.

I totally agree with that.

And that's part of being the minimum.

So I thought you were going to go to network economies.

Ferrari absolutely has network economies.

For sure.

A hundred percent with the Tifosi and the community and the nature of the community and being so open.

And as you perfectly put it, it's a way for older men to make friends.

Whether you're a member of the Tifosi or a Ferrarista, a big part of what you are doing is making friends.

Yeah.

I mean, it's astonishing calling back to our F1 episode.

Ferrari is the most popular F1 team in the world by a large margin.

And hasn't really won much since Michael Schumacher.

Yeah.

And sells the most expensive cars that the vast, vast, vast majority of their fans will never be able to buy.

Absolutely exclusionary.