Lou Whiteman

so much of the growth was gone.

I think now we're just waking up to this as more of a lodging company than it is a tech company, maybe.

Well, correction, Lou, it was an AI-driven concierge.

It's funny, timing matters.

Maybe I'm oversimplifying, but it feels like they grew by 31%, but margins were down because they were investing in AI.

If that was the exact same headline last summer, the stock was probably up 15%.

Part of it is just what you're doing.

As a long-term holder, I didn't see any reason to go chicken little on this, but it's just a different environment and I think we're adjusting to all that.

You know, Travis, I'd rather talk about the big Brentford Arsenal game from yesterday if you want to go into European sports.

But I'll spare you that, and we won't get into Formula One.

Here's what I'd say.

Ferrari, last time they reported back in October, shares fell 20%.

This time, they beat sort of lowered estimates, and the stock responded well.

It's still down about 20% since October, though, so I don't think we should read too much into just the headline jump.

What's going on?

What's wrong?

They're only guiding for minimal revenue growth in 2026, under 5%, no margin expansion.

This, they say, is temporary.

They're doing model changeovers.

But look, the Ferrari model is, you've got a huge waiting list, just sell the cars, just jack up prices.