Luca di Montezemolo

The Ferraris you see driving around occasionally, those are just peanuts for their business.

And it's really all about the ones that are locked away in the garages that you don't see that actually make the money.

Right.

If you think about the F40 and where Enzo was in his life and where the company was when they released that, I think they had no idea the business model they unlocked with this limited run supercar.

And gosh, it's a real shame we only have supercars once a decade, which we had something that was still pretty expensive and still pretty desirable and still close to as good of margins to smooth out that pesky seasonality.

That's exactly right.

So that is what you were looking at with the Icona.

Yeah, that makes sense to me.

When we did our Rolex episode, you heard us talk about the Submariner from, I don't know, 1965 and the Submariner from today.

It's one sort of continuous evolving line that maybe your grandpa had and your dad had one and you have one.

Ferrari is the exact opposite.

Over the next five years, they intend to launch four new models per year on average.

That's 20 new model names in the next four years.

And they discontinue models very quickly after launching them.

So every four to five years or so, to really enforce each one of these things is very unique, very exclusive.

Now, why doesn't everyone do that?

Well, most people have to invest a huge amount up front in tooling, but Ferrari doesn't.

They can bespokely spin up a brand new car that never existed because they can do their own really nimble manufacturing process.

But those are like way, way, I don't know, Pagani's probably 150th the manufacturer of Ferrari or something like that.

Four new models every year.