Luca di Montezemolo

Well, it's right there in the data.

Right.

It's about a third more.

Yes.

There's a phrase they use called racing thrills and it's engineered over decades to provide a very specific racing thrill when you drive it.

Which is not something that you can throw another badge on.

So I think if you were asking management, they would insist this is a fruitless discussion because there is no way to rebadge something and call it a Ferrari.

That's not it's intellectually impossible.

It's tautological.

Yes.

Yes.

But in reality, when they raise prices, people are willing to pay those higher prices because there is a shared myth that we all have a belief in what the brand represents and means to us and the emotions that it gives us by owning and driving it that are quantifiable and worth something.

Watches don't provide racing emotions.

So what matters, because all the performance is effectively identical at the high end, what matters is who...

who you are saying that you are to the world when you look down at your wrist and when someone else sees your wrist.

That's correct.

And there's this like interesting, perfect comparison here.

Porsche is Rolex.

I mean, they make an absolute crap ton of them.

Rolex is a million a year.