Luca di Montezemolo

And Porsche, I don't have the numbers in front of me, but it's 300 and 320,000 or so a year.

Exactly.

And I see them driving around my neighborhood all the time.

And I think they are amazing, polished pieces of engineering.

And I respect them for the engineering.

And the same way that I'm wearing a Rolex Explorer on my wrist, I could easily see buying a Porsche.

It feels reasonably me.

Could I see going out and buying a Patek Philippe?

Not really.

The same way that I say not really about Ferrari.

If you're going to make the analogy, the crude one, that Porsche is Rolex, I think you can make the analogy that Ferrari is Patek Philippe.

It's much smaller production.

It's an order of magnitude more expensive.

The big difference here being that Ferrari is much sort of flashier than Patek is as a brand.

And they also have the Tifosi, which adds this whole different element to it.

So to directly answer your question, I think branding shows up more in luxury watches than it does in luxury cars for the almost like the lack of experienceable intrinsic product characteristics that it's just hard to experience the product in a watch, but it's easy to experience the product differences in a car.

Yep.

Totally agree.

So you rely more on Brandon in watches.

Yep.