Matt Frankel

I think if the New York City office market does what SL Green thinks it's going to do, Empire State could be a bargain.

Probably not.

If you compare it to a GM, for example, which is trading at six times earnings, and this is trading at something like 40 times earnings, yes, there's consistency.

Yes, it's a premium brand.

Is it worth eight times the valuation of the average legacy auto manufacturer, if you will?

Not really.

I don't think that the electric vehicle news is anything really material.

They're just the latest in a long line of companies, including some of the leaders like GM that have reduced their EV targets.

I wasn't surprised at that.

It's really the profit projections.

A Citi analyst said that this falls below their low growth case.

So, it's not surprising that the market's reacting like this.

But keep in mind, not only has Ferrari historically traded at a premium, Ferrari is still up by 645% over the past 10 years.

It has been an excellent performer for investors.

One of the big reasons is, it was a big winner of the pandemic era of luxury surge, is what I call it.

A lot of people spent money on different luxuries during the pandemic because there was a lot of stimulus, you couldn't go out and spend money.

I bought a house in Orlando, for example.

A lot of people bought Ferraris.

You saw their sales surge during that era.

It really hadn't cooled off, and we're just starting to see a delayed post-pandemic cool-off.