Matt Frankel

I'm not that worried, but it does still look like an expensive stock.

For one thing, it's not just billionaires who buy Ferraris.

There are at least three that I know of in my neighborhood, and they ain't billionaires.

It's people who just have a taste for luxury, for the most part.

To Tyler's point, the EV cut is pretty dramatic, but Ferrari is, as you mentioned, really good at not building cars that its customers don't want.

I can't remember any duds that Ferrari ever released, at least in the past 20, 30 years.

We are seeing people cut back on luxuries.

It's common not only if consumer sentiment is low, which it is right now, but it's also a function of the interest rate environment.

Even if I wanted a Ferrari right now, I wouldn't be willing to pay 10% interest to get one.

I guarantee you, a lot of people have Ferraris financed them.

Not everyone's a billionaire who pays cash.

That was my point with what I said earlier.

But they do a great job, like John said, of keeping demand just ahead of supply.

For that reason, they tend to hold up better than most automakers.

They don't oversupply their dealers.

They don't put out cars that don't have long wait lists when they come out.

The last point I'd make is that for Ferraris, compared to most other cars, the used Ferrari market is very strong right now.

Maybe a lot of customers, they're just not buying new ones, they're going to the used market where they can get a little more for their money.

Ferrari has so many different dynamics than the average car company.

I think this is the same old, in the sense that you're going to have a few meme stocks that win long-term, a few, which we saw in 2021.