Nicole Lapin

You got exposure to Elon's private companies, you know, whether it was the Boring Company or Neuralink or, you know, XAI at the time.

Is buying a Birkin like a proxy for investing in Hermes or?

How would your fund...

I mean, the vast majority of people aren't able to buy a Birkin outright.

You talked about this idea of fractionizing art, and that's become, of course, very popular over the years.

If somebody wants to go in together, as this trend has happened more aggressively with real estate and the real estate market, like going in with friends to co-buy a Birkin, would you suggest that?

So this is not a like try it at home situation.

For someone who's a complete newbie investor, can you talk more to the idea that luxury, you mentioned it briefly earlier, is uncorrelated with the stock market?

So we see, and you mentioned the war right now and the stock market is in the pooper, but luxury, not necessarily Hermes stock, but the private market is still holding.

Why does that happen?

Yeah.

If you're getting the bag, it's not an actual hedge in the intrinsic value, right?

Like you have a beautiful Birkin on the floor right now, a red Birkin.

Like the value of that material is nothing.

It's manufactured scarcity.

Unless it's gold, made out of gold.

And you don't think that manufactured scarcity ever goes away?

So Gen Z, Gen Alpha, typically they don't love the labels as much.

But what you see on social media is that

They love a Birkin.