Nicole Lapin

But I guess I didn't participate in that massive upside.

That's odd to me because the luxury market, when the stock market goes down or we're seeing huge global events like that, you would think that people aren't buying luxury goods anymore.

Counterfeits are so good.

Well, even there was an article about the RealReal that there were some fakes that got through the system.

Explain the K-shaped economy for somebody who's trying to visualize.

There's a lot of letters.

What's a blind stamp?

It's like an invisible stamp?

Yeah.

I mean, when Liberation Day came around, there were a bunch of videos from China in particular saying that they make the Birkins and they would sell directly to a consumer.

Did you see that?

Nothing is made out of France.

Because they look so believable, these people, that were like, they tell you that it's made in France, but really it's made here.

No way.

There's no way.

No.

And if you buy a Birkin or buy a secondhand Birkin, how liquid is the next market, whether it's second or third?

That makes sense.

And where would the best options be if you're trying to go to a secondary market and not get screwed on the fees?

Well, so let's dig more into Lexis and how to get exposure into the asset class without actually buying the Birkin itself.