Patrick O'Shaughnessy

And I'm sure there's incredible pressure for all sorts of reasons.

Maybe the non-for-profit thing is actually a benefit here.

But there's always pressure to skimp a little bit on quality, right?

Like give up the absolute perfect standard because it could mean a lot more sales or a lot more scale or whatever.

Right.

and they just haven't done it.

So you could think about buying one and looking at it and having it be a reminder of this like commitment to all the way down to the gold.

The fact that they own all the way down to the bare metals in the ground is just crazy.

As you think about their genius on, I guess, quality and manufacturing, what is the equivalent on the marketing and distribution side?

So you mentioned the great example of the woman swimming across the channel as like a marquee event that made a big splash and they're focused on like the upper echelon of whatever they're doing.

What else do you think Rolex can teach the world's companies about unbelievable marketing or distribution?

What have you learned about maybe the way that they make decisions?

Obviously like being so long-term oriented is one of those things that again, you think is most portable to other either luxury brands or just businesses in general, based on how singular they seem to be and how they make their choices.

Exactly.

Maybe say a bit, obviously we don't have the data on Rolex specifically, but just from what you know about the watch industry, about the income statement of a watch brand.

Are they very high gross margin, like a lot of luxury products?

How are they typically distributed?

Like anything interesting there that you think maps back onto Rolex?

This is business breakdowns, not just product breakdowns, although here are the product is way more interesting.

Anything worth mentioning there just in how the business itself works that's unique?