Ben Gilbert: belief

Transcript context

…Yeah, this is the minority stake way back in the day that they had IPO'd of Dior to help finance buying into LVMH. Yes. Of course, just like Dom De Sole says, Groupe Arnault ended up with about $5 billion in profit from this whole thing. Even when he loses, he wins. They end up with more control over Dior, which then ends up just getting rolled into LVMH finally, in 2017. The holding company, Groupe Arnault, gets to go from 37% to about 48% economics, and I think somewhere like 63% of the control of LVMH by basically doing stock swaps. Now there's a problem solved, where neither LVMH nor Dior, nor Groupe Arnault, own anymore Hermes. Because all of this has appreciated since 2001 when he started, Bernard Arnault has now solidified control over Dior and LVMH for the foreseeable future. He had control. The big thing he makes through all of this besides simplifying the structure is about $5 billion in profit, and they kicker because of the way this all happened with the stock swaps, it was all tax-free. Unbelievable. Dom De Sole had it right. Even when he loses, he wins. Hermes, though, incredible company. It's a $180 billion market cap company today.…

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