Ben Gilbert: uncertainty

Transcript context

…Yeah, which is another deep paradox about luxury. True luxury is recession-resistant, but whatever LVMH is churning out may or may not be. Here's the thing that is an inarguable statement. Some percent of what LVMH makes is luxury. One minus that percent is not luxury. I don't know what those percents are, but they definitely have a class of things that they sell to people who are billionaires. If the market drops 50%, we'll still be billionaires or multi-hundred millionaires. That impacts their desire for something by approximately 0%. They won't go buy it at the same price or more and are completely insensitive to that. I think, again, you can probably look to the car industry as a really clear example of this. I haven't looked into it. I doubt Ferrari sales are impacted that much by recessions.…

Stored transcript either side of the excerpt. The highlighted words are the published quote; the surrounding text is unedited source, never generated.