Ben Gilbert: belief

Transcript context

…That brings us to today, or I guess more accurately last fall, September 2022, when VW Group re-IPO'd Porsche. The Porsche re-IPO is the largest European IPO of all time. The initial market cap of Porsche at trading was about $75 billion. Today, that's up to about $115 billion 9 months later. As the investment bankers would say, there's a lot of value unlocked by making this its own company, which I think is legitimate. I think there's an element to being able to own one of the premier luxury companies in the world without having to commingle it with a bunch of other stuff. All shareholders of Porsche can purely just be shareholders of Porsche. When you look at the financials, and you understand like, okay, they have incredible margins relative to if you look at the rest of VW portfolio, it's fine. It's interesting, though. Doug, to your point, operationally, though, you can no longer extricate these companies. You can financially extricate them, but...…

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