David Rosenthal: belief

Transcript context

…-before the IPO. And what, 81% right after the IPO. So they have really sold down that stake over time. 68% of it is now owned by public shareholders. I mean, that is an independent company. However, the voting shares are a different story. So together, Exor and Piero have the right to vote about 49% of the voting shares. So it doesn't take much for them to control the vote on any given decision as long as they vote together. They just need to go sway 1 or 2% of the public float to vote with them as a bloc. Yes, that's true. I think the really interesting thing to look at is how the Ferrari model range has evolved in the years since the IPO. Yes. I'm so glad you took it here. So Ferrari effectively makes 4 types of cars that consumers can buy. 85% of units shipped fall into what they call the range. These cars are a few hundred thousand dollars each, of course, before any personalization or customization.…

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