Rolex Sales Reach $10 Billion for the First Time: Report
Rolex sales crested $10 billion for the first time as the top Swiss watch brand gained market share, according to a report by Morgan Stanley. The dominant Swiss luxury watch brand produced 1.24 million watches in 2023 with sales of 10.1 billion Swiss francs ($11.5 billion). That’s a gain of 11% from 2022, analysts at Morgan Stanley and Swiss firm LuxeConsult said in a report Wednesday, adding Rolex’s current level of market share is “unprecedented.” The maker of the Daytona, Submariner and Datejust models grew its retail market share to just over 30% as well-heeled buyers clamored for watches made by the Geneva-based entity, which is controlled by a charitable trust named for Hans Wilsdorf, who co-founded the brand in 1908. The lower priced Tudor watch brand, which is owned by the same foundation as Rolex, had sales of about 545 million francs in 2023, according to Morgan Stanley estimates. source : bloomberg, morgan stanley
Cartoon of the Day by Hedgye:
The Magnificent7 are dropping like flies
Is nivdia $NVDA - cheap?
Via Bear Traps: "NVDA is now trading at a lower multiple than the NDX: fwd P/E is ~29 vs 32x for the NDX. NVDA is expected to grow earnings at 78% y/y for the current year and the Nasdaq 100 EPS growth is an estimated 17%." Source: TME
Ethereum reaching an important resistance level
Ethereum (XETUSD) has rallyed 130% since October swing low without any decent consolidation !!! It's now reaching an important resistance zone 3490-3580. Will it have enough strenght to continue or is it time for a break ? Source : Bloomberg
The World’s Biggest Fashion Companies by Market Cap 👔
Source: Visual Capitalist
Bubbles out into perspectives...
Source: Refinitiv
When you invest in US debt, think twice...
In Q4 2023, nominal GDP grew by 3.2% according to data on Wednesday. This would mean a $334.5 billion increase in nominal GDP. Meanwhile, over the same time period the US added $834.2 billion of debt. In other words, it cost us $2.50 of debt for every $1.00 of GDP last quarter, according to Zerohedge. As Fed Chair Powell recently said, "we are on an unsustainable fiscal path." What's the long term plan here? Source: The Kobeissi Letter, www.zerohedge.com
Bonds are “safe”?
Think again, they have also had large, extended drawdowns, UBS Yearbook shows.
