We covered a lot of ground. I feel like I learned a lot.

As an investor, the challenge is that the luxury industry doesn't have a natural dynamic like the auto industry. For example, Mercedes Benz has a dynamic that works, even if their price point is higher than Toyota. Within LVMH, the way a watch company operates is fundamentally different from other categories. You're dealing with a holding company united by common ownership and culture, but it's not a cohesive industry.