DGL

Most takes on the new $RACE Ferrari Luce feel wrong to me — and I say this as someone who also finds it hard to look at. But I wonder how much of the criticism comes from the fact that 99.9% of us will never afford one, which probably makes our opinion on it the least useful thing in the room. Ferrari's real customer is a collector. Someone for whom €550k is not a stretch, who already owns several Ferraris, and who regularly pays multiples of that for limited editions they haven't even seen in full. I also find it interesting that you almost never see fintwit tear apart a new Hermès collection or a L'Oréal perfume launch. But a car drops and suddenly everyone's a critic. Cars seem to trigger something — particularly among men — that other products don't. My read is that Ferrari isn't planning to flood the market with these. Scarcity is the whole logic. Investing well means seeing through the customer's eyes, not our own. I'm still figuring that out. What I find particularly striking is that a lot of the loudest criticism seems to come from the $TSLA investing community — which is a strange place for it to originate. Because if there's one group that should understand that a product doesn't need to appeal to you personally to sell well, it's them. The Cybertruck is probably the ugliest pickup ever built, IMO. Any European or Asian observer would have written it off immediately. And yet it sold. You'd think that experience would make people a little more humble about predicting what other people's customers will or won't buy.

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$CSU.TO my estimates: FCF 2026 2.1B USD (core CSU, not including TOI and LMN FCF) Mkt cap 41B USD (discounting stakes in TOI and LMN) Trading at 19x FCF 2026 estimated.