The car market, it's a market that investors typically would think it's very cyclical market. What we like is a name like Ferrari, which is a long-term investment opportunity. Ferrari, everybody has heard of them has got a great brand, very strong franchise therefore, which feeds into very strong pricing power.
Management is understood the strength of that pricing power in the brand and so they're launching this limited edition cars which means that there's a lot of buzz around the launches. Collectors tend to put their orders in which again means that these cars are actually sold out with a long waiting list before they even start producing them which again for us as investors is very exciting for profit cycle looking for cash flow generation outlook.
Europe remains the strongest market for now as well as the US but the way we look at the company 10 years out we're seeing stronger growth potential in emerging markets of which Asia in particular. And when you look at the demographics of High Networks Individuals, there is a much stronger growth of high net worth individuals in Asia and emerging markets generally than there is in developed markets over the next 10, 20 years.
LONG-TERM UNCONSTRAINED INSIDE STORIES
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