“Hermes, again, lists in Paris and in The US, the ticker in The US, h e s a y. This is pure play scarcity. They have the the Birkin bag and the Kelly bag, €16,000,000,000 in revenue in 2025, up 9%, 41% recurring operating margin as well.”
No settled horizons yet — outcomes appear at 30/90/365 days.
Risk: max drawdown 5.6%
· volatility 21.9% ann.
· Sharpe-proxy -5.96