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Vacheron Constantin

I'm surprised all the egos fitted into the SIHH buidling

 

they're still living in their own world instead of adjusting to a new normal. Years of 'steady as she goes' denial has become bargaining in the form of 'look at the data...see....., signs of recovery,' neither of which means any of these companies are prepared for the longer run. In my view the trials have only just begun. The fact that things 'havne't been as bad as we thought' and 'we have a poilcy of not laying off' (Hayek) shows you just how much profitable these business are and have managed to bumble along the last few years still making money. The fact that Richemont bought back and destroyed stock rather thansell it at a discount tells you how much milking is going on.

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