Clay is joined by Christian Billinger to discuss The Luxury Strategy by Kapferer and Bastien. Over the past 20 years, some of the best-performing companies in the stock market have come from the luxury sector. For example, Hermes and LVMH, which are both companies based out of France, have compounded at 21% and 16%, respectively. Christian is chairman of Billinger Förvaltnings AB, which invests in publicly listed equities. The firm seeks to generate attractive long-term total returns in real terms without employing financial leverage. Christian previously covered European equities for Cheyne Capital, Gartmore, and GAM in London. IN THIS EPISODE YOU’LL LEARN: 00:00:00 - Intro 00:00:35 - Christian’s experience 00:02:49 - Defining Luxury 00:08:53 - Luxury market overview 00:10:54 - Premium versus Luxury 00:16:58 - Geographic breakdown 00:19:40 - Customer overview 00:22:53 - The non-return effect 00:26:26 - Anti-laws of marketing 00:32:24 - Keep non-enthusiasts out 00:33:56 - Scarcity 00:41:14 - Increasing prices 00:46:32 - E-commerce 00:50:19 - India 00:56:36 - Pricing 01:03:54 - Valuation 01:12:23 - Recessions 🤝 Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Clay and the other community members: https://theinvestorspodcast.com/mastermind 📈 Learn to invest like legend investors do — from the company that has interviewed them. Use YOUTUBE15 to get 15% off! https://theinvestorspodcast.podia.com/how-to-get-started-with-stocks 💰Click here to download your FREE guide to Stop Worrying About Your Finances In 4 Simple Steps: https://www.theinvestorspodcast.com/subscribe-youtube/ ▶️ RELATED EPISODES: - Quality Investing: Companies That Thrive in the Long Term w/ Christian Billinger: https://youtu.be/IFvAwn3cTDs - Mastermind Discussion Q2 2024 | Burberry, ICICI Bank, & Playtika Stock Analysis: https://youtu.be/kyUA90wZ99U - Mastermind Q4 2023 | Dollar General (DG): Stock to Buy or Value Trap?: https://youtu.be/ZORRgmZlDVI - Lululemon Stock Deep Dive | Best Quality Idea Q2 2024 w/ Clay Finck & Kyle Grieve: https://youtu.be/t3RlEcFO0SM 🎧 Listen to our episodes here: https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP 🖊️ Access the transcript and learn more about the guest here: https://www.theinvestorspodcast.com/episodes/the-luxury-strategy-w-christian-billinger/ 📖  BOOKS MENTIONED: - The Luxury Strategy by Jean-Noël Kapferer &  Vincent Bastien: https://amzn.to/3S0ZGlk - Selling Europe to the World by Pierre-Yves Donzé: https://amzn.to/3RZ8ZSY Disclosure: Some of the links above are affiliate links that we may earn commission from. This helps keep our show going! 😀 💡 OTHER RESOURCES - Seeking Alpha is a crowd-sourced content service for financial markets. Take control of your financial future — Use our link here for a 14-day free trial: https://www.sahg6dtr.com/59QC8Z/R74QP/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ABOUT OUR SHOW 🎙  On We Study Billionaires, we interview and study famous financial billionaires including Warren Buffett, Bill Gates, and Ray Dalio. We teach you what we learn and how you can apply their investment strategies in the stock market. 🌍 Website: https://www.theinvestorspodcast.com/we-study-billionaires/  📝 Help us understand our audience better so we can create a more intentional user experience by answering this survey! https://www.theinvestorspodcast.com/survey2023-youtube ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ 📚OUR FREE INVESTING COURSES/RESOURCES https://www.theinvestorspodcast.com/tip-academy/ 📊TRY OUR STOCK INVESTING TOOL: TIP FINANCE https://www.theinvestorspodcast.com/tip-finance/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ❗ DISCLAIMER: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting.