A very quick overview of the luxury colossus. Richemont has published stellar financial, but we need to dissect them navigating through the hype. And if we do, we see that the best performances in the horology group (and Cartier and Van Cleef belong to the jewelry group) come from the top-level brands, like Vacheron Constantin and Lange und Sohne. The trouble children are IWC, Panerai and especially Roger Dubuis. The first two have too much offer in too many price levels, and the latter has expensive watches with discutible design and no positioning. I see something happening in the future, along the lines of what happened to Baume et Mercier, dismissed to Damiani. In short, aspirational horology is taking a beating and true luxury wins. What's your call?