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TIP659: Hermès Stock Deep Dive w/ Shree Viswanathan
We Study Billionaires - The Investor’s Podcast Network
Understanding Needs: The Dream Equation
Basic products fulfill essential needs at minimal cost, while branded products cater to desires and preferences. Luxury products, however, represent dreams that do not require immediate fulfillment; their mere existence can bring joy. Luxury brands must grasp the gap between their awareness and actual market penetration, as this disparity embodies the essence of the dream. Furthermore, both art and luxury share the trait of value appreciation over time, achieving this by remaining independent of functionality. Luxury must thus separate price from function to maintain its allure, akin to the dynamics observed in the art world.
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