Today we're going to speak about Rolex watches. Rolex watches are a key topic. I suppose in pricing because they really do show the opposite of cost-plus pricing. They don't use cost-plus pricing,  very much value base. Because if they did use cost-plus pricing, they would actually make much less profit than they're making today.    But what brought this topic to mind was a recent newspaper article on Rolex watches, in particular secondhand Rolex watches. The bubble for secondhand Rolex watches has collapsed. It got us thinking about the whole pricing methodology, branding, and marketing strategy behind Rolex. And really, we're thinking about how they are still masters of value-based pricing. So we're just going to talk you through some examples today.   I think it will be touched on some of the concepts that I'm sure most people listening are not in the watch industry or the luxury goods industry, but just some concepts that I think we can highlight from Rolex. Look, I think the first thing we point out is when the Japanese quartz watch revolution, which is a battery and a watch, really came on in the 50s and 60s. I think everybody expected this Swiss Watch Industry to literally disappear. It looked like what Netflix did with Blockbuster Video. The weird thing is that that didn't happen. And even though, in theory, mechanical watches, whereby the inside of the watch is something that Rolex focuses on, don't have to weigh them; they're all automatic; they move when you move your arm with tiny little gears, etc. inside.    In theory, technology is obsolete. You can get a better watch that tells the time quicker and faster. Sorry, more accurately. You don't want them to tell you if they move faster, obviously more accurate timekeeping, for probably just a Casio watch that might cost you $10. But the reality of it is that the demand for luxury watches is probably higher than ever. And I suppose that is, what are we talking about here? We're talking about, what are the themes that really highlight this: It's branding, its brand management, its status symbol, and it's really I think it's Rolex dug into and really looked at the value drivers that the people are using to look into their watch. So yeah, I think the first one we probably talked about is branding.   I suppose it's just looking back at what you were saying about the mechanical watch, and that's a brand in itself that even though there is a better time-keeping alternative like the digital watch, people like the novelty aspect of the mechanical watch. They're like looking at the cogs and gears moving in the watch, and then they can sort of show their friends and people go, “Oh, yeah, that's something different." And the difference is part of the branding appeal. It started off, I suppose, in terms of branding, looking at the use of the mechanical aspects of a watch to differentiate the brand. But now Rolex has moved into a very micro branding through very niche aspects based on functionality. For instance, they've got the diver's watch. They've got all sorts of different types of watches for other purposes and for people's hobbies. So it's kind of moved away from that more tangible branding through the mechanical watch. And what it's made of could be the gold trimming based on how people use the watch. So that's a very interesting and new development.   When we think of Rolex, we think of a status symbol. You're a captain of industry. You're the president.  I believe the presence of America is giving a separate watch, which is called a Rolex Presidential, I believe, and only presidents of the US are given them. But yes, they assemble, and I think this is what has led to the bubble. There are other mechanical or other luxury watches, even in Switzerland, even owned by the same company, like Rolex makes Tudor watches, which are slightly cheaper price points. Some of the Japanese brands are Grand Seiko, obviously, Omega, these sorts of companies, but n