Paul Harris, CFAEssilorLuxotticaESLOYPAST TOP PICKOct 17, 2022

Doesn't like META, but a way around that is to own this name instead. Makes the virtual reality glasses for META. Essilor does the lenses, and Luxottica does the frames. Less volatility. Up this year ~48-49%.

Shows that you don't have to own the big names. You can own names that have access to what's happening in AI and virtual reality, diversify your portfolio, and lessen the volatility risk.

Really good growth in the business, great demographics. Great European business. Very few competitors. High end.

It is a framing business for eye wear. People need more glasses due to so much computer use which can affect the eyes. Also includes frames for fashionable sunglasses etc. There is lots of growth.

Glasses and frames. Fashion statement plus necessity. Need has gone up as people age and with increased screen use. Grant purchase gave them huge retail presence. Lots of third-party contracts. Tech leader. Large player among a small group. Yield is 1.6%.

Lenses plus frames. Lots of third-party business for the likes of Gucci and Armani. Demographic play, plus a fashion play. Screen time has increased need for glasses earlier. Yield is 1.6%.

So much screen time is deteriorating people's eyesight, so they need glasses. Aging population needs glasses. Fashion statement. Way ahead on technology. Yield is 1.8%.

Lenses plus frames. Has a lock on the whole value chain. Purchase of Grant Vision will dramatically change its business over the next several years. Use of lenses has increased because of aging demographics plus faster eye deterioration from computer screens. Also a fashion statement. Great technology. Yield is 1.7%.

Great growth from a demographic point of view. Largest player in the world in this area. Almost like an oligopoly, especially in making lenses. Really good lens technology, very innovative. Great story. Buy here and still do well.