David Driscoll Ferrari N.V. RACE-N PARTIAL BUY Mar 25, 2025

Over 33% of owners buy more than one. Can't get a new one till 2028. Hybrid model doing well. Plans for EV. Price rises every year. Customization is pure profit for the company. Not cheap. He plans to hold for a long time. More than a car company, it's a brand.

The only car company he owns, because "it's not a car company, it's a luxury goods company". Two-year waiting list. 

Still believes in this. This is no car company, but a work of art. Are great marketers. The next catalyst will be them launching their EV car in the coming year.

High quality company that consistently performs. High multiple on stock, but quality products. Doesn't own shares in company, but thinks highly of the company - follows closely. High demand for products with top price tag. High net worth individuals continue to buy products. Very high margins produce excellent cash flows. 

Fantastic stock since Day 1. Short term, looks a little soft. Stories about high-end real estate not moving and high-end consumer getting tapped out (but he thinks the wealthy always have money). Looking a bit top heavy. Would expect around $390 as a spot to park; if that doesn't hold will probably see $365 level. Ultimate pounding would be around $310, a 25% haircut.

RSI compared to S&P above the line and leading. You want names like this long term.

Still likes it, and would buy at this price, though of course he prefers pullbacks on some temporary issue. Buying for new clients. Sees it adding new cars and new lines each year. Adding customization and special incentives, growing margins. Valuation is not cheap, but if it were cheap it would be called Ford and you wouldn't want to own it.

Not a lot of exposure to China, so not seeing the same pullback as in other luxury names.

Phenomenal company, massively profitable. Highest gross margins in the industry. Rather than a car company, he thinks of it as a luxury good manufacturer. LVMH came out yesterday with lots of weakness, emanating from China. Ferrari is different. There's such a long wait list for their cars, it's just not economically sensitive. No matter what, the billionaires will pony up.

Be patient, don't chase. Look at on a pullback during market weakness, which will happen.

The amazing thing is that people who buy one don't stop at just one. Resale values can be much higher than what they paid. Demand is insane, slower in China. Growth phase going forward is full-electric, planning to launch in Q4 2025.

One of the world's best companies with a huge backlog, lots of predictability, and slowly adding more cars over the long term. Deserves its premium valuation.

They report Tuesday. All luxury stocks have been hammered due to weakness in China, but it won't effect RACE, because it's more of an American stock.