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Arriving in Style

By Charles Payne, CEO & Principal Analyst

No one had a better 2019 than Bernard Arnault, CEO of French luxury conglomerate of LVMH. His net worth surged a staggering $34.3 billion, taking him north of $100.0 billion, and now he’s toggling back and forth with Jeff Bezos for the title of the world’s richest person.

What’s amazing is his company doesn’t sell the stuff people need, but the stuff people want, because it gives us that swagger and flair. That ‘pep in your step’ comes from signifying to the world we’ve made it among the upper echelon, and for some folks, it’s ‘fake it till you make it.’

Of course, strutting through the mall with a Louis Vuitton “Neverfull Bag” might signal a modicum of success, but nothing says I’ve arrived like showing up in a Rolls-Royce. It’s been my dream since high school when I used to visit the dealership across the street. I’m still dreaming, but to coin a phrase: ‘I’m not the only one.’

Last year, a record 5,152 Rolls-Royce Motor Cars were sold, driven by the larger, more expensive SUV.

Making the leap means having serious cash in the bank and serious confidence in your own personal economy. I suspect you must believe the overall economy is going to be fantastic as well. That said, stepping up to luxury-products, including Moet Champagne to ring in the New Year, requires just as much confidence from a wider breadth of the general public.

You could argue this kind of shared prosperity should be celebrated and appreciated more. It inspires others - only politicians think it’s a bad thing when more folks can afford more of the good life or at least the trappings of one.

Of course, there is also the styling. The Rolls-Royce Cullinan SUV goes for more than $400,000 fully loaded. It’s a beauty that’s tough to resist if you have the cash.

By the way, I think the economy is only going to get better. Using the widest measure of unemployment (U6), we’ve begun 2020 with the lowest unemployment rate ever.

Charles Payne
Wall Street Strategies


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