Andrew, you engaged with ultra -wealthy for years, and they are known to have an
affinity for luxury items and for collectibles.
A new wealth will buy a Ferrari, and a vintage wealth will buy jewelry,
will buy paintings, will buy carpet, will buy, you know, I'm talking about like
Persian carpets and collectibles from the art sector.
And among many other items that will increase with value, they are not liquid,
but they increase in value through the years. But your experience in engaging with
the ultra -wealthy when it comes to collectibles and luxury items. - Oh, thank you,
that's a good question.
- I think the families that I've worked with, I'll refer to the Heinz family here,
a legacy family with a lot of interests culturally, politically,
and well, just personally, things that are important to them, I would say without
exception, those collectibles were not held as an investment. The art hanging on the
walls, Increasing in value, there was no desire or need to liquidate that.
Did they buy jewelry, outward expressions of wealth? No,
not at all. The only luxury item would be an aircraft,
which is a 1994 G4, not something that you would consider cutting edge.
So that's what I've seen, I don't see the Ferraris,
I don't see auctions at Sotheby's, that's not been my experience. - So they invest
in luxury, what I understand as a security. And not an investment that will increase
in value tomorrow, but it's a security that definitely will increase in value.
For those who bought jewelry or their females, or they bought for the family, they
bought gold, through the years it did increase. Now, is it liquid that you can go
to a supermarket at Costco and say here is one ounce of gold to pay for my
shopping cart, that's not gonna work? But through the years, you found that you did
not get dividends, but you also created value and security for your survivors or for
the family altogether. Great, thank you very much.