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Hermès, Kering (Gucci's parent company) announced their earnings today, and unsurprisingly, they reported a major blowout, with double-digit declines (the largest drop since Hermès went public). A couple of days ago, LVMH's earnings were also quite weak, with leather goods business declining for seven consecutive quarters.
The business in China for these three brands is also quite sluggish.
But in recent years, the luxury industry hasn't been completely bleak,
1) There are always mythic sales stories defying the trend, with Miu Miu leading the way, and now Coach. It looks like Coach is a

Buybacks still heavily depend on the regime
1) Excellent buyback: It is part of the core narrative and also involves buybacks. This market generally interprets it very positively, with buyback effects maximized; buying back 1 yuan might generate 10 yuan of outside buying pressure. For example, in recent years, the AI sector.
2) Effortful buyback: Long-term observers like Wolong Fengchu, $ADBE and $PYPL , both have stable large-scale buybacks: $ADBE 's buyback in the past two years is around 10B, and $PYPL 's buyback in the past two years is around 6B. Their growth looks relatively decent.
How

Every year at the end of the year, I go to Lingshun Temple in Hangzhou for a report. This temple is reputed as the "Number One Wealth God Temple in the World" and is also well-known in the crypto circle.
But this year, there are especially many people, feeling like the number has increased by an order of magnitude: long lines for the cable car, crowds on the walking paths up and down the mountain, and the temple on the mountain top is packed inside and out. After returning, I still receive various recommendations from Xiaohongshu every day. The content is all about how there are too many peo

"As a proponent of cyclical theory, Zhou Jintao had his own theoretical beliefs: economic laws are like the laws of nature, as unchangeable by human will as the changing of the seasons."
9 years later. Zhou's theories have profoundly influenced how I view the crypto world and how to 'survive with high cost-effectiveness' in the industry, even though
"Strategically, he correctly identified the direction of the gears, but tactically, he clearly underestimated the power of resistance."
Cycles are always Zhongdeng's friend.

In a corner where no one cares, when you check the recent volume of various exchanges, you will find that the contraction has become quite serious, with daily volume generally falling by 30 to 50% (excluding weekends and holidays. If there is a place that hasn't fallen this much, it's highly likely to be faked).
However, it seems that nothing much has happened recently, and everything on Twitter is still thriving and competing.
"The most heartless are the willows of Taicheng, still shrouded in mist over the ten-mile dike."

Recently, this wave,
Retail investors have bought up the US stock market, while institutional investors are being hit.
Institutions have bought up BTC, while retail investors in the crypto space are getting hit.
Choice of IQ50: Buy all in the golden pit!
IQ100: What the hell is this, I can't understand.
IQ150: Although the driving factors are different, it does not affect buying in.
IQ250: In the US stock market, acting as an individual investor in the cryptocurrency space.

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Let me wish everyone an early Happy New Year, may you make money every day and stay healthy.