Molson Hart

I don't have a good sense of the stability of these brands. "Buy a business that an idiot could run, because eventually one will." Is luxury a business that an idiot could run?

That's a good point, but there are a couple of, seemingly talented, families like the Arnault's who snap up luxury brands when they fall on hard times. If the Arnault's weren't so talented, how many of these businesses would be sustainable? I don't know.

Then again, there does seem to be a formula to these businesses (which you mentioned): - limited supply - invest in the brand image - what you don't do is as important as what you do The brand does not just attract customers. It also attracts talent. This sustains it.

Yeah, I tried to brainstorm some failed brands and couldn't come up with anything better than Diesel (founded in 1978 and perhaps not even luxury).