Last year, Rolex made fewer watches for the second year in a row, and still sold more than ever. None of that money goes to shareholders, because Rolex doesn't have any. This is the file on a company you can't own.

In the second episode of Luxury, Long: the founder's story, the waitlist, the estimated numbers, the secondhand market, and the case against Rolex.

0:00 Cold open

0:39 The story

1:55 The Shelf: why can't you just buy a Rolex?

2:57 The Sheet: how big is a company that publishes nothing?

4:02 The Resale: where the market votes

5:18 The Case Against

6:39 Close

Ticker in this episode (TradingView chart, affiliate link):

WOSG, Watches of Switzerland on the London Stock Exchange: https://www.tradingview.com/symbols/LSE-WOSG/?aff_id=1172856

This is an affiliate link: new TradingView users who sign up through it get a discount on their first paid plan, and I may earn a commission at no extra cost to you.

Figures: Morgan Stanley and LuxeConsult estimates for 2025; secondhand prices from WatchCharts, as of October 2026. Rolex does not publish its results.

Luxury, Long is research and education, not financial advice. The host holds no position in Watches of Switzerland.

Watch the video: https://www.youtube.com/watch?v=ymDqm0Xuj6U

Listen on:

Spotify: https://open.spotify.com/show/1X6xgFZjeokZk0hFz79Tw0

Apple Podcasts: https://podcasts.apple.com/us/podcast/id6824320386

Amazon Music: https://music.amazon.com/podcasts/989b0357-3354-4d33-8c1a-d351a00c7b27/luxury-long

iHeartRadio: https://www.iheart.com/podcast/269-luxury-long-347982194/

Follow Luxury, Long:

X: @ArcherMoritz

Instagram: @moritzartemioarcher

TikTok: @moritzartemioarcher

Paris. Number 24, rue du Faubourg Saint-Honoré. Hermès keeps forty-one cents of operating profit from every euro it sells, yet its stock is down nearly 40% from its high. Two stories, one house.

In the first episode of Luxury, Long, we open the file: the house's history, the numbers, the market's verdict, and the case against it.

0:00 Cold open

0:44 The story

1:54 The Shelf: is the demand real?

2:40 The Sheet: is the business strong?

3:35 The Chart: what is the market doing?

4:25 The Case Against

5:36 Close

Tickers in this episode (TradingView charts, affiliate links):

RMS, Hermès on Euronext Paris: https://www.tradingview.com/symbols/EURONEXT-RMS/?aff_id=1172856

HESAY, Hermès in the US (over the counter): https://www.tradingview.com/symbols/OTC-HESAY/?aff_id=1172856

These are affiliate links: new TradingView users who sign up through them get a discount on their first paid plan, and I may earn a commission at no extra cost to you.

Figures: Hermès 2025 full-year and H1 2026 results; share price as of October 2026.

Luxury, Long is research and education, not financial advice. The host holds no position in Hermès.

Watch the video: https://www.youtube.com/watch?v=1L_45Pcvr8s

Listen on:

Spotify: https://open.spotify.com/show/1X6xgFZjeokZk0hFz79Tw0

Apple Podcasts: https://podcasts.apple.com/us/podcast/id6824320386

Amazon Music: https://music.amazon.com/podcasts/989b0357-3354-4d33-8c1a-d351a00c7b27/luxury-long

iHeartRadio: https://www.iheart.com/podcast/269-luxury-long-347982194/

Follow Luxury, Long:

X: @ArcherMoritz

Instagram: @moritzartemioarcher

TikTok: @moritzartemioarcher