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20 May 2022, 06:00 PM | #121 |
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20 May 2022, 06:02 PM | #122 | |
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I work in the construction industry and we are really busy at the moment, but supply chain issues and material costs are an utter nightmare! |
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20 May 2022, 06:07 PM | #123 |
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I find it really interesting how many seem to be triggered by this thread. If that describes you, do some self-reflection and ask yourself why.
I am very fortunate to have a reliable occupation with a great income (physician). The vast majority of my net worth is invested, and that number has taken a nosedive recently. Guess what? When my AD calls to tell me they have a 126715CHNR for me, I will be buying it, irrespective of what external economic factors are doing. Call it passion, call it stupidity, I think you could make an argument for either. To me, being able to buy a ‘luxury item’ means not having to worry about the rationality of the decision. |
20 May 2022, 06:19 PM | #124 | |
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At the end of the day, we are all individuals who are capable of making our own decisions. Some will feel more comfortable than others with whats going on at the moment whether that be your watch 'portfolio' or stock portfolio losing money. Im with you though, i dont understand why everything has to end up in a heated argument these days....not just with watches but in sport, politics etc etc |
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20 May 2022, 07:51 PM | #125 | |
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We all have at least one thing in common. ^ what he said. |
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20 May 2022, 08:31 PM | #126 |
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When people FEEL less wealthy - they spend less. Simple.
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20 May 2022, 08:32 PM | #127 |
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I'll preface this by saying there's no judgement on individual motivations here : just an observation.
I've been a part of various watch communities for a long time now - for example I've been moderating a dedicated Breitling forum for the past 15 years - and I have to say that Rolex is the only brand (at least in my experience) where considerations other than just the "passion" for a particular watch regularly come to the fore. I can probably count on the fingers of one hand the number of times that investment, portfolios, and stock market performance has cropped up in relation to other brands I'm involved with, and yet with Rolex it's a daily (if not hourly!) thing. Of course, with most brands you automatically just accept that when you buy a watch it immediately loses a chunk of it's value, which obviously isn't the case with Rolex these days, and that fact alone attracts a certain type of person : Rolex attracts the highly cautious and financially risk-averse in a way that other brands don't. As I say, no judgement as we're all different people just making our way through life - it's just an observation into the mindset of many modern Rolex buyers.
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20 May 2022, 09:11 PM | #128 | |
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I live in FL too. The economy is booming here. However, we need to pay attention to the basic fundamentals. Some patients look like they’re in great shape, but they actually have a ticking time bomb in their chest. Upon doing an ECG or echo cardiogram, that’s when the problems become clear. Walmart and Target just reported terrible quarterly earnings. Both companies are considered bellwethers (leading indicators) for the overall health of the economy. They both advised that the economic outlook is problematic. Many other companies are saying the same thing, but Walmart and Target are especially noteworthy. Inflation is at a 40 year high. It was at a 40 year high before Russia invaded Ukraine, so when people try to blame Russia for it, they sound stupid. Only way to combat inflation is to dramatically raise interest rates. This will make housing much less affordable and hurt the construction industry long term. Fact is, the amount of new mortgages last month just took a huge nosedive. The Stock Market is another leading indicator. It’s crashing. It’s a slow motion crash, but it’s crashing. This will wipe away trillions of dollars worth of wealth globally. Also, many of the worlds leading economists are now saying a global recession is likely. All the banks are saying the same thing too. So I wouldn’t make any economic forecasts based on what I see when driving or going shopping. Sent from my iPhone using Tapatalk |
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20 May 2022, 09:29 PM | #129 |
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Correct, classic “wealth effect” at play.
And exactly one of the things the Fed is trying to engineer by raising interest rates - asset prices are falling, making people feel less wealthy and thus cooling off the demand. Looks like it’s already working! |
20 May 2022, 09:32 PM | #130 | |
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The stock market made me hit the pause button
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That’s not what the OP and others are saying though. People are saying they don’t want buy a new watch because their net worth is tanking. I personally just lost a huge percentage of my wealth because of financial market declines. Nobody said anything about the watch itself potentially losing value. Understand? Also, when the recession hits, all brands will be impacted (Rolex less so). Sent from my iPhone using Tapatalk |
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20 May 2022, 09:40 PM | #131 |
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20 May 2022, 10:07 PM | #132 | |
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Most people who have got triggered are to be seen in in the stocks trade thread frequently and previously have boasted fancy vacations, cars and watches lets hope their lives are not so leveraged... Hobbies or luxury should be bought by spare cash or rather burn cash...
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20 May 2022, 10:26 PM | #133 | |
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People still need to live and shop lol. Yes the roads are packed, but are those people travelling to work? See family, etc? Trains packed, 99% of the time Mon-Fri they are workers between rush hour. On the flip side I am a consultant so travel during the day to avoid rush hour and trains are empty, even weekends. Simple economics over the past x years shows that people's lives do not slow down, they continue with increasing levels of debt and borrowing. This thread is a mess though, and is a barometer of why the forum gets e-laughed at by people on other forums/offline. If the OP want's to put a chill on his purchases let him. Maybe the "burn cash" people talk about is actually left over generated by his investments. No one has the right to tell people how hobbies or luxuries should be funded, because not all hobbies or luxuries cost thousands of £/$ and could simply be buying a more luxurious food item or going to see your local sports team play. |
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20 May 2022, 10:26 PM | #134 | |
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Euro vacation for the family easily costs 20k these days and that's on a "budget" of sorts. Just get there, look around for a week, come back. That money's burned, but we do have great memories. What really burns are my wife's pets Dog breaks a bone? 3k. Pet dies? Easily 5k (diagnosis, care.... cremation) I've decided to shut up in order to preserve the marriage. To her it's all worth it and I'll leave it at that. Anything wrong with the house? Those things start at 5k and then go up in multiples. And that's just maintenance usually. I don't even own a boat but I can imagine they're a huge money pit. Probably 10k every time you look at it. Same thing with an airplane. So in light of some other things where money can get burned, buying something like a watch for daily enjoyment is actually a great way to spend it. It makes me feel good, great in fact! Yes the market may be tanking but I've decided not to even look at it since I'm still 15-20 years from retirement. Who knows, maybe I'll never get to retire? Some things are out of my control. Worry too much about the future will ruin today. If the AD texts me I'll drop what I'm doing and go buy it |
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20 May 2022, 10:30 PM | #135 | |
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It was merely that I have rarely, if ever, come across threads talking about not buying a watch because of what the stock market is doing with any of the other brands I follow. It's a peculiarly Rolex thing, which quite understandably leads some to believe that many Rolex purchases are made with the head (and the portfolio analysis), rather than the heart. Like I say, no judgement - just an observation.
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20 May 2022, 10:55 PM | #136 | |
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20 May 2022, 11:03 PM | #137 | |
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You should read just the first page of responses to your original unthoughtful post. Most of them nail it. 87 octane gasoline is $5.15 a gallon in a state where it’s usually pretty reasonable that being Florida. That’s going to cause absolutely everything in the world to go up in cost hurting the middle class and the lower middle class. Yes I realize most people here are in the upper middle-class or the wealthy and won’t be affected that much but when the other parts of the economy suffer it causes all kinds of problems. America is in trouble right now. It’s sad. But look on the bright side. All those threads about Rolex prices dropping will get heated up even more as our economy falls into the pit.
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20 May 2022, 11:10 PM | #138 |
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At the end of the day we are all buying status whether its a time piece at a certain LEVEL (for monetary or passion purposes) or saving to retire at a certain LEVEL. I have been a financial advisor for over a decade and I can tell you with certainty my happiest clients are those that can sleep better at night regardless of the status they are buying. So the question you have to ask yourself is what STATUS do I want to buy that will let me sleep at night. It's different for everyone.
Orrrrrr you can just the the heck with it and make like Cortez and burn the ships!!! |
20 May 2022, 11:11 PM | #139 | |
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It’s a matter of demographics. I’m on other watch forums too. People are definitely more budget conscious on other forums in general, no doubt. On some of these watch forums, people talk about how a $700 Christopher Ward is a stretch for them. The stock market is irrelevant because they live pay check to pay check and don’t have an investment portfolio worth millions and millions of dollars Fact is, there are a lot more ballers on this forum. Definitely a lot more people in the investment class, and the stock market frequently comes up in good times and bad times. It’s something many of us have in common. Anyway, buying a watch with your head and not your heart is better anyway… Sent from my iPhone using Tapatalk |
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20 May 2022, 11:19 PM | #140 |
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I think the pundits who say we are already in recession are correct. One would assume the resultant declining wealth effect will negatively impact luxury spending on consumer goods and services. Rolex will be fine at retail and folks given the opportunity to buy will fill the retail demand. Crazy aftermarket prices should soften.
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20 May 2022, 11:19 PM | #141 | |
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Are you serious? Do you honestly think it’s just watch collectors? You need to get out more, travel around the country and talk to people. Sent from my iPhone using Tapatalk |
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20 May 2022, 11:19 PM | #142 | |
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“Bust Out Another Thousand” LoL. -IndependentCandy14 |
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20 May 2022, 11:55 PM | #143 |
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I have no investment in the stock market (other than a pension fund with a 20 years horizon), so I'm not directly affected by the current stock market dip. I will continue to buy the watches I want if available at ADs. I admit I might have felt differently had I been losing money, that wouldn't put me in the right frame of mind to splurge on luxury..
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21 May 2022, 12:12 AM | #144 | |
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Good grief.
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Morality does not derive from consensus. It only comes from one place. Pride goes before destruction, and haughtiness before a fall. Often times unbelief is disguised as wisdom Instagram - patton250 |
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21 May 2022, 12:27 AM | #145 | |
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But anyway, we're all different, and I'm pretty sure no-one is ever 100% right, or 100% wrong about any of this stuff. It's all just opinions.
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21 May 2022, 12:34 AM | #146 | |
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As for traveling around and talking to people about the economy? Nah…I’m good. But my advice back to you is to chill bro’ You can take it or leave it. I couldn’t care less. |
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21 May 2022, 12:38 AM | #147 |
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I don’t drive around and talk to people about it but I have an active circle of friends and acquaintances and I’m getting an idea. Let me give you an example. My son‘s music teacher. When gas prices cause a lower middle class family‘s budget to increase by $200 a month there goes the music lessons. My son‘s music teacher is losing clients and as a result he himself is now hurting.
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Morality does not derive from consensus. It only comes from one place. Pride goes before destruction, and haughtiness before a fall. Often times unbelief is disguised as wisdom Instagram - patton250 |
21 May 2022, 12:43 AM | #148 | |
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Also lots of people with no personal impacts felt whatsoever…which is great. They simply won’t participate in a downturn…whether they have the means or go into debt up to their eyeballs, they aren’t going to stop spending because the news says it’s bad times. They don’t care. Not the wisest thing, but not everyone is Warren Buffet. That could change in time….or not. Guess we will find out. |
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21 May 2022, 12:44 AM | #149 | |
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21 May 2022, 02:00 AM | #150 | |
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I couldn’t care less either. But it is pretty ignorant to say only watch collectors are concerned about the current economic situation. When someone posts something that outrageous, you should expect to be called out. Sent from my iPhone using Tapatalk |
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