Quote from Johann Peter Rupert on Compagnie Financière
Richemont’s May 16th Earnings Call, in regards to investing in their
own people and brands versus going out an acquiring new ones:
“A return on investment is so much higher by backing our own
colleagues. I mean, it's multiple than buying another thing. And we have a
saying at home that you only find out when you climb over that the reason why
it's greener is because of all the cow dung that's hidden in the grass. And as
soon as you start stepping in all of this stuff, then you wonder why did I
climb across the fence? So whenever we buy something, we find that, we'd never
thought of this, but it's there. And then it takes the most valuable component
of these 3 guys on the right. It takes their time and you start wasting time on
things that are not going to return -- give you the same returns, as if you
spend more time on Cartier, Van Cleef and Piaget.”