# Philip Richter, the Revs Institute, and the Turtle Invitational

An episode of [Bloomberg Hot Pursuit!](https://invisiblenetwork.ai/podcast/1710787142), 8 Nov 2024, 53 min.

Audio: https://podtrac.com/pts/redirect.mp3/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/4778f66f-5d19-456a-9820-b08f00dfd567/1e68e36a-126a-4224-ac28-b22201118b7e/audio.mp3?utm_source=Podcast&in_playlist=42336c1a-f7c2-4898-885b-b08f00e0bb66

What would YOU like to hear about on Bloomberg? Help make shows like ours even better by taking our Bloomberg audience survey. Hannah and Matt welcome Philip Richter, the president and co-founder of New York-based Hollow Brook Wealth Management, board member of the Revs Institute and founder of the Turtle Invitational car show in Bedford, NY. Plus, Hannah talks about the Las Vegas Concours. See omnystudio.com/listener for privacy information.

## Transcript

[0:02] Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.
[0:09] Speaker 2: I'm Matt Miller and I'm Hannah Elliott and this is
[0:12] Speaker 2: Hot Pursuit.
[0:20] Speaker 3: First of all, I need to correct something from last week.
[0:24] Speaker 1: Go for it.
[0:24] Speaker 3: My man Dennis sent us an email about his forever
[0:29] Speaker 3: car the poor show that he didn't even drive until
[0:31] Speaker 3: he bought it, and now he's like so in love
[0:33] Speaker 3: with thee I think to nine nine seven point two
[0:36] Speaker 3: C four us and I called him Dan in the
[0:38] Speaker 3: last show.
[0:39] Speaker 1: Oh sorry, sorry Dennis.
[0:41] Speaker 4: Yes, exactly.
[0:42] Speaker 3: And it just reminds me that we love to get
[0:45] Speaker 3: emails from listeners, and they really do spur ideas for segments.
[0:51] Speaker 3: So like, if you have an idea, or if you
[0:53] Speaker 3: have a hot take, or if you have you know.
[0:57] Speaker 1: A guest I might want to.
[0:59] Speaker 3: Guess exactly, please email us at.
[1:03] Speaker 2: Hot Pursuit at Bloomberg dot net. Yes, and we personally
[1:08] Speaker 2: see and read each email.
[1:09] Speaker 3: Yeah, and I love them. I you know, get thousands
[1:12] Speaker 3: of emails every day. They're mostly from people at work.
[1:14] Speaker 3: They're mostly from flax who are like pitching stuff that
[1:17] Speaker 3: I'm never going to do. But when I see one
[1:19] Speaker 3: from a listener, I'm like, oh, yes, and I read
[1:21] Speaker 3: it and I'm excited and I drop whatever I'm doing
[1:25] Speaker 3: usually and right back or so, Yeah, email us at
[1:27] Speaker 3: hot Pursuit at Bloomberg dot net, and we're highly likely to.
[1:31] Speaker 4: Action your suggestion.
[1:33] Speaker 1: Yes we are.
[1:35] Speaker 3: Otherwise, you went to a show that I guess had
[1:38] Speaker 3: much cooler cars.
[1:40] Speaker 2: Well, yeah, I went to This is the third annual
[1:42] Speaker 2: win concor in Las Vegas, and I just found it
[1:49] Speaker 2: so interesting because this is a new concre. You know,
[1:54] Speaker 2: most of the concours that we go to, like Amelia
[1:56] Speaker 2: Island or Pebble Beach or Villadeste or any of the
[2:00] Speaker 2: these big major concourse have been around for decades, and
[2:03] Speaker 2: this is one that it's it's in its third year
[2:05] Speaker 2: and it's really a group of people who don't necessarily
[2:10] Speaker 2: have a ton of deeply embedded car background running car events. However,
[2:19] Speaker 2: it's the Wynn Hotel, and if there's one thing they
[2:23] Speaker 2: do perfectly, it's hospitality. And hospitality and service and culture
[2:28] Speaker 2: are often the elements that are missing at car shows.
[2:31] Speaker 2: So it's really interesting to see this new sort of
[2:34] Speaker 2: baby car show grow. And I had a lot of fun.
[2:39] Speaker 2: I saw Dita Vontis there. Actually she's secretly not actually
[2:44] Speaker 2: secretly but little known. She's a car person, so that
[2:48] Speaker 2: was cool. And yeah, I did some driving with Rolls Royce.
[2:52] Speaker 2: We can talk about later while I was there too,
[2:53] Speaker 2: But the concour was interesting.
[2:55] Speaker 3: I just tried to click on DTA dot net and
[2:58] Speaker 3: I oh, probably blocked but waits. So she's got famous
[3:02] Speaker 3: initially for being a burlesque dancer, if I'm not mistaken.
[3:05] Speaker 3: Yes she did marry Marilyn Manson. Yes she did, and
[3:09] Speaker 3: they're no longer married.
[3:10] Speaker 1: That's correct. She's from Detroit, you know.
[3:13] Speaker 2: Back in the day when I was still at Forbes,
[3:15] Speaker 2: I went to her house and did a series of
[3:19] Speaker 2: videos with her driving some of her old American cars,
[3:22] Speaker 2: and I remember she was in full like full on
[3:27] Speaker 2: Didavonte gear, including like five inch heels, and drove me
[3:32] Speaker 2: up to the top of Griffith Observatory and I'll have
[3:35] Speaker 2: to send you the video, Matt. It's really my hair
[3:38] Speaker 2: is quite a bit different, different shade than But she
[3:42] Speaker 2: was so cool and so down to earth and actually
[3:45] Speaker 2: really knows her stuff, and talked about how she just
[3:48] Speaker 2: couldn't stand if a guy came to pick her up
[3:50] Speaker 2: on a date in a new car.
[3:51] Speaker 1: She just thought that was the worst thing ever.
[3:52] Speaker 3: Why don't we have her on the podcast.
[3:54] Speaker 2: I've asked, I need to ask again we should. She'd
[3:58] Speaker 2: be really interesting that she's into it.
[4:01] Speaker 1: I'm going to reach out again.
[4:02] Speaker 3: That is quite cool that she's super into car.
[4:04] Speaker 4: I kind of call us.
[4:05] Speaker 3: I knew that she was super into cars because of
[4:08] Speaker 3: her Detroit like background.
[4:10] Speaker 1: Yeah, so really interesting.
[4:13] Speaker 3: And I mean I would love to go to Vegas
[4:15] Speaker 3: and see that car show.
[4:16] Speaker 2: Yeah, you know, Vegas is maybe kind of becoming a
[4:20] Speaker 2: car hub because between Formula One and this car Concord
[4:25] Speaker 2: and Sema, which I guess you would love, y, It's
[4:29] Speaker 2: like there are some real car things happening there. We've
[4:33] Speaker 2: got the La Auto Show also happening in November, so
[4:36] Speaker 2: which is, you know, a four hour drive from from Vegas.
[4:39] Speaker 1: There's just there's a lot going on this month car wise.
[4:42] Speaker 3: I went to h Lamborghini Driving School in Las Vegas,
[4:46] Speaker 3: which was phenomenal, which track I can't remember. This was
[4:50] Speaker 3: in twenty sixteen. I'm gonna say, and uh, but Seema
[4:55] Speaker 3: I've never been to and for me like that would
[4:57] Speaker 3: be you know, because I love America. I love American muscle,
[5:01] Speaker 3: I love the aftermarket, I love customization and obviously Seema
[5:06] Speaker 3: is the I.
[5:07] Speaker 1: Would love you Matt the show.
[5:09] Speaker 4: Yeah.
[5:09] Speaker 2: I went once and that was enough for me. I realized, oh,
[5:12] Speaker 2: this isn't really, these aren't.
[5:15] Speaker 1: This isn't it's not the collector.
[5:17] Speaker 4: I don't need to be here.
[5:18] Speaker 1: I don't need to be here. But it was fun
[5:20] Speaker 1: while I was there. I just I was like, all right,
[5:22] Speaker 1: I'm good, I got it.
[5:23] Speaker 3: I speaking of the collector set, we have an accomplished
[5:27] Speaker 3: car collector and motorcycle also a collector and restorer, so
[5:32] Speaker 3: Philip Richter. I met him because he does a car
[5:35] Speaker 3: show local to me in Bedford that's called the Turtle Invitational.
[5:39] Speaker 3: They do it every couple of years, and he invited
[5:42] Speaker 3: me up. I went with my daughter with Edna, and
[5:44] Speaker 3: she loved it. But what she really loved is next
[5:47] Speaker 3: door to the sort of farm where he does the
[5:49] Speaker 3: car show is where they keep all the horses. So
[5:52] Speaker 3: I brought her in there and she instantly fell in
[5:56] Speaker 3: love with these horses. And Philip was like, dude, that'll
[6:00] Speaker 3: break the bank. Like stay away from horses and lean.
[6:03] Speaker 2: On car collect I was gonna say, whenever I get
[6:06] Speaker 2: around people who do horses and cars, or used to
[6:09] Speaker 2: do horses, and now they do cars. I always ask
[6:11] Speaker 2: which is more expensive, and they always say the horses
[6:15] Speaker 2: by far.
[6:16] Speaker 3: Yeah exactly. I can't, like my mind, can't do those gymnastics,
[6:20] Speaker 3: but because cars are so expensive to begin with. But
[6:24] Speaker 3: I believe him. So let's get to right now, Philip
[6:27] Speaker 3: Richter from the Turtle Invitational and he's also on the
[6:31] Speaker 3: board of the REVS Institute in Naples, Florida. Let's start
[6:34] Speaker 3: by just going through the things that you do. You
[6:37] Speaker 3: have such a long resume. I think of the Turtle
[6:39] Speaker 3: Invitational just because I've been to it, and then I
[6:42] Speaker 3: think it's Malcolm.
[6:43] Speaker 1: Pray tell us what Turtle Invitational.
[6:45] Speaker 4: Is, right, So yeah, start with that because so, Hannah,
[6:48] Speaker 4: this goes way back. So I grew up in Greenwich, Connecticut.
[6:53] Speaker 4: My best friend when I was six years old was
[6:56] Speaker 4: this kid named Malcolm Prey, and Malcolm's dad, Ad was
[7:01] Speaker 4: literally the first independent Volkswagen Porsche Outy dealer in the country. Okay,
[7:07] Speaker 4: so back in the fifties when they used to sell
[7:10] Speaker 4: a Lancia right next to a Volkswagen, right next to
[7:12] Speaker 4: a three hundred sl Gulling. All these cars were sold
[7:15] Speaker 4: in one foreign car dealership, right the imports, all the imports.
[7:20] Speaker 1: And Max Schafsfoffman.
[7:21] Speaker 4: Yeah. Max Hoffman was importing all these cars BMW five
[7:24] Speaker 4: or seven, Yeah, And he and Malcolm were very close.
[7:28] Speaker 4: And so Malcolm was working at this this car dealership
[7:31] Speaker 4: on the post Ford and Grawich called Morley Motors. And
[7:33] Speaker 4: Malcolm figured out that the only time people have time
[7:36] Speaker 4: to go shop for cars is Sunday. But of course
[7:39] Speaker 4: all these dealerships are closed on Sunday, so he would
[7:41] Speaker 4: work Sundays and sell like six or seven cars. So
[7:44] Speaker 4: he excelled right away and outpaced his peers. So he
[7:48] Speaker 4: ultimately a guy named Harry Blanchard bought the dealership. Harry
[7:51] Speaker 4: died in a Porsche accident in Argentina racing a three
[7:54] Speaker 4: fifty six, and Malcolm inherited the entire franchise. This all
[7:58] Speaker 4: happened just as Vogelkswagen and Porsche were debating about having
[8:02] Speaker 4: standalone dealerships. And so, as Malcolm always told me, he said,
[8:06] Speaker 4: I convinced the banks that I had the franchise, and
[8:09] Speaker 4: I convinced the franchise I had the banks, and it
[8:11] Speaker 4: all came together and he became Prey Porscha Outy Volkswagen
[8:14] Speaker 4: on the post rode in Greenwich, and he rode the
[8:17] Speaker 4: wave of the Beadle rode the wave of the nine
[8:19] Speaker 4: to eleven, made a fortune and had a huge customer base,
[8:23] Speaker 4: and sold it all in nineteen ninety nine for a
[8:25] Speaker 4: lot of money. Anyway, so I was friends with Malcolm's
[8:27] Speaker 4: son growing up. Tragically, Malcolm's son died in nineteen eighty
[8:31] Speaker 4: six in a Golf GTI in a car accident in
[8:35] Speaker 4: Greenwich killed him and his friend. And that's when I
[8:38] Speaker 4: became even closer to mister Prey, Malcolm's father, and we
[8:43] Speaker 4: went to car shows all around the country together. He
[8:45] Speaker 4: had an amazing collection of Della Hayes and Dusenberg's and
[8:49] Speaker 4: Bugattis and even some you know, simple cars mgs lot.
[8:53] Speaker 4: I mean a lot of a very eclectic collection, but
[8:56] Speaker 4: cool fun stuff. He had a five oh seven. He
[8:59] Speaker 4: had some really greats. And we would go to Pebble
[9:02] Speaker 4: and we would go down to Pennsylvania and we'd go
[9:04] Speaker 4: all the Florida to Amelia, and that just got me
[9:08] Speaker 4: super passionate about collector vehicles. The people that are engaged
[9:13] Speaker 4: with these cars. There's a whole panoply of people are
[9:16] Speaker 4: really interesting and so that really began my passion for cars.
[9:21] Speaker 4: The Turtle Invitational fast forward. Malcolm died in twenty thirteen.
[9:25] Speaker 4: The Turtle Invitational benefits the Malcolm Prey Foundation, the Prey
[9:30] Speaker 4: Family Foundation, which has a educational facility in Bedford, New
[9:35] Speaker 4: York that still has a lot of the cars from
[9:37] Speaker 4: his collection. We have an executive director who is actually
[9:39] Speaker 4: has a military background, Mary Kay Satriano. We run thousands
[9:43] Speaker 4: of kids through the program. When Malcolm was alive, he
[9:45] Speaker 4: had over twelve thousand kids go through the program. And
[9:48] Speaker 4: it's very basic. Look people in the eye when you
[9:50] Speaker 4: shake their hand, don't do drugs, stay in school, be
[9:53] Speaker 4: passionate about something. Have you know, your reputation is your
[9:57] Speaker 4: greatest assets. There were all these things that Malcolm use.
[10:00] Speaker 3: It's kind of like the Little Achievers, theistead of Lebasque
[10:03] Speaker 3: Little Achievers. I've been to the Prey Foundation and it's
[10:08] Speaker 3: mostly school kids still that are going through there, mostly
[10:11] Speaker 3: under It's in Bedford and.
[10:13] Speaker 4: Right on the border of Bedford and Grantwich, and that's
[10:15] Speaker 4: where you have your car show as well. Well. We
[10:18] Speaker 4: have a dinner there during the Turtle Invitational. So the
[10:20] Speaker 4: Turtle Invitation is a motoring weekend that's much more about
[10:23] Speaker 4: the people than it is the cars, although we get
[10:25] Speaker 4: great cars, and it's about camaraderie and it's almost like
[10:29] Speaker 4: a salon or if you imagine like a Chautauqua that
[10:31] Speaker 4: used to happen out in New York State, where you
[10:33] Speaker 4: get together and people talk about lots of different things,
[10:36] Speaker 4: some car related, some not. My investment firm actually hosts
[10:39] Speaker 4: a dinner of Friday Night and we bring in a
[10:41] Speaker 4: money manager that talks about the future of medicine or
[10:44] Speaker 4: different things that are going on in the market, and
[10:46] Speaker 4: we get a lot of very interesting people to come.
[10:48] Speaker 4: But it's a charity benefit for the Prey Foundation and
[10:51] Speaker 4: we raise money to just bring more and more kids
[10:54] Speaker 4: through the program. And it's not just underprivileged kids, it's
[10:56] Speaker 4: over privileged kids also because they need help too.
[10:59] Speaker 1: What does that mean over privileged?
[11:00] Speaker 4: So you know, for example, I mean there's there's a
[11:02] Speaker 4: lot of kids in the kind of Fairfield, Westchester area
[11:05] Speaker 4: that have unbelievable means, their families have done very well successfully.
[11:10] Speaker 3: Financial and they suffer from affluenza.
[11:11] Speaker 4: They suffer from afluenza and sometimes they actually need a
[11:16] Speaker 4: different not something in school, not something from their parents,
[11:19] Speaker 4: but something from somewhere else, and we provide that.
[11:22] Speaker 2: You know, I have never thought that being born to
[11:25] Speaker 2: great wealth is necessarily a blessing. No, I concurrent people
[11:30] Speaker 2: who I know who have experienced that have their own
[11:34] Speaker 2: challenges and difficulties, so I can understand that.
[11:36] Speaker 4: But back to the car.
[11:38] Speaker 3: So the reason I'm trying to sort this out because
[11:40] Speaker 3: you're doing so many different things. You have the Turtle Invitational,
[11:42] Speaker 3: which is the car show in Bedford. You have the
[11:44] Speaker 3: Malcolm Prey Foundation, which is the collection, Yes, and you
[11:48] Speaker 3: also work with the REVS Institute which in Naples, which.
[11:51] Speaker 1: Is very distinguished.
[11:54] Speaker 4: Musam.
[11:54] Speaker 3: It's they have a like an educational program which has
[11:57] Speaker 3: really been And how did you get involved with Ossitude
[12:01] Speaker 3: and what do you do there? Because you're so like
[12:03] Speaker 3: I have been talking with Philip for a couple of
[12:05] Speaker 3: years now, you're so deep into collecting restoration. You know
[12:09] Speaker 3: all these little details that most people don't, And I
[12:12] Speaker 3: guess that's part of the REVS Institute.
[12:13] Speaker 4: At Mister Collier has an incrediblely different perspective on restoration
[12:18] Speaker 4: and authenticity of vehicles and provenance and the importance of
[12:23] Speaker 4: these automobiles as archaeological artifacts that are meaningful vehicles. I
[12:28] Speaker 4: got involved with the REVS Institute actually through horses, because
[12:31] Speaker 4: I'm an equestrian show jumper and I'm treasurer of the
[12:35] Speaker 4: United States Equestrian Team foundation that funds and fields all
[12:38] Speaker 4: the Olympic athletes to go abroad and compete for metals
[12:41] Speaker 4: and get on the podium. And the Colliers have been
[12:45] Speaker 4: very generous in so many ways across lots of different activities,
[12:50] Speaker 4: and I got to know them through the equestrian team.
[12:52] Speaker 4: And then I went in twenty seventeen to the REV Symposium,
[12:56] Speaker 4: which mister Collier holds every other year, which is an
[13:00] Speaker 4: incredible gathering globally of all the thought leaders in the
[13:04] Speaker 4: collector car universe. And there's panels, and there's workshops and
[13:08] Speaker 4: incredible entertainment, and there you have the archaeological.
[13:12] Speaker 3: Aga I just pulled up on. So Philip gave me
[13:14] Speaker 3: a book a while back which is amazing by Miles Collier,
[13:19] Speaker 3: which is called The Archaeological Automobile, and it's it's a
[13:23] Speaker 3: really a great ready.
[13:24] Speaker 4: He has a whole different perspective, you know. I Mean,
[13:27] Speaker 4: Miles would say that a lot of these cars that
[13:29] Speaker 4: are restored are fiction because that ice cream cone that
[13:34] Speaker 4: fell on the seat of that Dusenberg in nineteen thirty
[13:36] Speaker 4: eight has been re upholstered, and that is gone now.
[13:40] Speaker 4: It's wiped from the history of the car because it's
[13:42] Speaker 4: been restored. And that's not to say that restored cars
[13:45] Speaker 4: aren't great, but he's a stickler for authenticity when he
[13:48] Speaker 4: restores Hannah, you'll love this, And Magnus knows all this,
[13:51] Speaker 4: But when he restores a Porsche, particularly the race cars,
[13:56] Speaker 4: they're very careful to be true to the original construction
[14:00] Speaker 4: of the vehicle. And back then a lot of these
[14:02] Speaker 4: cars were not perfectly assembled, right.
[14:06] Speaker 2: Yeah, they're very over restore things.
[14:09] Speaker 1: It's pretty gross.
[14:10] Speaker 4: Yeah, and you have to make it so it can't
[14:12] Speaker 4: be perfect because that's not how it left the factory.
[14:15] Speaker 4: And so the REVS Institute is very meticulous about these things.
[14:19] Speaker 4: Incredible database of archives. We're still trying. We have I
[14:23] Speaker 4: think we have four giant storage facilities outside Naples full
[14:28] Speaker 4: of documents, data, build sheets, letters from Enzo Ferrari to
[14:32] Speaker 4: buyers that we still haven't even scanned yet to put
[14:35] Speaker 4: in our archives. And if you go to Revsinstitute dot
[14:38] Speaker 4: org you can search these databases, photographs. We recently bought
[14:42] Speaker 4: the Jesse Alexander collection, So all those amazing images from
[14:46] Speaker 4: the fifties and sixties of Grand Prix racing and Formula
[14:49] Speaker 4: one and all kinds of racing. We have all that,
[14:52] Speaker 4: and oftentimes we get inbound calls from Europeans who are
[14:55] Speaker 4: restoring these cars, and we can find the cars in
[14:59] Speaker 4: the period and we can show them images of what
[15:02] Speaker 4: they exactly looked like and if that dent was in
[15:04] Speaker 4: the hood, that's still there in nineteen fifty three in
[15:07] Speaker 4: that race in Lamal or whatever it is.
[15:09] Speaker 1: So Philip, do you restore yourself your own cars?
[15:15] Speaker 4: Well, yes, and I mostly restore pre war BMW motorcycles.
[15:19] Speaker 4: And when I say I restore them, I find the
[15:21] Speaker 4: best people in the country or the world with those
[15:24] Speaker 4: it's global who build certain parts of those bikes, so
[15:27] Speaker 4: rim builders, speedometer restoration, paintwork, pistons, things of that sort.
[15:34] Speaker 4: And then I kind of pull it all together and
[15:36] Speaker 4: I have about a dozen of these pre war BMWs
[15:38] Speaker 4: that are to me one of the most beautiful engineering
[15:44] Speaker 4: artwork pieces that came out of a terrible era in Germany.
[15:47] Speaker 3: It's pretty interesting to me because when I first met you.
[15:50] Speaker 3: I went to your car show and it is a
[15:53] Speaker 3: very large event. There were so many Mercedes that seemed
[15:56] Speaker 3: to be a big focus. And then I've learned more
[15:58] Speaker 3: about Malcolm Preey's and the revsentce Tudin. You go to
[16:02] Speaker 3: all these car shows with packards and Dela Haze, and
[16:05] Speaker 3: but then I go into your garage and I see
[16:07] Speaker 3: all these BMW motorcycles and I'm like, it's pretty down
[16:10] Speaker 3: to earth and cool, Like it's a different when you're
[16:12] Speaker 3: a bike guy. Yeah, and I also care a lot
[16:14] Speaker 3: about bikes. Yeah, yeah, it I always struggle to understand
[16:19] Speaker 3: how people who can are never going to be able
[16:21] Speaker 3: to afford these vehicles can make a connection. But I suppose,
[16:26] Speaker 3: you know, with art, you don't expect someone to be
[16:28] Speaker 3: able to buy like a van Go and you can
[16:31] Speaker 3: still go to school for years and study van go
[16:33] Speaker 3: you know.
[16:34] Speaker 4: But great analogy.
[16:35] Speaker 3: But what do you think though about the kids, especially
[16:37] Speaker 3: you go through the Prey Institute. How did they connect
[16:39] Speaker 3: with you know, a million dollar, ten million dollar, fifty
[16:43] Speaker 3: million dollar cars.
[16:44] Speaker 4: Well, it's such a great question, Matt and I you know,
[16:47] Speaker 4: one of the things where Malcolm was a genius is
[16:49] Speaker 4: he was an evangelist of success and shared his collection
[16:53] Speaker 4: with young people, so you would get the we'd get
[16:56] Speaker 4: these inner city kids coming in on a bus and
[16:58] Speaker 4: he'd he'd sit them down and talk to them, and
[17:00] Speaker 4: then he'd let them into the North garage first, which
[17:02] Speaker 4: is European cars, and then the South garage was American cars.
[17:06] Speaker 4: And the kid's expression when you open the door, when
[17:08] Speaker 4: you see, you know, fifty cars just glistening in the lights,
[17:12] Speaker 4: and he'd say, go pick the car you want, and
[17:15] Speaker 4: he'd let all the kids would scurry to their different cars,
[17:18] Speaker 4: and he would let them sit in each car. So
[17:20] Speaker 4: you know, I had a six and a half million
[17:21] Speaker 4: dollar Della Hay and he'd let a kid sit there
[17:24] Speaker 4: and hold the wheel and experience that dream. And I
[17:27] Speaker 4: think we've changed lives of these kids because no one
[17:31] Speaker 4: else is going to let at least back then even today,
[17:33] Speaker 4: very few people let kids, you know, jump in these cars.
[17:36] Speaker 4: And he was very passionate about that. And we're the
[17:39] Speaker 4: same way at the REVS Institute, although you know, our
[17:42] Speaker 4: cars we can't really let them be touched in that
[17:44] Speaker 4: same way. But being an evangelist of the industry and
[17:49] Speaker 4: allowing these kids to really embrace them even if they
[17:53] Speaker 4: can't afford them, because someday they might be They probably
[17:55] Speaker 4: will be able to right, you know, it's possible.
[17:57] Speaker 1: That's a really good point.
[17:58] Speaker 2: I'm so curious about your opinion on what you see
[18:02] Speaker 2: is the future of collecting these cars, especially the pre
[18:05] Speaker 2: war ones. You know, everyone says young people don't care
[18:08] Speaker 2: about them. Young people only care about things from the
[18:10] Speaker 2: nineties and later. What do you see and plus and
[18:17] Speaker 2: how do you see the market going after the election now?
[18:19] Speaker 2: I mean, are people going to feel a little more
[18:21] Speaker 2: confident spending money on cars?
[18:23] Speaker 4: Well, Hannah, these are great questions. There's a lot to unpack.
[18:25] Speaker 4: I guess first, I would you know, I had lunch
[18:28] Speaker 4: with mister Collier and Naples and we were talking about
[18:31] Speaker 4: the fact that you know, these Bugattis, the Veeran and
[18:36] Speaker 4: all these very high horsepower supercars that are just capturing kids' imagination.
[18:41] Speaker 4: Mister Collier looked at me and said, do you think
[18:43] Speaker 4: in fifty years these cars are going to run? Are
[18:46] Speaker 4: they going to be able to be driven? And I
[18:49] Speaker 4: don't know the answer to that, but I have to
[18:51] Speaker 4: believe no that be given the technological you know, load
[18:56] Speaker 4: that these cars have in them, the microchips, all these
[18:58] Speaker 4: things like, I don't know how they're going to be
[19:00] Speaker 4: able to be run in fifty years. Whereas a Packard
[19:02] Speaker 4: V twelve, I drive my V twelve Packerd to the market.
[19:06] Speaker 4: I go to the Farmer's market in Bedford on the weekends.
[19:08] Speaker 4: It starts always, it runs great. And interestingly, we just
[19:12] Speaker 4: came off of some auction results that are stunning. And
[19:15] Speaker 4: I don't know if you guys follow what happens at
[19:17] Speaker 4: Hershey in Pennsylvania, but Hershey is predominantly pre war cars.
[19:23] Speaker 4: RM had record sales at Hershey this year. They shattered
[19:27] Speaker 4: records with their auctions and pre war cars. So I
[19:30] Speaker 4: think there's cross currents here that are still hard to read.
[19:34] Speaker 4: But there are a lot of younger people that are
[19:37] Speaker 4: fascinated by the engineering of these incredible brass era cars,
[19:41] Speaker 4: the cars from the thirties, the Dusenberg's, the Blower, Bentley's,
[19:45] Speaker 4: all of these like high tech cars from the era.
[19:49] Speaker 4: And I was just at Hilton and there were some
[19:51] Speaker 4: just spectacular pre war cars and young people flocking to them.
[19:56] Speaker 4: Whenever I drive my Packer through Bedford, you know, young
[19:59] Speaker 4: and old people just gravitate to it. Probably more than
[20:02] Speaker 4: a Bugatti Viran.
[20:03] Speaker 3: But do you take it to that there's a car
[20:05] Speaker 3: show that everybody cars, and coffee that everybody goes to.
[20:08] Speaker 3: I did what's called the market or something like that.
[20:10] Speaker 4: Hayfield.
[20:12] Speaker 1: Yeah, yeah, I love that you're driving your packard.
[20:14] Speaker 4: Oh you got to drive everything. Everything needs to run
[20:17] Speaker 4: in my garage.
[20:18] Speaker 1: That's wonderful.
[20:19] Speaker 3: I really want to drive. You keep inviting me in.
[20:21] Speaker 4: I keep telling you, I really got to come drive
[20:23] Speaker 4: the package. I love it.
[20:24] Speaker 3: Is it as easy as driving a regular car?
[20:27] Speaker 4: Do you have to do things with the choke or
[20:30] Speaker 4: timing advents here and there and all that, But yeah,
[20:32] Speaker 4: it's easy.
[20:33] Speaker 3: Yeah, yeah, I mean I think it's so cool. I
[20:35] Speaker 3: never knew that Enzo Ferrari was motivated by the packard
[20:39] Speaker 3: until you told me about it, and then I.
[20:40] Speaker 4: Did a deep dive into it. Yeah, fascinating. He saw
[20:43] Speaker 4: the V twelve packers and revered them, and that became
[20:46] Speaker 4: the basis of his architecture for race cars.
[20:57] Speaker 2: Sense this summer was that people were using the elect
[21:00] Speaker 2: as a reason to not make a purchase on a car,
[21:06] Speaker 2: whether or not it was real or just a useful excuse.
[21:10] Speaker 1: I think it depended on the person.
[21:11] Speaker 3: I've even heard that from dealers. I've heard a lot
[21:13] Speaker 3: of dealers.
[21:14] Speaker 4: Some bat also ran. They did not have big auctions
[21:18] Speaker 4: closing right the last few days.
[21:20] Speaker 2: Told me that do you do you see that in
[21:23] Speaker 2: your own just your trails in your world? What do
[21:26] Speaker 2: you see now that we are had the election behind us?
[21:29] Speaker 4: You know, Hannah, I think car passion transcends all politics,
[21:35] Speaker 4: all economic indicators. If you really want that car, if
[21:39] Speaker 4: you really want that six speed, three pedal manual, whatever
[21:42] Speaker 4: it is, you're going to buy it. You might not
[21:45] Speaker 4: buy it this week, but you're going to buy it eventually.
[21:47] Speaker 4: And I think most people that are in the industry
[21:50] Speaker 4: and the sport, I call it a sport, not a hobby,
[21:53] Speaker 4: It's a sport. They they're going to buy these cars.
[21:57] Speaker 4: Whether the Dow is at forty two thousand or the
[22:00] Speaker 4: downs at sixteen thousand, Maybe prices come down. You could argue, though,
[22:04] Speaker 4: given real assets and inflation, you could argue that a
[22:08] Speaker 4: you know, an SL sixty five Black Series is a
[22:11] Speaker 4: great long term asset to own.
[22:13] Speaker 3: Now you're talking your own book.
[22:15] Speaker 4: I'm talking my own book.
[22:16] Speaker 1: I was gonna say that way just a second.
[22:18] Speaker 4: Here, you gotta talk your own.
[22:20] Speaker 3: Yeah, is that by the is that by the way
[22:23] Speaker 3: at the end of the totally analog era or does
[22:26] Speaker 3: that car also?
[22:27] Speaker 4: Is it also packed with chips? No, it's a bi
[22:30] Speaker 4: turbo V twelve. They're never gonna build Mercedes isn't going
[22:34] Speaker 4: to build another car like that. Again, it's very simple.
[22:36] Speaker 4: It's a not simple, but it's a twelve, you know,
[22:39] Speaker 4: it's not they stopped.
[22:40] Speaker 3: That's the engine they made for Pegani as well. Do
[22:42] Speaker 3: they still make that?
[22:43] Speaker 4: So the Pagani was the well, the original Pagani Zonda
[22:46] Speaker 4: had the M one twenty which was a which is
[22:49] Speaker 4: the engine that's in the R one twenty nine SL
[22:51] Speaker 4: six hundred, the W one forty coup six hundred.
[22:54] Speaker 3: Hand they wrote about the R twenty nine, it's a
[22:56] Speaker 3: very great car.
[22:58] Speaker 4: Bruno Saco god rest of soul. You know, he died
[23:01] Speaker 4: a couple of weeks ago. He designed that car and
[23:03] Speaker 4: he always said it was his favorite. The R one
[23:06] Speaker 4: twenty nine was the most beautiful car he ever designed.
[23:08] Speaker 4: It looks good with the top down, it looks good
[23:10] Speaker 4: with the top up, and it looks great at hard top.
[23:12] Speaker 4: It's a rarity, But that M one twenty V twelve.
[23:16] Speaker 4: Is it's a normally aspirated, reliable engine. I had an
[23:20] Speaker 4: SL I think it was like a ninety seven SL
[23:23] Speaker 4: six hundred. I think I put seventy thousand miles on it.
[23:26] Speaker 4: Never wants a problem bulletproof?
[23:29] Speaker 1: Wow?
[23:29] Speaker 4: Yeah?
[23:30] Speaker 3: And what Diana had the R one twenty nine and
[23:32] Speaker 3: she is that what she first got?
[23:33] Speaker 4: Kind of a trouble she did. And you know, I
[23:37] Speaker 4: was listening to the podcast the other day when you
[23:39] Speaker 4: were talking about what if the royal family bought a
[23:41] Speaker 4: ge Vagen what would happen? And I thought, as I'm listening,
[23:44] Speaker 4: I said, well, Diana did buy an R one twenty
[23:47] Speaker 4: nine in nineteen ninety shit, a five hundred SL and
[23:51] Speaker 4: she got flack for it, and she gave it back.
[23:54] Speaker 4: And believe it or not, if you go to Stutgard
[23:56] Speaker 4: to the Mercedes Museum, the car is in the Mercedes Museum.
[23:59] Speaker 4: It's a red it's a red SL and it's beautiful.
[24:02] Speaker 1: Yeah, it's beautiful. We wrote about the car.
[24:05] Speaker 2: She took delivery of it in nineteen ninety one. And yeah,
[24:10] Speaker 2: apparently they made her switch back. Yeah, which is kind
[24:13] Speaker 2: of too bad because her taste was.
[24:14] Speaker 4: Spot on, I mean, really ahead of her time.
[24:16] Speaker 3: By the way, Hannah, you need one repository of all
[24:19] Speaker 3: your stories like you need that is Anna Elliott website
[24:23] Speaker 3: that has just your stories.
[24:24] Speaker 4: I agree, Yeah, let's go there.
[24:26] Speaker 1: Thank you. We can.
[24:27] Speaker 2: There is a place where you can click on my
[24:29] Speaker 2: name and all of my stories will appear.
[24:31] Speaker 4: And your travel, Hannah, I am blown away by the
[24:34] Speaker 4: places you go and the cars you get to drive.
[24:38] Speaker 4: From the cyber truck to Aston Martin's. You were just
[24:42] Speaker 4: in Zurich, right with the Bentley and I want to know.
[24:45] Speaker 4: I really want to know, because it's my favorite restaurant.
[24:47] Speaker 4: How was the cronin haul. Did you meet there?
[24:50] Speaker 1: Yes? I did, I ate.
[24:51] Speaker 2: I went to the bar a couple times, loved the bar,
[24:54] Speaker 2: did not love the restaurant. To be honest, it seemed
[24:57] Speaker 2: I don't know when the last time you were there,
[24:59] Speaker 2: but it seemed a little outdated and the food wasn't great.
[25:03] Speaker 4: Well, it's been outdated since nineteen foot say the best
[25:05] Speaker 4: places are outdated.
[25:06] Speaker 2: No, it's outdated, outdated like Musso and Frank is outdated.
[25:09] Speaker 4: With cool, they say in German automodish.
[25:12] Speaker 3: Yes exactly.
[25:13] Speaker 1: I just thought the food wasn't great.
[25:15] Speaker 2: I just thought it wasn't very fresh or flavorful, but
[25:19] Speaker 2: the bar was incredible. Yeah, I love I love that
[25:23] Speaker 2: it had no music. I love that it was small.
[25:25] Speaker 2: I love that it's wood paneled. And they make a
[25:27] Speaker 2: proper martini and a proper boulevardier, which are my two standbys.
[25:32] Speaker 1: So I love the Chronool.
[25:34] Speaker 3: I always think the best play like the Union Club.
[25:38] Speaker 3: The best places have bad food.
[25:41] Speaker 4: Yeah, that's the atmosphere exactly, true, cocktails, bad food.
[25:46] Speaker 1: We all have places that we go for things other
[25:49] Speaker 1: than the food.
[25:49] Speaker 4: Did you have the schnitzel because the schnitzel is great.
[25:52] Speaker 1: I did have the schnitzel, and I love a schnitzel.
[25:55] Speaker 2: I mean, you really can't go wrong, but you can
[25:57] Speaker 2: get great schnitzel anywhere.
[26:00] Speaker 4: True.
[26:01] Speaker 1: My favorite if you're in Germany or Switzerland.
[26:04] Speaker 3: My favorite place is on Moscow or Strasa in Berlin.
[26:07] Speaker 3: It's called Eolesh and they have the most amazing schnitzel.
[26:10] Speaker 3: You're Berlin and creudz ber Yeah, yeah.
[26:14] Speaker 4: All right.
[26:14] Speaker 3: So the you like the cars just up to sort
[26:18] Speaker 3: of the tech wave of I guess the nineties, right,
[26:22] Speaker 3: you know, you like the pre war stuff, but you
[26:25] Speaker 3: also like I think you like the E forty six M.
[26:29] Speaker 4: Three, which I love as well.
[26:31] Speaker 3: You saw mine, yeah, I saw yours. I always think about,
[26:34] Speaker 3: you know, technology and especially evs now, but also the
[26:37] Speaker 3: technology that came in before. Like I think about the
[26:40] Speaker 3: last time a Portia didn't have electronics steering or you
[26:44] Speaker 3: know these kind of fake tech benefits, Like that's the
[26:50] Speaker 3: edge of where car collecting is going to end.
[26:52] Speaker 4: I think I think you might be right. Although, although
[26:56] Speaker 4: how about Portia with a nine to eleven T next year?
[26:59] Speaker 4: Only an manual? Can you believe it? I love he already.
[27:04] Speaker 3: For me, the tea is the one, is the one
[27:06] Speaker 3: to go.
[27:06] Speaker 4: With, yeh.
[27:07] Speaker 1: The thinking Man's So.
[27:09] Speaker 4: I don't know if I told you this, but I
[27:10] Speaker 4: was at Pebble last year and I was I've never Hannah.
[27:14] Speaker 4: You know Keith Martin at sports Car Market, right, the
[27:17] Speaker 4: who writes sports Car Market.
[27:19] Speaker 1: I'm aware of sports Car Market.
[27:20] Speaker 4: Yeah, So he's the publisher. And I was meeting him
[27:22] Speaker 4: for dinner somewhere in Monterey and I walking into the
[27:25] Speaker 4: restaurant and there's this car outside of the restaurant and
[27:30] Speaker 4: I didn't I didn't recognize it. And I went over
[27:32] Speaker 4: and there's a guy sitting in the car and I
[27:34] Speaker 4: looked between the seats, and there is a manual in
[27:36] Speaker 4: this car is brand new. It's a new BMWM TWOG
[27:39] Speaker 4: eighty seven. And I looked at this car, big fat
[27:42] Speaker 4: fender flares, six speed, manual, rear wheel drive, carbon fiber roof,
[27:48] Speaker 4: racing seats, the whole thing. I haven't been that excited
[27:51] Speaker 4: by a new car in twenty years. I went back
[27:54] Speaker 4: to my hotel room. I talked to the guy. He
[27:57] Speaker 4: like it Monterey. Everybody he owns forty three. He said,
[28:00] Speaker 4: it's the best car he's ever had. I order it
[28:02] Speaker 4: online right then there I had to deliver to Greenwich
[28:05] Speaker 4: BMW and it's you guys had this banter the other
[28:08] Speaker 4: day about six about manuals, three pedal cars and how
[28:11] Speaker 4: you know if you buy a four cylinder automatic, you're
[28:14] Speaker 4: you've given up on life effectively. And this six speed
[28:18] Speaker 4: M two is almost like a It's a two thousand
[28:21] Speaker 4: and two TII, messed with an E thirty M three,
[28:24] Speaker 4: messed with an E forty six. But it's a modern car.
[28:27] Speaker 4: And I can't wait to drive it with you, because
[28:29] Speaker 4: I just got it. They finally delivered it. We got
[28:31] Speaker 4: to take it out.
[28:31] Speaker 3: I'll give it to you for a weekend.
[28:34] Speaker 4: Take it. It's fabulous.
[28:35] Speaker 3: Oh that's not for I can't refuse.
[28:37] Speaker 2: Can we talk about a comment that I might have
[28:39] Speaker 2: seen in an email about hoarding parts for these cars,
[28:45] Speaker 2: Because you say hoarding like it's a bad thing.
[28:48] Speaker 1: I think it's just planning.
[28:49] Speaker 3: For the This isn't about the M two, right, this
[28:51] Speaker 3: is about more like your SL.
[28:54] Speaker 4: So here's the thing when you have a car. So
[28:56] Speaker 4: let's just take the SL sixty five Black Series free.
[28:59] Speaker 4: It was made for eight months in two thousand and
[29:02] Speaker 4: eight into two thousand and nine. They made three hundred
[29:04] Speaker 4: and fifty worldwide. They're one hundred and seventy five in
[29:06] Speaker 4: the US. That makes this car way rarer than a
[29:08] Speaker 4: gull wing. It was also the first car fully manufactured
[29:13] Speaker 4: at Alfalterbach at AMG. It was not built by Mercedes.
[29:16] Speaker 4: It was fully built carbon A lot of carbon fiber
[29:18] Speaker 4: got rid of the drop top all you know, And
[29:23] Speaker 4: you know you can't get parts for it. If you
[29:26] Speaker 4: hit a deer with it. There's not a lot you
[29:27] Speaker 4: can do with it, right, And I was thinking about
[29:30] Speaker 4: the rims, which are just this, you know, staggered, enormous,
[29:33] Speaker 4: beautiful wheels only for that car for one year only.
[29:38] Speaker 4: And I came across a set of brand new wheels
[29:40] Speaker 4: last week that are first sale, which at a bargain
[29:44] Speaker 4: because if you weren't able to buy them from Mercedes
[29:46] Speaker 4: back like five years ago, they were like six grand
[29:48] Speaker 4: a wheel for one rim. And I was yesterday at
[29:51] Speaker 4: lunch with mister Collier and I said, Miles, you know,
[29:53] Speaker 4: what do you think should I stockpile this? He goes,
[29:56] Speaker 4: You know, Phil, back in the day, there was a
[29:58] Speaker 4: truckload of parts for nine to seventeen Portie and I
[30:02] Speaker 4: bought all the parts and I never looked back, and
[30:04] Speaker 4: thank god I did. He goes, I would buy those
[30:06] Speaker 4: rims because you'll never ab to find if you take
[30:08] Speaker 4: it out and bend a wheel, what do you do?
[30:10] Speaker 4: Oh dude, you have to buy it. So I bought him.
[30:11] Speaker 4: I wondered them, I got him. They're coming from itall
[30:14] Speaker 4: I have.
[30:15] Speaker 3: You know, I have a two thousand and seven Ducati
[30:18] Speaker 3: S four R S trec Laure So it's the sort
[30:21] Speaker 3: of the pinnacle of the original monster. And they had
[30:26] Speaker 3: problems with tank swelling because the tanks were this composite,
[30:30] Speaker 3: they weren't steel, and they would get misshapen. Mine is perfect.
[30:35] Speaker 3: But I saw a guy in Japan Beats tanks for
[30:39] Speaker 3: this specific model, which they only made for two years,
[30:42] Speaker 3: and I ordered one when the yen was cheap, because
[30:45] Speaker 3: I figured he's not going to build parts for a
[30:47] Speaker 3: two thousand and seven motorcycle that there's only four hundred
[30:50] Speaker 3: of them anyway forever. I might as well get one
[30:53] Speaker 3: of these tanks and hold it just in case.
[30:55] Speaker 4: Or hoard it to use your or just it. Yeah, exactly.
[30:58] Speaker 3: I think you have to do that, especially if it's
[31:00] Speaker 3: a vehicle that you care about that much. And I've
[31:04] Speaker 3: been to your place, so I know that you have
[31:06] Speaker 3: all your cars a kidden away in a garage that's
[31:08] Speaker 3: closed and locked up, and then you had the sl
[31:10] Speaker 3: like out displayed in the you know, in the field
[31:13] Speaker 3: or in the driveway there. So like you clearly love
[31:16] Speaker 3: that vehicle, and so you have to do anything you
[31:19] Speaker 3: can to keep it alive for your kids.
[31:21] Speaker 4: Yeah, right, absolutely, And I can't let a bent rim
[31:24] Speaker 4: in twenty thirty sideline the.
[31:26] Speaker 3: Cold or else You're gonna have to have somebody make
[31:28] Speaker 3: new rim for you.
[31:29] Speaker 4: Yeah. I mean by then, maybe three D print it
[31:31] Speaker 4: and there's no problem it.
[31:32] Speaker 3: Seems to be a big problem for tires. Hannah and
[31:34] Speaker 3: I were talking about Portia just made new tires for
[31:37] Speaker 3: the Karera GT right.
[31:39] Speaker 1: And it's a big deal.
[31:41] Speaker 3: I also like, I'm right now lusting after a Harley
[31:45] Speaker 3: Davidson Fat Bob. They stopped making them last year and
[31:49] Speaker 3: I don't think they're gonna make it again. And Avon
[31:51] Speaker 3: made a set of tires for that that everybody swears by.
[31:54] Speaker 3: Now Avon I think has gone out of business.
[31:56] Speaker 4: So I run Avon's on all my pre WARBMD. Their
[32:00] Speaker 4: incredible tire, the Great Tire.
[32:03] Speaker 3: Such a niche little discussion.
[32:05] Speaker 1: Here, Matt, Where are you going to keep that tank?
[32:07] Speaker 1: Where are you keeping that?
[32:09] Speaker 3: I keep it in my office because it also looks cool.
[32:12] Speaker 3: It's a hand beat bare aluminum tank and it looks awesome.
[32:16] Speaker 3: So I have it working home, right up next to
[32:18] Speaker 3: next to my first Grateful Dead show stub.
[32:20] Speaker 4: Oh.
[32:21] Speaker 2: That is a constraining factor here. Once we start, you know,
[32:23] Speaker 2: planning ahead quote unquote with parts, you start to run
[32:27] Speaker 2: out of space.
[32:28] Speaker 3: Well, especially people who live around here, like I have
[32:30] Speaker 3: no garage space. I'm like putting motorcycles in the house
[32:34] Speaker 3: because I can't keep them I only have you know
[32:37] Speaker 3: one garage.
[32:37] Speaker 1: So is the Mercedes your forever car film?
[32:40] Speaker 4: Oh yeah, I would never sell the sixty five. I
[32:43] Speaker 4: first saw it in two thousand and nine. Remember that
[32:45] Speaker 4: you said, the Mercedes showroom on Park Avenue. Yes, And
[32:48] Speaker 4: I was walking out of the middle of the financial crisis.
[32:50] Speaker 4: The world was ending. Mercedes is really good at this, right.
[32:53] Speaker 4: They launched the six point nine in the seventies when
[32:55] Speaker 4: there was no gasoline, and you know, they're like, yeah,
[32:58] Speaker 4: I love that car, right, And then they launched this
[33:00] Speaker 4: sixty five Black Series in the middle of the financial crisis.
[33:03] Speaker 4: The world's ending, and I walking down the street going
[33:06] Speaker 4: to Prett to get a sandwich, and I see this
[33:09] Speaker 4: sl sixty five parked in the in the showroom there,
[33:13] Speaker 4: and it was a big Soult sign on it, and
[33:15] Speaker 4: I just couldn't bleed my eyes. It was the same
[33:18] Speaker 4: feeling I had when I saw a portion nine fifty
[33:21] Speaker 4: nine in person for the first time. So, I mean, Hannah,
[33:24] Speaker 4: you know when you look at a nine to fifty
[33:26] Speaker 4: nine in person, the photographs don't do it justice.
[33:28] Speaker 1: Right, It's got an X factor.
[33:30] Speaker 4: It has an X factor that you can't define. And
[33:33] Speaker 4: I'm staring at this SL sixty five through the glass
[33:35] Speaker 4: with my head on the glass, and I'm staring at
[33:38] Speaker 4: a drooling on the sidewalk and people are looking at me,
[33:40] Speaker 4: you know, sideways. And I call my best friend who
[33:44] Speaker 4: owns a Mercedes dealer in New Jersey, and I said, Scott,
[33:46] Speaker 4: what is this car? And he goes, oh, oh, Fillip, Philip.
[33:50] Speaker 4: I only got one. He's like the second largest volume
[33:52] Speaker 4: dealer in the country. Only got one, you know, as
[33:54] Speaker 4: an allocation, And so I waited patiently. Three years later
[33:58] Speaker 4: I bought one.
[34:00] Speaker 3: I have to introduce you to Kevin Tynan, who is
[34:03] Speaker 3: an autos analyst. He used to work for us. Now
[34:05] Speaker 3: he's gone to his own shop, I think, but he
[34:08] Speaker 3: is obsessive about that period Mercedes and has I think
[34:14] Speaker 3: a couple of V twelves and vas.
[34:18] Speaker 4: Yeah, he is.
[34:19] Speaker 1: He just saw his son this weekend too.
[34:21] Speaker 3: And his son has one too, and they work on
[34:23] Speaker 3: them themselves and their own garage.
[34:26] Speaker 4: It's the best. The tough period there though in Mercedes
[34:29] Speaker 4: history is you know that was during well that was
[34:31] Speaker 4: at the end, that was after, but that before Chrysler,
[34:34] Speaker 4: the Chrysler takeover period. There was a lot of bad
[34:37] Speaker 4: stuff that went on there and a lot of corners cut.
[34:40] Speaker 4: I mean the R one twenty nine for example. In
[34:43] Speaker 4: ninety eight they dropped the M one nineteen four valve
[34:46] Speaker 4: V eight and they put a three valve V eight
[34:49] Speaker 4: in it. I mean, it's just unbelievable.
[34:51] Speaker 3: Yes, they made mistakes, but for me, uh, for me personally,
[34:55] Speaker 3: the Daimler Chrysler merger of equals Y was worked out
[35:01] Speaker 3: so well because I have and love the Dodge Challenger,
[35:05] Speaker 3: which is essentially a Mercedes E class you know, from
[35:08] Speaker 3: the period.
[35:10] Speaker 1: I've never heard you put it that way.
[35:11] Speaker 3: Well, they use the same platform to make their Challenger
[35:15] Speaker 3: their three hundred and A charger.
[35:19] Speaker 4: Yeah, exactly. So do I need a Demon?
[35:22] Speaker 3: Oh yes, I mean I don't think you necessarily need
[35:24] Speaker 3: a Demon. I think that's overkilled. I think you're fine
[35:27] Speaker 3: with a hell Cat because what you want is the
[35:30] Speaker 3: supercharger wine And for me, it's the bad muscle car
[35:35] Speaker 3: style and you're not going.
[35:37] Speaker 4: To be it is the bad muscle car style.
[35:42] Speaker 3: It definitely when you see a Dodge Challenger, you think
[35:44] Speaker 3: the dude who's driving.
[35:46] Speaker 4: It is probably a criminals. You know, Yeah, he's definitely
[35:49] Speaker 4: done time, he's done time.
[35:58] Speaker 2: I need to ask I need to asked Philip going
[36:01] Speaker 2: back to you made a comment and you said that
[36:04] Speaker 2: car collecting is a sport not a hobby. Yeah, and
[36:08] Speaker 2: I need you.
[36:08] Speaker 1: To unpack that a little bit. What do you mean
[36:11] Speaker 1: by that? And is horse riding a sport or a hobby?
[36:15] Speaker 4: You know? I think if the depending on the level
[36:17] Speaker 4: in Equestriaan, it can be a hobby. People ride on
[36:19] Speaker 4: the weekends and have fun. But at the level I
[36:22] Speaker 4: compete at and my peers, it's it's a full on sport.
[36:24] Speaker 4: I mean, Georgina Bloomberg is a great competitor. I'm good
[36:28] Speaker 4: friends with her, and she's an incredible athlete. These are
[36:31] Speaker 4: real athletes people at that level I mean of course
[36:33] Speaker 4: spirit and it's a it's.
[36:34] Speaker 1: A Michael car collecting a sport.
[36:37] Speaker 4: Well, I think I think the the industry has evolved.
[36:40] Speaker 4: I mean it used to be a fun hobby and
[36:42] Speaker 4: you'd go to a you know, a SAT. Sunday car
[36:45] Speaker 4: show and people would drink coffee. And now with bring
[36:49] Speaker 4: a trailer and all the interesting models that have come
[36:51] Speaker 4: out over the last thirty years and the things to
[36:54] Speaker 4: do with them, whether it's you can you know, you
[36:56] Speaker 4: can join, you can join private clubs like up on
[37:00] Speaker 4: Carcello Classic Car Club Manhattan.
[37:03] Speaker 3: It's become not the Beverly Hills Car Club. No, that's
[37:06] Speaker 3: too exclusive.
[37:08] Speaker 4: It would let us in that club. But but but
[37:11] Speaker 4: it's become much more dynamic, and it's it's not so
[37:15] Speaker 4: much a hobby, but it's it's a real sport. And
[37:17] Speaker 4: I think I keep going back to the people you meet,
[37:19] Speaker 4: which is so great, but the things you can do
[37:21] Speaker 4: with these cars. We ran a Turtle Rally on the
[37:24] Speaker 4: off year of the Turtle Invitational, and we went to
[37:26] Speaker 4: Cooperstown and we're hosted by the chairman of the Baseball
[37:30] Speaker 4: Hall of Fame and we we you know, stayed at
[37:32] Speaker 4: the Oda Zaga and we had like thirty amazing cars
[37:36] Speaker 4: we had. You know, one guy drove a fifty five
[37:38] Speaker 4: Speedster that was unrestored. I mean, Magnus would have loved
[37:41] Speaker 4: this car, and it was just an incredible piece of
[37:45] Speaker 4: history and leaked like a sieve when it rained. And
[37:48] Speaker 4: that's the kind of thing that makes it more like
[37:50] Speaker 4: a sport I think today.
[37:52] Speaker 5: It's also it's also competitive, yeah, right, extremely And then
[37:57] Speaker 5: like I'm treading on Hanna's territory here, But what do
[38:00] Speaker 5: you think about Mkhil Hagerty coming in and kind of
[38:05] Speaker 5: shaking up to some extent the auction business.
[38:08] Speaker 4: Well, I think he did more than just the auctionism.
[38:10] Speaker 4: I mean he you know, we've had this amazing trend
[38:13] Speaker 4: in the industry and I've wrote I've written about all
[38:15] Speaker 4: of this in sports car market because when these business
[38:17] Speaker 4: transactions happened, they called me to write about it. But
[38:19] Speaker 4: we had you know, RM merged with Sotheby's, right, that
[38:24] Speaker 4: was a long time ago, but that was a big deal,
[38:26] Speaker 4: Hannah right when that happened. Like Rob Myers called me
[38:28] Speaker 4: when it happened and said, oh my god, like what,
[38:30] Speaker 4: I can't believe this, Like this is a big deal.
[38:33] Speaker 4: Then you had bring a trailer get bought by Hurst
[38:36] Speaker 4: in the middle of the pandemic. Then you've had Gooding
[38:42] Speaker 4: which had got bought by Christie's, which just happened David
[38:45] Speaker 4: Gooding sold part of his business. And then you've had
[38:48] Speaker 4: these other transactions that have occurred where Haggarty threw u spack
[38:52] Speaker 4: went public. So these businesses that support what once was
[38:57] Speaker 4: a hobby now is a competitive industry, are now real
[39:00] Speaker 4: businesses with cash flows with public shareholders and and Mkhiel
[39:05] Speaker 4: did something very pioneering in taking Haggarty public and and
[39:10] Speaker 4: I think there's some you know, board members on the
[39:13] Speaker 4: on Haggarty that that were very fluent in all of
[39:16] Speaker 4: this and helped him do that. But you know, they're buying.
[39:20] Speaker 4: They've bought all these car shows, They've got the broad Arrow,
[39:23] Speaker 4: they've got publications. They obviously have their core insurance business.
[39:29] Speaker 4: And I think they've stumbled, you know, here and there.
[39:31] Speaker 4: They've had stumbles, and that's to be expected. They're trying
[39:33] Speaker 4: to do so much. But it's fascinating I think the
[39:36] Speaker 4: way business and publicly traded enterprises are being built out
[39:41] Speaker 4: of these types of businesses. I mean even Doug Demurrow, right,
[39:44] Speaker 4: even Doug's websites and YouTube channels have become wildly popular,
[39:51] Speaker 4: and he has an auction site.
[39:53] Speaker 3: Now, yeah, well he sold it, right, I mean there yet.
[39:58] Speaker 2: I will say I thought it was very interesting. I
[39:59] Speaker 2: was a the wind Concore and it was probably the
[40:02] Speaker 2: first automotive event I've been to in a year that
[40:06] Speaker 2: there was no Haggarty signage, no Haggardy sponsorship. I mean,
[40:09] Speaker 2: the win obviously doesn't need Haggerty. They're they're very, very
[40:13] Speaker 2: polished and it was a great show. But it was
[40:17] Speaker 2: interesting that Haggerty wasn't there. There was no auction. Yeah,
[40:21] Speaker 2: so really fascinating.
[40:23] Speaker 4: Wait were you there for your chauffeur school.
[40:26] Speaker 2: Oh I am a bona fide Rolls Royce white Glove chauffeur,
[40:30] Speaker 2: and I've got the white Glove to prove it.
[40:32] Speaker 4: I love it. Did you go to the Sphere?
[40:35] Speaker 2: I have not the sphere right now exactly, and we
[40:38] Speaker 2: should all get on a plane and go there.
[40:40] Speaker 4: I saw I saw you two open the Sphere last fall,
[40:43] Speaker 4: and I went to actually Friday and Saturday night.
[40:45] Speaker 3: I must I haven't seen the Sphere or been there,
[40:49] Speaker 3: but Hannah and I were talking about this because, at
[40:52] Speaker 3: least in my opinion, the Eagles is a band I
[40:54] Speaker 3: want to see. I mean, do it?
[40:56] Speaker 4: What is your the Sphere?
[40:58] Speaker 1: I feel like there's a.
[41:00] Speaker 3: Place for like you two makes more sense for this.
[41:02] Speaker 3: Fear the Dead makes sense for this Fear the Eagles
[41:05] Speaker 3: is just about you know, Don Henley, Like I don't
[41:08] Speaker 3: need to.
[41:09] Speaker 4: I think anything in the Sphere is extraordinary. I think
[41:12] Speaker 4: I can't be im gonna say this, but I think
[41:14] Speaker 4: Jimmy Dolan has revolutionized live entertainment. It is incredible experience.
[41:19] Speaker 4: There were people next to me taking dramamine. I mean
[41:22] Speaker 4: it was really incredible.
[41:24] Speaker 3: Yeah, I've heard that as well.
[41:26] Speaker 1: I would like to go. I haven't. I haven't been yet.
[41:28] Speaker 2: But I also kind of want to go to Dita
[41:30] Speaker 2: Vontisa's show in Vegas, and I didn't go. I'm going
[41:33] Speaker 2: to be back in a few weeks for Formula one,
[41:35] Speaker 2: so maybe.
[41:35] Speaker 3: But maybe you're gonna tell us about the show first
[41:37] Speaker 3: School or is that save for another time?
[41:39] Speaker 4: Did you write a story on it?
[41:40] Speaker 2: Yes, the story's filed, but maybe we can talk about
[41:43] Speaker 2: it when it publishes.
[41:44] Speaker 3: All right, I want I have uh wait, I had
[41:47] Speaker 3: one more question.
[41:48] Speaker 1: What was I going to ask something about the Eagles?
[41:51] Speaker 4: No? Don Henley, No, No, it's completely slipped my mind.
[41:57] Speaker 4: The AMC Pacer. Do you like the pace? I think
[42:00] Speaker 4: it was ahead of his time, and I think Portia
[42:02] Speaker 4: actually copied it to make the nine twenty eight. Really,
[42:06] Speaker 4: I think there's some there's some lineage there that's a
[42:09] Speaker 4: little bit.
[42:10] Speaker 3: So that seems like I feel like you're dissing the
[42:12] Speaker 3: nine twenty eight.
[42:13] Speaker 4: No, I had a GTS. I loved it, one of
[42:15] Speaker 4: my favorite cars ever.
[42:16] Speaker 3: Dude, risky business when he has the GRS is another level.
[42:19] Speaker 4: Though. The final year car was supercar, beautiful vehicle.
[42:23] Speaker 3: Well awesome. I really appreciate you coming in coming up
[42:26] Speaker 3: from Florida for this. I hope to see you in
[42:28] Speaker 3: Bedford soon.
[42:29] Speaker 4: Yes, we'll take the packard and well the packards in Florida.
[42:32] Speaker 4: We'll take the G eighty seven for a bus.
[42:33] Speaker 3: Yeah, I'd love to, because you just take it for
[42:35] Speaker 3: a weekend. I'd spent a lot of time driving the
[42:37] Speaker 3: old the last generation M two, great car, and that
[42:41] Speaker 3: to me is it felt super analog. It felt so light,
[42:46] Speaker 3: it was so tactile, and the feedback was amazing, and
[42:50] Speaker 3: my pulse was pounding, you know, and I was driving it.
[42:53] Speaker 4: So this I'll be interested to see if they've kept that.
[42:55] Speaker 4: I don't think they have as much, and that's why
[42:57] Speaker 4: those cars are seeing such a premium in the market.
[42:59] Speaker 4: And everything I've read says the automatic in that car.
[43:02] Speaker 4: I think it's a nine speed is a way better
[43:04] Speaker 4: transmission than the six speed manual. But I just couldn't
[43:08] Speaker 4: do it. Oh, it doesn't even matter do that.
[43:10] Speaker 3: But why do you You don't care about track like
[43:12] Speaker 3: lap times? Right, you know?
[43:13] Speaker 4: And I just the thought of like having a the
[43:16] Speaker 4: option of having a three pedal car in twenty twenty four, Like, yeah,
[43:20] Speaker 4: you can't check. You can't not check that box.
[43:22] Speaker 3: No, I agree one hundred percent.
[43:23] Speaker 1: Yeah, CO sign on that.
[43:25] Speaker 4: Yeah sure, I.
[43:26] Speaker 3: The best color. I love you got the gray Brooklyn Gray.
[43:31] Speaker 4: I love that unavailable next year in the twenty twenty fives,
[43:33] Speaker 4: by way.
[43:34] Speaker 3: But I go on the configurator a lot and I
[43:37] Speaker 3: try and figure out which what I'm gonna get, and
[43:38] Speaker 3: I can never really decide because I also love their red,
[43:41] Speaker 3: but I don't want a red car, right.
[43:43] Speaker 4: The red's cool, though, it's not like a flashy show
[43:45] Speaker 4: me red blue.
[43:46] Speaker 3: The launch edition blue was hot, hot hot, and uh
[43:50] Speaker 3: yeah that's a I think a high quality.
[43:52] Speaker 4: That car is the great thing about it. It doesn't
[43:54] Speaker 4: have that giant Weber gaping grill that you can you know,
[43:57] Speaker 4: cook barbecue the rabbits too. It's a very small, noise,
[44:00] Speaker 4: normal grill. It's the last of I think that. I
[44:02] Speaker 4: don't think they're going to build a car like that. Again.
[44:04] Speaker 3: BMW instant constantly is bringing out cars that everyone hates
[44:08] Speaker 3: initially and they love a year later everyone has them.
[44:11] Speaker 4: Yeah, that's that's forward leaning design. Yes, that's what it takes.
[44:15] Speaker 4: That's what Bruno Saco did. Yes.
[44:16] Speaker 1: And I don't even hate that grill.
[44:18] Speaker 4: No, no, I love it now.
[44:19] Speaker 3: But when it first came out, I remember looking at
[44:21] Speaker 3: the M three and thinking, man, I'd rather have just
[44:23] Speaker 3: the M three forty or whatever because it doesn't have
[44:26] Speaker 3: that grill.
[44:26] Speaker 4: And now I love that grill. Yeah, it's all grown
[44:29] Speaker 4: on us.
[44:29] Speaker 3: But I can't forgive Chris Begle. That's an era. I
[44:33] Speaker 3: will never That was.
[44:34] Speaker 1: A tangle butt is not your button.
[44:36] Speaker 4: No, you know. I actually had a very interesting email
[44:39] Speaker 4: dialogue with Chris Bangle. He's actually emailable if you google
[44:42] Speaker 4: his website. He has a private design firm, and I
[44:46] Speaker 4: was going to try to get him to come to
[44:47] Speaker 4: the Turtle as a design on a panel, and he
[44:50] Speaker 4: was really friendly. Emailed me back. I made a dialogue.
[44:53] Speaker 4: But you're right, like, those cars did not stand the
[44:56] Speaker 4: test of time. Yeah, they just haven't.
[44:58] Speaker 3: No, they don't look good anymore. No, and they didn't.
[45:01] Speaker 4: I don't think when the time about the sixth series
[45:03] Speaker 4: was okay, the convertible.
[45:05] Speaker 3: M six, yeah, but not compared to, in my opinion,
[45:08] Speaker 3: the six thirty five from the eighties. Nineties is just
[45:12] Speaker 3: like Paul and that car absolute classic, and that's one
[45:16] Speaker 3: of those cars. What's the list that Haggardy publishes, like
[45:20] Speaker 3: their bullets, the bull List. I feel like that is
[45:23] Speaker 3: a car that could be on there every year because
[45:24] Speaker 3: that's underappreciated and it's got to become a highly valued
[45:30] Speaker 3: car later later on. Dude, I appreciate it so much.
[45:34] Speaker 3: Thank you so much for coming in.
[45:35] Speaker 4: Thank you, Hannah, thank you, thank you truly. Look for
[45:39] Speaker 4: seeing you soon.
[45:40] Speaker 1: Come west, Come west.
[45:41] Speaker 4: I do frequently, please do Okay, thanks.
[45:50] Speaker 3: I remembered what I want to ask, and I think.
[45:52] Speaker 4: It's a good question for Philip.
[45:54] Speaker 3: Okay, I think it's a good question for Philip.
[45:56] Speaker 4: I was in the elevator, but I'm back.
[45:58] Speaker 3: I remembered what I wanted to ask, and it is
[46:01] Speaker 3: your profession, which is you know, finance, right, investment management,
[46:07] Speaker 3: investment management, and your sport which is car collecting.
[46:13] Speaker 4: Right.
[46:13] Speaker 3: They sometimes dovetail, although we rarely talk about it on
[46:18] Speaker 3: you know, my Markets show. I remember when you mentioned
[46:21] Speaker 3: the GTO and this is what brought brought it to
[46:23] Speaker 3: my mind. The drummer for Pink Floyd, Nick Mason, he
[46:26] Speaker 3: has a GTO, has a gCO and a big collection,
[46:28] Speaker 3: and in fact they started a fund that the public
[46:32] Speaker 3: could buy into. And I met somebody at what's the
[46:37] Speaker 3: Hampton's the bridge, the bridge, right. I met somebody at
[46:39] Speaker 3: the bridge who had an F forty and he was
[46:41] Speaker 3: trying to do the same thing.
[46:42] Speaker 4: They had rally Road, which was an early pioneer, and
[46:44] Speaker 4: I loved rally Road twelve.
[46:48] Speaker 3: And I have no idea what happened to my account,
[46:50] Speaker 3: But you.
[46:51] Speaker 4: Know, it's like you still own that, right blinker.
[46:53] Speaker 3: Right, So, but do you think that there could be
[46:58] Speaker 3: a fund or an ETF for example, that collects cars
[47:01] Speaker 3: and it could be successful or is there some barrier
[47:04] Speaker 3: to making that happen on a regular basis because I
[47:06] Speaker 3: never really see it.
[47:07] Speaker 4: Well, I can tell you if somebody came up with
[47:09] Speaker 4: this idea, you know, ten years ago and bought up
[47:13] Speaker 4: a lot of these ferraris, whether it was you know,
[47:15] Speaker 4: F forty's or two eight h GTOs or even two
[47:18] Speaker 4: fifty short wheelbases, the multiplier on those vehicles has been
[47:23] Speaker 4: venture capital. Like some of these cars twenty years ago
[47:26] Speaker 4: were trading for one two hundred thousand dollars, they're now
[47:29] Speaker 4: multi multi multimillion dollar cars. I don't know if we're
[47:32] Speaker 4: going to have that kind of growth unless inflation really
[47:36] Speaker 4: takes off, which is possible where these assets will reprice
[47:39] Speaker 4: as real assets into a declining value of paper currency.
[47:45] Speaker 4: You know. I think there's a place for it, for sure,
[47:49] Speaker 4: depends on who runs it and how they think about
[47:51] Speaker 4: in the quality of the asset bases and what they're
[47:53] Speaker 4: buying and how good they are. It's you know, bird
[47:55] Speaker 4: dogging out which cars are going up in value. Again, though,
[47:59] Speaker 4: I tend to feel like this, this sport is about passion,
[48:03] Speaker 4: and you know, a lot of those GTO owners they
[48:06] Speaker 4: do drives together, you know, through Italy and through different
[48:09] Speaker 4: parts of the world. They ship the cars globally and
[48:12] Speaker 4: have fun together owning a piece of a car. You know.
[48:17] Speaker 4: I don't know, but I'm warm on it, to be honest,
[48:21] Speaker 4: I'm lukewarm on it.
[48:22] Speaker 3: Right because I'm just thinking, doesn't anyone ever come to
[48:24] Speaker 3: Hollowbrook and say, hey, you do investment management for me,
[48:30] Speaker 3: and you know a lot about cars, why don't we
[48:32] Speaker 3: start a car collection together? That's an investment.
[48:35] Speaker 4: Yeah. I've been approached by several pretty sophisticated people GT
[48:40] Speaker 4: Motor Cars, Jarra Mantea is doing that right now, and
[48:43] Speaker 4: he's in the beginning Nason stages of that. And yeah,
[48:46] Speaker 4: it's a good idea, and we help clients manage disposition,
[48:50] Speaker 4: you know, selling collections, buying collections. We advise them on
[48:54] Speaker 4: taxis and how to handle that. But it might be
[48:58] Speaker 4: more of a my negativity this, Matt might be more
[49:02] Speaker 4: of a valuation issue, because I feel like the collector
[49:04] Speaker 4: car market is fully valued right now. It's sort of
[49:07] Speaker 4: like imagine the S and P. Right if the SMP
[49:11] Speaker 4: was trading at twelve times earnings, none of us would
[49:13] Speaker 4: have cash in our accounts at all. We'd be fully invested.
[49:17] Speaker 4: But here at like twenty four times earnings, it feels
[49:21] Speaker 4: toppy and full, right. So maybe if there's a big
[49:25] Speaker 4: correction and you can buy that F forty for a
[49:27] Speaker 4: million five instead of four million or three million, fund
[49:32] Speaker 4: might be interesting.
[49:33] Speaker 3: You know.
[49:34] Speaker 2: I will say there are guys who co own cars.
[49:37] Speaker 2: It's just not as formal as what you're describing. But
[49:40] Speaker 2: I know plenty of people in LA who share ownership
[49:43] Speaker 2: of a car that they plan to own for a
[49:45] Speaker 2: while and then sell and split the profits.
[49:48] Speaker 3: It just seems to me that it's it's always something
[49:52] Speaker 3: I hear about people doing. And let's say the private markets, right,
[49:56] Speaker 3: and now is a time when private markets have become
[49:59] Speaker 3: so in vogue. Everybody wants in on private markets. And
[50:01] Speaker 3: in fact, a lot of companies aren't going to go
[50:03] Speaker 3: public because they're doing better and they can be traded
[50:06] Speaker 3: in a private market.
[50:07] Speaker 4: Yeah, and they don't have to do SEC filings every
[50:10] Speaker 4: quarter to deal with analysts and have quarterly calls and
[50:12] Speaker 4: all exactly.
[50:13] Speaker 3: But I know there's some there must be some reason
[50:15] Speaker 3: why we don't have ETFs that are car collections. And
[50:18] Speaker 3: I know rally Road was a fun idea, but it
[50:21] Speaker 3: didn't really take off.
[50:23] Speaker 4: It didn't. But but an ETF is an interesting concept
[50:25] Speaker 4: because what bring a trailer has done, it's brought unbelievable
[50:30] Speaker 4: liquidity into the market. And when you look at the
[50:32] Speaker 4: scatter plots, if you like put in you know, let's
[50:35] Speaker 4: say oud R eight six speed manual, and you can
[50:39] Speaker 4: look at the scatter plot of what they've traded through,
[50:42] Speaker 4: love that you have a an incredible It's it's no
[50:45] Speaker 4: different than looking at a stock on Bloomberg and what
[50:48] Speaker 4: it's traded at historically. So why couldn't there be an ETF.
[50:52] Speaker 4: It's a good point. I mean, I'm not against it,
[50:54] Speaker 4: I just just you.
[50:55] Speaker 3: Know, well, no, there has to be a reason why
[50:58] Speaker 3: no one does it, otherwise someone would have done it
[50:59] Speaker 3: ten years ago.
[51:00] Speaker 4: Yeah, there's been a lot of attempts at funds and
[51:03] Speaker 4: some have been launched and some probably have been successful,
[51:07] Speaker 4: but it's probably not that scalable. I mean, you do
[51:11] Speaker 4: have high expense ratios because you've got to store the cars.
[51:13] Speaker 3: Scalability, that's the issue.
[51:15] Speaker 4: Insure the cars, right.
[51:16] Speaker 3: Every few years, somebody will launch a fund, a car
[51:20] Speaker 3: fund or a wine fund or an art fund, and
[51:23] Speaker 3: we'll have that person on Bloomberg Business Week and we'll
[51:25] Speaker 3: talk to them about it on the radio. And it's
[51:26] Speaker 3: so fun to do for a segment, but it never
[51:29] Speaker 3: takes off enough that it makes it to like.
[51:30] Speaker 4: The mainstream financial news.
[51:32] Speaker 3: And yeah, yeah, excellent. I'm glad I remembered that final
[51:35] Speaker 3: question because that was a really good question. Well, it's
[51:38] Speaker 3: something that I sort of come up come up against
[51:41] Speaker 3: every couple of years. Someone always has a fund that
[51:45] Speaker 3: he wants to launch and he wants to talk about
[51:46] Speaker 3: on the show, and I'm into it, you know, but
[51:48] Speaker 3: it just never picks up.
[51:50] Speaker 2: Yeah, it's kind of one of those things where it's
[51:52] Speaker 2: it's it is like a good idea in theory, but
[51:54] Speaker 2: then somehow it doesn't translate, and I just keep thinking, actually,
[52:00] Speaker 2: people do kind of want to drive or at least sit.
[52:02] Speaker 4: In totally car totally.
[52:04] Speaker 3: That's why I think rally Road I don't think it
[52:08] Speaker 3: really took off. I know, it's still a viable business,
[52:10] Speaker 3: and they've gone into other kind of things, so you
[52:14] Speaker 3: can own I guess part of watches exactly, or like
[52:17] Speaker 3: Michael Jordan's nikes from whatever, you know. But I wonder
[52:21] Speaker 3: what the most valuable car collection in the world is, Like,
[52:25] Speaker 3: is Jay Leno's car collection worth more than any other?
[52:28] Speaker 3: Or is Ralph Lauren's car collection worth more than those guys?
[52:32] Speaker 1: I'd be so curious.
[52:34] Speaker 3: They must see it in some respects as an investment, right.
[52:37] Speaker 2: For sure, But think of all the people in Asia
[52:41] Speaker 2: and the Middle East that have.
[52:42] Speaker 3: Hundreds Oh true, the Saltan of BRUNEI.
[52:44] Speaker 2: Completely like those guys are and those are so low key.
[52:48] Speaker 1: I mean, I would be very surprised if.
[52:52] Speaker 2: Someone in like China or the Middle East didn't have
[52:56] Speaker 2: a really really expensive China like meaning.
[52:59] Speaker 3: Hong Kong, and they're not inviting Millbowski little and yeah, they're.
[53:02] Speaker 2: Not inviting the YouTubers to come over and like shoot
[53:05] Speaker 2: their cars.
[53:05] Speaker 3: I bet you Shmie is sometimes sneaking into some sound.
[53:10] Speaker 1: Well, if anyone could do it, he could do it.
[53:13] Speaker 4: All right. That does it for us this week.
[53:15] Speaker 3: Join us, same time, same place next week.
[53:17] Speaker 2: I'm Matt Miller and I'm Hannah Elliott and this is
[53:20] Speaker 2: Bloomberg

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