France’s Richest Man Warns “Every Time We Get This Euphoric, It Ends Badly”
by Tyler Durden
ZeroHedge.com
Jan 28, 2017
Despite the world’s elite ‘prepping’, and ‘Davos man’ fearful of the rise of populism, it seems ‘average joe’ remains exuberant (if sentiment and stocks are to be believed). But France’s richest man, LVMH CEO Bernard Arnault, has seen this all before and is very anxious.
France’s richest man is chairman of LVMH Moet Hennessy Louis Vuitton, the world’s largest maker of luxury goods. He controls about half of LVMH, which had revenue of 35.7 billion euros ($39.6 billion) in 2015 from products including Louis Vuitton leather goods, TAG Heuer watches and Dom Perignon champagne.
The boss of the world’s largest luxury brands company began his earnings call with an ‘unusual’ proclamation of the reality he fears the world is missing…
It’s been a very good year. A pretty mixed year on the whole. The first part of the year more restrained with the second part of the year displaying sharp acceleration. I’d like to review the various business groups before giving you my views on 2017, which is one of caution and I’ll explain why.
And after expounding on how well things were going, Arnault dropped the uncomfortable truth bomb…
The Rest…HERE
