In short: Cheap eyewear compounder "in the dumps" on overblown Meta-wearable fears; dominates lenses, grows GDP+ (~3-5%) with an annuity-like franchise — people who start wearing glasses keep buying. "Not a tech company."
EssilorLuxottica is a French-Italian eyewear champion — it makes most of the world's lenses and owns Ray-Ban, Sunglass Hut and the licensed glasses for luxury brands like Dior and Chanel. The stock is "in the dumps," partly on fears that its Meta Ray-Ban smart-glasses partnership makes it a risky "tech" bet.
Harris says that's a misread: it's not a tech company, it's a steady eyewear business that grows around 3-5% a year. The appeal is the "annuity" — once people start wearing glasses they keep buying, and more screen time plus an aging population means ever more customers. A cheap, durable compounder the market has mistaken for something riskier.
53:12And you're going to Paris, so I don't know if this is Can you pronounce it? Esselor Luxadica, right? There we go. There you go. Um now I think of it as eyewear. Yeah, I wear eyewear is great. Look at these. Fantastic. Right. Yes. Also, in addition to the scarf, Paul has amazing eyewear. You're calling it a scarf. That's very it's a it's a you know it's a it's a um
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