Earlier this year, GCQ’s high-profile investment chief Doug Tynan rapidly sold down his shares in luxury goods companies Louis Vuitton, Richemont and Hermes to fund a $200 million bet on software stocks, which had been sold off from fears that artificial intelligence would destroy their businesses.
At the time, luxury stocks had been on a tear from an investor flight to safety as the so-called SaaSpocalypse pervaded global markets. But the sector has more recently been battered by the Iran war as the skyrocketing oil price hits consumer spending.
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