Our second quarter letter explores the primary driver of our recent performance: large gaps between…
Take a quick holiday with two patriots in Roma, as we review the investment case for Piaggio (PIA IM). Not only did the Vespa begin the scooter revolution, but it set people free and democratized personal mobility. Seven decades later, it remains the original disrupter, untouchable by any silicon valley concoction. Join two Americans in Rome for a scooter tour and quick lesson on one of our favorite stocks.
A big thank you goes out to our friends at scooteroma.com who let us share this fun experience!
We’re now including a chart set with the video, so you can easily reference the statistics we speak about below. Enjoy!
Piaggio: The Original Disrupter
Exhibit 1: Italian Sales Decline
Exhibit 2: Piaggio’s Highly Leveraged Cost Structure
Exhibit 3: Average Age of 2-Wheelers In Italy
Exhibit 4: Prior Recoveries in Italian Scooter Sales
Exhibit 5: Average All-In Transport Costs per Day
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