Hermès

11114.403 - 11139.012 Unnamed Speaker

Well, I thought one fascinating thing was Excel saying that with the $4.3 billion in net income that they do, they always split it roughly the same way. One-third to the dividend, one-third gets reinvested in CapEx, and one-third in cash. And what's pretty interesting is they have a reasonably low reinvestment rate. They're And they're holding on to a lot of cash, two-thirds of it.