As you know, I'm not a big fan of the luxury goods sector right now.
Don't get me wrong, I love high-end luxury products - for instance there's nothing better than a bespoke suit or beautifully designed and expertly crafted women's clothes and leather goods - I just hate luxury stocks right now.
As many of you know, the luxury goods market is tilting towards big trouble.
Over the past five years, the price of some Chanel handbags has increased by 70% to a ridiculous $4,900. A Cartier gold bracelet, like the one I bought for a friend, now sells for $16,300... 48% more than in 2009. Luxury e-tailer Net-A-Porter sells more than 100 different pairs of shoes priced over $1,000... an amount unheard of just a few years ago.