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Newly minted millennials and Gen Z now make up 40% of new Ferrari buyers

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The share of new Ferrari buyers who are under the age of 40 has soared in the last two years as newly minted millennials, undeterred by two-year-long wait lists, give a window into the luxury carmaker’s future customer base.

Ferrari CEO Benedetto Vigna says under 40s now account for 40% of Ferrari’s new clients, according to an interview with CNBC. That’s a marked jump on the 30% of new buyers who were estimated to be under the age of 40 when Vigna last gave a figure in 2023.

“I don’t know for other brands, but for us, it is an achievement that is thanks to our team,” Vigna told CNBC.

Buying a Ferrari is, arguably, intentionally difficult. The luxury carmaker sells a fraction of the cars mass-market carmakers ship each year.

Vigna says waiting lists for a new Ferrari currently sits at two years. This can create problems for older customers keen to get the most out of their car in their twilight years, as well as for its new, younger customers. Vigna told CNBC one 37-year-old customer was anxious to receive his Ferrari before his 40th birthday.

“Don’t worry, you will get it when you are 39,” Vigna recounted.

The difficulty of buying a Ferrari is reflected in its underlying numbers. Ferrari shipped just 13,663 cars in 2024 while raking in profits of €1.25 billion ($1.36 billion).

With a market cap of $80 billion, Ferrari is the 35th most valuable company in Europe. By contrast, it was only the 492nd largest company in Europe by revenue in 2023. 

Most of Ferrai’s customer base has been forged over decades. In 2024, Ferrari sold approximately 81% of its new cars to existing Ferrari owners and 48% to buyers who currently own more than one Ferrari.

Meanwhile, more than 90% of Ferraris ever made are still on the road, with an established resale operation ensuring high-quality Ferraris stay in circulation years after their first sale.

However, the carmaker is no different to other luxury competitors in needing to find a new crop of younger customers to maintain their dominance through the rest of the century.

In some instances, this play for millennial drivers has focused on flexibility. Jaguar Land Rover (JLR), through its venture arm InMotion Studios, set up rental and subscription services that give drivers temporary access to Range Rovers and off-road Land Rover vehicles without the commitment of ownership.

JLR also announced plans to invest £65 million ($81 million) in two plants to expand its paint combinations, allowing superrich drivers to match the color of their car with their private jet. 

Improving customization options has become carmakers’ main priority to lure new customers.

Ferrari is no different. The carmaker made a fifth of its revenues in 2024 from personalization. While customization represents a lucrative revenue stream, it does create a dilemma for Ferrari and its exclusivity proposition.

Vigna said the carmaker was considering pre-defining its color combinations to preserve a Ferrari car’s resale value, wary of buyers in Ferrari’s popular resale market being deterred by the design choices of early buyers.

“Our new clients are 10% younger than all the clients we have in the world. So the prancing horse is kicking strong,” Vigna said in 2023 when the new clients under 40 figure stood at 30%.

This story was originally featured on Fortune.com

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An Arkansas resort town is feuding over the title of world’s shortest St. Patrick’s Day parade

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Cities like New York and Chicago boast some of the largest St. Patrick’s Day parades, attracting thousands of revelers and plenty of green beer.

But a city in Arkansas has gained popularity over the years with its parade for an entirely different reason. The city of Hot Springs, a resort town known for its mineral-rich waters, promotes its 98-foot route as the World’s Shortest St. Patrick’s Day Parade.

For more than two decades the city has held the parade on Bridge Street downtown, and it’s become one of its biggest draws. It’s even gained the attention of celebrities who have participated in the annual, short event, including actress Valerie Bertinelli and rap icon Flavor Flav.

How the parade began

Steve Arrison, CEO of Visit Hot Springs, said the idea began in 2003 when he and a group of friends were at a downtown restaurant “drinking adult beverages” and the topic of St. Patrick’s Day came up.

“We got to talking and said, well, why don’t we have a parade?” Arrison said.

The parade began the following year and drew about 1,500 people. More than 30,000 people watch the parade each year, organizers say.

What’s a 98-foot parade like?

For the world’s shortest, the parade packs in a lot. They’ll have 40 different floats, and participants will include 100 members of a group of Elvis Presley impersonators known as the International Order of the Marching Irish Elvi.

Another float will feature the local chapter of the International Society of Helen Ropers, with participants dressed up as the character from the 1970s sitcom, “Three’s Company”.

The parade has also featured a celebrity grand marshal and parade starter, and over the years has included familiar names such as actor Kevin Bacon, “Cheers” star George Wendt and country music star Justin Moore. This year, Bertinelli will be the grand marshal and Flav will be the official starter.

The parade even created its own green version of the signature clock necklace Flav, a founding member of Public Enemy, is known for wearing.

The Dallas Cowboys cheerleaders have also participated in the parade for the past several years.

The parade includes other events, including a concert and a “Blarney Stone kissing contest.” Before the parade begins Monday, there’s an official measuring of the route.

Other short parades

Other parades have tried to lay claim to being the shortest in recent years, including two cities in New York that dueled over who had the shortest parade. Another 78-pace parade was planned in Bemidji, Minnesota on Monday.

The Hot Springs parade’s organizers also keep up a feud with another parade in Adamsville, Rhode Island that claims its 89-foot route is the shortest. But Arrison dismisses their claim, noting that city’s parade is held on the day before St. Patrick’s Day.

Arrison also notes that the Hot Springs event has copyrighted the title “World’s Shortest St. Patrick’s Day Parade.”

This story was originally featured on Fortune.com

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The dangerous side of popular sleep and anxiety drugs like Xanax and Lorazepam

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If you’ve been HBO’s new season of White Lotus, then you’ve seen Parker Posey’s character Victoria Ratliff popping a steady stream of Lorazepam while on a family vacation at a Thailand wellness resort, at one point comically declaring, “Someone stole my Lorazepam. I’m going to have to drink myself to sleep.” 

The drug, also known under the brand name Ativan, is part of a class called benzodiazepines, which also includes Xanax and Klonopin. Only available through prescription, they are used to help relieve anxiety and muscle spasms, and reduce seizures, according to the DEA. However, as seen in the show, they can lead to dependence and overuse. 

“We definitely see that a lot in real life as well,” Dr. Ian Neel, a geriatrician at UC San Diego Health, tells the New York Times about the class of drugs.

Of the over 30 million adults who reported using benzodiazepines in the last year, over 5 million misused them (described as “any way a doctor did not direct”), per 2019 data from the National Survey on Drug Use and Health

While some people may have taken a one-time Xanax to calm flight anxiety, for example, long-term use is what poses the most danger as it can lead to dependence. People can become dependent even when taking the prescribed amount, Dr. Ludmila De Faria, chair of the American Psychiatric Association’s council on women’s mental health, told the New York Times. 

Particularly important is the appeal of “benzos” to older adults: Those ages 50 to 64 are the biggest consumers of this class of drugs, according to the 2019 study, and need to use extra caution due to the drugs’ potential effects on slowing cognition.

The class of drugs slows down the nervous system and often takes an immediate effect. And while they are generally safe when taken as prescribed for a limited time, side effects include drowsiness, memory problems, and slurred speech. Overuse can cause worsened effects, including dependence, cognitive impairment, coma, and potential death, although rare. 

Neel cautioned that older adults may metabolize drugs differently, and should be aware of the potential for negative interactions with other medications and drugs they might be taking. Combining benzodiazepines with other depressants like alcohol, for example, can exacerbate feelings of sedation, as seen on White Lotus, as Posey’s character usually pops Lorazepam with a glass of wine. 

When regular users of benzodiazepines—often called benzos—try to wean off the drugs, it’s common to experience withdrawal symptoms, like sweating, headaches, and heart palpitations according to the American Addiction Centers

“Each benzodiazepine medication has a specific half-life that influences the length of time it takes for the drug to leave the bloodstream,” according to the Center. “If an individual is dependent on a benzo, once the drug is purged from the body, withdrawal may begin.” 

It’s important to talk to a medical doctor and a mental health professional if you think you’re experiencing any withdrawal symptoms or negative side effects from benzodiazepines because there are other ways to treat anxiety and sleep orders. “The first-line treatment [for anxiety] is typically antidepressants like SSRIs [antidepressants], plus psychotherapy,” Dr. David Merrill, a geriatric psychiatrist at Providence Saint John’s Health Center in Santa Monica, Calif. told Healthline.

For more on sleep, mental health, and more:

This story was originally featured on Fortune.com

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Warren Buffett is investing more money in Japan amid the recent selloff in the U.S. stock market

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  • Berkshire Hathaway increased its stakes in Japan’s five biggest trading houses, according to a regulatory disclosure published on Monday. The investment comes as the U.S. stock market has endured a major selloff, though analysts doubt asset prices are low enough for Warren Buffett to start deploying his immense cash pile for a big purchase.

Warren Buffett’s Berkshire Hathaway is investing more money in Japan amid the recent selloff in the U.S. stock market.

The conglomerate increased its holdings in Japan’s five biggest trading houses, according to Japanese regulatory filings published on Monday.

Berkshire grew its stake in Mitsui to 9.82% from 8.09%, in Mitsubishi to 9.67% from 8.31%, in Marubeni to 9.3% from 8.3%, in Sumitomu to 9.29% from 8.23%, and in Itochu to 8.53% from 7.47%.

Buffett has likened them to them to Berkshire itself, noting they have a diverse array of investments at home and abroad.

Berkshire began building positions in the sogo shosha in 2019 and recently reached an agreement with them to gradually go beyond an earlier 10% cap on its stakes. At the end of 2024, the market value of Berkshire’s holdings in the firms totaled $23.5 billion.

In his annual letter to shareholders last month, Buffett said that “our admiration for these companies has consistently grown,” citing appropriate dividend hikes, sensible share buybacks, and compensation for top managers that’s “far less aggressive” compared to the US.

“I expect that Greg [Abel] and his eventual successors will be holding this Japanese position for many decades and that Berkshire will find other ways to work productively with the five companies in the future,” Buffett added, referring to his designated replacement as CEO.

While the additional Japanese investments were disclosed on Monday, the exact timing of the transactions is unclear, though the annual letter in late February telegraphed what was coming.

The company didn’t immediately respond to a request for comment.

In contrast, Berkshire sold a net $134 billion in equities in 2024, ending the year with a cash pile of $334.2 billion—nearly double from a year ago and more than its shrinking stock portfolio of $272 billion. 

Meanwhile, U.S. stocks began nose-diving in mid-February after President Donald Trump began imposing tariffs; he has since continued rolling out more. So far, he has hit China, Canada, Mexico, steel, and aluminum with higher duties, and reciprocal tariffs are due April 2.

The Nasdaq has tumbled into correction territory, and the S&P 500 also passed the correction threshold last week but soon pared its decline to less than 10% from its peak.

That’s left investors wondering if Buffett will finally make a major purchase of stock or clinch a mega-deal for a company after complaining for years that valuations have been too high.

But analysts told Fortune earlier that a big splash is still unlikely as valuations haven’t gone down far enough, noting that Buffett usually prefers to be patient.

“He has no interest in timing the market’s bottom, nor does he chase short-term rebounds,” Armando Gonzalez, founder of AI-powered research platform Bigdata.com, said. “Instead, he waits for moments when fear drives prices to levels where the risk-reward equation tilts decisively in his favor.”

This story was originally featured on Fortune.com

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