Justin Reis of WatchBox on Creating Value through Community and Passion (EP.188)
It’s 2022 and the memes will go on, but hopefully investors will get wiser and smarter. But a world in which energy is the best performing asset bores the hell out of me, so I decided to bring Justin Reis of Watchbox back for a second round of Panic. He’s quickly becoming one of my favorite guests. I’ve long been fascinated by all things watches, and Justin is my go-to expert on buying, selling, and trading pre-owned luxury watches. I hope you enjoy our chat on creating value through the power of community and passion. (Full disclosure: Social Leverage is an investor in Watchbox through a single purpose vehicle.) Guest - Justin Reis, Co-Founder and Global CEO at WatchBox howardlindzon.com, thewatchbox.com Twitter: @PanicwFriends, @howardlindzon, @watchbox_global, @knutjensen linkedin.com/in/justin-reis-633925188 #fintech #invest #investment #venturecapital #stockmarket #finance Show Notes: (00:11) – Show intro (03:16) – Introducing Justin (04:23) – The macro environment (06:05) – Changes in market conditions (06:56) – Average selling prices on Watchbox (10:06) – Bringing liquidity through a store of value (11:16) – Leveraging Brand Equity (13:19) – Building trust through community (16:34) – The pop-up model meets high-end retail (17:43) – Customer retention and building loyalty (26:11) – Looking at the underlying trends (28:45) – It isn't fun if you can't share the passion (30:16) – Size of the primary and secondary watch market (33:10) – The best watch for the beginning collector (35:02) – Howard's home address and safe combination (36:50) – Limited production timepieces (39:01) – Pros and cons of running a public company (40:13) – Your mom probably listens to Panic with Friends (43:03) – The value creation inherent in community (44:06) – Closing thoughts