I’m glad the author pointed out rock bottom interest rates - basically free money has created a nightmare and we are in the adjustment period now - curious to see how the luxury sector goes.
The luxury sector will crush it. The wealthy have become wealthier across the board.
It’s not the wealthy making LVMH stock rise. Look at the stock max history and you’ll see it 100% coincides with low interest rates - in a low interest rate economy it’s those who can’t afford it and borrow that spend the most. The genuine wealth class are not spending more because they can borrow more, although they are likely making more money because they are an asset class who’s assets are then artificially inflated.
I'd be very cautious of trying to read stock charts like this. There were literally countless other things that happened during this period as well, including for example the birth of the wealthy Chinese consumer class.