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