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Hedge fund managers in lockdown pile into luxury goods they can’t flaunt

With salaries staying constant, but with much fewer overheads such as cleaners, nannies, and high-end holidays, hedge fund workers are among wealthy elites who have more to spend on other luxuries

Cartier watches on display on the sidelines of the 2019 AGM of Warren Buffett's Berkshire Hathaway
Cartier watches on display on the sidelines of the 2019 AGM of Warren Buffett's Berkshire Hathaway Photo: Getty Images

Danny Pizzigoni has been selling vintage and rare watches at The Watch Club, a shop he founded in Old Bond Street’s Royal Arcade, since 1996. Like many business owners, the pandemic and ensuing lockdown caused worry about how he would make ends meet.

"I thought, 'This is really going to hurt, and we're going to be hemorrhaging money,'" he told Financial News. "And then all of a sudden, people adapted. It's been incredibly busy."

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