The trade: Long Porsche/short Ferrari for the long term (18-month horizon, P911/RACE ratio expanding from ~0.14 to ~0.17 in the base case, +25%), with a short-term long Ferrari. Ferrari de-rating: Price increases slowing from 10-15% to ~5%, the October 2025 CMD resetting 2030 ambitions below consensus, and the May 25, 2026, Luce reveal triggering an 8% drop on the day. Porsche re-rating leg: New CEO Michael Leiters has formally adopted "Value over Volume" under Strategy 2035, pivoting explicitly toward the Ferrari exclusivity model with a walk-back of the failed 80%-EV-by-2030.