Richemont are getting a punch in the guts this morning, Nomura have downgraded Burberry, but it comes after the luxury goods maker suggested that full year profits would be at the bottom of the expected range. Check out the Burberry First Quarter Trading Update and Interim Management Statement. So you read that right? Seems ok. But the stock got drilled, down over 18 percent. It is not even the most expensive of its peer group. Trench coats. Turns out people prefer watches. Although I can see myself in this one: VELVET COLLAR CHESTERFIELD COAT. For the five days or so that I might need it in winter down here, I am going to pass. Cheapskate. My point however is simple, trench coats are not watches and jewellery.