It was a dark and stormy night......some PuristS had drunk mayhaps "a jar too many" and we started thinking about what the PuristS wanted to know but were too afraid to ask. "More about PuristS", someone slurred into the night.........

I am now proud to present "The Anthony Tsai Interview" by Meehna Goldsmith.

I hope you find it as fascinating as I did about my fellow moderator, watch buddy, all-round-good guy!

Enjoy, MTF

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"The Anthony Tsai Interview"
by Meehna Goldsmith

Key:

AT=Anthony Tsai
MG=Meehna Goldsmith

Anthony Tsai, General Manager of PuristSPro, was born and raised in the United States.  He attended Cornell University in New York, where he majored in Chemistry and minored in Business Management.  A proprietary equity trader by day, Anthony considers himself a full-time watch enthusiast.  

Anthony Tsai and Audemars Piguet Team Alinghi Carbon 

MG:  What was the watch that started your journey into horology?  

AT:  The first watch that got me attracted was an Omega Seamaster.  I was in college, sophomore year.  I had seen the watch in a magazine and when I was assigned to make a collage on a topic of my choice for one of my classes, I decided to do watches.  I started cutting out pictures of watches from all the magazines that my girlfriend [now wife] had, because she liked to read Vogue and other fashion magazines.  In those magazines they have a lot of advertisements on watches and I saw this Omega watch and I thought “Wow, that’s a really nice watch.”  That was how I first developed my interest in watches. 

 

MG:  What was your first significant watch purchase?  

AT:  My first significant watch purchase was a Journe Tourbillon, which I bought in either 2000 or 2001 on a brief snowboarding trip in Switzerland.  My wife and I stayed in Lucerne and stumbled into a watch store, which was one of the first, if not the first, authorized dealers for FP Journe.  I had no clue what a tourbillon was at that time, and the storeowner spent almost an hour with me explaining Journe’s history and what a tourbillon was.  I thought about the watch the rest of the day and returned the next day to buy it.  That was my first major watch purchase which was, I consider, the catalyst that drew me further into the world of horology.  

Other than the Journe Tourbillon, which I actually sold last year to a fellow Purist, my first “real” watch was a Tag Heuer quartz chronograph 2000 with a blue face on a metal stainless steel bracelet.  I bought it at Tourneau in Long Island because at that time I was in New York.  I spent my first real work paycheck from equity trading to buy this watch.  At that time, I thought Tag Heuer was “Da bomb”. 

 

MG:  That’s a big step to spend your whole paycheck on a watch.   

AT:  I’m in trading, which I consider a very tough line of work.  It took me 6 months of hell to make back my initial losses when I was learning.  I ate rigatoni with Ragu® pasta sauce everyday for lunch during these 6 months, and I always told myself that once I broke even, I could use my next paycheck to buy myself a gift as a reward for the hard work. I have to admit that before I purchased a real Tag, I did buy some Canal Street fakes and wore them.

 

MG:  Do you think that knock-offs have a place in the watch industry?  

AT:  I wasn’t wearing the fake Tag because I wanted to portray an image and pretend I was a big shot.  I bought the knock-off as a reminder that I was working hard so I could afford the real thing.  I’m always against counterfeits.  However, I guess knock-offs can help the industry by giving people awareness of the brand and the desire to work harder to achieve their goals so they can go out and afford these nice watches or nice handbags or anything else in the luxury category.

 

MG:  What specific areas or brands are you interested in?  

AT:  Though I like all the brands, my first passion is with Panerai.  I also am drawn to Audemars Piguet and Ulysse Nardin.  Just because I like all the brands doesn’t mean I will buy a watch from all of them, because I like to keep my collection small.  I used to buy any watch that made my eyes twinkle but after a couple years, I came to the realization that I really only wore a few of the watches and that the others were just gathering dust.  To me, that’s just a waste of money and when I made this realization, I began winnowing down my collection.  Now I only want five watches at most so I still have a couple more to sell to reach my ideal collection size.  My new rule is anytime I buy a new watch, an old one must go.

 

MG:  What tips the balance for you to say, I’ve got to have this watch?  

AT:  It’s not something I can actually explain.  It’s something that happens once I have the watch in my hands and then strap it on my wrist.  If I respond, “Wow, that’s awesome,” then I know.  Some other important factors are how comfortable the watch sits on my wrist and the way the strap and buckle look.  But, the primary thing that attracts me to a watch is the dial and its design.  I don’t like the usual traditional conservative designs found in brands such as Patek Philippe and Breguet. Maybe that’s because I’m probably one of the younger people on the PuristSPro site.

 

MG:  May I ask you how old you are?  

AT:  I’m 33.  I don’t consider myself part of the baby boomer age; I see myself as part of the younger generation.  I didn’t grow up wearing established brands with conservative designs like Pateks or Breguets.  I used to wear those Casio G-Shocks and other watches that had a funky look.  That’s why my taste is more toward non-traditional and sporty watches.  I guess my attraction to Panerai is because they look different. 

 

MG:  How has the industry responded to the new generation of collectors?  

AT:  One of the main things is the size of the watch.   The trend right now in the industry is for larger watches.  A generation ago, watches ranged from 34 to 36mm and 40mm was considered large.  But nowadays, I consider 40mm average.  Though Panerai with its 44mm case is a large watch, it’s an acceptable size now.  I think the industry has responded to that desire for larger watches.  Then that brings up another topic of discussion:  are these large watches a fad?  A lot of people have been saying for years that Panerais, known for their large cases in the 44 – 47mm range, are going to go away and wither and die.  I’ve heard that ever since I became interested in Panerai.

 

MG:  How many years ago was that?  

AT:  I bought my first Panerai in early 2000, so for eight years now.  The younger generation is used to wearing larger watches.  Look how big the Casio G-Shocks were with all that big hunky plastic.  They were probably at least 40mm.  The trend continues with the generation after me too.  All the kids in junior high and high school are still wearing those huge plastic watches, so in my opinion the trend is here to stay.

A trend I would hope to see by the manufacturers is making larger size movements and not using existing small moments to put in large cases.  It looks kind of funny having a small movement inside a large watch.  I like what IWC did by creating the calibre 5000 specifically to fit in their larger cases.  I hope the other brands will follow IWC’s lead.  I care more about the aesthetics of how a movement looks in the case and put less value in how small the parts are.  As I said, the main factor for me is how a watch looks rather than what exactly goes inside to make it tick.

 

MG:  How should the watch industry respond to women interested in mechanical watches?  

AT:  The women that I know aren’t interested in watches.  My wife is only interested because of my interest.  If she likes a watch, I’ll get it for her.  For example, she’s getting the Bell and Ross BR-03 a square watch with a white ceramic plate and white band.

 

MG:  What is your favorite complication, if any?  

AT:  I like two complications.  I’m a sucker for Big Date and particularly like the one on the [Lange & Söhne] Datograph.  I also love the alarm feature because I consider that one of the most practical and useful complications in watches.  Unfortunately, the brands don’t incorporate this complication very often.  I wear my watches to sleep.  The only time I take my watch off is when I take a shower, so a watch is always on my wrist everyday.  I even went to Basel for the first time just to see the Ulysse Nardin Sonata alarm watch.  I have yet to find one that I really like enough to actually buy, so I’m still waiting for THE alarm watch to come out and wish more of the brands would make an alarm watch.   

 

MG:  If you could design your own watch, what would it look like?  

AT:  There was actually a recent PuristSPro thread on Horological Meandering where the question was posed:  What is your grand complication?   My ideal watch would be a grand sonnerie.  I like ding-dong watches and hope some day I can own one.  My ideal watch would also have to have a perpetual calendar, alarm—which I think is probably impossible—big date and central seconds hand.  And, I would like that combination in a 44mm Panerai Luminor case.

And on the opposite side of the spectrum, if I had to design an affordable watch for the masses, I would definitely make this watch a true “beater” with the case in a black PVD coating, and the heart of the watch would be a work horse movement such as an ETA movement.  I’d probably design something unique and functional such as the PuristSPro All-Black Rescue watch which PuristSPro recently debuted prior to Baselworld 2008.  

 

We’ve received many positive comments about the PPro ABR from those working in the medical profession, so maybe I’d try to create a simple functional watch for me and other equity traders that uses both mechnical and quartz technology.  It would be great to have a watch on my wrist which could help me with my trading!

 

MG:  What are your thoughts about the in-house movement debate.  Is a watch better if a manufacturer constructs it in total?

AT:  I don’t think a watch is “better” with an in-house movement.  I consider it more “pure”.  I have no problems with watches that use ETA or any other lower end movements.   I’m not much of a movement snob.  However, I do have problems if a brand wants to charge $50K for an ETA movement in a platinum case.  I look to see if the face and design of a watch attracts me.  If I don’t like the dial I won’t buy the watch, even if it has a super-duper Philippe Dufour finished movement inside that has silicium escapement wheels.  If I don’t like how it looks, I’m not going to buy it.  

 

MG:  What is your opinion about the new watch paradigms as represented by the Freak, which is building its reputation on innovation and technology rather than traditional techniques?  

AT:  That’s interesting.  It is something new.  I don’t know if technology based pieces are going to be a future trend.  I always prefer a beautifully finished movement with anglage, perlage and Geneva Stripes to a movement that looks technical like the Freak.

 

MG:  You value a movement that has discernible human touches and prefer it to the realization of intellectual concepts.  

AT:  I like human touch on a watch because I can see it.  I can also see the intellectual effort and ingenuity that went into the Freak.  But I like to see evidence of craftsmanship in the finishing and that’s not possible with the construction and use of silicium, which are all straight edges.

 

MG:  Many brands are creating Limited Edition runs that attract “investors” rather than enthusiasts, which in turn drive up prices.  How do you feel about this?  

AT:  That’s a good question.  I actually don’t like it.  A perfect example was the Audemars Piguet Team Alinghi Carbon watch.  Everyone wanted that watch.  I called the AP boutique in New York and asked to be put on the wait list.  They told me I couldn’t be put on the wait list because I hadn’t bought any regular edition watches from them in the past year.  I was surprised when they told me that, because the people at the boutique in New York know I’m a big [and public] fan of the brand.  

Because of the speculators and flippers, there was a possibility I wasn’t going to be able to buy a Team Alinghi carbon.  These people buy 10 or 20 of these watches from dealers all over the world using their wives or friends names so it doesn’t look like it’s one person buying the watches to resale.  So you can see why I am a little disgusted with the speculators buying up the hot limited editions.  They make it a lot more difficult to get a piece I want.  I find this frustrating especially when I’m a true fan and ambassador of the brand.  I’m pretty sure a lot of other people feel the same way.   

 

Team Alinghi bites back

 

MG:  At the same time, you can’t just blame the speculators because it’s AP who is creating the fervor with those Limited Editions.  

AT:  Yeah, it’s just part of the game nowadays.  The economy has created watches as a commodity, especially with stocks going down and the dollar getting weak.  People are starting to invest in other things like art and cars, and now watches.  You probably even have hedge funds investing in watches as part of their portfolio, so that probably contributes to driving up prices in secondary markets. 

 

MG:  What is your solution?  

AT:  The solution is that the watch bubble bursts and all the watch speculators lose their shirts.  That way watches will lose 20 - 50% of their value, making the price more affordable for someone like me, who will wear and enjoy the watch.  Maybe that will deter many of the grey market dealers and wannabe dealers away from watches; but in terms of actual solutions, there’s no easy way to come up with one. 

 

MG:  Do you think the brands have some responsibility to their customers with Limited Editions?  

AT:  Let’s go back to the Team Alinghi example.  I couldn’t buy the watch from the AP New York boutique because I hadn’t bought a regular edition watch from them in the past year.  Although I was disappointed, in hindsight I understood and actually agreed with the policy of the brand rewarding their loyal customers.  Fortunately, I was able to get one at an authorized dealer. 

 

MG:  Is there an appropriate place for Limited Editions in the marketplace?  

AT:  It will be easier if a brand comes out with a Limited Edition of 100 pieces and selects the people who have first opportunity to buy the watch.  In this way those passionate about the brand will be able to own the watch, and it will also reduce the possibility of flipping.  However, there are always going to be speculators.  Take for example the Panerai PAM203, a Limited Edition of 150 pieces in the 47mm 1950 Luminor case that houses a vintage Angelus 8-day movement.  Panerai CEO Angelo Bonati selected all 150 people and had to approve every person’s name on the list.  The waitlist was in the couple thousands before they closed the list, and retail for the watch was around 21K.  Right when they came out they were already selling for about 100K.   Now they’re selling for above 150K!  Though the people who bought the watch were approved, some of them still flipped it.

 

MG:  If you paid 20K and then you find the watch appreciates to 150K, it’s hard to resist flipping, particularly if the money can pay off a mortgage or other large expenses.  

AT:  Yes.  It’s practically impossible to come up with any solution that guarantees the speculation of “hot” watches.

 

MG:  It was reported in the Wall Street Journal that Omega and Patek Philippe bidding on their own watches drove up some auction prices.  How do you feel about a brand becoming very public customers for their own pieces?  

AT:  That’s a grey area.  For example, Patek Philippe has to keep their prices high especially if they have a slogan of: “You never actually own a Patek Philippe. You merely take care of it for the next generation.”  There are tons of Patek collectors out there so it’s in their best interest to keep their prices high at the auctions.  I understand why they do it, if they do it, from a business perspective. 

 

MG:  Is it any different from a speculator buying a piece and protecting their investment?  

AT:  No, I guess it’s not any different.  I can understand a brand wanting to buy their piece because it’s a rare piece and they want to put it in a museum.  I’m totally for that.  But if they’re just trying to support the prices and artificially setting prices at auction, then I have a little trouble with that. 

 

MG:  What part(s) of the industry most excites you?  

AT:  The industry now realizes that the Internet is a viable media portal or way to spread passion about their brands.  That’s the most exciting part about it for me.  Since I’m the General Manager of PuristSPro, I’m experiencing this phenomenon directly.   The Internet helps spread passion about the brands and also draws together watch freaks in one media, in one form from all over the globe.

 

MG:  I love that about PuristSPro myself.  The corollary to that question is, what troubles you most about the watch industry?   

AT:  Other than the speculators causing the prices to be bumped up, there’s really not much I don’t like about the industry.  There’s the usual politics we have to deal with, which can be a little frustrating at times, and there is the constant raising of prices every three to six months. The brands use the excuse that the dollar’s getting weak against the Euro.  I bet if the Euro gets weaker, they won’t lower US prices, they’ll raise Euro prices.  It’s a spiral effect.  Even though cost of materials, inflation and health care are going up, it doesn’t seem the price raises are justified in proportion to those costs. 

MG:  What is your wish list for making the field a more accommodating place for old timers and newbies?  

AT:  For newbies, I’d like to see lower prices on watches.  It’s getting very difficult now for someone who just graduated college or is in college or high school to save for and afford a watch. For example, a base Panerai costs $4000.  My first watch was only $1600, which is still a lot of money. 

 

MG:  What keeps you interested in horology?  

AT:  The brands are doing a very good job coming up with cool and innovative designs.  I like the sporty designs of Panerais and AP Offshores, and I also really like the Richard Mille RM11 which is a flyback annual calendar.  Every year there’s a brand or two or three or four that grabs me and makes me want to buy a watch from them, but I have to be extremely picky on what to buy because I want a very small collection, as I mentioned before. 

 

MG:  How have you been recognized for your watch interests and expertise?  

AT:  Not really.  I like to keep a low profile.  I don’t write articles for magazines; I’m just there on PuristSPro because of my passion for watches.  If there was one brand that has recognized me, it would definitely have to be Panerai, and I feel very fortunate for this.  Panerai recognized me as a loyal fan when they let me purchase a PAM195 a couple years ago.  This model is a special edition 44mm PVD Luminor with your name engraved on the back.  They also let me purchase the PAM203, and Panerai even let me purchase my PAM21 many years ago from an Antiquorum auction when they wanted to buy the watch themselves for their own museum.  I really don’t consider myself a watch collector but more of a watch enthusiast. 

 

MG:  I’m sure the PuristSPro community would like to hear some more about you besides your passion for watches.  What would you like to share with us?   

AT:  I was born in the United States.  I’m an ABC – American Born Chinese or actually an ABT – an American Born Taiwainese.  My parents are from Taiwan, but I can’t speak Mandarin or Taiwanese.  I can understand most Taiwanese but only a little Mandarin even though I’ve taken Chinese classes in the past.  I have an identical twin brother, am happily married, and have two lovely daughters.  The oldest is almost 4 years and the baby is 8 months old.

 

MG:  What did you study in college?  

AT:  I was a Chemistry major and a Business Management minor.  There was only one other person at Cornell in my year with that unusual combination. 

 

MG:  What is your profession?  

AT:  I’ve been a proprietary equity day trader since 1996.  This will be my 12th year now, and I’m surprised I don’t have white hair yet! 

 

MG:  How do you like to spend your free time?  

AT:  Nowadays I don’t really have much free time.  Since I’m a trader working on New York hours and living in California, I have to get up 3 hours earlier due to the time zone difference.  So when the market opens at 9:30am NY time, I’m up early and trading at 6:30am.  I am done at 1pm because the market closes at 4pm.  Then I have the rest of the day, free—well, supposedly free.  I find myself working on PuristSPro stuff on and off for practically the entire day, even during stock market hours.  I read all the forums, update our Front Page among other things such as providing administrative support by coordinating events and doing write-ups.  My [twin] brother and I are also starting a high-end men’s grooming line.  We’re still in the initial phases, but that takes up some of my time too.  When I want to relax, I like to sit back and have a glass of port.

 

MG:  Do you have a favorite port?  

AT:  Yes, I actually do have a favorite.  It’s a winery in Napa Valley called Präger and they only make ports, mostly of the vintage variety.  They even make white port.  I like to have a little glass whenever I feel stressed out by the stock market.  I have a glass of port or drink some wine to help settle my nerves.  I think all traders drink because trading is a high-pressure job.  I also like to play a computer game on my PC called Counterstrike, which also helps settle my nerves.  It’s sort of like Quake or Doom.  It’s a one person shooting game where you can play against other people online.  When I’m playing I don’t think about anything else. 

 

MG:  With your position as General Manager of PuristSPro, are watches now a business or do you still consider them a hobby?  

AT:  PuristSPro is a commercial entity so I treat PuristSPro as a business.  However, watches will always be a hobby for me.  If I didn’t have a passion for them, then I wouldn’t participate on the PuristS team.  I only give my time to things I have a passion for, believe in and enjoy.  Let me give you an example.  The watch I’m wearing now is a Panerai, which is called the PAM246 with the 1/8th second.  I wrote a review for it last year on PuristSPro.  A lot of people read the review and bought the watch after reading my review.  I’m very happy and flattered when I can spread passion for a brand.  If only one person looks at my review and he or she considers buying that watch, then my time is well spent.  My philosophy fits perfectly with the PuristSPro motto:  Passion. Opinion. Information.  I like to give all three.

 

MG:  What advice would you give to a neophyte who is interested but doesn’t know where to start?  

AT:  First he or she should read some magazines.  Go to Borders or Barnes & Noble and flip through the watch magazines to see which watches and designs appeal to you.  If you like Breguet, then go on our Breguet forum and read up on prior threads.  Do not be afraid to post any type of question no matter how novice the question is, even if you think it’s a silly question.  It never hurts to ask.  There are always people who will help you.

 

MG:  Is the watch community pretty friendly and open and generous?  

AT:  Yes.  I know the PuristS community is for sure. 

 

MG:  Thank you so much for taking time to speak with me and sharing your views.  It was a real pleasure.   

AT:  Thank you. 

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