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The "smart money" choice in luxury watches might be the worst investment you can make. Or the best. I analyzed 36 A. Lange & Söhne references—the brand collectors call "the thinking person's watch." German engineering. No celebrity hype. Pure mechanical excellence. The results broke something I thought I understood about value. One watch loses $111,000 the moment you take delivery. Another—the movement many call the greatest chronograph ever made—loses you $54,000. The pattern is brutal and consistent: the more impressive the watchmaking, the more money disappears. Then there's the exception. One reference. Steel case. Integrated bracelet. The category Lange refused to enter for 25 years. It's the only Lange that makes money. This isn't a hit piece. It's 10 minutes of data that could save you six figures—or help you understand exactly what you're paying for when you buy the best. Full data breakdown and interactive tools on the membership site. There is also a free Lange buyer's guide with interactive dashboard: https://my-watch-journey.ghost.io/ Independent analysis. No sponsorships. No dealer relationships. Just the numbers.