"How about the rise in popularity of vehicles from sedans and station wagons in the 70s 80s, to SUVs /utes/pickups (and the associated accessorising trend of that subset of vehicles) in the 90s and beyond?"
Have you seen some of the stuff that ARB produces?
The overarching reason that demand for it has taken place is because it is unique and differentiated.
By their very nature, ARB's products have created their own demand where it would otherwise have not existed.
"That is a largest uncontrollable, exogenous variable that has been the foundation of ARBs growth. Its not all because of brilliant management. Tailwinds matter."
Sure, multiple-decade structural tailwinds, around which a business can be designed, matter.
But, demonstrably, short-term cyclical variations in exchange rates don't.
If you want to play the game of Smart or Just Lucky, I'll bid:
97.5% Smart
2.5% Lucky
.
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