WSJ reports on the rebounding of luxury:

Remember the death of luxury? The new frugality? Canned soup capitalism? That was, like, so nine months ago. The recession may not even be over, but luxury is already back in fashion—at least, on Wall Street. And this has some messages for investors. The latest curious data point: so far this year Tiffany stock has left Wal-Mart in the dust. It’s not even close. Anyone who went against last winter’s conventional wisdom last winter and invested in the high-priced jeweler has made almost enough money to shop there. They are ahead 51% so far this year. Meanwhile investors who thought they were playing it safe and stuck to defensive, cut-price Wal-Mart, have actually lost 8%. It’s not just Tiffany. The whole luxury sector has bounced back. Coach (COH) is up 40% so far this year. Polo Ralph Lauren: 43%. Overseas giants like Louis Vuitton Moet Hennessy and Cartier parent Compagnie Financiere Richemont are up similar amounts. – from WSJ