The car brands you grew up with are being repriced all at once, and the sport that depends on them hasn't gotten the invoice yet. Paul Pfanner on Porsche, the yen, China, and a pattern he has watched form before.

Formula E's Gen 4 arrives exactly on time. Paul Pfanner questions whether its owners understand what they're holding.

The economics are strong and the audience is growing. But the systems now controlling distribution, behavior, and value are reshaping what the sport actually is. The most important asset may be the one no spreadsheet captures.