gremlin Ferrari (NYSE:RACE) reported its second quarter results and, as usual, demolished expectations and raised guidance. Although it might sound cynical for a company that's trading at a multiple in the mid-forties, I believe Ferrari is vastly underappreciated by the market, and even more by consensus analysts. Let's unpack that claim, and explain why I view Ferrari as a must-have holding in a concentrated portfolio. Introduction I've been covering Ferrari on Seeking Alpha since March of last year. A ...