John Drums he has been the true oracle of Piazza Affari for decades, capable, to limit ourselves to the last ten years, of guaranteeing his shareholders Tip: a return of more than 300%. Not only. Perhaps the main merit of the Roman financier who moved to Milan is that of having convinced hundreds of investors to follow him in an apparently almost impossible undertaking: transforming entrepreneurs, often incurable individualists, into patient investors at the service of a project to help companies Italian companies to become excellences at least at European level.
A prestigious goal, but for someone like Tamburi, goals have a relative value. “I turned 70 a few days ago – he says -. I don't feel like them, but you can't joke with the registry office." But the real champions succeed. “Strana tempora currunt” he limited himself to commenting on Nvidia's first exploits.
“But now – he adds – times are even stranger because everyone earns”. Yes, it's a strange world that has emerged from Covid, the factor that launched the markets upwards. It could have been a parenthesis. On the contrary, “After Covid – adds Tamburi – the world is even stranger. The system has accumulated further gains thanks to the mass of liquidity pumped into the system through artificial intelligence and more."
The effect? “It's a rain of money falling on markets with stable or even declining turnover. Therefore we are witnessing a particular phenomenon: turnover is stable, but market valuations are at their highest levels."
Could the car go haywire sooner or later?
“In reality, I have been hearing this warning for 40 years. But the world has moved forward without major traumas also due to the contribution of Asia which boasts real growth. And this, at least for now, has made it possible to sterilize the effect of the many conflicts around."
Conflicts that remain confined to the local area without exceeding a certain threshold for now. It is a system that can support the debt, as demonstrated by the United States which faces a debt mass of 3 trillion dollars.
“This is the fuel that makes the system travel. It's correct: today's world runs on debt."
It's Italy?
“Italy, which can count on PNRR funds, is no different. But we are recovering even if we still live today in a climate of subjection to Germany, which is not justified by the numbers. And the same goes for the United Kingdom, not to mention France, hit by one strike a week."
Drums, you remain the usual optimist.
“In reality, the economic recovery after the pandemic was the most violent and rapid in memory. I've had this label of optimist for thirty years. In reality, I like to look at reality as it appears from numbers and statistics."
What they say?
“No one expected it, many predicted epochal declines. At an international level, the truly incredible if not unique thing was the speed of the rebound. The purchasing index then demonstrates how a violent destocking was followed by a reaccumulation process which in 2021 surpassed any previous one. On the transport front, for example, the increase in demand has generated monstrous growth."
It's Italy?
“Judged by many to be in structural decline, it has instead responded very well”.
But these now historic numbers seem dated in the face of the speed imposed by Artificial Intelligence.
“It doesn't seem like big news to me. It is the same phenomenon that we experienced with the advent of mobile phones and following with other technological innovations. Indeed, upon closer inspection, other trends were more important. Artificial intelligence is part of a long streak of innovations that is destined to continue."
Don't you see the bubble risk?
“Maybe there will be price tensions, but the liquidity in circulation is able to absorb them.”
In short, even in the midst of wars the situation seems to be under control. Also for Italy. Is that so?
“Not too much. We are wasting unrepeatable opportunities out of frivolity."
Even Tamburi against the government?
"It is not so. I have also made similar criticisms in the past with other majorities. Unfortunately, politics doesn't listen to me and thousands of other operators. Yet there are many of us who think that Italy has a historic opportunity in front of it: to capitalize on the enormous debt by channeling the capital held in private coffers. Or imagine other maneuvers to the advantage of the country? Why not launch a major water plan? No, these are ideas foreign to this class of government, whatever party it is.
And who knows if, sooner or later, someone, at least among young people, will understand the importance of forming a system. The Master is there and available. We hope that the young talents of Made in Italy know how to take advantage of it."
