The fifth episode of "Recovery recipes" has reached the appointment with the debate - strictly via the web, moderated by the journalist Nicola Porro - on the savings of Italians in times of coronavirus, organized by Banca Generali and of which the CEO Gian Maria Mossa is a regular speaker. This time the guests were Alberto Gallo, partner and manager of Algebris, and Andrea Delitala, head of Investment Advisory at Pictet.
“In the meantime, a premise – began Mossa -. Savings are a fundamental asset of people, it is money to be managed with professionalism. One of the problems of our country is that we are investing them badly. If you think that one point of our assets is equivalent to two and a half times the GDP and we have systematically lost ground every year compared to other countries, you understand how important it would be to manage assets better".
Mossa then went on to refer to the difficult situation of recent weeks, with the saving trend that could be curbed: “I learned that when everyone flees, it makes sense to take risks: in fact, I bought shares and some stocks. To be precise, I have recently purchased: stocks, indices (I got it), individual stocks (and there something is fine, other not so). Now we are no longer in a panic phase. We have to start over". On how to do it, Banca Generali's CEO has clear ideas: “This crisis has strengthened the conviction that you have to rely on highly professional managers. This is why I like to think that the world of active management can better save and take care of portfolios that must be managed through diversification".
"Today everyone feels safe with safe-haven assets like gold, for protection. But, in addition to this, a well-groomed diversification allows savers not to make mistakes – continued Mossa who added -. The crisis has brought up tech companies such as Zoom, Netflix or Amazon. The future is definitely in the hands of technology but I wouldn't bet on individual stocks also because I ask myself: what more can these companies do? We need to act actively to seek value”.
