Dear friends,
a personal greeting to inform you that today, as planned, I am retired. Hired on 1 May 1972, after a brief Olivetti-like period, I have so far spent almost 40 years in this company, from 1975 with the functions of top manager first of R&D and ten years later also of the Research Department. It may be doubtful that it is a title of merit, but as far as I know I have already broken the record for duration as head of studies in the field of the major Italian banks. In all these years I have had the good fortune to work with people of incomparable stature (Giorgio La Malfa, in the initial three years in which he was R&D Director, then Enrico Cuccia and Vincenzo Maranghi who have gratified me with appreciation and affection, with the magnificent " guardians” of the Technical Committee until a few days ago). Everyone, and with them the current top management of Mediobanca, have safeguarded the total autonomy of the Research Area, avoiding the slightest "intrusion", but above all protecting it from "external intrusion", without any distinction of origin, aware of the quality of our works . I leave it to you to judge whether the activity of this research center is (and has been) useful. Together with my colleagues, I think I have procured valuable working tools, introducing many innovations: from the ways of interpreting the balance sheet data of the main groups, to the design of new indicators on listed securities, to the systematic study of the performance of the major multinationals (in industry and finance), up to the progressive "discovery" and analysis (still in progress) of the evolution paths of the enterprises of the fourth capitalism. The historical memory of what we have done will soon be in a special section of our website. My personal "story" of the facts of the industry, the stock exchange and financial information was published in collective works published in 2010-11 of which I gave you news, as well as in the handouts for the seminars that I have been holding for years at the University of Florence, hosted by Giacomo Becattini and his dear students. I think I have also fulfilled the wish of Maestro Giorgio Fuà, who, taking note of my decision not to continue in the academy, after knowing me at Mediobanca, proposed the mission of providing economists with a rare bread, that is "facts" properly documented.
I leave the Study Area in safe, expert and above all young hands who will guarantee you new progress in the most absolute continuity. Gabriele Barbaresco takes over from me today after having assumed the position of Chief Executive Officer of R&D since last October. Born in 1968, he has been in the Research Area since 1995. He shared all the main works with me and from now on he will be the one to inform you about the release of the works, with his usual availability in interpreting any aspects that are not sufficiently clear and, above all, taking advantage of your advice.
I will follow my colleagues in the role of economic adviser and will work to set up Mediobanca's historical archive, making sure that, when the time comes, the papers necessary for a free and dispassionate judgment are available.
Best wishes,
Fulvio Coltorti
Director emeritus of the Mediobanca Research Area
