Many things have changed. But many others, unfortunately, are not. Here, in a nutshell, the budget of the last ten years of Italian capitalism through the lens of Gianni Tamburi, financier with a penchant for the real economy. A non-random balance: just ten years ago, on 5 November 2005, Tamburi Investment Partners made its debut in Piazza Affari, which over the years has brought together a club of over 150 excellent investors, a club that has given life to investments of around two billion euros. But for once we leave aside the case history of the financier who was able to attract the attention of Warren Buffett ("unfortunately - he sighs - on the Italian market there are no operations of 3 billion or more, the minimum size for their needs") .
Let's go back about ten years. Rereading the economic pages of those days it seems that the only way to create value in a company was creative finance. Let's think of how many companies have been loaded with debt "to optimize cash" as they said.
“The list is long: Pagine Gialle, Saeco, Ferretti, Sirti and so on. There has been a frightening destruction of value thanks to imbeciles” observes Tamburi in this interview with FIRSTonline.
FIRST online – Blame imbecile managers?
DRUMS – “No, imbecile bankers who financed operations thinking only of immediate gain, without evaluating the final redemption. Much of the blame lies with the manager's compensation system. But the bankers are not the only ones responsible".
FIRST online - Out with the other responsible.
DRUMS – “You journalists. The information focused on big is still beautiful or on emotion rather than logic. However, the climbs were interpreted as a sign of success. Analysts also bear their share of the responsibility. They too, like the media, rely on myths rather than providing information”.
FIRST online I mean?
DRUMS – “I just had a lively discussion with the head of Ubs on China. For an hour you explained, in percentage terms, the economic crisis. But when I asked him how much GDP growth in 2015 amounted to in figures, he was unable to answer. In short, you were prepared to illustrate the current thesis, but not to provide real data, much more relevant than the increase in US GDP ”.
FIRST online – Perhaps certain myths serve to support good business.
DRUMS – “For a while I thought so too. But it's not like that: it's pure imbecility. Luckily for us, the real economy hasn't been hit in the same way. The industry continued to do well. The crisis has cut off the heads of cretins. Capitalism, in this respect, has strengthened”.
FIRST online – In 2005, private capitalism in the Bel Paese was almost synonymous with Mediobanca.
DRUMS – “It's more a journalistic suggestion than a reality. Mediobanca was and is an excellent structure, with great professionalism. But with limited dimensions. Yet, at one point it seemed they were at the center of all things. In reality, the role of Intesa and Unicredit was and is far more important”.
FIRST online – And is it a virtuous role?
DRUMS – “On paper, yes. The resolutions are good, but they continue to lend money often with a bureaucratic, bandwagon-like logic. Certain habits are making themselves felt again, now that the money from Mario Draghi's Qe is available to us ".
FIRST online – Necessary money.
DRUMS – “Definitely yes. But now we are addicted. This is why I have a certain diffidence about the state of credit. It often happens to me that someone offers me operations on banks. But I think the real cleaning hasn't been done yet. I deduce this from the state of health of many companies that have asked for our help. There are still companies that have more debt than turnover, but bank credits have not yet written down their exposure. Better stay away for now. Prudence is one of Tip's secrets."
FIRST online – The absolute protagonist of these years is undoubtedly Sergio Marchionne.
DRUMS – “Definitely. Together with Matteo Renzi he is the man of change. I think now he wants to complete the work with the Gm operation. His intention, I think, is to speed things up. Perhaps with the help of Warren Buffett who seems to me to be very attentive to what Marchionne and John Elkann are doing, whose role is invaluable. Without John, who shouldered his responsibilities instead of enjoying the money, Marchionne could have done very little ”.
FIRST online – Other heirs of industrial fortunes have made different choices. They made a mistake? How do you judge Pesenti's disengagement?
TAMBURI – “It is a legitimate choice as one of the possible outlets of family capitalism. The real Italian limit is the resistance to create public companies, with a clear distinction between management and ownership. Luckily there are examples that bode well: Cucinelli, Moncler or Eataly. Ten years ago the distinction of roles between Andrea Guerra, operational manager, and Oscar Farinetti would have been unthinkable”.
FIRST online – But for such a leap you need the Stock Exchange. Or not?
DRUMS – “This is the sore point. I have just found a book of mine in which I explained the advantages of listing and the need for a policy to that effect. Since when did I write this? In 1981. Not much has changed in terms of the number of listed companies since then. We are stuck at 300 titles, more or less like ten years ago”.
FIRST online - Blame?
DRUMS – “The banks, in words, say they are in favor of the turnaround. But in fact, when they are faced, they prefer to issue credits with an assured return. Confindustria is also slowing down: the mentality is still that of 100 percent in order not to be accountable to anyone”.
FIRST online - Didn't anything happen at all?
DRUMS - "In reverse. I find the experience of Elite, the program for educating companies in dealing with the financial markets, very interesting. And despite all its limitations, Aim is an interesting reality. But I point out that these two experiences, practically the only ones of these years, were promoted by the Italian Stock Exchange which is controlled by the London Stock Exchange. I don't think it's a coincidence."
FIRST online – And so Italian capitalism remains dwarfed.
DRUMS – “Let's not exaggerate. There are some extraordinary growing realities in all sectors. Pharmaceuticals are experiencing a golden age, in many fields we boast excellent positions. Not a day goes by without Tip looking into possible new investments. There is a lot to do. On one condition".
FIRST online - Which?
DRUMS – “This time we leave the imbeciles outside the door”.
