The United States is the only world market that allows for real exposure to technology, which is fundamental today as in the future. We learn from them


Yesterday the newspaper “LaVerità” published a letter of mine to the director. In the letter I highlighted how the anti-Atlanticism of this government is jeopardizing the economy of our Country. Lately in the Italian and European press there’s a debate about the future of our Stock Exchange, in particular our government is divided about the future shareholders’: Euronext or CDP. In the light of such debate I wanted to highlight a fundamental rule to define a partnership which is to identify the market’s leaders, the trend setters and whoever has an ambitious vision of the future. Taking into consideration the first five companies in the S&P500, i.e. Amazon, Google, Microsoft, Apple and Facebook, tech concentration reached 20% of the weight in the indexes (the average in the last 30 years is equal to 13%).
It is therefore clear how the US is the only market allowing a true exposition to the tech sector, which is key these days. If you add the fact that from 2010 Nasdaq had a return of four hundred forty percent while the MSCI World a return of two hundred percent and that the Italian GDP is equal to the market cap of Samsung, Tencent, Alibaba e Taiwan semiconductor, we understand how small we are and how important are the tech sector and the US market.
In the case of Financial Markets therefore our Minister of the Economy and Prime Minister should have took a flight to NYC and open dialogues in Wall Street.
Unfortunately it seems that for the sinecure of this government the US are uncomfortable allies, someone to forget, not even to talk with.
Regardless of any eventual M&A transactions and their players I believe Milan should fly high affirming globally its role in Finance, Design, Fashion and all its other strong sectors, and not just for its own good but for the good of Italy.

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