Exor: The European Berkshire Hathaway
Exor (EXO.MI), the Italian holding company of the Agnelli family, has published its annual letter to shareholders. In managing his family's holding company, he closely follows the Berkshire Hathaway conglomerate model: focusing on enlarging businesses moats, adding great managers and making great capital allocation decisions. With this acquisition, Exor came even closer to embodying Berkshire's model, adding the float of an insurance company to be used to invest in other great businesses. "The journey we started together when Sergio took over FIAT, which was losing EUR5 million a day, led us to places we could not have imagined in our wildest dreams - from the turnaround of FIAT to the rescue of Chrysler, the creation of CNH Industrial, the foundation of FCA and the IPO of Ferrari. What used to be a troubled Italian Industrial conglomerate with an illustrious past became, under Sergio's leadership, three separate companies, all global leaders in their respective industries, with great futures ahead of them."