
90 Becoming the real deal
Mediobanca you are effectively saying that you have a view on at least
four things that are all hard to work out:
1
You implicitly claim to know whether Generali and Telecom Italia will
go up or down in value (and if you know this for sure, why not just buy
Generali or Telecom Italia?)
2
You also claim to know whether the value of Mediobanca’s core
banking business (investment banking, brokerage, asset management,
etc.) will do better or worse than its domestic competitors and how
domestic finance will fare generally.
3
You claim to know whether the Italian market will go up or down and
therefore effectivel