Privatizing Enel is unconstitutional. Privatizing Enel? Are you crazy? You have 8.5% of something with an intrinsic value of around 3 billion, today on the stock market it's at 1.7, 1.6, 1.8 billion, and I'm already very happy with that. I never thought when I left Sapienza that I would create something so important. Those who say that going public is complicated don't know what they're talking about. Listing a company on the stock exchange is a starting point, never an end point. He is Giovanni Tamburi, class of '54, and he is one of the pillars of finance in Italy. His Tamburi Investment Partners, for friends TIP, is listed on the Italian stock exchange and is worth 1.5 billion euros, and about 8.5% of that belongs entirely to Giovanni Tamburi. It is listed, so the data is public, including his salary, which in 2023 alone was 15 million euros. TIP has invested in Italian companies like Moncler, Amplifon, Interpump, OVS, and more recently also in companies where I have made videos, such as Talent Garden and Bending Spoons. And all of this was done with a team of 15 people. So in this video I interview Giovanni Tamburi, who tells me his story, the strategies, and the philosophy that has guided him up to today.
I am Roman. I studied in Rome at the university. I graduated with 110 cum laude in Economics and Commerce. Shortly after graduation, I was called by a family friend, the kind you can't say no to, and I came to Milan. I was already working because after the first year of economics I realized it wasn't particularly difficult, so during three out of four years of university I already worked small jobs: an advertising agency, some consulting. In '77, after finishing university, I did military service, then came to Milan reluctantly because I was fine in Rome. I had a nice house, a nice motorcycle, girlfriends, everything. In which area of Rome? Via Mazzini, Via Settembrini. Very reluctantly because I said, 'I'm very well here, why are they taking me away?' But I let myself be tempted by this adventure. This person wanted me to join him in Cogefar, a construction company. Actually, shortly after I joined him in Cogefar, he was appointed vice president of Bastogi. In those three years I was with them, I dealt much more with Bastogi than with Cogefar. What did Bastogi mean? A huge financial company with an enormous portfolio of holdings, in great difficulty, so it sold one company a month to pay salaries. An incredible experience: 20 hours of work a day, sometimes 24, skipped meals. An exceptional master: the general manager of both Cogifer and Bastogi was named Nanni Fabris, who taught me everything. A very junior role, but front office: I spoke directly with the boss, I dealt directly with these things, and it went very well. I did truly exceptional things. In the last year I was there, I was contacted by Euromobiliare, which at the time was already a very important merchant bank, to ask if there was someone in Bastogi capable of taking responsibility for the M&A function that was to be born here in Euromobiliare. I said, 'Look, at Bastogi we are just a handful of people, so I can ask around, but there's no one.' A few months passed, I clearly didn't give any names, also because we were really just a few people. The gentleman from Euromobiliare called me back and said, 'Why don't you come? We'll pay for courses around Europe for you. You invest in us and we invest in you.' These very kind gentlemen paid for courses in Paris, Lausanne, wherever I wanted to go, I went. I took all kinds of courses. I created the M&A sector of Euromobiliare. Good.
At this point, Giovanni Tamburi is more or less my age, and in his first work experiences he approached the M&A sector, that is mergers and acquisitions. If you follow me, you know that this is a very recurring theme in my interviews, especially if you have seen the videos with Bending Spoons, which buy several companies every year. Anyway, in these years Giovanni opens a new chapter in his life, that is the one at Euromobiliare, and starting practically from zero, in 10 years of career he manages to become director and vice general manager of the parent company Euromobiliare Spa and also director of the bank Euromobiliare Spa. But certainly also because he was an expert in M&A and had positioned himself that way in a period when the sector was exploding. Those were the years when private equity started, the M&A of large multinationals that were buying in Europe and also in Italy.
I was very lucky. In 10 years at Euromobiliare, I went from a young assistant who had to set up the M&A sector to general manager of the entire group. I was tied to the investment banking side, together with Guido Roberto Vitale and Alberto Milla, the two great historical heads of Euromobiliare. I carried forward this very beautiful project.
At this point, how old was he? 36. 36 years old, he was already, let's say, head, general manager, head of M&A investment banking and general manager of the entire Euromobiliare group, that SIM part. Then at that moment Euromobiliare had become international, in the sense that Midland Bank had bought Euromobiliare, and then Midland Bank had been bought by Hong Kong and Shanghai Bank.
I was sent to London for a year to gain experience with the English. Because clearly, being at the top of the Italian group, I had to be part of this international group. And I realized that I was becoming a bit of a pawn in the hands of this international group, first English, then even Anglo-Chinese. I didn't like it much, also because they wanted to invest a lot in me as a young person and in other young people, or to undermine the two great old men of the company. I didn't feel like undermining those who had valued me over time. So one fine day I decided to leave without having anything. I had no job alternative, I hadn't been called elsewhere. I had been called, but there was nothing that attracted me. Moreover, Guido Vitale, when he learned that I was leaving, was certainly convinced that I was going to someone. I told him, 'I assure you, I'm not going anywhere. I'm retiring, I'll do some reflection, write some books, etc.' So much so that he paid me for a few months even though I wasn't there, because he said, 'But then your family, how will you manage?' etc. I had earned very well, so I had no problems, but he very kindly accompanied me, I think at least 6 months of salary, half. But anyway, he accompanied me in this. It's curious.
It's curious. Anyway, how in 10 years did you assume such an important role? Why, in your opinion? You were good, okay, but what are the focal points that brought you to Euromobiliare?
