Real economy, shares and solidity Savings in times of war –

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Real economy, shares and solidity Savings in times of war –


Of Andrea Rinaldi

From Tosetti to Ersel, Banca del Piemonte and Fenera, how they behave and what those who manage the city’s assets suggest. The business lens

The progress of the conflict in Ukraine frightened the European financial markets which closed several sessions in the red. The shock worries those who look ahead and – like the outbreak of the pandemic – they look around for confirmations for their investments. Fenera & Partners sgr, which focuses specifically on investments in global private markets, recommends a trio to protect against: sector diversification, currency and a portfolio built over time allow these assets substantial resilience in periods of high tension, like the ones we are currently experiencing – recommends Giacomo Stratta, founder and CEO of Fenera & Partners -. In the presence of high volatility, the illiquidity of these instruments protects investments from behavior driven by emotion and allows asset managers to continue – where appropriate and with the necessary caution – to invest.

Escape to quality

It has been a long time since Europe has experienced a war event at home and the instability of the geopolitical scenario is reflected in the price lists, we must remain calm, advises Camillo Venesio, CEO and General Manager of Banca del Piemonte, active since 1912. like that of the war, occurs what we call the “flight to quality”, that is, we seek safety in the government bonds of countries with high ratings and in strong economies such as the United States and Germany, or in currencies such as the Swiss franc, the yen or gold, which have risen precisely because the demand for them has increased. There is also a preference for investments in non-cyclical activities, those less impacted by the war: tech, health, telecommunications, utilities. The key rule is to diversify the risk, not to sell when the markets crash, even to buy and look for the solidity of the issuers, for example the Italian debt continues to be an excellent investment, we are one the greatest savings. If he diversifies, losses on investments in Russia will also be offset by other markets over time, Venesio observes.

Long period

Dario Tosetti, founder of Tosetti Value in 1997, agrees on the concept of diversification, then one of the first multi-family offices in Europe and today one of the most important, including the CEO: The objective of portfolio must be long-term and give priority above all to securities of companies in the real economy. Bonds today have a low yield so they can be a temporary parking lot, I don’t think the rise in rates will be high, on the one hand the states are too indebted while on the other the great geopolitical uncertainties and the Cost of raw materials affect market trends, Tosetti points out. This warns against the logic of short-term trading and the temptations of easy profit: If the saver wants to anticipate times to maximize profit, he must be aware of the rising risk. The equity component must grow in client portfolios, but with the awareness of having to assess the value of the investment over a period of at least ten years – he observes -. The role of private bankers and consultants is increasingly important for the training of savers.

Don’t go cash

So be patient and don’t panic and make choices. N of the idea of ​​”making cash” and that’s it, to do it today is to encounter a certain erosion of the investor in real terms, pleads Andrea Nasc, investment director of Ersel, asset manager since 1936. Rather a portfolio of good stocks of companies carefully selected, and held for a long time, have a good chance – as we have seen in the history of crises – of recovering and coloring the performance accounts. True, the cost is greater volatility, but the profit is a real earning opportunity that can combat negative forces such as inflation. On the contrary, the way of selecting stocks has changed: this war puts Europe in the spotlight, which appears more vulnerable. Given the interest rate levels which, despite the rise at the start of the year, are still low, it makes no sense to be tempted by very limited yield prospects, because, if the economy were to suffer more than it should, the size on the other hand, the potential losses are not negligible.


Those who, on the other hand, experience first-hand the behavior of savers when faced with the Directa Sim stock exchange, a pioneer in online trading which has just been listed on the Milan Stock Exchange. We have two categories of customers, traders and investors – says CEO Vincenzo Tedeschi -. The first exploited volatility with futures contracts listed on Cme in Chicago, Eurex in Frankfurt and Idem in Milan. They are instruments that allow you to invest in rises and falls, in international indices, in currencies such as the euro / dollar exchange rate and in commodities such as gas, oil, cereals. The latter on the contrary – continues Tedeschi – had to get out of trouble with movements on the big risks in Russia like Unicredit and the banks in general or the Telecom affair, this linked not to the war but to the industrial plan. And then on petroleum products like Saipem, Tenaris, on Leonardo.

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March 15, 2022 (change March 15, 2022 | 20:32)

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