John Elkann

John Elkann is an Italian-American industrialist and the chosen heir of his legendary grandfather, Gianni Agnelli. He is the Chairman and Chief Executive Officer of Exor, the powerful holding company through which the Agnelli family controls a vast global business empire. Elkann also serves as the Chairman of both Stellantis (formed from the merger of Fiat Chrysler and Peugeot S.A.) and the iconic luxury carmaker, Ferrari. Handpicked at a young age to lead his family's dynasty, Elkann has quietly established himself as one of Europe's most influential and astute business leaders. Far from being a mere custodian, he has actively reshaped the family's portfolio with a disciplined and patient approach to capital allocation. His long-term, owner-centric mindset makes him a compelling figure for any student of value investing, embodying many of the principles championed by figures like Warren Buffett. His career is a masterclass in navigating corporate turnarounds, managing legacy assets, and redeploying capital into new, high-potential ventures for the next generation.

Born in New York City, John Elkann was designated as the successor to his grandfather, Gianni Agnelli—the charismatic patriarch known as L'Avvocato (“The Lawyer”) who transformed Fiat into a global powerhouse. Elkann was thrust into a position of immense responsibility in the early 2000s, a time when Fiat, the family's crown jewel, was teetering on the edge of bankruptcy. Rather than collapsing under the pressure, Elkann demonstrated remarkable composure and strategic vision. He orchestrated one of the greatest corporate turnarounds of the century by appointing the brilliant and demanding CEO, Sergio Marchionne. Together, they restructured Fiat, engineered the acquisition of a bankrupt Chrysler, and ultimately forged a new, profitable transatlantic automaker. This trial by fire cemented Elkann's reputation not just as an heir, but as a formidable leader and capital allocator in his own right. Today, he uses Exor as his primary vehicle to apply these hard-won lessons across a diverse portfolio of global businesses.

Elkann’s investment philosophy, executed through Exor, is the antithesis of short-term speculation. It is built on the foundation of owning great companies for the very long term, often decades. This approach is less about timing the market and more about identifying and partnering with exceptional businesses that can compound value over time.

A key element of Exor's success is its structure as a holding company. Unlike a mutual fund or a private equity firm, which must constantly answer to investors who can pull their money out, Exor wields permanent capital. This gives Elkann and his team two incredible advantages:

• Patience: They are never forced to sell a great asset because of a market downturn or investor panic. They can wait patiently for years, if necessary, for the right opportunity to buy or to allow their existing investments to mature.
• Flexibility: They can invest in any asset class—public stocks, private companies, or even startups—without being constrained by a narrow mandate.

This structure allows them to think and act like true business owners, not transient shareholders.

Exor doesn't just buy “cheap” companies; it seeks to own “great” ones. The criteria are straightforward and will sound familiar to any value investor:

• Strong Brands: Businesses with powerful, globally recognized brands, like Ferrari.
• Durable Moats: Companies with a sustainable competitive moat that protects them from competition.
• Excellent Leadership: A belief in backing talented and aligned management teams.

This focus has led to a concentrated but diverse portfolio that includes automakers (Stellantis, Ferrari), agricultural machinery (CNH Industrial), media (The Economist Group), luxury goods (Christian Louboutin), and even healthcare (Institut Mérieux).

While you may not have billions to deploy, John Elkann’s approach offers timeless wisdom for any ordinary investor looking to build long-term wealth.

• Think Like an Owner: When you buy a stock, you are buying a fractional share of a real business. Study its operations, leadership, and competitive position. Ask yourself: “Would I be happy to own this entire company for the next ten years?”
• Patience is Your Superpower: The stock market is filled with noise and short-term panic. The individual investor's greatest advantage over professionals is a long time horizon. Don't be shaken out of a good business by temporary volatility.
• Focus on Quality: It is, as Warren Buffett says, “far better to buy a wonderful company at a fair price than a fair company at a wonderful price.” Prioritize businesses with durable competitive advantages that can grow and defend their profits for years to come.
• Study the Greats: Elkann learned from his grandfather and by observing other master capital allocators. Reading shareholder letters from figures like Elkann (Exor) and Buffett (Berkshire Hathaway) is one of the most effective and inexpensive ways to improve your investment acumen.