| Ticker | Direction | Speaker | Thesis | Time |
|---|---|---|---|---|
| SHORT |
Luigi de Vecchi
Chairman, Capital Markets, Citigroup EMEA |
Landesberg notes a "shift towards Milan even before the [UK] non-dom thing was really fully announced." De Vecchi adds that people are moving out of London and Paris due to tax and stability concerns. The UK's removal of the non-dom tax status is acting as a push factor, causing capital flight. As HNWIs relocate their tax residency to Italy, liquidity drains from the London prime property and equity markets. SHORT. London loses its premium status as the default European hub for global capital. Reversal of UK tax policies or a sudden hike in Italian flat tax rates (elections next year). | 4:49 | |
| LONG |
Luigi de Vecchi
Chairman, Capital Markets, Citigroup EMEA |
De Vecchi observes that while traditional Milanese are reserved ("drive a Fiat 500, not a Ferrari"), the influx of wealthy foreigners is "sometimes flashy" and prone to showing off. The demographic shift from understated local wealth to ostentatious expat wealth creates a new, high-velocity local market for luxury goods. The "flashy" new residents are the exact target demographic for Ferrari and high-end fashion houses. LONG. Milan's transformation into a cosmopolitan "playground" directly benefits luxury conglomerates. Local backlash against gentrification or "flashy" displays of wealth leading to regulatory crackdowns. | 5:51 | |
| LONG |
Luigi de Vecchi
Chairman, Capital Markets, Citigroup EMEA |
"Financial institutions have expanded their presence in Milan... Last year was the year of the financial services... probably only the beginning of a wave of deals." Milan is transitioning from just a fashion capital to a legitimate financial hub. The combination of political stability and HNWI migration is triggering an M&A super-cycle. Global banks (like Goldman and Citi, mentioned as De Vecchi's former firms) expanding their footprint there will capture advisory fees. LONG. Investment banks with strong European advisory arms will benefit from the "wave of deals." European recession or ECB interest rate volatility dampening deal flow. | — | |
| LONG |
Christophe Dubi
Olympic Games Executive Director, IOC |
The 2026 Winter Olympics will generate a "4.5 billion economic impact" with fresh injections of private money into sponsorship and ticketing. The Olympics serve as a hard catalyst for tourism and infrastructure. High-end hospitality chains will see increased pricing power (RevPAR) as the "new wealthy" residents and Olympic tourists converge on the city. LONG. The "influx of affluence" requires high-end accommodation and services. Cost overruns on Olympic infrastructure or logistical failures during the games. | — |