Show Notes
This is Zack Fuss. Today, we are breaking down Exor. The origins of Exor date back to the end of the 19th century when Giovanni Agnelli founded the Auto Company Fiat. Over the company's 100-year-old history, a lot has changed. While some of the core assets remain the same today, Exor serves as an investment holding company. Its largest and most notable assets include Ferrari, CNH, Stellantis, Philips, and a number of other notable household-name companies.
I am joined by Krishna Mohanraj, a portfolio manager of the International Strategy at Diamond Hill. Today, Exor is led by John Elkann, the grandson of the late Giovanni Agnelli. Elkan was named heir of his grandfather at the age of 21, and has fostered and reshaped the business to what it is today. Please enjoy this Breakdown of Exor.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
—-
Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Welcome to Business Breakdowns
(00:03:29) The Fascinating History of Fiat
(00:05:16) Leadership Through the Ages
(00:07:29) Simplifying the Family's Assets
(00:09:31) Current Holdings and Investments
(00:11:13) John Elkan's Influence and Strategy
(00:12:39) The Role of Sergio Marchionne
(00:14:09) The Evolution of Exor's Portfolio
(00:17:08) Key Listed Investments
(00:23:29) Valuation and NAV Discount
(00:27:44) Capital Allocation and Governance
(00:28:48) Investment Approach and Financial Discipline
(00:32:37) Exploring the Private Portfolio
(00:36:25) The Partnery Transaction Case Study
(00:39:03) Future Prospects and Strategic Sectors
(00:46:21) Lessons from Following Exor
More from Business Breakdowns
Today we're breaking down Affirm, the buy now, pay later company founded by PayPal co-founder Max Levchin. Affirm processes more than $50 billion in annual purchase volume and is growing over 30%, even after its stock fell more than 90% following its IPO.
Today, we are breaking down Applied Intuition. Our guests are co-founders Qasar Younis and Peter Ludwig, who started the company in 2017 with a mission to make a billion machines intelligent.
Today, we are breaking down Toast, a name we have covered before but are revisiting because the story has changed enough to be worth telling again. Most listeners will have tapped a Toast terminal without thinking much about the business behind it.
Today, we are breaking down Auto1, and this is an interesting episode because we are tackling a business that most US listeners will not be familiar with, even though it resembles names they already know well.
Today, we are breaking down Opendoor, and this is a unique episode. We recorded with Kaz Nejatian, the CEO of Opendoor, shortly after the company reported its first quarter 2026 earnings, and we covered both what is happening inside the business right now and how he is thinking about Opendoor from the seat after coming over from Shopify.