From the Presidential Medal
of Freedom presentation

Warren E. Buffett : as a world-known investor and philanthropist, Warren E. Buffett business acumen is matched only by his dedication to improve the lives of others. He is the co/founder of the Giving Pledge, an
organization that encourages wealthy Americans to donate at least 50percent of their wealth to philanthropic causes.

Warren Buffett’s example of Generosity and Compassion has shown us the power of one individual’s determination in inspiring countless women and men to help make our world a brighter place.

Last posts

The best is yet to come

Be like Buffett

Your first approach to “Value” is critical. So it’s important to have and education about this as a young individual. Or, even if you don’t start very young, your first understanding of investing is equally important. I find totally unuseful to talk for hours with people that already think they know about stocks or investing and are completely out of tune about me being a supporter of “Graham and Doddsville” and of course of Buffett as a second stage of the same original background. You can’t easily break the chains of habit if you don’t agree immediately that every good investment is a Value Investment by definition!

It’s true if you, as a Grahamite, like to buy cheap stocks when are mispriced, and its true when, since times are changed, you buy a wonderful business at a reasonable, not cheap anymore  but fair price. Buffett is not so known as you think. And then there are many Buffetts in a timeframe of more than seven decades. So, which one? The “learning machine” changed a lot because he’s smart and always learning, and times have been changing a lot during the span of his entire life-time. So everybody knows the same old stereotypes and stories, especially the professionals of money-managing. They know a little bit of everything, so this little-bit applies also to the greatest investor ever-existed.  It takes a while and a big effort to study exclusively a single investor, a single man, for many years everyday to be able to understand more than seven decades of investing and quotes, articles, videos, interviews, letters, shareholders meetings. It’s a lot. And it’s a very very narrow circle of competence. Say, one! Like owning and cherish just one stock for an entire life, and never sell! Does that make sense to you? If it doesn’t we are not on the same page. And I tell you what:  it’s just the beginning…. (to be continued) 

“Future is never clear”, WB 1979

Be like Buffett

Il futuro non e’ mai chiaro. Se aspettate che lo sia, siete già in ritardo per comprare azioni. Quando Wall Street naviga attraverso l’incertezza del momento è proprio quello il momento giusto per i migliori affari, per i migliori acquisti.

“The future is never clear; you pay a very high price in the stock market for a cheery consensus. Uncertainty actually is the friend of the buyer of long-term values”. (WB, 1979) 

L’Incertezza è amica dell’investitore a lungo termine, l’unico degno di questo titolo. “Volatility is your friend”. L’esatto contrario di quello che dicono in molti. Coloro che cercano “stabilità” in un prezzo di una azione, cioè di un business, non dovrebbero possedere azioni. Se non sono inclini a comprare e ad amare i business quando sono “mis-priced”, spiegatemi come pretendono di fare soldi investendo.

E’ molto semplice, è come dice Warren. E’ come una iniezione, o prende subito o niente. Possiamo stare qui ore, a scrivere, a fare diagrammi, raccontarci i cali del 1929, del 1974, e poi i prezzi bassi di Wall street del 1979, il 2008. Niente, non vi convincerete. Restate a casa con le Vostre paure. Ed in questo periodo fisicamente sono daccordo ma metaforicamente, no.

Nel 1979 investitori cosiddetti professionali, con Wall Street in calo significativo e prezzi delle azioni in picchiata (dopo 5 anni di rally) stavano alla finestra. Pension fund managers avevano un misero 9percento! dei loro fondi a disposizione in azioni quell’anno. Attendevano “risposte dal mercato” piu’ che dalla loro ragione. E quando si interroga qualcos’altro prima della razionalità, è il momento che si prende un treno in massa da Milano al resto d’Italia…

Ma torniamo al 1979. Buffett era sconcertato, stupefatto, a dir poco!  Buffett nel 1979 comprava costantemente mentre gli altri aspettavano che il quadro “fosse chiaro”.

1979: il dollaro era debole rispetto a marco e yen. Crisi energetica, persino nelle case, shortage. Fondamentalisti in Iran, Reds in Nicaragua, Opec, un debole Jimmy Carter a rappresentare una economia di un paese in declino rispetto ai dati economici dell’America di oggi.

E’ il momento di impiegare la liquidità adesso, scegliendo azioni di business con “sostanza” economica chiara e solida. Ma prima che l’incertezza da virus si sciolga. Non chiamatemi dopo la paura, “avidi” di acquisti. Siate coraggiosi, anzi razionali, quando tutti hanno paura. Saluti dagli States! Scrivetemi :   marco@blikebuffett.com       

Tough times don’t last, tough people do!

Stay Safe

Graham part 4

Be like Buffett

Buffett since many years admitted he did change some of the “rules” he learned from Graham, and, most of all, he added new principles and concepts to investing, or better, to finding super-wonderful businesses. But you can’t  really understand easily Buffett or Munger without having in mind the lessons of Graham before. Without studying and comparing their wonderful thoughts about life and the investment world and economics with the basic principles of “value” of a business created by Ben Graham. Many of this principles underpin still today the investment frame of Munger when he says: “Every good investment is a value investment by definition”! And what about Jack Bogle, and all the many times he describes the difference among “speculation” and true “investing”.

Back to our hero, Warren, never forgot to “retain” the proper “temperamental set” from Graham ever since he was his student at 19 y.o. until now, 71 years later. That is “to buy value” at a good or reasonable price; put a margin of safety; and be able to detach yourself from the crowd and from the daily market gyrations. Amen.

Ben Graham , first part

Be like Buffett

I was born september 15th 1976, 6 days later Ben Graham died, age 82. Graham still is, as he was, modern and old-fashioned at the same time. He reminds me of an italian quote :”Torniamo al passato, sarà un progresso”! that is “Let’s go back to the past, it will be a progress”!  Especially when the markets are down I find comforting , and above all useful! to read Graham principles again. And I remind myself to read again for the onethousandfivehundred-or so time, chapter 8 and 20 of the “Intelligent Investor”. Before Graham buying stocks was something without a true philosophy. The principles of a good investment were undiscovered. Graham taught us how this game should be played to be profitable. Then, came Buffett as his best student of all, And with him we find today this game expanded and refined. But the initial spark is a Graham’s spark that showed the path to many.,

So much better than I can write, let’s take delight of Graham’s approach through the words of Warren Buffett in 1976 :

“In an area where much look foolish within weeks or months after publications, Ben’s principles have remained sound-their value often enhanced and better understood in the wake of financial storms that demolished flimsier intellectual structures”

This was from the “Financial Analysts Journal” of October 1976, but for me it could have been written without changing a word today, 43 years later, almost 44. My entire Life-time.

(to be continued)

Ben Graham, second part

Be like Buffett

Many investors are acting on the stock market basing their decisions upon looking or thinking about what the others will do. And so it goes the same old story. “Let’s sell before they sell” they say.. Mr. Market is repeating himself, as the human nature always does historically, being what it is. Driven too much by emotions unequestionably. Ben Graham would again remind us of the “firmness of character” needed to act in one’s belief. You dont need tons of intelligence to have a temperament. But if you don’t have the right temperament, and you act upon what other people do. Well, at least you’re not going to achieve good results in the investment world.
As Ben Graham would tell you today once again : “You are not right because 1000 people or more agree with you, and you are not right or wrong because 1000 people or more disagree with you”.

To be driven by fear and not by rationality, is not a good idea, unequivocally. As you may read on the news this first quarter has been the worst in history for the DOW.
20 per cent down
It was 25 percent down in 2008, the year in which we remember the crisis was much more dangerous.
In 2008 a housing bubble was hurting for real the economy risking to jeopardize the most important assets of families: their homes.
In fact it did, and most people lost their houses. Foreclosures were everywhere. Assets underlying paper were worth ..paper. 2008 was pretty scary.
Now the span of time and the economical-business reasons underlying the downfall of stocks are different.
The virus will not change in the future the wonderful business that is the one you want to own today at a discounted price.

I’m not saying this virus is not nasty and dangerous. Not at all. It is as dangerous as others we have been facing and defeated centuries ago.
Mr. Market, as usual in history turned his mood into panic and started to sell . He’s isolated at home, he is depressed and paranoid. Thus completely forgetting the real “intrinsic value” and the great economics of some businesses he’s ready to serve us at discounted prices.
Now’s the time to take advantage again of Mr. Market. .As long as you have already in mind what to buy. And you can evaluate the business you want to own. Let him serve you.

I dont time the market and I dont make forecasts. Nobody can. And I don’t even feel like Buffett in 1974 like an “oversexed guy in a whorehouse” like Buffett is quoted said in “The making of an American Capitalist”. He was buying everyday like hell.  But I know for sure that the “American Tailwind” (as Buffett calls it) will be strong and consistent in the future and good businesses will be booming in America after this pandemic  and over the long term. Never doubt America, never bet against this country and the generosity of its people and the good hard-workers that came here from everywhere. They will not sit around.

Ferrari Index

USA

Andiamo fuori tema se parliamo di Cars come investimento? Cosa direbbe Buffett?

Direbbe che non producendo denaro la tua Ferrari o McLaren non è un investimento in senso tecnico stretto ma una speculazione. Cioè un oggetto, come una tela d’autore, in cui tu paghi un prezzo per un valore difficilmente calcolabile e speri che un altro un domani si emozioni piu’ di te pagando un prezzo ancora piu’ alto e cosi’ via. Però negli anni 70 a Buffett capito’ un’occasione di un investimento correlato ad una collezione di vetture che ammise lui stesso erano vendute per 1 o 2 milioni e 10 anni dopo valevano piu’ di 10 milioni. Quindi parliamone, direbbe Jay Leno. e da appassionato di Ferrari non posso che “tradire” per un secondo Buffett e dire che evidentemente per storia personale il suo cuore non batte per la Ferrari come il mio batte rosso dalla culla.

Intendiamoci Buffett dice che la “quintessenza” dell’essere americano è nella cura e passione per l’auto e nel macinare miglia coast to coast! Ed è vero! La mia Cadillac come quella di Buffett ha un motore piu’ grosso della mia Ferrari e la usi tutti i giorni e ci viaggi quanto ti pare (a 1,99 dollari a gallone!). Sono 0,50 centesimi di Euro a litro, o forse meno. 1 gallone è 3.875 litri.

Ma allora perchè una Ferrari non solo non è una vettura normale ma ti fa battere il cuore (anche volendo con soli 1991cc) dalla nascita e poi per sempre e perchè se vuoi venderla ti offrono di solito piu’ di cio’ che l’hai pagata anni indietro? E perchè esistono aste milionarie soprattutto in USA e perchè esiste un “Ferrari Index”? Che come il DOW JONES, fluttuazioni ne ha, ma alla fine tende sempre a crescere, crescere ?

Perchè solo Ferrari ha 3 caratteristiche per le quali dovreste comprare un oggetto del genere (in realtà anche pochissimi altri brand ma per me in misura minore..)

1. Un BRAND unico nel Suo Prestigio ed inimitabile irraggiungibile

2. Una soddisfazione ed esperienza di guida inimitabili

3. Pochi esemplari prodotti in genere per ogni modello (con grosse differenze ovviamente da un modello all’altro  che influiscono sul  prezzo)

Con queste tre caratteristiche comprare una Ferrari vintage è sempre un buon acquisto. Vi garantite un’esperienza ed un’emozione inimitabili, vi garantite un valore che proporzionalmente al numero di esemplari del vostro modello crescerà nel futuro a lungo termine. Sempre. Portatevi solo un buon meccanico esperto Ferrari per non comprarvi “accrocchi” o schifezze tenute male.

Un ultimo dato relativo al punto due. Qui in USA le usano poco. Le conservano in modo straordinario. Ho avuto modo pochi giorni fa grazie a John Levy (Ferrari official di Fort-Lauderdale) di vedere la F40 comprata nuova li’ dal compianto Paul Allen co-founder di Microsoft. Il secondo proprietario l’ha appena venduta grazie a John (con cui parli per ore di Ferrari). E’ nuova. Sembra mai usata e in effetti ha circa 10.000 km. Ed è pure tanto. A Miami il mio amico Jordi Ricart ha appena venduto una F50 con 212 miglia!! Adesso ne ha un’altra bellissima per “soli” 2.600.000 USD con 12.000 km. La vedi. Nuova.

Io non sono molto d’accordo. Per me vanno usate. Enzo Ferrari se non sbaglio se ne lamentava un po’ di questo minore uso dei nostri primi compratori e clienti (da sempre) gli Stati Uniti. Quasi 3000 vetture su 9.000 e changes del 2018 sono vendute in America! Quanto tutta l’area EMEA ..(E nel 2017 in Italia vendute solo 350 mi pare. Un decimo quasi!). E qui aspettano in media 2 anni!

Vanno usate, almeno ogni tanto. Non ho dubbi. Qualsiasi modello. Non c’è prezzo per le emozioni di un V8 cilindri Ferrari alle spalle nel misto delle curve della costiera di Maratea in una bella giornata di Maggio. Il Ferrari Index per una volta non la prenderà cosi’ male.

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Last posts

The best is yet to come

Be like Buffett

Your first approach to “Value” is critical. So it’s important to have and education about this as a young individual. Or, even if you don’t start very young, your first understanding of investing is equally important. I find totally unuseful to talk for hours with people that already think they know about stocks or investing and are completely out of tune about me being a supporter of “Graham and Doddsville” and of course of Buffett as a second stage of the same original background. You can’t easily break the chains of habit if you don’t agree immediately that every good investment is a Value Investment by definition!

It’s true if you, as a Grahamite, like to buy cheap stocks when are mispriced, and its true when, since times are changed, you buy a wonderful business at a reasonable, not cheap anymore  but fair price. Buffett is not so known as you think. And then there are many Buffetts in a timeframe of more than seven decades. So, which one? The “learning machine” changed a lot because he’s smart and always learning, and times have been changing a lot during the span of his entire life-time. So everybody knows the same old stereotypes and stories, especially the professionals of money-managing. They know a little bit of everything, so this little-bit applies also to the greatest investor ever-existed.  It takes a while and a big effort to study exclusively a single investor, a single man, for many years everyday to be able to understand more than seven decades of investing and quotes, articles, videos, interviews, letters, shareholders meetings. It’s a lot. And it’s a very very narrow circle of competence. Say, one! Like owning and cherish just one stock for an entire life, and never sell! Does that make sense to you? If it doesn’t we are not on the same page. And I tell you what:  it’s just the beginning…. (to be continued) 

“Future is never clear”, WB 1979

Be like Buffett

Il futuro non e’ mai chiaro. Se aspettate che lo sia, siete già in ritardo per comprare azioni. Quando Wall Street naviga attraverso l’incertezza del momento è proprio quello il momento giusto per i migliori affari, per i migliori acquisti.

“The future is never clear; you pay a very high price in the stock market for a cheery consensus. Uncertainty actually is the friend of the buyer of long-term values”. (WB, 1979) 

L’Incertezza è amica dell’investitore a lungo termine, l’unico degno di questo titolo. “Volatility is your friend”. L’esatto contrario di quello che dicono in molti. Coloro che cercano “stabilità” in un prezzo di una azione, cioè di un business, non dovrebbero possedere azioni. Se non sono inclini a comprare e ad amare i business quando sono “mis-priced”, spiegatemi come pretendono di fare soldi investendo.

E’ molto semplice, è come dice Warren. E’ come una iniezione, o prende subito o niente. Possiamo stare qui ore, a scrivere, a fare diagrammi, raccontarci i cali del 1929, del 1974, e poi i prezzi bassi di Wall street del 1979, il 2008. Niente, non vi convincerete. Restate a casa con le Vostre paure. Ed in questo periodo fisicamente sono daccordo ma metaforicamente, no.

Nel 1979 investitori cosiddetti professionali, con Wall Street in calo significativo e prezzi delle azioni in picchiata (dopo 5 anni di rally) stavano alla finestra. Pension fund managers avevano un misero 9percento! dei loro fondi a disposizione in azioni quell’anno. Attendevano “risposte dal mercato” piu’ che dalla loro ragione. E quando si interroga qualcos’altro prima della razionalità, è il momento che si prende un treno in massa da Milano al resto d’Italia…

Ma torniamo al 1979. Buffett era sconcertato, stupefatto, a dir poco!  Buffett nel 1979 comprava costantemente mentre gli altri aspettavano che il quadro “fosse chiaro”.

1979: il dollaro era debole rispetto a marco e yen. Crisi energetica, persino nelle case, shortage. Fondamentalisti in Iran, Reds in Nicaragua, Opec, un debole Jimmy Carter a rappresentare una economia di un paese in declino rispetto ai dati economici dell’America di oggi.

E’ il momento di impiegare la liquidità adesso, scegliendo azioni di business con “sostanza” economica chiara e solida. Ma prima che l’incertezza da virus si sciolga. Non chiamatemi dopo la paura, “avidi” di acquisti. Siate coraggiosi, anzi razionali, quando tutti hanno paura. Saluti dagli States! Scrivetemi :   marco@blikebuffett.com       

Tough times don’t last, tough people do!

Stay Safe

Graham part 4

Be like Buffett

Buffett since many years admitted he did change some of the “rules” he learned from Graham, and, most of all, he added new principles and concepts to investing, or better, to finding super-wonderful businesses. But you can’t  really understand easily Buffett or Munger without having in mind the lessons of Graham before. Without studying and comparing their wonderful thoughts about life and the investment world and economics with the basic principles of “value” of a business created by Ben Graham. Many of this principles underpin still today the investment frame of Munger when he says: “Every good investment is a value investment by definition”! And what about Jack Bogle, and all the many times he describes the difference among “speculation” and true “investing”.

Back to our hero, Warren, never forgot to “retain” the proper “temperamental set” from Graham ever since he was his student at 19 y.o. until now, 71 years later. That is “to buy value” at a good or reasonable price; put a margin of safety; and be able to detach yourself from the crowd and from the daily market gyrations. Amen.

Ben Graham , first part

Be like Buffett

I was born september 15th 1976, 6 days later Ben Graham died, age 82. Graham still is, as he was, modern and old-fashioned at the same time. He reminds me of an italian quote :”Torniamo al passato, sarà un progresso”! that is “Let’s go back to the past, it will be a progress”!  Especially when the markets are down I find comforting , and above all useful! to read Graham principles again. And I remind myself to read again for the onethousandfivehundred-or so time, chapter 8 and 20 of the “Intelligent Investor”. Before Graham buying stocks was something without a true philosophy. The principles of a good investment were undiscovered. Graham taught us how this game should be played to be profitable. Then, came Buffett as his best student of all, And with him we find today this game expanded and refined. But the initial spark is a Graham’s spark that showed the path to many.,

So much better than I can write, let’s take delight of Graham’s approach through the words of Warren Buffett in 1976 :

“In an area where much look foolish within weeks or months after publications, Ben’s principles have remained sound-their value often enhanced and better understood in the wake of financial storms that demolished flimsier intellectual structures”

This was from the “Financial Analysts Journal” of October 1976, but for me it could have been written without changing a word today, 43 years later, almost 44. My entire Life-time.

(to be continued)

Ben Graham, second part

Be like Buffett

Many investors are acting on the stock market basing their decisions upon looking or thinking about what the others will do. And so it goes the same old story. “Let’s sell before they sell” they say.. Mr. Market is repeating himself, as the human nature always does historically, being what it is. Driven too much by emotions unequestionably. Ben Graham would again remind us of the “firmness of character” needed to act in one’s belief. You dont need tons of intelligence to have a temperament. But if you don’t have the right temperament, and you act upon what other people do. Well, at least you’re not going to achieve good results in the investment world.
As Ben Graham would tell you today once again : “You are not right because 1000 people or more agree with you, and you are not right or wrong because 1000 people or more disagree with you”.

To be driven by fear and not by rationality, is not a good idea, unequivocally. As you may read on the news this first quarter has been the worst in history for the DOW.
20 per cent down
It was 25 percent down in 2008, the year in which we remember the crisis was much more dangerous.
In 2008 a housing bubble was hurting for real the economy risking to jeopardize the most important assets of families: their homes.
In fact it did, and most people lost their houses. Foreclosures were everywhere. Assets underlying paper were worth ..paper. 2008 was pretty scary.
Now the span of time and the economical-business reasons underlying the downfall of stocks are different.
The virus will not change in the future the wonderful business that is the one you want to own today at a discounted price.

I’m not saying this virus is not nasty and dangerous. Not at all. It is as dangerous as others we have been facing and defeated centuries ago.
Mr. Market, as usual in history turned his mood into panic and started to sell . He’s isolated at home, he is depressed and paranoid. Thus completely forgetting the real “intrinsic value” and the great economics of some businesses he’s ready to serve us at discounted prices.
Now’s the time to take advantage again of Mr. Market. .As long as you have already in mind what to buy. And you can evaluate the business you want to own. Let him serve you.

I dont time the market and I dont make forecasts. Nobody can. And I don’t even feel like Buffett in 1974 like an “oversexed guy in a whorehouse” like Buffett is quoted said in “The making of an American Capitalist”. He was buying everyday like hell.  But I know for sure that the “American Tailwind” (as Buffett calls it) will be strong and consistent in the future and good businesses will be booming in America after this pandemic  and over the long term. Never doubt America, never bet against this country and the generosity of its people and the good hard-workers that came here from everywhere. They will not sit around.

Ferrari Index

USA

Andiamo fuori tema se parliamo di Cars come investimento? Cosa direbbe Buffett?

Direbbe che non producendo denaro la tua Ferrari o McLaren non è un investimento in senso tecnico stretto ma una speculazione. Cioè un oggetto, come una tela d’autore, in cui tu paghi un prezzo per un valore difficilmente calcolabile e speri che un altro un domani si emozioni piu’ di te pagando un prezzo ancora piu’ alto e cosi’ via. Però negli anni 70 a Buffett capito’ un’occasione di un investimento correlato ad una collezione di vetture che ammise lui stesso erano vendute per 1 o 2 milioni e 10 anni dopo valevano piu’ di 10 milioni. Quindi parliamone, direbbe Jay Leno. e da appassionato di Ferrari non posso che “tradire” per un secondo Buffett e dire che evidentemente per storia personale il suo cuore non batte per la Ferrari come il mio batte rosso dalla culla.

Intendiamoci Buffett dice che la “quintessenza” dell’essere americano è nella cura e passione per l’auto e nel macinare miglia coast to coast! Ed è vero! La mia Cadillac come quella di Buffett ha un motore piu’ grosso della mia Ferrari e la usi tutti i giorni e ci viaggi quanto ti pare (a 1,99 dollari a gallone!). Sono 0,50 centesimi di Euro a litro, o forse meno. 1 gallone è 3.875 litri.

Ma allora perchè una Ferrari non solo non è una vettura normale ma ti fa battere il cuore (anche volendo con soli 1991cc) dalla nascita e poi per sempre e perchè se vuoi venderla ti offrono di solito piu’ di cio’ che l’hai pagata anni indietro? E perchè esistono aste milionarie soprattutto in USA e perchè esiste un “Ferrari Index”? Che come il DOW JONES, fluttuazioni ne ha, ma alla fine tende sempre a crescere, crescere ?

Perchè solo Ferrari ha 3 caratteristiche per le quali dovreste comprare un oggetto del genere (in realtà anche pochissimi altri brand ma per me in misura minore..)

1. Un BRAND unico nel Suo Prestigio ed inimitabile irraggiungibile

2. Una soddisfazione ed esperienza di guida inimitabili

3. Pochi esemplari prodotti in genere per ogni modello (con grosse differenze ovviamente da un modello all’altro  che influiscono sul  prezzo)

Con queste tre caratteristiche comprare una Ferrari vintage è sempre un buon acquisto. Vi garantite un’esperienza ed un’emozione inimitabili, vi garantite un valore che proporzionalmente al numero di esemplari del vostro modello crescerà nel futuro a lungo termine. Sempre. Portatevi solo un buon meccanico esperto Ferrari per non comprarvi “accrocchi” o schifezze tenute male.

Un ultimo dato relativo al punto due. Qui in USA le usano poco. Le conservano in modo straordinario. Ho avuto modo pochi giorni fa grazie a John Levy (Ferrari official di Fort-Lauderdale) di vedere la F40 comprata nuova li’ dal compianto Paul Allen co-founder di Microsoft. Il secondo proprietario l’ha appena venduta grazie a John (con cui parli per ore di Ferrari). E’ nuova. Sembra mai usata e in effetti ha circa 10.000 km. Ed è pure tanto. A Miami il mio amico Jordi Ricart ha appena venduto una F50 con 212 miglia!! Adesso ne ha un’altra bellissima per “soli” 2.600.000 USD con 12.000 km. La vedi. Nuova.

Io non sono molto d’accordo. Per me vanno usate. Enzo Ferrari se non sbaglio se ne lamentava un po’ di questo minore uso dei nostri primi compratori e clienti (da sempre) gli Stati Uniti. Quasi 3000 vetture su 9.000 e changes del 2018 sono vendute in America! Quanto tutta l’area EMEA ..(E nel 2017 in Italia vendute solo 350 mi pare. Un decimo quasi!). E qui aspettano in media 2 anni!

Vanno usate, almeno ogni tanto. Non ho dubbi. Qualsiasi modello. Non c’è prezzo per le emozioni di un V8 cilindri Ferrari alle spalle nel misto delle curve della costiera di Maratea in una bella giornata di Maggio. Il Ferrari Index per una volta non la prenderà cosi’ male.