I’ve always been in business.

Out of 33 years of work, I’ve probably only been on the payroll of others for a year or two in total. That scenario has worked out well for me.

Yes, business is hard. But here’s the beauty of it.

Every day, you wake up with a purpose. To deliver for your clients. To create opportunity. And to ensure independence and freedom for your family.

So, it’s very dismaying when you hear left-wing politicians wanting to tax wealth, capital gains, or refuse equality of opportunity. They kill incentive.

Make no mistake. These people’s promises are false. They will drive business away and make everyone materially poorer.

 

The Italian trip

 

Many investors missed something in 2023 to 2024.

Undervalued Italian companies on the Milan exchange were starting to get a bid. Some grew 60% or more within a year, while also paying decent dividends.

Why? Well, these stocks had been much cheaper than similar businesses in America, Australia. Or, for that matter, other European markets.

Investors had discounted Italy due to unstable government and high public debt.

The Meloni government has started to turn that around. With incentives for entrepreneurs and businesses. One initiative is the 5% flat tax for people starting a new business.

This would have accelerated my start in business all those years ago.

 

At the desk in Venice. Source: Author

 

Anyway, during December and January, I had a working holiday in Italy. I looked at some of the undervalued companies we’d been investing in for our wholesale clients. And took the pulse of the economy from people on the ground.

There is still too much complex taxation in Italy. Too much red tape. But also genuine faith and hope that Meloni is turning the ship around.

While I was there, Italy became the world’s fourth-largest exporter, surpassing Japan.

There is pride in ‘Made in Italy.’

In many ways, it is a country made up of family businesses.

During my stay in Venice, an enjoyable routine was going for pastries and coffee. Ideally, a piece of ricotta cake and a macchiato. Rizzo Pasticceria was recommended to us. A typical Italian business offering great value to its local community. Owned by — you guessed it — the Rizzo family, who have been operating in Venice for more than 100 years.

 

Source: Rizzo Venezia / Yelp

 

Well, Rizzo isn’t the only great business I discovered in Venice.

I also came across a listed business, headquartered in Venice, providing innovative financial services…

 

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