The business began not with a market opportunity, but a personal one. Founder Robert Boucai realized his best after-tax returns came from real estate, but no existing general partners offered the tax-efficient, long-hold, high-alignment structure he wanted for his own capital. He built the firm to be the optimal solution for himself first.

John Elkan's development as a leader was profoundly shaped by his decision to hire outsider Sergio Marchionne to save Fiat. Marchionne not only executed a legendary turnaround but also became a personal mentor to Elkan, demonstrating the value of external expertise in guiding the next generation of a family empire.

CEO Larry Culp's successful turnaround of the GE conglomerate relied on operational fundamentals learned at Danaher. His philosophy of 'common sense vigorously applied' focused on implementing lean manufacturing principles, simplifying the business, and empowering employees on the shop floor, rather than complex financial restructuring.

Exor is strategically entering the healthcare sector not through a large acquisition, but by taking significant minority stakes in companies like Philips and Institut Mérieux. This gives them a "front row seat" to learn the industry, build knowledge, and establish credibility for a long-term pivot.

The Netherlands was an ideal starting market due to high construction density (short travel to pilot sites) and a single, nationwide building code. This homogeneity simplified product development and testing, unlike fragmented markets like the US or Germany, accelerating learning loops.

Geopolitical shifts mean a company's country of origin heavily influences its market access and tariff burdens. This "corporate nationality" creates an uneven playing field, where a business's location can instantly become a massive advantage or liability compared to competitors.

Instead of complaining that its stock trades at a steep discount to its net asset value (NAV), Exor's management pragmatically views this as a chance to invest in themselves. They trimmed their highly appreciated Ferrari stake specifically to fund share buybacks at this significant discount.

Although Exor's investment in reinsurance company PartnerRe underperformed, the exit was strategically valuable. Beyond the financial return, Exor leveraged the sale to Covea by retaining key talent and forming a partnership with the buyer to launch its new asset management firm, Lingotto.

The key lesson from Exor is that patient, long-term investing doesn't mean avoiding action. Learned from an early survival crisis, their leadership makes a few specific, intentional decisions each year to refresh the portfolio, demonstrating that decisiveness is critical even with a multi-generational time horizon.