To prevent the next generation of leaders from being burdened by debt, WCM's founders transfer their ownership stakes at book value—not market value. This massive personal financial sacrifice is designed to ensure the firm's long-term health and stability over founder enrichment.

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.

Rockefeller used his company's stock as a strategic weapon beyond just fundraising. He granted cheap shares to influential bankers to secure favorable loan terms for himself while simultaneously blocking competitors' access to capital, transforming his cap table into a tool for building a network of secret, financially-aligned allies.

The best investment deals are not deeply discounted, low-quality items like "unsellable teal crocodile loafers." Instead, they are the rare, high-quality assets that seldom come on sale. For investors, the key is to have the conviction and preparedness to act decisively when these infrequent opportunities appear.

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.

To fund crucial investments in wages, prices, and e-commerce, Walmart's leadership, with board support, intentionally reduced its operating income from over 6% to just over 4%. This shareholder-funded investment was a deliberate, multi-year strategy to future-proof the business.

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.

Exor's governance model focuses on finding the right leaders and then giving them space to execute. They review plans and organizational structures but avoid micromanagement, viewing their role as a supportive yet challenging partner to the CEOs of their portfolio companies.