by Robert Crowe
In an exclusive interview with Sole24Ore, he explains the strategic changes at his holding company Angel Capital Management, investments in deep tech and energy transition, and his new role on Giorgio Armani’s board of directors. A lucid and articulate portrait of capitalism at risk and the challenges ahead
by Robert Crowe
2025 was a year of profound reorganisation for Angelo Moratti, one of the most reserved but influential entrepreneurs and investors on the Italian economic scene, descendant of a historic family of Milanese industrialists and pupil of Warren Buffett, who has just stepped down from the operational leadership of his empire. A series of transactions has redrawn the scope of his activities: the sale of 100% of Milano Investment Partners (Mip) to Soprarno SGR of Banca Ifigest, his entry into the capital and board of directors of the latter, the creation of L&B Capital SGR, and the strengthening of operations in deep tech and energy transition. And finally, the prestigious entry into the board of Giorgio Armani, at a key moment of generational transition.
But all this is taking place in a global scenario which, according to Moratti, is rapidly approaching a new financial crisis, with the epicentre expected within the next 12-18 months. A system that is showing increasingly marked structural fragility, between speculative bubbles, excess liquidity (often masked by debt), political polarisation and deregulation in key sectors.
The bubble risk: AI, crypto and stock markets
According to Moratti, the dizzying growth in valuations in the artificial intelligence sector is causing more concern than enthusiasm. ‘To justify the current valuations of AI companies, approximately $2 trillion in additional revenue would be needed by 2030. This is an extremely optimistic, almost utopian scenario,’ he says. The parallel with the past is immediate: ‘It is reminiscent of the dot-com bubble of 1999 or the real estate bubble of 2007.’
The multiples are particularly worrying: ‘Palantir, for example, is valued at over 100 times its revenue. In addition, much of the US stock market’s return is generated by the so-called Magnificent 7: Google, Amazon, Microsoft, Nvidia and a few others. This concentration makes the market structurally fragile.’
The crypto front does not offer greater stability either. ‘The bubble inflated after Trump’s election and the cancellation of part of the existing regulation. We are talking about a sector that lends itself to money laundering and financial opacity. The case of the stablecoin launched by the president, which collapsed by 90% in two months, is emblematic.’
The crisis is already written: debt and deregulation
According to Moratti, private debt is the real potential fuse. ‘American hedge funds have doubled their debt in three years. Investments in AI are financed with hundreds of billions in new debt. But so-called “liquidity” is often just debt in disguise.’
Added to this is deregulation, which has always preceded systemic crises throughout history: ‘In 2000, it was tech; in 2008, it was the banking sector. Today, finance linked to AI and crypto operates almost without rules.’ The parallel with historical crises is clear, and the timing is disturbing.
Indicators in the red and signals from the market
The fundamental indicators are clear: “In the United States, the Buffett Index signals an obvious bubble: the ratio of market capitalisation to GDP has exceeded warning levels. Add to this growing geopolitical instability, the crisis of liberal democracy and political polarisation – fuelled by social media – and we have a perfect storm”.
And what about big investors? They too are beginning to expose themselves. Ray Dalio, founder of Bridgewater, warns that the long economic cycle is coming to an end, citing scenarios similar to those of the 1930s and 1970s. Even Warren Buffett, Moratti’s long-standing reference point, is adopting a defensive strategy: ‘He has accumulated $380 billion in cash and divested from Apple and Bank of America. Today, he is investing in short-term Treasuries.’
New strategies for uncertain times
In this context of growing uncertainty, Moratti has chosen a path of selective and forward-looking investments. The holding company Angel Capital Management (ACM) now holds 35 private equity stakes and eight in listed companies, including Nike, Booking and Uber. “We focus on companies with solid technologies, low debt and high growth margins. We have invested in StubHub, listed with a valuation of £8 billion, and in Domyn, the Italian leader in artificial intelligence, now approaching a valuation of €1 billion.‘
The goal? ’To build a robust portfolio that can withstand even a crisis. We are not worried: the companies we have chosen are solid and well capitalised.”
The commitment to Armani and the expansion of Ifigest
A key role is the recent entry into the board of Giorgio Armani: “I am proud to represent the Foundation on the board. My task is to protect the values and vision of one of Italy’s greatest entrepreneurs”. This is a strategic responsibility at a crucial time for the fashion house.
Meanwhile, Moratti has given impetus to the creation of L&B Capital SGR, following the sale of Mip to Soprarno SGR. This operation marks a return to the origins, with an eye on overseas markets: “With the Deep Tech Silicon Valley fund, we will invest £50 million in early-stage American start-ups, which we will also bring to operate in Italy. In addition, the newly launched Energia Italia fund has raised £270 million in just a few months to support the national energy transition.‘
Moratti sees an ambitious future for Banca Ifigest: ’We are aiming for £6.5 billion in direct and indirect deposits by 2026, with a Common Equity Tier 1 ratio of 36.4%.” In a landscape marked by global uncertainty, Moratti shows a clear vision and a strategy anchored in solid values: selection, innovation, responsibility. While the world chases the next big thing, he is preparing – discreetly – to weather the next storm.
(Associated Medias) – Tutti i diritti sono riservati
L’articolo Italian investor Angelo Moratti: ‘A global financial crisis is imminent. Here’s why.’ proviene da Associated Medias.
