Insights
SpaceX, AI and the Value of the Future
SpaceX’s listing has brought a fundamental question in finance back to the forefront: how do we assign an economic value to projects that could transform the future, but remain highly uncertain today?
SpaceX is now much more than a space company. Its business model combines three elements: the Starlink satellite network, space transportation, and the potential development of new infrastructure for artificial intelligence. What makes the company particularly interesting is that many of its most promising activities concern scenarios that have yet to fully materialize.
Investing in innovative companies therefore often means investing not only in current cash flows, but also in a vision of the future. The history of financial markets shows that uncertainty can represent a risk, but also a source of value when approached through appropriate diversification.
The evolution of artificial intelligence, the expansion of digital infrastructure, global technological competition and the development of the space economy are all forces that will influence investment decisions for many years to come. Understanding them does not mean making perfect forecasts. It means learning how to reason in the presence of an uncertain future.
Some of these reflections emerged from an interview with Adele Giorgia Sarno published by HuffPost Italy on June 11, 2026.
Bubble or Not a Bubble… How Much Is the Future Worth?
Artificial intelligence is transforming the economy, but the real challenge is not determining what AI companies are worth today. It is assigning an economic value to benefits that may emerge over decades.
A reflection on the relationship between innovation, time, financial markets and human dignity.
Read the full article on Pluralia
In-depth Analysis
July 1, 2026 – Supplementary Pensions: A Reform Looking to the Future
On July 1, 2026, one of the most significant reforms of Italy’s supplementary pension system in recent years comes into effect. Beyond its implications for retirement provision, the reform also provides an interesting case study in behavioural finance applied to public policy and raises important questions about long-term asset allocation.
This analysis explores the economic and financial implications of the reform.
Read the full analysis (in Italian)
Italian Household Wealth Has Grown by 35%. But Are We Investing Our Savings Well?
Data from the Bank of Italy show a significant increase in the financial wealth of Italian households. But have the returns actually earned by households been consistent with the opportunities offered by financial markets?
A simple comparison suggests that the cost of limited diversification may be substantial.
Read the full analysis (in Italian)
Working Papers
The Cost of Home Bias: How Much Does Limited Diversification Cost Italian Households?
Italian households hold a substantial share of their financial wealth in domestic assets. But what is the economic cost of this home bias?
This working paper examines the consequences of limited international diversification by comparing the historical risk and return characteristics of Italian household portfolios with alternative, more diversified investment strategies.
The analysis provides an estimate of the potential long-term cost of home bias and highlights the role that diversification can play in household financial decisions.