Driving too fast

The turnaround at Fiat’s car business has barely got going, yet the group’s share price is speeding ahead. It is up around 15% year to date, and over 50% since the trough in April. Moreover, volumes are high, with more than 5% of the stock changing hands on Tuesday. This may in part be a vote of confidence in Sergio Marchionne, Fiat’s chief executive and turnaround expert. His grip on the company can only strengthen following a debt to equity swap in September that will dilute Fiat’s controllin...