Hubris in a Cinquecento

Sergio Marchionne seems determined to prove Warren Buffett wrong. The boss of Fiat has suggested he could also run Chrysler – at the same time. That brings to mind one of the legendary investor’s quips, “When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is usually the reputation of the business that remains intact.” The Canadian-Italian brought Fiat back from the brink of seemingly certain death. Today it is among the fittest in the in...