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This is the second of a two-case series. 2002 had globally been a difficult year from an economic perspective. The negative business trend had made an impact, especially in the luxury sector. Given the particular economic situation, Bulgari?s Chief Executive Officer, Francesco Trapani, had favourably considered the positive results achieved by his group in 2002, although they were lower than previous years. The presentation to the financial community scheduled for 27 March would have provided the opportunity to properly discuss the results obtained with all the analysts and shareholders in attendance. One of the major results to draw investors' attention would be the reduction in net debt from 60% to 25%. What was the market's reaction to this level of indebtedness going to be like? Would the market have found it to be consistent with the group's development plans? But above all, did it maximise the company's value?