... was a small family confectionery factory in the town of Alba. Rivella began his career in the company’s research department, focusing on raw material analysis and the development of new recipes for confections. The Creation of Nutella After World War II, Europe faced a cocoa shortage, complicating chocolate production. In search of alternatives, Pietro Ferrero, the founder of Ferrero, developed Giandujot paste in 1946—a mixture of cocoa and local hazelnuts sold in bar form. In 1951, a creamier ...

... power. Changes in tax legislation or the introduction of new regulations can make certain types of investments less attractive (for example, an increase in tax on income from deposits makes them less profitable). Political instability, revolutions, wars, and sanctions all impose risks on investors operating in affected regions, regardless of the condition of the specific companies involved. Non-market risks are harder to predict and control, as they are unaffected by the investor’s actions. It ...