{"id":2065,"date":"2014-07-11T10:39:15","date_gmt":"2014-07-11T09:39:15","guid":{"rendered":"https:\/\/www.simtrade.fr\/blog_simtrade\/?p=2065"},"modified":"2024-03-24T20:12:06","modified_gmt":"2024-03-24T20:12:06","slug":"investisseur-ou-enchanteur-la-magie-de-lendettement","status":"publish","type":"post","link":"https:\/\/www.simtrade.fr\/blog_simtrade\/investisseur-ou-enchanteur-la-magie-de-lendettement\/","title":{"rendered":"Investisseur ou enchanteur ? La magie de l\u2019endettement\u2026"},"content":{"rendered":"<p><strong><span style=\"font-size: large;\">Note de march\u00e9s de Jean-Marie Choffray<\/span><\/strong><\/p>\n<p><a href=\"https:\/\/orbi.uliege.be\/profile?uid=p000682\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" style=\"padding: 5px;\" title=\"\" src=\"\nhttps:\/\/www.simtrade.fr\/blog_simtrade\/wp-content\/uploads\/2024\/03\/img_SimTrade_Photo_Jean_Marie_Choffray.jpg\" alt=\"\" width=\"133\" height=\"176\" align=\"right\" \/><\/a><\/p>\n<p>Tr\u00e8s jeune d\u00e9j\u00e0, je suivais assid\u00fbment les aventures de <em>Riri<\/em>, <em>Fifi<\/em>, <em>Loulou <\/em>et de leur grand-oncle <em>Picsou<\/em>. Ce dernier ne manquait jamais de les mettre \u00e0 l\u2019\u00e9preuve, tout en sachant faire preuve de sagesse, de disponibilit\u00e9 et, parfois m\u00eame, de g\u00e9n\u00e9rosit\u00e9. C\u2019est donc naturellement que, soixante ans plus tard, je me suis int\u00e9ress\u00e9 \u00e0 Warren Buffett, l\u2019oracle d\u2019Omaha ; une personnalit\u00e9 particuli\u00e8rement riche : intelligente, pers\u00e9v\u00e9rante, patiente, efficace et g\u00e9n\u00e9reuse. Qui plus est, un homme qui joue de\u2026 l\u2019Ukul\u00e9l\u00e9 !<\/p>\n<p>Sa soci\u00e9t\u00e9, <strong>Berkshire Hathaway<\/strong>, dispose d\u2019un total de bilan (ou ressources \u00e0 investir) de l\u2019ordre de $500 milliards, pour des fonds propres de l\u2019ordre $230 milliards, ou encore, pour un actif net \u2013 faisant abstraction des survaleurs et autres \u00e9l\u00e9ments intangibles \u2013, de l\u2019ordre de $170 milliards. Son levier d\u2019endettement, selon la rigueur avec laquelle on le d\u00e9finit, est donc compris entre 2 et 3. Ainsi, une chute en 2008\/2009 de la valeur de ses actifs comprise entre 30 et 50 pour cent aurait pu techniquement lui \u00eatre fatale (\u00ab <em>Nothing right on the left side, nothing left on the right side !<\/em> \u00bb). C\u2019est, incontestablement, ce qui lui serait arriv\u00e9 \u00e0 l\u2019\u00e9poque si, comme le note judicieusement Bill Gross, CEO de <em>Pimco<\/em>, il n\u2019avait \u00e9t\u00e9 \u00ab <em>Sheltered either structurally or reputationally from withdrawals and delevering that clipped competitors at just the wrong time.<\/em> \u00bb Ceci explique, sans doute, que Warren Buffett semble avoir \u00e9t\u00e9 surpris \u00e0 l\u2019automne 2008 ; qu\u2019il ait donn\u00e9 le sentiment d\u2019avoir perdu un peu de son sang-froid l\u00e9gendaire quelques mois plus tard ; qu\u2019il ait eu l\u2019\u00e9l\u00e9gance de remercier l\u2019Etat ; et, enfin, qu\u2019il se soit fait l\u2019avocat d\u2019un accroissement de la fiscalit\u00e9 pour les plus fortun\u00e9s.<\/p>\n<p>Selon le tableau r\u00e9capitulatif (1965-2013) apparaissant en premi\u00e8re page de sa lettre aux actionnaires, la performance annuelle moyenne de Berkshire Hathaway est de 21% (\u00e9cart-type de 14%), pour une performance moyenne du S&amp;P500 de 11% (\u00e9cart-type de 17%). La performance moyenne d\u2019un investissement effectu\u00e9 sur le S&amp;P500, sur la m\u00eame p\u00e9riode de 48 ans, avec un levier d\u2019endettement de (+\/- 2,5) et un taux d\u2019int\u00e9r\u00eat moyen de l\u2019ordre de 5% aurait, par contre, produit une performance annuelle de 21% (\u00e9cart-type de 44%). C\u2019est donc essentiellement au cours des p\u00e9riodes de contreperformance globale (1973-<strong>1974<\/strong>, 2001-<strong>2002<\/strong>, 2007-<strong>2008<\/strong>) que Warren Buffett marque la diff\u00e9rence par rapport au march\u00e9. Si l\u2019on neutralise les trois ann\u00e9es (en gras) au cours desquelles le march\u00e9 a chut\u00e9 de plus de vingt pour cent, et a conduit les autorit\u00e9s \u00e0 proc\u00e9der \u00e0 un \u00ab <em>sauvetage <\/em>\u00bb mon\u00e9taire, une strat\u00e9gie \u00ab <em>aveugle <\/em>\u00bb consistant \u00e0 investir sur le S&amp;P500 avec le m\u00eame levier d\u2019endettement aurait conduit \u00e0 une croissance annuelle comparable, voire l\u00e9g\u00e8rement sup\u00e9rieure, bien que plus incertaine\u2026<\/p>\n<p>Ainsi, Warren Buffett : investisseur ou enchanteur ? \u00ab <em>Financing being marketing<\/em> \u00bb, sans aucun doute, un peu des deux ! Mais, surtout, une assurance anti-crash efficace\u2026 Un vrai magicien, pass\u00e9 ma\u00eetre dans l\u2019art de chasser les \u00ab <em>Cygnes noirs<\/em> \u00bb !<\/p>\n<p>Note : cette <em>Note de march\u00e9s<\/em> ne peut, ni ne doit, \u00eatre consid\u00e9r\u00e9e comme formulant, ou sugg\u00e9rant, le moindre conseil d\u2019achat ou de vente de quelque produit financier que ce soit. Son seul objet est d\u2019\u00e9mettre un point de vue, et de le partager avec la communaut\u00e9 des investisseurs sceptiques, seuls responsables de leurs d\u00e9cisions.<\/p>\n<p><a href=\"https:\/\/orbi.uliege.be\/profile?uid=p000682\" target=\"_blank\" rel=\"noopener\">Jean-Marie Choffray<\/a><\/p>\n<p>Professeur de marketing \u00e0 l&#8217;ESSEC et \u00e0 l&#8217;Universit\u00e9 de Li\u00e8ge<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Note de march\u00e9s de Jean-Marie Choffray Tr\u00e8s jeune d\u00e9j\u00e0, je suivais assid\u00fbment les aventures de Riri, Fifi, Loulou et de leur grand-oncle Picsou. Ce dernier ne manquait jamais de les mettre \u00e0 l\u2019\u00e9preuve, tout en sachant faire preuve de sagesse, de disponibilit\u00e9 et, parfois m\u00eame, de g\u00e9n\u00e9rosit\u00e9. C\u2019est donc naturellement que, soixante ans plus tard, &#8230; <a title=\"Investisseur ou enchanteur ? La magie de l\u2019endettement\u2026\" class=\"read-more\" href=\"https:\/\/www.simtrade.fr\/blog_simtrade\/investisseur-ou-enchanteur-la-magie-de-lendettement\/\" aria-label=\"Read more about Investisseur ou enchanteur ? La magie de l\u2019endettement\u2026\">Read more<\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-2065","post","type-post","status-publish","format-standard","hentry","category-contributors"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.3 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Investisseur ou enchanteur ? 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