{"id":2089,"date":"2014-07-18T22:49:34","date_gmt":"2014-07-18T21:49:34","guid":{"rendered":"https:\/\/www.simtrade.fr\/blog_simtrade\/?p=2089"},"modified":"2024-03-24T19:30:29","modified_gmt":"2024-03-24T19:30:29","slug":"greed-is-good","status":"publish","type":"post","link":"https:\/\/www.simtrade.fr\/blog_simtrade\/greed-is-good\/","title":{"rendered":"Greed is good\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>\u00ab <em>Nature smiles at the union of freedom and equality in our utopias. For freedom and equality are sworn and everlasting enemies, and when one prevails, the other dies.<\/em> \u00bb (W. &amp; A. Durant, 1968)<\/p>\n<p>Dans une soci\u00e9t\u00e9 Europ\u00e9enne qui se veut \u00e9galitaire, mais dans laquelle certains, dont nombre de nos repr\u00e9sentants et de nos d\u00e9cideurs, \u00e9lus ou d\u00e9sign\u00e9s, semblent \u00eatre plus \u00ab \u00e9gaux \u00bb que d\u2019autres, je risque de surprendre en clamant haut et fort que sur les march\u00e9s, et contre toute apparence : \u00ab <em>Greed is good\u2026<\/em> \u00bb<\/p>\n<p>Quels que soient les in\u00e9vitables dysfonctionnements et les imperfections des march\u00e9s, ils constituent, sans aucun doute, le moins mauvais de tous les m\u00e9canismes d\u2019\u00e9valuation des actifs financiers, industriels et commerciaux, et de transfert de leur propri\u00e9t\u00e9. Certes, le processus d\u2019essai-erreur \u2013 appel\u00e9 \u00ab <em>price discovery process<\/em> \u00bb \u2013, sur lequel ils reposent peut donner lieu \u00e0 d\u2019importantes fluctuations \u00e0 court terme (volatilit\u00e9). Mais, ces derni\u00e8res constituent, tr\u00e8s pr\u00e9cis\u00e9ment, autant d\u2019opportunit\u00e9s d\u2019intervention pour des investisseurs comp\u00e9tents. En fait\u2026, c\u2019est parce qu\u2019ils h\u00e9sitent et se trompent continuellement que les march\u00e9s financiers fonctionnent correctement ! \u00ab <em>Investors are paid to identify and correct market discrepancies. Through their patient work and a wealth of seemingly unrelated investment decisions they actually help markets tend toward efficiency.<\/em> \u00bb (Protecting Assets Under Non-Parametric Market Conditions, disponible sur Orbi).<\/p>\n<p>Ainsi, gagner de l\u2019argent en investissant, en \u00e9vitant toutes formes de pratiques frauduleuses et en respectant la l\u00e9galit\u00e9, constitue le signe m\u00eame d\u2019un service utile aux autres. C\u2019est une mani\u00e8re efficace et \u00e9l\u00e9gante de permettre \u00e0 des entreprises de conna\u00eetre la valeur de leur travail, de r\u00e9duire leur co\u00fbt de financement et d\u2019associer celles et ceux qui le d\u00e9sirent ou le m\u00e9ritent \u00e0 leur performance, \u00e0 leur croissance et \u00e0 leur d\u00e9veloppement. En un mot, \u00e0 leur \u00ab Succ\u00e8s \u00bb. Avoir un projet personnel dans ce domaine et \u00ab r\u00e9ussir \u00bb ne devraient donc jamais donner naissance \u00e0 un quelconque sentiment de honte\u2026 En cas de r\u00e9ussite, toutefois, ne pas se comporter avec dignit\u00e9 et un profond sens des responsabilit\u00e9s devrait tenir en \u00e9veil !<\/p>\n<p>\u00ab Le plaisir des grands est de pouvoir faire des heureux.<br \/>\nLe propre de la richesse est d\u2019\u00eatre donn\u00e9e lib\u00e9ralement.<br \/>\nLe propre de la puissance est de prot\u00e9ger. \u00bb Pascal, Pens\u00e9es.<\/p>\n<p>Ainsi, sur les march\u00e9s : <em>Greed is good\u2026 as long as it is legal; as long as it is honest; as long as it is responsible; and\u2026 as long as it does not prevent you to sleep at night. Happy investing to you!<\/em><\/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 \u00ab Nature smiles at the union of freedom and equality in our utopias. For freedom and equality are sworn and everlasting enemies, and when one prevails, the other dies. \u00bb (W. &amp; A. Durant, 1968) Dans une soci\u00e9t\u00e9 Europ\u00e9enne qui se veut \u00e9galitaire, mais dans laquelle certains, dont nombre &#8230; <a title=\"Greed is good\u2026\" class=\"read-more\" href=\"https:\/\/www.simtrade.fr\/blog_simtrade\/greed-is-good\/\" aria-label=\"Read more about Greed is good\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-2089","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>Greed is good\u2026 - SimTrade blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.simtrade.fr\/blog_simtrade\/greed-is-good\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Greed is good\u2026\" \/>\n<meta property=\"og:description\" content=\"Note de march\u00e9s de Jean-Marie Choffray \u00ab Nature smiles at the union of freedom and equality in our utopias. For freedom and equality are sworn and everlasting enemies, and when one prevails, the other dies. \u00bb (W. &amp; A. Durant, 1968) Dans une soci\u00e9t\u00e9 Europ\u00e9enne qui se veut \u00e9galitaire, mais dans laquelle certains, dont nombre ... 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