{"id":2314,"date":"2015-02-28T23:33:44","date_gmt":"2015-02-28T22:33:44","guid":{"rendered":"https:\/\/www.simtrade.fr\/blog_simtrade\/?p=2314"},"modified":"2024-03-24T19:27:38","modified_gmt":"2024-03-24T19:27:38","slug":"modestie-investisseur-bourse","status":"publish","type":"post","link":"https:\/\/www.simtrade.fr\/blog_simtrade\/modestie-investisseur-bourse\/","title":{"rendered":"La modestie\u2026 \u00e7a s\u2019apprend !"},"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>S\u2019il est une chose que les march\u00e9s enseignent aux ambitieux et autres intr\u00e9pides qui osent s\u2019y frotter, parfois m\u00eame, les d\u00e9fier, c\u2019est bien <strong>la modestie<\/strong>\u2026 Modestie face \u00e0 la complexit\u00e9 du monde moderne. Humilit\u00e9 face \u00e0 l\u2019impossibilit\u00e9 de comprendre les m\u00e9andres de la psychologie collective qui s\u2019exprime d\u00e9sormais en temps r\u00e9el. Enfin, honn\u00eatet\u00e9 face \u00e0 l\u2019incapacit\u00e9 de mesurer l\u2019incidence de tous ces facteurs, passablement enchev\u00eatr\u00e9s, sur la <strong>valeur \u00e9conomique<\/strong> r\u00e9elle des <strong>engagements<\/strong> des d\u00e9cideurs, des entreprises et des Etats dont d\u00e9pendent notre bien-\u00eatre et notre libert\u00e9.<\/p>\n<p>Personne n\u2019a sans doute oubli\u00e9 l\u2019observation de B. Malkiel \u2013 dont on ne recommandera jamais assez la lecture de l\u2019excellent ouvrage : A Random Walk Down Wall Street \u2013, sur la difficult\u00e9 qu\u2019ont les professionnels de l\u2019investissement \u00e0 faire mieux qu\u2019un simple singe arm\u00e9 de fl\u00e9chettes pour constituer et g\u00e9rer un portefeuille d\u2019actifs financiers\u2026 Comme l\u2019observe B. Ritholtz sur Bloomberg (1): \u201cThe average hedge fund gained a mere 3 percent in 2014 versus an 11 percent rise in the Standard &amp; Poor&#8217;s 500 Index. That&#8217;s hardly worth paying a hedge fund outsized 2 percent management fees plus a 20 percent cut of the profits.\u201d Que resterait-il d\u2019ailleurs de la performance des meilleurs d\u2019entre eux, si on isolait l\u2019incidence de la soci\u00e9t\u00e9 <strong>Apple<\/strong> sur leurs portefeuilles ? (2)<\/p>\n<p>Mais\u2026 <strong>le manque de modestie<\/strong> est loin de ne toucher que les investisseurs ! Il touche \u00e9galement tous ceux \u2013 consommateurs, professeurs\u2026, dirigeants, entreprises et Etats \u2013, qui prennent des engagements allant bien au-del\u00e0 de leurs possibilit\u00e9s objectives de les honorer. A l\u2019heure d\u2019internet, cette forme de <strong>mensonge<\/strong> semble payer de moins en moins, de moins en moins souvent et, surtout, de moins en moins longtemps. Pour les entreprises s\u00e9rieuses, la publication de r\u00e9sultats trimestriels complets constitue un obstacle incontournable. Et, pour les Etats, la strat\u00e9gie qui consiste \u00e0 entretenir l\u2019ambig\u00fcit\u00e9, \u00e0 faire semblant, parfois m\u00eame, semblant de faire semblant, ne para\u00eet plus \u00e9mouvoir les march\u00e9s qui, dans le brouillard des conflits mon\u00e9taires et du surendettement public, conservent plus que jamais la ma\u00eetrise\u2026 du temps. A tout le moins, tant que l\u2019escalade de la violence reste sous contr\u00f4le. Quant \u00e0\u2026 la r\u00e9alit\u00e9 historique, chassez-la, elle revient au galop ! (3)<\/p>\n<p>Ainsi, au risque de vous d\u00e9cevoir, les march\u00e9s m\u2019y ayant r\u00e9guli\u00e8rement invit\u00e9 au cours de ces derni\u00e8res ann\u00e9es, j\u2019atteste qu\u2019avec un peu d\u2019objectivit\u00e9 et sans doute de courage, <strong>La modestie\u2026 \u00e7a s\u2019apprend !<\/strong><\/p>\n<p>Puisque l\u2019improbable, l\u2019impensable et l\u2019impossible tendent \u00e0 d\u00e9finir notre monde, la chute du prix du p\u00e9trole et le chaos g\u00e9opolitique g\u00e9n\u00e9r\u00e9 par le conflit Ukrainien viennent d\u2019affecter la valorisation de nombreuses soci\u00e9t\u00e9s actives dans l\u2019exploitation du p\u00e9trole et du gaz de schiste (voir PXD, EOG, APA\u2026) et dans les \u00e9nergies nouvelles (voir FCEL, BLDP, CPST\u2026). Le temps ne serait-il pas venu de (re)lire attentivement leurs derniers 10-Q ?<\/p>\n<p>1. <a href=\"http:\/\/www.bloombergview.com\/articles\/2015-02-12\/hedge-funds-underperform-as-investors-give-them-more-money\" target=\"_blank\" rel=\"noopener\">http:\/\/www.bloombergview.com\/articles\/2015-02-12\/hedge-funds-underperform-as-investors-give-them-more-money<\/a><br \/>\n2. <a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2015-02-23\/goldman-sachs-sees-apple-keeping-hedge-fund-stock-returns-afloat\" target=\"_blank\" rel=\"noopener\">http:\/\/www.bloomberg.com\/news\/articles\/2015-02-23\/goldman-sachs-sees-apple-keeping-hedge-fund-stock-returns-afloat<\/a><br \/>\n3. <a href=\"http:\/\/www.larouchepub.com\/eiw\/public\/2015\/2015_1-9\/2015-08\/pdf\/10-14_4208.pdf\" target=\"_blank\" rel=\"noopener\">http:\/\/www.larouchepub.com\/eiw\/public\/2015\/2015_1-9\/2015-08\/pdf\/10-14_4208.pdf<\/a><\/p>\n<p>Note : <em>cette Note de march\u00e9s 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.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Note de march\u00e9s de Jean-Marie Choffray S\u2019il est une chose que les march\u00e9s enseignent aux ambitieux et autres intr\u00e9pides qui osent s\u2019y frotter, parfois m\u00eame, les d\u00e9fier, c\u2019est bien la modestie\u2026 Modestie face \u00e0 la complexit\u00e9 du monde moderne. Humilit\u00e9 face \u00e0 l\u2019impossibilit\u00e9 de comprendre les m\u00e9andres de la psychologie collective qui s\u2019exprime d\u00e9sormais en &#8230; <a title=\"La modestie\u2026 \u00e7a s\u2019apprend !\" class=\"read-more\" href=\"https:\/\/www.simtrade.fr\/blog_simtrade\/modestie-investisseur-bourse\/\" aria-label=\"Read more about La modestie\u2026 \u00e7a s\u2019apprend !\">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-2314","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>La modestie\u2026 \u00e7a s\u2019apprend ! - 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\/modestie-investisseur-bourse\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"La modestie\u2026 \u00e7a s\u2019apprend !\" \/>\n<meta property=\"og:description\" content=\"Note de march\u00e9s de Jean-Marie Choffray S\u2019il est une chose que les march\u00e9s enseignent aux ambitieux et autres intr\u00e9pides qui osent s\u2019y frotter, parfois m\u00eame, les d\u00e9fier, c\u2019est bien la modestie\u2026 Modestie face \u00e0 la complexit\u00e9 du monde moderne. 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