{"id":2327,"date":"2015-03-01T23:32:54","date_gmt":"2015-03-01T22:32:54","guid":{"rendered":"https:\/\/www.simtrade.fr\/blog_simtrade\/?p=2327"},"modified":"2024-03-24T19:27:12","modified_gmt":"2024-03-24T19:27:12","slug":"abracadabra-219-x-114-119-130","status":"publish","type":"post","link":"https:\/\/www.simtrade.fr\/blog_simtrade\/abracadabra-219-x-114-119-130\/","title":{"rendered":"Abracadabra\u2026  (2,19 x 1,14) &#8211; 1,19 = 1,30 !"},"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>On n\u2019apprend pas \u00e0 un vieux singe \u00e0 lancer des fl\u00e9chettes !&#8230;<\/p>\n<p>L\u2019\u00e9v\u00e8nement financier du week-end est, sans aucun doute, la publication du rapport annuel de la soci\u00e9t\u00e9 <strong>Berkshire Hathaway<\/strong> [1]. Et cette ann\u00e9e, cet \u00e9v\u00e9nement rev\u00eat une importance particuli\u00e8re puisqu\u2019il s\u2019agit de la cinquanti\u00e8me lettre \u00e0 ses actionnaires de l\u2019oracle d\u2019Omaha. D\u00e8s les premi\u00e8res heures qui ont suivi sa parution, cette lettre a fait l\u2019objet de nombreuses observations, analyses et commentaires [2], [3], qui m\u00e9ritent tous d\u2019\u00eatre lus avec attention. On y retrouve toute la sagesse de son auteur. Sa fine analyse de la situation \u00e9conomique am\u00e9ricaine et mondiale. Sa capacit\u00e9 \u00e0 prendre de la hauteur par rapport \u00e0 l\u2019impr\u00e9visibilit\u00e9 des choses, des hommes et des syst\u00e8mes. Sa profonde honn\u00eatet\u00e9 intellectuelle pour ce qui concerne ses erreurs de jugement et\/ou d\u2019investissement. Son indiscutable performance financi\u00e8re. Ses le\u00e7ons de vie et ses conseils personnels. Et\u2026, son in\u00e9narrable sens de l\u2019humour ! Pour tout cela, et sans la moindre r\u00e9serve : MERCI Monsieur Warren Buffett.<\/p>\n<p>Mais\u2026, on n\u2019apprend pas \u00e0 un vieux singe \u00e0 lancer des fl\u00e9chettes ! L\u2019opportunit\u00e9 \u00e9tait trop belle. Il m\u2019\u00e9tait difficile de ne pas regarder les chiffres, toujours les chiffres ! De chercher \u00e0 les comprendre en les croisant et en les soumettant \u00e0 quelque torture\u2026 Rien de bien grave. Mais, une inqui\u00e9tude. Qu\u2019e\u00fbt \u00e9t\u00e9 au cours des cinq derni\u00e8res ann\u00e9es la performance d\u2019un \u00ab Happy monkey \u00bb se retrouvant responsable de la gestion des m\u00eames ressources financi\u00e8res (Total Equity et Total Assets), par le miracle d\u2019un endettement consenti, pour partie au moins, par d\u2019hypocoristiques banquiers ? Sauf erreur et\/ou omission, vous trouverez la (les) r\u00e9ponse(s) dans le petit tableau qui suit.<\/p>\n<div style=\"text-align: center;\"><img decoding=\"async\" class=\"alignnone size-full wp-image-59\" title=\"\" src=\"https:\/\/www.simtrade.fr\/images\/img_SimTrade_Abracadabra.png\" alt=\"\" width=\"600\" \/><\/div>\n<p>Comme je le rappelais dans une note r\u00e9cente, les march\u00e9s nous invitent r\u00e9guli\u00e8rement \u00e0 la modestie. Aujourd\u2019hui, ils semblent s\u2019adresser aux meilleurs investisseurs et non plus seulement aux pauvres\u2026 professeurs ! En mati\u00e8re de gestion d\u2019actifs, un singe dot\u00e9 de fl\u00e9chettes vaut un joueur d\u2019ukul\u00e9l\u00e9&#8230;<\/p>\n<p>Mais, Chhhuuut !\u2026 Comme me le rappelait une de mes petites filles : \u00ab <em>Si on croit au P\u00e8re No\u00ebl, bien s\u00fbr qu\u2019il apporte des cadeaux !<\/em> \u00bb<\/p>\n<p>1. <a href=\"http:\/\/www.berkshirehathaway.com\/2014ar\/linksannual14.html \" target=\"_blank\" rel=\"noopener\">http:\/\/www.berkshirehathaway.com\/2014ar\/linksannual14.html<\/a><br \/>\n2. <a href=\"http:\/\/www.zerohedge.com\/news\/2015-02-28\/warren-buffett-releases-monster-43-page-half-century-letter-berkshire-faithful \" target=\"_blank\" rel=\"noopener\">http:\/\/www.zerohedge.com\/news\/2015-02-28\/warren-buffett-releases-monster-43-page-half-century-letter-berkshire-faithful<\/a><br \/>\n3. <a href=\"http:\/\/www.forbes.com\/sites\/steveschaefer\/2015\/02\/28\/warren-buffett-chronicles-2014-and-50-years-of-berkshire-hathaway-in-annual-letter\/\" target=\"_blank\" rel=\"noopener\">http:\/\/www.forbes.com\/sites\/steveschaefer\/2015\/02\/28\/warren-buffett-chronicles-2014-and-50-years-of-berkshire-hathaway-in-annual-letter\/<\/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 On n\u2019apprend pas \u00e0 un vieux singe \u00e0 lancer des fl\u00e9chettes !&#8230; L\u2019\u00e9v\u00e8nement financier du week-end est, sans aucun doute, la publication du rapport annuel de la soci\u00e9t\u00e9 Berkshire Hathaway [1]. Et cette ann\u00e9e, cet \u00e9v\u00e9nement rev\u00eat une importance particuli\u00e8re puisqu\u2019il s\u2019agit de la cinquanti\u00e8me lettre \u00e0 ses actionnaires &#8230; <a title=\"Abracadabra\u2026  (2,19 x 1,14) &#8211; 1,19 = 1,30 !\" class=\"read-more\" href=\"https:\/\/www.simtrade.fr\/blog_simtrade\/abracadabra-219-x-114-119-130\/\" aria-label=\"Read more about Abracadabra\u2026  (2,19 x 1,14) &#8211; 1,19 = 1,30 !\">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-2327","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>Abracadabra\u2026 (2,19 x 1,14) - 1,19 = 1,30 ! - 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\/abracadabra-219-x-114-119-130\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Abracadabra\u2026 (2,19 x 1,14) - 1,19 = 1,30 !\" \/>\n<meta property=\"og:description\" content=\"Note de march\u00e9s de Jean-Marie Choffray On n\u2019apprend pas \u00e0 un vieux singe \u00e0 lancer des fl\u00e9chettes !&#8230; L\u2019\u00e9v\u00e8nement financier du week-end est, sans aucun doute, la publication du rapport annuel de la soci\u00e9t\u00e9 Berkshire Hathaway [1]. Et cette ann\u00e9e, cet \u00e9v\u00e9nement rev\u00eat une importance particuli\u00e8re puisqu\u2019il s\u2019agit de la cinquanti\u00e8me lettre \u00e0 ses actionnaires ... 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Et cette ann\u00e9e, cet \u00e9v\u00e9nement rev\u00eat une importance particuli\u00e8re puisqu\u2019il s\u2019agit de la cinquanti\u00e8me lettre \u00e0 ses actionnaires ... 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