{"id":2380,"date":"2015-05-01T22:00:08","date_gmt":"2015-05-01T21:00:08","guid":{"rendered":"https:\/\/www.simtrade.fr\/blog_simtrade\/?p=2380"},"modified":"2024-03-24T19:24:26","modified_gmt":"2024-03-24T19:24:26","slug":"2380","status":"publish","type":"post","link":"https:\/\/www.simtrade.fr\/blog_simtrade\/2380\/","title":{"rendered":"Toute entreprise bien portante\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>Celui qui sait, fait.<br \/>\nCelui qui ne sait pas, enseigne.<br \/>\nCelui qui ne sait ni faire, ni enseigner\u2026, \u00e9crit !<\/em> \u00bb<\/p>\n<p>J\u2019en connais m\u00eame qui, ne sachant ni \u00ab faire \u00bb, ni \u00ab enseigner \u00bb, ni \u00ab \u00e9crire \u00bb, se contentent de respecter la libert\u00e9 des autres, d\u2019en observer le comportement, d\u2019en analyser les ressorts cach\u00e9s, et de\u2026 sourire \u00e0 la vie. \u00ab Sit down, shut up and think ! \u00bb Ce ne sont pas les moins utiles \u00e0 la soci\u00e9t\u00e9, ni les moins heureux ! On les retrouve sur les march\u00e9s&#8230; Parfois, aussi, \u00e0 l\u2019universit\u00e9.<\/p>\n<p>L\u2019actualit\u00e9 politico-\u00e9conomique \u2013 il semble d\u00e9cid\u00e9ment impossible de s\u00e9parer ces deux larrons ! \u2013 est particuli\u00e8rement riche. Entre les probl\u00e8mes fiscaux d\u2019Apple en Irlande, les survaleurs de Microsoft, le manque de visibilit\u00e9 de Twitter et de LinkedIn, les tr\u00e8s lucratives \u00ab Fondations \u00bb de la famille Clinton, l\u2019int\u00e9r\u00eat enfin avou\u00e9 de Ben Bernanke pour la finance sonnante et tr\u00e9buchante, et les discr\u00e8tes n\u00e9gociations sur la r\u00e9mun\u00e9ration des serviteurs de l\u2019Europe\u2026, on a le choix. Nos petites magouilles locales ne font d\u00e9cid\u00e9ment pas le poids. N\u2019en d\u00e9plaise \u00e0 Madame Saal, \u00e0 Monsieur Le Pen, et aux beaux parleurs ou pr\u00eacheurs de morale. \u00ab Faites ce que je dis, pas ce que je fais\u2026 \u00bb<\/p>\n<p>Il suffit de relire Les Caract\u00e8res de Jean de la Bruy\u00e8re (1688), et d\u2019observer ses contemporains, pour comprendre que, dans ses dimensions fondamentales, l\u2019homme change peu, tr\u00e8s peu, et, surtout, tr\u00e8s lentement. Ses motivations profondes \u2013 pas toujours conscientes et rarement avou\u00e9es ! \u2013, paraissent immuables. Cachez le naturel, il revient au galop ! Quant aux r\u00e9volutions technologiques, Kuhn nous le rappelle, elles prennent bien plus que le temps d\u2019une g\u00e9n\u00e9ration.<\/p>\n<p>Il en va de m\u00eame dans le monde de l\u2019entreprise. Toute entreprise bien portante (bien g\u00e9r\u00e9e\u2026) est une entreprise malade (mal g\u00e9r\u00e9e\u2026) qui s\u2019ignore. Les m\u00eames probl\u00e8mes se posent, et se r\u00e9p\u00e8tent, avec une r\u00e9gularit\u00e9 surprenante au cours de sa croissance \u2013 \u00e9maill\u00e9e de multiples p\u00e9riodes d\u2019abattement, de convalescence, de r\u00e9mission\u2026 \u2013, et de sa d\u00e9g\u00e9n\u00e9rescence. Le spectateur de la vie des affaires a vite fait de d\u00e9couvrir que \u00ab tout change pour que rien ne change ! \u00bb \u00ab Nous devons devenir moins lib\u00e9raux et moins socialistes. Pas l\u2019un ou l\u2019autre ni l\u2019un contre l\u2019autre, mais les deux \u00e0 la fois \u00bb lit-on dans Le Figaro d\u2019hier. Comprenne\u2026 qui pourra !<\/p>\n<p>La valorisation des entreprises, elle aussi, suit l\u2019air du temps et les m\u00e9andres de la \u00ab folie \u00bb des hommes. Telle entreprise qui, hier encore, \u00e9tait encens\u00e9e est aujourd\u2019hui d\u00e9cri\u00e9e. Les fondamentaux n\u2019ont qu\u2019une importance relative : la finance fait place \u00e0 la psychologie ; la r\u00e9alit\u00e9 au r\u00eave ; le pr\u00e9sent au futur ; le fait \u00e0 l\u2019illusion. Quand les march\u00e9s sont dispos\u00e9s \u00e0 payer pour pr\u00eater \u00e0 des Etats imp\u00e9cunieux, on sait que le monde est sur le point de retrouver certains de ses vieux d\u00e9mons. L\u2019\u00e9volution r\u00e9cente de GDX, et autre GDXJ, pourrait en t\u00e9moigner\u2026<\/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 \u00ab Celui qui sait, fait. Celui qui ne sait pas, enseigne. Celui qui ne sait ni faire, ni enseigner\u2026, \u00e9crit ! \u00bb J\u2019en connais m\u00eame qui, ne sachant ni \u00ab faire \u00bb, ni \u00ab enseigner \u00bb, ni \u00ab \u00e9crire \u00bb, se contentent de respecter la libert\u00e9 des autres, d\u2019en &#8230; <a title=\"Toute entreprise bien portante\u2026\" class=\"read-more\" href=\"https:\/\/www.simtrade.fr\/blog_simtrade\/2380\/\" aria-label=\"Read more about Toute entreprise bien portante\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-2380","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>Toute entreprise bien portante\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\/2380\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Toute entreprise bien portante\u2026\" \/>\n<meta property=\"og:description\" content=\"Note de march\u00e9s de Jean-Marie Choffray \u00ab Celui qui sait, fait. Celui qui ne sait pas, enseigne. Celui qui ne sait ni faire, ni enseigner\u2026, \u00e9crit ! \u00bb J\u2019en connais m\u00eame qui, ne sachant ni \u00ab faire \u00bb, ni \u00ab enseigner \u00bb, ni \u00ab \u00e9crire \u00bb, se contentent de respecter la libert\u00e9 des autres, d\u2019en ... 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