{"id":2208,"date":"2021-12-14T17:39:27","date_gmt":"2021-12-14T16:39:27","guid":{"rendered":"https:\/\/monocle.wearemanyfold.com\/?p=2208"},"modified":"2023-11-16T14:58:00","modified_gmt":"2023-11-16T13:58:00","slug":"le-business-revolutionnaire-de-la-location-automobile","status":"publish","type":"post","link":"https:\/\/monocle.lu\/en\/2021\/12\/14\/le-business-revolutionnaire-de-la-location-automobile\/","title":{"rendered":"The revolutionary business of auto leasing"},"content":{"rendered":"<h4>Risk appetite declines in January<\/h4>\n<p>Leverage, the use of debt to increase investment capacity, is down nearly 10% in January according to FINRA statistics. This indicator reflects risk appetite. <strong>The more leverage an investor uses<\/strong>, the higher the potential gain, and the greater the risk of loss.<\/p>\n<p>At the end of 2018, a similar decline was observed (-14% over 3 months). Then complete calm: the indicator remained stable for over a year :<\/p>\n<ul>\n<li>Investors had favored caution after<\/li>\n<li>Having suffered losses after the correction in January 2022<\/li>\n<li>We can expect a similar effect in the months to come<\/li>\n<\/ul>\n<h4>Does active management still have a future?<\/h4>\n<p>In a global financial world dominated by ETFs and algo-traders, one may wonder how the active manager still brings added value to his client.<\/p>\n<p>A typical example: <a href=\"http:\/\/www.google.com\" target=\"_blank\" rel=\"noopener\">Gaz Transport et Technigaz<\/a> (GTT)*<br \/>\nWhat does it do? Liquefied natural gas (LNG) storage engineering. In simple terms, GTT designs the tanks of LNG carriers intended for maritime transport of LNG. Patented technology, a monopoly position, 40% net margin and a substantial dividend paid to shareholders.<\/p>\n<blockquote><p>In mid-February 2021, the share price fell by 15%. This was due to forecasts that predicted a worse year than the record set in 2020.<\/p><\/blockquote>\n<p>In mid-February 2021, the share price fell by 15%. This was due to forecasts that predicted a worse year than the record set in 2020. However, in the details of the published results, some information highlights a significant concentration of orders taken for 2023 and 2024.<\/p>\n<p>Last Thursday, the company published its 2021 results as well as the details of its order book, as it does every year. This time, <span style=\"text-decoration: underline;\">Philippe Berterotti\u00e8re<\/span>, the CEO, was very clear: \"These elements allow us to anticipate, as of 2023, a turnover and results at a significantly higher level than in 2022.\" The market appreciated, with the stock now worth \u20ac81.<\/p>\n<p>Most of this information was available 1 year in advance. The active manager who was working on his file is now up 30%.<\/p>\n<p>Deconstructing the annual reports, getting out the calculator, and buying the undervalued stock is a strategy that still pays off.<\/p>\n<p>Have a great week,<br \/>\nPierre<\/p>","protected":false},"excerpt":{"rendered":"<p>L\u2019effet de levier, c\u2019est-\u00e0-dire l&rsquo;utilisation de l&rsquo;endettement pour augmenter la capacit\u00e9 d&rsquo;investissement, est en baisse de pr\u00e8s de 10% en janvier selon les statistiques de la FINRA.<\/p>","protected":false},"author":8,"featured_media":2904,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2208","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-le-billet-de-monocle"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - 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