{"id":2757,"date":"2021-10-04T15:42:59","date_gmt":"2021-10-04T13:42:59","guid":{"rendered":"https:\/\/monocle.lu\/?p=2757"},"modified":"2022-05-05T17:02:39","modified_gmt":"2022-05-05T15:02:39","slug":"nayez-pas-dargent-dans-le-marche-dont-vous-pourriez-avoir-besoin","status":"publish","type":"post","link":"https:\/\/monocle.lu\/en\/2021\/10\/04\/nayez-pas-dargent-dans-le-marche-dont-vous-pourriez-avoir-besoin\/","title":{"rendered":"Don't Have Money in the Market You Might Need"},"content":{"rendered":"

At Patrimonia last week, I kept telling everyone who came by our booth that the current level of the Shiller PE (38) had only been exceeded twice since 1880: in 1929 and at the dawn of the crash in 2000.<\/p>\n

I was wrong!<\/p>\n

Robert Shiller, himself (!), corrected me in an opinion piece that the\u00a0New York Times<\/a>\u00a0published on Saturday: the 1929 level is now exceeded.<\/p>\n

Knowing that after reaching these record levels, stocks lost 66% after 1929 and 40% after 2000, it seems important to me to raise the alarm.<\/p>\n

Especially since on Friday night, this is what the Motley Fool (#1er<\/sup>\u00a0stock market site for individual investors in the US) said:<\/p>\n

\u00ab\u00a0Don't have money in the market that you might need in the next 3 years\u00a0<\/em>\u00bb.<\/p>\n

Wow! After the worst month in the markets since the pandemic (SP500 -5% in September), instead of saying as usual that it's time to buy back, the Motley Fool says to take cover.<\/p>\n

It's rare that these two agree. Maybe they're afraid of the same thing: the third-quarter resultsnd<\/sup>\u00a0that will start in three weeks. Because there, instead of comparing to the quarter most impacted by the pandemic (2020 Q2), it will be against the quarter when everything reopened. So the companies that were posting +50% sales last quarter will be posting +5% this time. And that's not in the prices.<\/p>\n

Great week!
\nMaximilien<\/p>\n

*Shiller's PE: price of a share \/ 10-year average of net earnings per share<\/em><\/p>","protected":false},"excerpt":{"rendered":"

Lors du salon Patrimonia la semaine derni\u00e8re, je ne cessais de dire \u00e0 toutes les personnes passant sur notre stand que le niveau actuel du PE de Shiller…<\/p>","protected":false},"author":8,"featured_media":2894,"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-2757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-le-billet-de-monocle"],"acf":[],"yoast_head":"\nMonocle - N\u2019ayez Pas D\u2019argent Dans Le March\u00e9 Dont Vous Pourriez Avoir Besoin<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monocle - N\u2019ayez Pas D\u2019argent Dans Le March\u00e9 Dont Vous Pourriez Avoir Besoin\" \/>\n<meta property=\"og:description\" content=\"Lors du salon Patrimonia la semaine derni\u00e8re, je ne cessais de dire \u00e0 toutes les personnes passant sur notre stand que le niveau actuel du PE de Shiller...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/monocle.lu\/en\/2021\/10\/04\/nayez-pas-dargent-dans-le-marche-dont-vous-pourriez-avoir-besoin\/\" \/>\n<meta property=\"og:site_name\" content=\"Monocle\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-04T13:42:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-05T15:02:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/monocle.lu\/wp-content\/uploads\/2021\/10\/money-fire.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"956\" \/>\n\t<meta property=\"og:image:height\" content=\"560\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"L'\u00e9quipe Monocle\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"L'\u00e9quipe Monocle\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/monocle.lu\/2021\/10\/04\/nayez-pas-dargent-dans-le-marche-dont-vous-pourriez-avoir-besoin\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/monocle.lu\/2021\/10\/04\/nayez-pas-dargent-dans-le-marche-dont-vous-pourriez-avoir-besoin\/\"},\"author\":{\"name\":\"L'\u00e9quipe Monocle\",\"@id\":\"https:\/\/monocle.lu\/#\/schema\/person\/f095305e6c0f0cb67a0905de33670595\"},\"headline\":\"N\u2019ayez Pas D\u2019argent Dans Le March\u00e9 Dont Vous Pourriez Avoir Besoin\",\"datePublished\":\"2021-10-04T13:42:59+00:00\",\"dateModified\":\"2022-05-05T15:02:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/monocle.lu\/2021\/10\/04\/nayez-pas-dargent-dans-le-marche-dont-vous-pourriez-avoir-besoin\/\"},\"wordCount\":290,\"publisher\":{\"@id\":\"https:\/\/monocle.lu\/#organization\"},\"image\":{\"@id\":\"https:\/\/monocle.lu\/2021\/10\/04\/nayez-pas-dargent-dans-le-marche-dont-vous-pourriez-avoir-besoin\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/monocle.lu\/wp-content\/uploads\/2021\/10\/money-fire.jpg\",\"articleSection\":[\"Les Billets de Monocle\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/monocle.lu\/2021\/10\/04\/nayez-pas-dargent-dans-le-marche-dont-vous-pourriez-avoir-besoin\/\",\"url\":\"https:\/\/monocle.lu\/2021\/10\/04\/nayez-pas-dargent-dans-le-marche-dont-vous-pourriez-avoir-besoin\/\",\"name\":\"Monocle - 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