{"id":2797,"date":"2021-05-05T16:18:04","date_gmt":"2021-05-05T14:18:04","guid":{"rendered":"https:\/\/monocle.lu\/?p=2797"},"modified":"2022-05-05T17:19:10","modified_gmt":"2022-05-05T15:19:10","slug":"marche-de-neuneus","status":"publish","type":"post","link":"https:\/\/monocle.lu\/en\/2021\/05\/05\/marche-de-neuneus\/","title":{"rendered":"Market of Fools!"},"content":{"rendered":"<p>Cette semaine j&rsquo;enfonce le clou sur Pinterest : dans le call tenu apr\u00e8s la publication des r\u00e9sultats, le PDG Ben Silbermann a annonc\u00e9 qu&rsquo;ils attendaient pour le prochain trimestre \u00ab\u00a0<em>un nombre d&rsquo;utilisateurs stable sur un an aux US<\/em>\u00ab\u00a0. Un analyste qui faisait son boulot &#8211; une raret\u00e9 &#8211; lui a donc demand\u00e9 d\u2019\u00eatre plus pr\u00e9cis : \u00ab\u00a0<em>stable sur un an, cela veut donc dire en baisse par rapport au dernier trimestre ?<\/em>\u00ab\u00a0. R\u00e9ponse de Silbermann : \u00ab\u00a0<em>oui, nous avons not\u00e9 une corr\u00e9lation n\u00e9gative entre la lev\u00e9e du lockdown et le temps pass\u00e9 sur Pinterest<\/em>\u00ab\u00a0. Extraordinaire ! Donc on a d\u00e9sormais une soci\u00e9t\u00e9 avec $2 Mds de chiffre d&rsquo;affaires, qui ne gagne peu\/pas d&rsquo;argent, dont le nombre d&rsquo;utilisateurs baisse sur son principal march\u00e9 (US 80% des ventes), mais qui est valoris\u00e9e $40 Mds. Too much.<\/p>\n<p>Un cran plus haut\u00a0: Shopify ($140 Mds), qui a publi\u00e9 ses r\u00e9sultats cette semaine. Ils annoncent avec fiert\u00e9 un \u00ab\u00a0<em>revenu r\u00e9current mensuel<\/em>\u00a0\u00bb de $90M. Vous avez bien lu : $90 Millions, soit un petit milliard en base annuelle. Aux yeux du march\u00e9 actuel, cela justifie une valorisation de $140 Mds\u00a0! \u00c7a va mal se finir.<\/p>\n<p>En revanche, Pfizer ($220 Mds) \u2013 une position importante du fonds (8%) \u2013 qui publie des r\u00e9sultats nettement sup\u00e9rieurs aux attentes et rel\u00e8ve ses objectifs pour les ann\u00e9es \u00e0 venir, tout cela tir\u00e9 par ses produits contre le Covid, ne voit pas son cours r\u00e9agir\u2026 Un march\u00e9 de neuneus (c&rsquo;est bien dans le Larousse). Mais cela n&rsquo;est pas bien grave : les fondamentaux sont bons, le cours devrait suivre.<\/p>\n<p>Pour finir avec ce march\u00e9 de neuneus, Warren Buffett et Charlie Munger ont justement sonn\u00e9 l\u2019alarme ce week-end lors de l&rsquo;assembl\u00e9e de Berkshire Hathaway. Leurs propos ont \u00e9t\u00e9 violemment critiqu\u00e9s, notamment par le\u00a0<a href=\"https:\/\/robinhood.engineering\/the-old-guard-of-investing-is-at-it-again-a8b870fbfd49\">site de trading Robinhood<\/a>, qui consid\u00e8re que \u00ab<em>\u00a0[\u2026]\u00a0les Warren Buffetts et Charlie Mungers du monde entier agissent comme s&rsquo;ils \u00e9taient les seuls oracles de l&rsquo;investissement. [\u2026] Robinhood<\/em><em>\u00a0a ouvert les portes des march\u00e9s financiers aux gens ordinaires, d\u00e9stabilisant profond\u00e9ment la vieille garde qui se battra pour que les choses restent inchang\u00e9es\u00a0<\/em>\u00bb. A mon avis, ayant tous les deux pass\u00e9s les 90 ans, ils ne sont pas l\u00e0 pour lancer des pol\u00e9miques mais juste pour essayer de pr\u00e9venir les gens que cela ne va pas bien se terminer. Malheureusement, je doute qu&rsquo;ils soient entendus.<\/p>\n<p>Bonne semaine,<br \/>\nCharles<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cette semaine j&rsquo;enfonce le clou sur Pinterest : dans le call tenu apr\u00e8s la publication des r\u00e9sultats, le PDG Ben Silbermann a annonc\u00e9 qu&rsquo;ils attendaient pour le prochain&#8230;<\/p>","protected":false},"author":8,"featured_media":2903,"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-2797","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 v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Monocle - March\u00e9 De Neuneus !<\/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 - 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