{"id":4304,"date":"2023-11-03T17:20:56","date_gmt":"2023-11-03T16:20:56","guid":{"rendered":"https:\/\/monocle.lu\/?p=4304"},"modified":"2023-11-03T17:20:56","modified_gmt":"2023-11-03T16:20:56","slug":"ca-balance-pas-mal-a-paris-et-ailleurs","status":"publish","type":"post","link":"https:\/\/monocle.lu\/en\/2023\/11\/03\/ca-balance-pas-mal-a-paris-et-ailleurs\/","title":{"rendered":"\u00c7a balance pas mal \u00e0 Paris&#8230; et ailleurs"},"content":{"rendered":"<p>On arrive dans la derni\u00e8re ligne droite de l\u2019ann\u00e9e. Les r\u00e9sultats du troisi\u00e8me trimestre sont en grande partie sortis et le moins que l\u2019on puisse dire c\u2019est que certains ne sont pas pass\u00e9s inaper\u00e7us tant les r\u00e9actions ont \u00e9t\u00e9 fortes.<\/p>\n<p>C\u00f4t\u00e9 Europe, on a eu Worldline \u00e0 -60% en un jour, suffisamment rare pour \u00eatre cit\u00e9 une \u00e9ni\u00e8me fois. Mais \u00e9galement Sanofi \u00e0 -20%, Alstom \u00e0 -40% ou Orsted \u00e0 -25%. Chez nos amis britanniques, on peut citer Rentokil \u00e0 -20% ou CAB Payments \u00e0 -70% (3 mois apr\u00e8s son introduction en bourse c\u2019est sympa).<\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-4306\" src=\"https:\/\/monocle.lu\/wp-content\/uploads\/2023\/11\/worldline.png\" alt=\"\" width=\"582\" height=\"642\" srcset=\"https:\/\/monocle.lu\/wp-content\/uploads\/2023\/11\/worldline.png 582w, https:\/\/monocle.lu\/wp-content\/uploads\/2023\/11\/worldline-272x300.png 272w, https:\/\/monocle.lu\/wp-content\/uploads\/2023\/11\/worldline-11x12.png 11w\" sizes=\"(max-width: 582px) 100vw, 582px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>De l\u2019autre c\u00f4t\u00e9 de l\u2019Atlantique \u00e7a a pas mal swingu\u00e9 aussi. Paycom a perdu 40%, Align Technologies 25%, Est\u00e9e Lauder 20%. Loin d\u2019\u00eatre des\u00a0<em>penny stocks<\/em>\u00a0la plupart p\u00e8sent plusieurs milliards, voire dizaines de milliards, de capitalisation boursi\u00e8re. Elles sont suivies quotidiennement par des dizaines d\u2019analystes et d\u2019investisseurs qui les connaissent bien mais M. March\u00e9 est impitoyable. Un \u00e9cart avec les attentes et le couperet tombe\u00a0: probl\u00e9matique quand on sait qu\u2019une erreur peut grignoter un bon bout de performance.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-4305\" src=\"https:\/\/monocle.lu\/wp-content\/uploads\/2023\/11\/align.png\" alt=\"\" width=\"582\" height=\"639\" srcset=\"https:\/\/monocle.lu\/wp-content\/uploads\/2023\/11\/align.png 582w, https:\/\/monocle.lu\/wp-content\/uploads\/2023\/11\/align-273x300.png 273w, https:\/\/monocle.lu\/wp-content\/uploads\/2023\/11\/align-11x12.png 11w\" sizes=\"(max-width: 582px) 100vw, 582px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>En prenant le probl\u00e8me \u00e0 l\u2019envers, on trouve un d\u00e9but de solution\u00a0: si rater les attentes est sanctionn\u00e9, alors il faut que celles-ci soient basses.\u00a0Comment faire\u00a0? On peut commencer par revisiter un concept ancien\u00a0: la marge de s\u00e9curit\u00e9 (chapitre 20 de\u00a0<em>L\u2019investisseur intelligent<\/em>, Benjamin Graham). L\u2019image est la suivante\u00a0: si vous construisez un pont pour faire passer des camions de 30 tonnes, vous faites en sorte que le pont puisse supporter largement plus. Dans notre m\u00e9tier c\u2019est pareil, on estime la valeur d\u2019un actif et on investit lorsque son prix est nettement inf\u00e9rieur \u00e0 celle-ci, autrement dit quand les attentes sont faibles.<\/p>\n<p aria-hidden=\"true\">\n<p>L\u2019int\u00e9r\u00eat de la marge de s\u00e9curit\u00e9 c\u2019est que m\u00eame si vous vous plantez sur votre estimation de valeur, vous \u00eates prot\u00e9g\u00e9. Entendons-nous bien : \u00e7a n\u2019\u00e9vite pas les gamelles mais \u00e7a les rend moins douloureuses. Du coup, moins de risque d\u2019\u00eatre pris dans le maelstr\u00f6m quand les titres sont balanc\u00e9s\u2026 et on peut m\u00eame en profiter pour faire ses emplettes.<\/p>","protected":false},"excerpt":{"rendered":"<p>On arrive dans la derni\u00e8re ligne droite de l\u2019ann\u00e9e. Les r\u00e9sultats du troisi\u00e8me trimestre sont en grande partie sortis et le moins que l\u2019on puisse dire c\u2019est que&#8230;<\/p>","protected":false},"author":8,"featured_media":4307,"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-4304","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 - \u00c7a balance pas mal \u00e0 Paris... et ailleurs<\/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 - \u00c7a balance pas mal \u00e0 Paris... et ailleurs\" \/>\n<meta property=\"og:description\" content=\"On arrive dans la derni\u00e8re ligne droite de l\u2019ann\u00e9e. 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