{"id":4393,"date":"2023-11-29T13:41:08","date_gmt":"2023-11-29T12:41:08","guid":{"rendered":"https:\/\/monocle.lu\/?p=4393"},"modified":"2023-11-29T13:41:08","modified_gmt":"2023-11-29T12:41:08","slug":"127-heures","status":"publish","type":"post","link":"https:\/\/monocle.lu\/en\/2023\/11\/29\/127-heures\/","title":{"rendered":"127 hours"},"content":{"rendered":"\n\n\n
\n\n\n\n
\n\n\n\n
\n
\n
\n

En avril 2003, Aron Ralston tombe \u00e0 l’int\u00e9rieur du canyon qu’il est en train d’explorer. Dans sa chute, il se coince le bras entre deux rochers. Apr\u00e8s avoir tout consid\u00e9r\u00e9, il n’a pas d’autre solution que de se couper le bras lui-m\u00eame pour s’en sortir. Le calvaire durera 127 heures, titre du film de Danny Boyle qui sortira 7 ann\u00e9es plus tard. Pour ceux qui ont vu le film ou veulent le voir, Ralston, qui appara\u00eet tout \u00e0 la fin, dira que \u00ab\u00a0c’est tellement r\u00e9aliste qu’on est proche du documentaire\u00a0\u00bb.<\/p>\n

<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
\n
\n
<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
\n
\n
\n

C’est une le\u00e7on extr\u00eame mais utile, pour ceux qui investissent sur les march\u00e9s : si vous voulez survivre, il faut savoir vous coupez un bras. Exemple r\u00e9cent avec Clariane (ex.Korian). Post scandale Orp\u00e9a, nous \u00e9tions rentr\u00e9s sur l’obligation 2.25% \u00e9ch\u00e9ance 2028 \u00e0 un prix de 72%. Nous devions donc toucher chaque ann\u00e9e un coupon de 2.25%. Et \u00e0 l’\u00e9ch\u00e9ance, \u00eatre rembours\u00e9 \u00e0 100. Le rendement total de l’op\u00e9ration approchait donc les 8.5% par an.<\/p>\n

Notre raisonnement \u00e9tait le suivant:
\n– malgr\u00e9 le scandale d’Orp\u00e9a, le besoin de maisons de retraite \u00e9tait toujours l\u00e0.
\n– malgr\u00e9 le scandale, l’Etat ne pouvait pas modifier structurellement le m\u00e9tier – en imposant trop de nouvelles contraintes – car ce faisant il se tirerait une balle dans le pied en grevant les comptes d\u00e9j\u00e0 en difficult\u00e9 des maisons de retraites du secteur public.
\n– la dette \u00e9tait nettement plus raisonnable que celle d’Orp\u00e9a (1 fois les actifs contre 2 fois pour Orp\u00e9a).
\n– la direction \u00e9tait plus proche de l’Etat (la PDG, une ancienne \u00e9narque, a occup\u00e9 diff\u00e9rents postes publiques avant d’arriver en 2016 chez Clariane).<\/p>\n

Ces points se sont av\u00e9r\u00e9s relativement justes. Mais la hausse des taux est venue compliquer la situation : avec des taux plus hauts, la valeur des actifs immobiliers du groupe baissait et dans le m\u00eame temps, le refinancement du groupe devenait difficile.<\/p>\n

Cet effet ciseaux a fini par nous faire apercevoir qu’il n’\u00e9tait pas si certain que Clariane s’en tire sans une restructuration de sa dette. Mais au moment o\u00f9 nous avons r\u00e9alis\u00e9 cela, le prix avait d\u00e9j\u00e0 gliss\u00e9 de quelques points. Il fallait accepter de se couper non pas le bras, mais quand m\u00eame quelques doigts, pour s’en sortir. Nous avons vendu nos derni\u00e8res Clariane \u00e0 57 le 13 octobre. La sortie a \u00e9t\u00e9 longue et fastidieuse : m\u00eame pour une ligne relativement petite ( 2.5M EUR), il nous a fallu plusieurs semaines pour r\u00e9ussir \u00e0 tout vendre.<\/p>\n

Un mois plus tard, le 14 novembre, Clariane annon\u00e7ait un plan de restructuration. Pour l’instant celui-ci ne pr\u00e9voit qu’une augmentation de capital et des cessions d’actifs. L’annonce a d\u00e9j\u00e0 fait baisser l’action de 50%. Sophie Boissard, PDG, a d\u00e9clar\u00e9 \u00ab\u00a0notre acc\u00e8s au march\u00e9 a \u00e9t\u00e9 s\u00e9v\u00e8rement r\u00e9duit depuis fin octobre.\u00a0\u00bb Le groupe a \u20ac840 M de dette qui arrivent \u00e0 \u00e9ch\u00e9ance d’ici juin 2025. Le communiqu\u00e9 pr\u00e9cise que si le plan se passe mal \u00ab\u00a0la Soci\u00e9t\u00e9 pourrait faire face \u00e0 un risque de bris de covenant d\u00e8s fin 2023 et un risque de liquidit\u00e9 \u00e0 horizon fin avril 2024 et \u00eatre conduite \u00e0 se placer sous un r\u00e9gime de protection adapt\u00e9 pour ren\u00e9gocier son endettement avec ses cr\u00e9anciers.\u00a0\u00bb<\/p>\n

Si Clariane passe en r\u00e9gime de protection, ce sera une d\u00e9cision essentiellement entre le juge, dont l’objectif premier est que la soci\u00e9t\u00e9 survive, et les investisseurs qui viendront mettre de l’argent frais. Les d\u00e9tenteurs d’obligations ont un bien faible levier dans ces discussions.<\/p>\n

Nous sommes in fine bien heureux d’avoir accept\u00e9 de payer un peu pour sortir de ce dossier. Si \u00e0 un moment, vous vous apercevez que le risque est beaucoup plus important que vous l’aviez estim\u00e9 au d\u00e9but, il faut sortir. Le prix pay\u00e9 initialement n’a aucune importance. Si vous commencez \u00e0 vous arc-bouter sur ce prix d’entr\u00e9e, vous allez vous bloquer mentalement sur ce dernier, et cela vous emp\u00eachera de regarder rationnellement la nouvelle donne – je parle par exp\u00e9rience. \u00a0Donc comme Aron Ralston, allez-y franchement !<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
\n\n\n\n
\n\n\n\n
\n
<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
\n\n\n\n
\n\n\n\n
\n

Market and portfolio focus<\/strong><\/h2>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
\n

Behaviour:<\/strong><\/h2>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
\n
\n
\n

Sur la p\u00e9riode (du 10\/11 au 24\/11), le fonds est en hausse de 2.5%, le S&P 500 de +3.3% et le CAC 40 de +3.5%. Le principal moteur de notre performance a \u00e9t\u00e9 notre exposition actions. WK Kellogg a pris +15% : le flux vendeur s\u2019est tari et les achats d\u2019actions assez importants du management ont \u00e9t\u00e9 bien accueillis. Pershing Square a bien perform\u00e9 \u00e9galement (+11%) : la d\u00e9cote par rapport aux actifs demeure importante (34%) mais le nouveau programme de rachat d\u2019actions devrait permettre de la r\u00e9duire un peu. Nous restons en contact avec la soci\u00e9t\u00e9 et attendons des man\u0153uvres plus importantes.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
\n\n\n\n
\n\n\n\n
\n

Lines:<\/strong><\/h2>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
\n
\n
\n

RAS<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
\n
\n
\n

 <\/p>\n

Have a great week,<\/p>\n

Charles<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
\n
\n\n\n\n
<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
\n

Monocle Fund Performance<\/strong><\/h2>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
\n
\n
\n

Au 27 Novembre, Monocle (part A) est \u00e0 +1.86% sur 2023.<\/p>\n

2022: -1.92%
\n2021: +4.23%
\n2020: +6.44%
\n2019: +6.09%
\n2018: +0.11%<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
\n
\n\n\n\n
<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>","protected":false},"excerpt":{"rendered":"

En avril 2003, Aron Ralston tombe \u00e0 l’int\u00e9rieur du canyon qu’il est en train d’explorer. Dans sa chute, il se coince le bras entre deux rochers. Apr\u00e8s avoir…<\/p>","protected":false},"author":8,"featured_media":4397,"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-4393","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-le-billet-de-monocle"],"acf":[],"yoast_head":"\nMonocle - 127 heures<\/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 - 127 heures\" \/>\n<meta property=\"og:description\" content=\"En avril 2003, Aron Ralston tombe \u00e0 l’int\u00e9rieur du canyon qu’il est en train d’explorer. Dans sa chute, il se coince le bras entre deux rochers. Apr\u00e8s avoir...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/monocle.lu\/en\/2023\/11\/29\/127-heures\/\" \/>\n<meta property=\"og:site_name\" content=\"Monocle\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-29T12:41:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/monocle.lu\/wp-content\/uploads\/2023\/11\/127hours_coverart_1600x686_eeae4a6f.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"686\" \/>\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=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/monocle.lu\\\/2023\\\/11\\\/29\\\/127-heures\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/monocle.lu\\\/2023\\\/11\\\/29\\\/127-heures\\\/\"},\"author\":{\"name\":\"L'\u00e9quipe Monocle\",\"@id\":\"https:\\\/\\\/monocle.lu\\\/#\\\/schema\\\/person\\\/f095305e6c0f0cb67a0905de33670595\"},\"headline\":\"127 heures\",\"datePublished\":\"2023-11-29T12:41:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/monocle.lu\\\/2023\\\/11\\\/29\\\/127-heures\\\/\"},\"wordCount\":836,\"publisher\":{\"@id\":\"https:\\\/\\\/monocle.lu\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/monocle.lu\\\/2023\\\/11\\\/29\\\/127-heures\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/monocle.lu\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/127hours_coverart_1600x686_eeae4a6f.jpeg\",\"articleSection\":[\"Les Billets de Monocle\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/monocle.lu\\\/2023\\\/11\\\/29\\\/127-heures\\\/\",\"url\":\"https:\\\/\\\/monocle.lu\\\/2023\\\/11\\\/29\\\/127-heures\\\/\",\"name\":\"Monocle - 127 heures\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/monocle.lu\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/monocle.lu\\\/2023\\\/11\\\/29\\\/127-heures\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/monocle.lu\\\/2023\\\/11\\\/29\\\/127-heures\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/monocle.lu\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/127hours_coverart_1600x686_eeae4a6f.jpeg\",\"datePublished\":\"2023-11-29T12:41:08+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/monocle.lu\\\/2023\\\/11\\\/29\\\/127-heures\\\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/monocle.lu\\\/2023\\\/11\\\/29\\\/127-heures\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\\\/\\\/monocle.lu\\\/2023\\\/11\\\/29\\\/127-heures\\\/#primaryimage\",\"url\":\"https:\\\/\\\/monocle.lu\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/127hours_coverart_1600x686_eeae4a6f.jpeg\",\"contentUrl\":\"https:\\\/\\\/monocle.lu\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/127hours_coverart_1600x686_eeae4a6f.jpeg\",\"width\":1600,\"height\":686},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/monocle.lu\\\/2023\\\/11\\\/29\\\/127-heures\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Rethink the way you train\",\"item\":\"https:\\\/\\\/monocle.lu\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"127 heures\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/monocle.lu\\\/#website\",\"url\":\"https:\\\/\\\/monocle.lu\\\/\",\"name\":\"Monocle\",\"description\":\"Asset Management\",\"publisher\":{\"@id\":\"https:\\\/\\\/monocle.lu\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/monocle.lu\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/monocle.lu\\\/#organization\",\"name\":\"Monocle\",\"url\":\"https:\\\/\\\/monocle.lu\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\\\/\\\/monocle.lu\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/monocle.lu\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/logo.svg\",\"contentUrl\":\"https:\\\/\\\/monocle.lu\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/logo.svg\",\"width\":152,\"height\":37,\"caption\":\"Monocle\"},\"image\":{\"@id\":\"https:\\\/\\\/monocle.lu\\\/#\\\/schema\\\/logo\\\/image\\\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/monocle.lu\\\/#\\\/schema\\\/person\\\/f095305e6c0f0cb67a0905de33670595\",\"name\":\"L'\u00e9quipe Monocle\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/8f5b1ac2bd644098edce052a3a3d754307488f9a55621278d21120dbcbc7d03f?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/8f5b1ac2bd644098edce052a3a3d754307488f9a55621278d21120dbcbc7d03f?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/8f5b1ac2bd644098edce052a3a3d754307488f9a55621278d21120dbcbc7d03f?s=96&d=mm&r=g\",\"caption\":\"L'\u00e9quipe Monocle\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Monocle - 127 heures","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_GB","og_type":"article","og_title":"Monocle - 127 heures","og_description":"En avril 2003, Aron Ralston tombe \u00e0 l’int\u00e9rieur du canyon qu’il est en train d’explorer. Dans sa chute, il se coince le bras entre deux rochers. Apr\u00e8s avoir...","og_url":"https:\/\/monocle.lu\/en\/2023\/11\/29\/127-heures\/","og_site_name":"Monocle","article_published_time":"2023-11-29T12:41:08+00:00","og_image":[{"width":1600,"height":686,"url":"https:\/\/monocle.lu\/wp-content\/uploads\/2023\/11\/127hours_coverart_1600x686_eeae4a6f.jpeg","type":"image\/jpeg"}],"author":"L'\u00e9quipe Monocle","twitter_card":"summary_large_image","twitter_misc":{"Written by":"L'\u00e9quipe Monocle","Estimated reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/monocle.lu\/2023\/11\/29\/127-heures\/#article","isPartOf":{"@id":"https:\/\/monocle.lu\/2023\/11\/29\/127-heures\/"},"author":{"name":"L'\u00e9quipe Monocle","@id":"https:\/\/monocle.lu\/#\/schema\/person\/f095305e6c0f0cb67a0905de33670595"},"headline":"127 heures","datePublished":"2023-11-29T12:41:08+00:00","mainEntityOfPage":{"@id":"https:\/\/monocle.lu\/2023\/11\/29\/127-heures\/"},"wordCount":836,"publisher":{"@id":"https:\/\/monocle.lu\/#organization"},"image":{"@id":"https:\/\/monocle.lu\/2023\/11\/29\/127-heures\/#primaryimage"},"thumbnailUrl":"https:\/\/monocle.lu\/wp-content\/uploads\/2023\/11\/127hours_coverart_1600x686_eeae4a6f.jpeg","articleSection":["Les Billets de Monocle"],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/monocle.lu\/2023\/11\/29\/127-heures\/","url":"https:\/\/monocle.lu\/2023\/11\/29\/127-heures\/","name":"Monocle - 127 heures","isPartOf":{"@id":"https:\/\/monocle.lu\/#website"},"primaryImageOfPage":{"@id":"https:\/\/monocle.lu\/2023\/11\/29\/127-heures\/#primaryimage"},"image":{"@id":"https:\/\/monocle.lu\/2023\/11\/29\/127-heures\/#primaryimage"},"thumbnailUrl":"https:\/\/monocle.lu\/wp-content\/uploads\/2023\/11\/127hours_coverart_1600x686_eeae4a6f.jpeg","datePublished":"2023-11-29T12:41:08+00:00","breadcrumb":{"@id":"https:\/\/monocle.lu\/2023\/11\/29\/127-heures\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/monocle.lu\/2023\/11\/29\/127-heures\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/monocle.lu\/2023\/11\/29\/127-heures\/#primaryimage","url":"https:\/\/monocle.lu\/wp-content\/uploads\/2023\/11\/127hours_coverart_1600x686_eeae4a6f.jpeg","contentUrl":"https:\/\/monocle.lu\/wp-content\/uploads\/2023\/11\/127hours_coverart_1600x686_eeae4a6f.jpeg","width":1600,"height":686},{"@type":"BreadcrumbList","@id":"https:\/\/monocle.lu\/2023\/11\/29\/127-heures\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Rethink the way you train","item":"https:\/\/monocle.lu\/"},{"@type":"ListItem","position":2,"name":"127 heures"}]},{"@type":"WebSite","@id":"https:\/\/monocle.lu\/#website","url":"https:\/\/monocle.lu\/","name":"Monocle","description":"Asset Management","publisher":{"@id":"https:\/\/monocle.lu\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/monocle.lu\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https:\/\/monocle.lu\/#organization","name":"Monocle","url":"https:\/\/monocle.lu\/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/monocle.lu\/#\/schema\/logo\/image\/","url":"https:\/\/monocle.lu\/wp-content\/uploads\/2022\/03\/logo.svg","contentUrl":"https:\/\/monocle.lu\/wp-content\/uploads\/2022\/03\/logo.svg","width":152,"height":37,"caption":"Monocle"},"image":{"@id":"https:\/\/monocle.lu\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/monocle.lu\/#\/schema\/person\/f095305e6c0f0cb67a0905de33670595","name":"L'\u00e9quipe Monocle","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/secure.gravatar.com\/avatar\/8f5b1ac2bd644098edce052a3a3d754307488f9a55621278d21120dbcbc7d03f?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/8f5b1ac2bd644098edce052a3a3d754307488f9a55621278d21120dbcbc7d03f?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8f5b1ac2bd644098edce052a3a3d754307488f9a55621278d21120dbcbc7d03f?s=96&d=mm&r=g","caption":"L'\u00e9quipe Monocle"}}]}},"_links":{"self":[{"href":"https:\/\/monocle.lu\/en\/wp-json\/wp\/v2\/posts\/4393","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/monocle.lu\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monocle.lu\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monocle.lu\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/monocle.lu\/en\/wp-json\/wp\/v2\/comments?post=4393"}],"version-history":[{"count":0,"href":"https:\/\/monocle.lu\/en\/wp-json\/wp\/v2\/posts\/4393\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monocle.lu\/en\/wp-json\/wp\/v2\/media\/4397"}],"wp:attachment":[{"href":"https:\/\/monocle.lu\/en\/wp-json\/wp\/v2\/media?parent=4393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monocle.lu\/en\/wp-json\/wp\/v2\/categories?post=4393"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monocle.lu\/en\/wp-json\/wp\/v2\/tags?post=4393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}