{"id":4950,"date":"2024-11-27T16:46:43","date_gmt":"2024-11-27T15:46:43","guid":{"rendered":"https:\/\/monocle.lu\/?p=4950"},"modified":"2024-11-27T16:46:43","modified_gmt":"2024-11-27T15:46:43","slug":"masa","status":"publish","type":"post","link":"https:\/\/monocle.lu\/en\/2024\/11\/27\/masa\/","title":{"rendered":"\u00ab\u00a0Masa \u00ab\u00a0"},"content":{"rendered":"

J\u2019ai termin\u00e9 les 335 pages de \u00ab\u00a0Gambling Man\u00a0\u00bb de Lionel Barber sur Masayoshi Son \u2013 ou plus simplement \u00ab\u00a0Masa\u00a0\u00bb.<\/span><\/p>\n

Si vous \u00eates press\u00e9, voil\u00e0 un r\u00e9sum\u00e9 en cinq trades\u00a0:<\/p>\n

1\/ YAHOO :<\/strong><\/p>\n

En novembre 1995, Masa a l\u2019opportunit\u00e9 d\u2019investir dans Yahoo. La soci\u00e9t\u00e9 fond\u00e9e par David Filo et Jerry Yang a re\u00e7u six mois plus t\u00f4t un premier investissement du fonds Sequoia sur une valorisation de $3 millions \u2013 et ce prix a paru \u00e9lev\u00e9 \u00e0 plusieurs partners de Sequoia pour deux ing\u00e9nieurs dans un petit bureau au sol jonch\u00e9 de bo\u00eetes de pizza. Donc six mois plus tard, Masa les rencontre et dit \u00ab j\u2019adore, je veux prendre un gros ticket, quelle valo ?<\/p>\n

Yang r\u00e9pond\u00a0: \u00ab $40 Millions\u00a0?\u00a0\u00bb<\/p>\n

Masa\u00a0: \u00ab\u00a0Done deal\u00a0\u00bb<\/p>\n

2\/ ALIBABA<\/strong> :<\/strong><\/p>\n

En 1999-2000, au top de la bulle, Masa rencontre Jack Ma et investit $20M dans Alibaba. Il finira avec 30% du capital qui vaudront $75 Mds au moment de l\u2019introduction en bourse en 2014.<\/p>\n

 <\/p>\n

\"\"<\/p>\n

 <\/p>\n

3\/ MOBILE :<\/span><\/strong><\/p>\n

Post l\u2019\u00e9clatement de la bulle de 2000 et une perte de 96% de sa fortune, apr\u00e8s avoir pans\u00e9 ses plaies, Masa comprend que la prochaine d\u00e9cennie sera celle du mobile. Mais comment avoir un avantage concurrentiel dans ce march\u00e9 prot\u00e9g\u00e9 ? En ayant le t\u00e9l\u00e9phone que personne d\u2019autre n\u2019aura. Il imagine un nouveau t\u00e9l\u00e9phone, en s\u2019inspirant de l\u2019Ipod, le lecteur de musique lanc\u00e9 par Apple en 2001. A l\u2019\u00e9t\u00e9 2005 il va voir Steve Jobs, lui montre un bout dessin avec un t\u00e9l\u00e9phone inspir\u00e9 de l\u2019Ipod.<\/p>\n

Jobs\u00a0: \u00ab\u00a0Pas besoin de ton crobar, j\u2019ai le mien.\u00a0\u00bb<\/p>\n

Masa\u00a0:\u00a0\u00ab\u00a0Ok, je garde mon crobar mais quand tu sors ton produit tu me le passes pour le Japon.\u00a0\u00bb<\/p>\n

Jobs\u00a0: \u00ab\u00a0 Masa, tu es cingl\u00e9. Mais ok.\u00a0\u00bb<\/p>\n

Six mois plus tard, Masa emprunte $17 Milliards pour acheter Vodafone Japon. Avec les droits d\u2019exclusivit\u00e9 de l\u2019Iphone, il prend rapidement des parts de march\u00e9. Apr\u00e8s s\u2019\u00eatre bien battu avec les r\u00e9gulateurs, il rajoutera Sprint en 2013 pour $20 Mds. Fusionnera tout cela dans T-Mobile, le 2e op\u00e9rateur am\u00e9ricain, qui p\u00e8se $280 Mds aujourd\u2019hui.<\/p>\n

4\/ VISION FUND :<\/strong><\/p>\n

En 2019, quand la bulle de tech prend de l\u2019ampleur, Masa annonce le Vision Fund, un fonds d\u2019investissement de $100 Milliards sur 12 ans. C\u2019est cinq fois plus gros et deux fois plus long que ses concurrents.<\/p>\n

Les 2\/3 des fonds viennent du Golfe \u2013 Masa a convaincu Mohammed bin Salman de mettre $45 Mds en 45 minutes en jouant sur \u00ab trop risqu\u00e9 de passer \u00e0 c\u00f4t\u00e9 \u00bb. Equip\u00e9 de cette force de frappe, Softbank va rench\u00e9rir sur tous les autres fonds de tech et \u00e9galement directement sur le Nasdaq \u2013 ce qui n\u2019est pas sans rapport avec le comportement des march\u00e9s en 2021. Un heureux \u00e9lu : Adam Neuman, le fondateur de WeWork, qui rencontre en Masa quelqu\u2019un qui voit encore plus large que lui. Le r\u00e9veil sera difficile avec $18 Mds de perte sur la seule ligne WeWork. Au dernier trimestre le Vision Fund vient juste de repasser positif depuis son lancement.<\/p>\n

5\/ ARM :<\/strong><\/p>\n

En 2016, Masa se dit que l\u2019avenir c\u2019est les micro-processeurs. Il utilise ses r\u00e9seaux, son charme et son argent pour convaincre le gouvernement britannique de lui vendre ARM. Comme toujours le prix d\u2019entr\u00e9e lui importe peu. Il paye \u00a324 Mds, un prix qui effraie l\u2019\u00e9quipe Softbank. Il y a un an, Softbank a introduit 10% du capital de ARM sur une valeur de $70Mds. L\u2019action a doubl\u00e9 depuis\u2026. [\u00e0 retenir que le P\/E sur r\u00e9sultats 2025 est de 88].<\/p>\n

Que retenir de tout cela en tant que g\u00e9rant\u00a0?<\/strong><\/p>\n

1\/ Que la vision prime et que Masa est un visionnaire. En 1999, \u00e0 c\u00f4t\u00e9 de Masa il y avait Goldman Sachs dans le premier tour de table d\u2019Alibaba. Ils avaient mis $3.3M pour 33% du capital. En 2004, ils vendent en faisant 7x la mise soit $21M. En 2014, cette participation aurait valu $12.5 Milliards.<\/p>\n

2\/ Le sizing compte. En relisant l\u2019histoire, il semble logique qu\u2019un \u00e9ternel optimiste comme Masa tombe parfois sur un os comme WeWork. La perte est logique, la taille de la perte non. Comme au poker, toujours garder en t\u00eate que m\u00eame si on a un carr\u00e9 d\u2019as, le gars en face peut avoir une quinte royale. Donc mettre la taille \u00e0 un niveau o\u00f9 la perte sera acceptable.<\/p>\n

Nous mettons donc 1% dans Softbank \u2013 l\u2019ADR cot\u00e9 \u00e0 New York. Nous y allons derri\u00e8re un grand fr\u00e8re muscl\u00e9 : le fonds activiste Elliott de Paul Singer a pris une position au mois de juin, \u00e0 peu pr\u00e8s au m\u00eame niveau de cours qu\u2019aujourd\u2019hui. Cela nous donne une certaine assurance sur la gouvernance de Softbank \u2013 Elliott les conna\u00eet, ils sont d\u00e9j\u00e0 intervenus sur le titre dans le pass\u00e9. La d\u00e9cote du groupe est de 50% – mais attention \u00e0 retraiter de la valeur s\u00fbrement inflat\u00e9e de ARM. Et cela nous permettra de suivre, \u00e0 un prix d\u00e9cent et avec une taille raisonnable, celui qui veut d\u00e9sormais laisser son nom dans l\u2019histoire comme \u00ab un des piliers du d\u00e9veloppement de l\u2019IA .\u00bb<\/p>\n

 <\/p>\n

Focus march\u00e9s et portefeuille<\/strong><\/p>\n

Du 15 au 22 novembre, Monocle gagne 0.9%, le CAC 40 perd 0.2% et le S&P 500 fait +1.7%.<\/span><\/p>\n

A la suite des r\u00e9sultats de Walmart et de Target, on a d\u00e9cid\u00e9 de sortir noter ligne de Dollar General.<\/p>\n

L\u2019avantage historique de DG est notamment li\u00e9 \u00e0 la g\u00e9ographie de ses magasins\u00a0: dans des endroits peu peupl\u00e9s o\u00f9 les grands magasins n\u2019ont pas d\u2019int\u00e9r\u00eat \u00e0 s\u2019installer. Sauf que Walmart a annonc\u00e9 lors de ses derniers r\u00e9sultats que pr\u00e8s d\u2019un quart des clients de Walmart+ re\u00e7oivent des food stamps. Avantage de Walmart+\u00a0? Des livraisons gratuites \u00e0 domicile. Donc exit l\u2019avantage g\u00e9ographique. Quand on ajoute \u00e0 cela l\u2019offensive d\u2019Aldi aux US, on peut avoir un sc\u00e9nario de lente \u00e9rosion des marges qui finit par \u00e9touffer la chaine. Un cas qui rappelle Bed, Bath and Beyond il y a une dizaine d\u2019ann\u00e9es.<\/p>\n

Notre exposition nette action est \u00e0 33% aujourd\u2019hui.<\/p>\n

 <\/p>\n

Bonne semaine,<\/p>\n

Charles<\/p>\n","protected":false},"excerpt":{"rendered":"

J\u2019ai termin\u00e9 les 335 pages de \u00ab\u00a0Gambling Man\u00a0\u00bb de Lionel Barber sur Masayoshi Son \u2013 ou plus simplement \u00ab\u00a0Masa\u00a0\u00bb. Si vous \u00eates press\u00e9, voil\u00e0 un r\u00e9sum\u00e9 en cinq…<\/p>","protected":false},"author":8,"featured_media":4952,"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-4950","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-le-billet-de-monocle"],"acf":[],"yoast_head":"\nMonocle - "Masa "<\/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 - "Masa "\" \/>\n<meta property=\"og:description\" content=\"J\u2019ai termin\u00e9 les 335 pages de \u00ab\u00a0Gambling Man\u00a0\u00bb de Lionel Barber sur Masayoshi Son \u2013 ou plus simplement \u00ab\u00a0Masa\u00a0\u00bb. Si vous \u00eates press\u00e9, voil\u00e0 un r\u00e9sum\u00e9 en cinq...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/monocle.lu\/en\/2024\/11\/27\/masa\/\" \/>\n<meta property=\"og:site_name\" content=\"Monocle\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-27T15:46:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/monocle.lu\/wp-content\/uploads\/2024\/11\/Capture-decran-2024-11-26-145006.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1149\" \/>\n\t<meta property=\"og:image:height\" content=\"801\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\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=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/monocle.lu\\\/2024\\\/11\\\/27\\\/masa\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/monocle.lu\\\/2024\\\/11\\\/27\\\/masa\\\/\"},\"author\":{\"name\":\"L'\u00e9quipe Monocle\",\"@id\":\"https:\\\/\\\/monocle.lu\\\/#\\\/schema\\\/person\\\/f095305e6c0f0cb67a0905de33670595\"},\"headline\":\"\u00ab\u00a0Masa \u00ab\u00a0\",\"datePublished\":\"2024-11-27T15:46:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/monocle.lu\\\/2024\\\/11\\\/27\\\/masa\\\/\"},\"wordCount\":1016,\"publisher\":{\"@id\":\"https:\\\/\\\/monocle.lu\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/monocle.lu\\\/2024\\\/11\\\/27\\\/masa\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/monocle.lu\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/Capture-decran-2024-11-26-145006.png\",\"articleSection\":[\"Les Billets de Monocle\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/monocle.lu\\\/2024\\\/11\\\/27\\\/masa\\\/\",\"url\":\"https:\\\/\\\/monocle.lu\\\/2024\\\/11\\\/27\\\/masa\\\/\",\"name\":\"Monocle - \\\"Masa \\\"\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/monocle.lu\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/monocle.lu\\\/2024\\\/11\\\/27\\\/masa\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/monocle.lu\\\/2024\\\/11\\\/27\\\/masa\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/monocle.lu\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/Capture-decran-2024-11-26-145006.png\",\"datePublished\":\"2024-11-27T15:46:43+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/monocle.lu\\\/2024\\\/11\\\/27\\\/masa\\\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/monocle.lu\\\/2024\\\/11\\\/27\\\/masa\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\\\/\\\/monocle.lu\\\/2024\\\/11\\\/27\\\/masa\\\/#primaryimage\",\"url\":\"https:\\\/\\\/monocle.lu\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/Capture-decran-2024-11-26-145006.png\",\"contentUrl\":\"https:\\\/\\\/monocle.lu\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/Capture-decran-2024-11-26-145006.png\",\"width\":1149,\"height\":801},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/monocle.lu\\\/2024\\\/11\\\/27\\\/masa\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Rethink the way you train\",\"item\":\"https:\\\/\\\/monocle.lu\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"\u00ab\u00a0Masa \u00ab\u00a0\"}]},{\"@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 - \"Masa \"","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_GB","og_type":"article","og_title":"Monocle - \"Masa \"","og_description":"J\u2019ai termin\u00e9 les 335 pages de \u00ab\u00a0Gambling Man\u00a0\u00bb de Lionel Barber sur Masayoshi Son \u2013 ou plus simplement \u00ab\u00a0Masa\u00a0\u00bb. Si vous \u00eates press\u00e9, voil\u00e0 un r\u00e9sum\u00e9 en cinq...","og_url":"https:\/\/monocle.lu\/en\/2024\/11\/27\/masa\/","og_site_name":"Monocle","article_published_time":"2024-11-27T15:46:43+00:00","og_image":[{"width":1149,"height":801,"url":"https:\/\/monocle.lu\/wp-content\/uploads\/2024\/11\/Capture-decran-2024-11-26-145006.png","type":"image\/png"}],"author":"L'\u00e9quipe Monocle","twitter_card":"summary_large_image","twitter_misc":{"Written by":"L'\u00e9quipe Monocle","Estimated reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/monocle.lu\/2024\/11\/27\/masa\/#article","isPartOf":{"@id":"https:\/\/monocle.lu\/2024\/11\/27\/masa\/"},"author":{"name":"L'\u00e9quipe Monocle","@id":"https:\/\/monocle.lu\/#\/schema\/person\/f095305e6c0f0cb67a0905de33670595"},"headline":"\u00ab\u00a0Masa \u00ab\u00a0","datePublished":"2024-11-27T15:46:43+00:00","mainEntityOfPage":{"@id":"https:\/\/monocle.lu\/2024\/11\/27\/masa\/"},"wordCount":1016,"publisher":{"@id":"https:\/\/monocle.lu\/#organization"},"image":{"@id":"https:\/\/monocle.lu\/2024\/11\/27\/masa\/#primaryimage"},"thumbnailUrl":"https:\/\/monocle.lu\/wp-content\/uploads\/2024\/11\/Capture-decran-2024-11-26-145006.png","articleSection":["Les Billets de Monocle"],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/monocle.lu\/2024\/11\/27\/masa\/","url":"https:\/\/monocle.lu\/2024\/11\/27\/masa\/","name":"Monocle - \"Masa \"","isPartOf":{"@id":"https:\/\/monocle.lu\/#website"},"primaryImageOfPage":{"@id":"https:\/\/monocle.lu\/2024\/11\/27\/masa\/#primaryimage"},"image":{"@id":"https:\/\/monocle.lu\/2024\/11\/27\/masa\/#primaryimage"},"thumbnailUrl":"https:\/\/monocle.lu\/wp-content\/uploads\/2024\/11\/Capture-decran-2024-11-26-145006.png","datePublished":"2024-11-27T15:46:43+00:00","breadcrumb":{"@id":"https:\/\/monocle.lu\/2024\/11\/27\/masa\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/monocle.lu\/2024\/11\/27\/masa\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/monocle.lu\/2024\/11\/27\/masa\/#primaryimage","url":"https:\/\/monocle.lu\/wp-content\/uploads\/2024\/11\/Capture-decran-2024-11-26-145006.png","contentUrl":"https:\/\/monocle.lu\/wp-content\/uploads\/2024\/11\/Capture-decran-2024-11-26-145006.png","width":1149,"height":801},{"@type":"BreadcrumbList","@id":"https:\/\/monocle.lu\/2024\/11\/27\/masa\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Rethink the way you train","item":"https:\/\/monocle.lu\/"},{"@type":"ListItem","position":2,"name":"\u00ab\u00a0Masa \u00ab\u00a0"}]},{"@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\/4950","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=4950"}],"version-history":[{"count":0,"href":"https:\/\/monocle.lu\/en\/wp-json\/wp\/v2\/posts\/4950\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monocle.lu\/en\/wp-json\/wp\/v2\/media\/4952"}],"wp:attachment":[{"href":"https:\/\/monocle.lu\/en\/wp-json\/wp\/v2\/media?parent=4950"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monocle.lu\/en\/wp-json\/wp\/v2\/categories?post=4950"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monocle.lu\/en\/wp-json\/wp\/v2\/tags?post=4950"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}