{"id":5127,"date":"2025-03-13T17:17:22","date_gmt":"2025-03-13T16:17:22","guid":{"rendered":"https:\/\/monocle.lu\/?p=5127"},"modified":"2025-03-13T17:17:22","modified_gmt":"2025-03-13T16:17:22","slug":"momo","status":"publish","type":"post","link":"https:\/\/monocle.lu\/en\/2025\/03\/13\/momo\/","title":{"rendered":"\u00ab\u00a0MOMO\u00a0\u00bb"},"content":{"rendered":"<table class=\"x_row x_row-2\" role=\"presentation\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tbody>\n<tr>\n<td>\n<table class=\"x_row-content x_stack\" role=\"presentation\" border=\"0\" width=\"575\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tbody>\n<tr>\n<td class=\"x_column x_column-1\" width=\"100%\">\n<table class=\"x_text_block x_block-3\" role=\"presentation\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"x_pad\">\n<div>\n<div class=\"\">\n<p><span data-olk-copy-source=\"MessageBody\">J&rsquo;aime bien Steve Sosnick, le strat\u00e9giste d\u2019Interactive Brokers. C\u2019est un vrai bon et \u00e0 un poste d\u2019observation de choix vu la taille des flux passant par sa soci\u00e9t\u00e9. Et d\u2019habitude il \u00e9crit plut\u00f4t bien. Donc quand je le vois s\u2019engluer, dans sa derni\u00e8re lettre, en nous disant que &lt;&lt;TINA et FOMO sont morts et remplac\u00e9s par MOMO&gt;&gt;, \u00e7a sonne tellement mal que cela r\u00e9v\u00e8le le trouble de l\u2019auteur devant ces conditions de march\u00e9s.<\/span><\/p>\n<p aria-hidden=\"true\">\n<p>Pour ceux qui ne connaissent pas ces acronymes\u00a0:<\/p>\n<ul>\n<li>FOMO c\u2019est \u00ab\u00a0Fear Of Missing Out\u00a0\u00bb ou \u00ab\u00a0Peur de ne pas participer\u00a0\u00bb\u00a0: on ach\u00e8te parce qu\u2019on a peur de ne pas \u00eatre dans le train. R\u00e9gime des march\u00e9s des 5 derni\u00e8res ann\u00e9es.<\/li>\n<li>TINA :\u00ab There Is No Alternative \u00bb donc pas d\u2019autres choix que d\u2019acheter des actions. Ce truc-l\u00e0 est n\u00e9 quand les taux ont \u00e9t\u00e9 mis \u00e0 z\u00e9ro et qu\u2019il n\u2019y avait donc pas d\u2019autres alternatives pour mettre son argent que les actions.<\/li>\n<li>MOMO c\u2019est le \u00ab\u00a0momentum\u00a0\u00bb ou la tendance qu\u2019a un actif qui monte \u00e0 monter encore plus haut, ou un actif qui baisse \u00e0 baisser encore plus bas.<\/li>\n<\/ul>\n<p aria-hidden=\"true\">\n<p>Sosnick nous dit qu\u2019on est sorti de la phase TINA\/FOMO o\u00f9, \u00e0 chaque fois que le march\u00e9 baissait un peu, des flux acheteurs arrivaient pour le faire repartir. Le probl\u00e8me est qu\u2019\u00e0 force de jouer \u00e0 ce jeu-l\u00e0, les valorisations sont devenues tendues, donc casse-gueule.<\/p>\n<p aria-hidden=\"true\">\n<p>Voil\u00e0 le commentaire hier soir de Jeremy Siegel, le prof d\u2019\u00e9conomie de Wharton, 79 ans d\u2019optimisme quasi-permanent sur les march\u00e9s\u00a0: \u00ab\u00a0Bien qu&rsquo;il y ait un potentiel de rebond, les valorisations du march\u00e9 sont \u00e9lev\u00e9es par rapport au pass\u00e9, et il n&rsquo;y a donc pas encore d&rsquo;incitation forte \u00e0 l&rsquo;achat agressif.\u00a0\u00bb<\/p>\n<p>Illustration en une image du niveau de valorisation (source Bloomberg):<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"x_image_block x_block-4\" role=\"presentation\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"x_pad\">\n<div class=\"x_alignment\" align=\"center\">\n<div><img decoding=\"async\" title=\"\" src=\"https:\/\/cdn-4e7ee26.dub-1.sendpdr.com\/company\/10526515\/user\/16669847\/campaign-files\/7ab42ca0-8084-4c49-bfee-782e1dea2db6.png\" alt=\"\" width=\"575\" height=\"auto\" data-imagetype=\"External\" \/><\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"x_text_block x_block-5\" role=\"presentation\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"x_pad\">\n<div>\n<div class=\"\">\n<p>Oui, nous sommes au pic, au-dessus des plus hauts de 1929 et 1999 \u2013 et c\u2019est un indice composite d\u2019\u00e9l\u00e9ments factuels de valorisation, pas une enqu\u00eate de sentiment.<\/p>\n<p>Et voil\u00e0 le Free-Cash Flow des Magnificent 7\u00a0:<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"x_image_block x_block-6\" role=\"presentation\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"x_pad\">\n<div class=\"x_alignment\" align=\"center\">\n<div><img decoding=\"async\" title=\"\" src=\"https:\/\/cdn-4e7ee26.dub-1.sendpdr.com\/company\/10526515\/user\/16669847\/campaign-files\/12d3528b-66eb-4227-b29d-7f9bd015c5d2.jpg\" alt=\"\" width=\"575\" height=\"auto\" data-imagetype=\"External\" \/><\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"x_text_block x_block-7\" role=\"presentation\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"x_pad\">\n<div>\n<div class=\"\">\n<p>Si vous plissez les yeux comme Charles Bronson pour chercher la petite ligne jaune de Tesla, ce n\u2019est pas un probl\u00e8me de vue, c\u2019est que la ligne est petite. Apr\u00e8s la baisse de 50% du cours en trois mois, Tesla vaut encore $740 Mds. Pour une bo\u00eete qui a d\u00e9gag\u00e9 $3.5Mds de Free Cash Flow l\u2019ann\u00e9e derni\u00e8re, ce n\u2019est pas beaucoup, c\u2019est trop.\u00a0 Et sur le reste des Mag7, oui \u00e7a a doubl\u00e9 depuis le COVID, non il n\u2019est pas \u00e9crit que ce rythme continuera dans les ann\u00e9es \u00e0 venir.<\/p>\n<p>Parce que face \u00e0 ces valorisations \u00e9lev\u00e9es, vous avez des signaux macros pas bien bons, avec une inflation plus tenace que pr\u00e9vue et un ch\u00f4mage qui remonte.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"x_image_block x_block-8\" role=\"presentation\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"x_pad\">\n<div class=\"x_alignment\" align=\"center\">\n<div><img decoding=\"async\" title=\"\" src=\"https:\/\/cdn-4e7ee26.dub-1.sendpdr.com\/company\/10526515\/user\/16669847\/campaign-files\/00ff672a-45ed-4236-be57-c5cace55a4c9.png\" alt=\"\" width=\"575\" height=\"auto\" data-imagetype=\"External\" \/><\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table class=\"x_text_block x_block-9\" role=\"presentation\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"x_pad\">\n<div>\n<div class=\"\">\n<p>Siegel encore \u00ab\u00a0forte augmentation du taux de ch\u00f4mage U-6, l&rsquo;une des plus importantes jamais enregistr\u00e9es en dehors d&rsquo;une p\u00e9riode de r\u00e9cession.\u00a0\u00bb Il craint qu\u2019on ne soit au d\u00e9but d\u2019une r\u00e9cession (2001 ou 2007, au d\u00e9but des zones grises sur ce graphique).<\/p>\n<p>Au milieu de cela on a Trump et son orchestre, qui a un r\u00e9pertoire assez vaste, et peut passer de la Marche Fun\u00e8bre \u00e0 la Samba en un tweet.<\/p>\n<p>En r\u00e9sum\u00e9 : valorisations \u00e9lev\u00e9es, inflation pas morte, risques de r\u00e9cession et incertitudes politiques. Comment est construit notre portefeuille face \u00e0 cela ? D\u2019une part nous avons des belles soci\u00e9t\u00e9s de long terme o\u00f9 nous avons bien gagn\u00e9 notre vie mais nous sommes tr\u00e8s vigilants sur les prix \u2013 cf\u00a0<a title=\"URL d'origine: https:\/\/campaigns-events.dub-1.sendpdr.com\/linktrack\/v2_j1w597evr1\/cp7l6tiqmex9g5sk8m3rltwxf\/v2_n2qem32d6p. Cliquez ou appuyez si vous faites confiance \u00e0 ce lien.\" href=\"https:\/\/eur03.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fcampaigns-events.dub-1.sendpdr.com%2Flinktrack%2Fv2_j1w597evr1%2Fcp7l6tiqmex9g5sk8m3rltwxf%2Fv2_n2qem32d6p&amp;data=05%7C02%7Cmimoza%40monocle.lu%7Cc7ef857ee847453f946f08dd60c19fcf%7C425a8e18391e47cf88d9023b8778dffd%7C0%7C0%7C638773106923715586%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=53ixXbeainxKEPShZB6P4w9Umq1H2HCMqfzEJV3HvYk%3D&amp;reserved=0\" target=\"_blank\" rel=\"noopener noreferrer\" data-auth=\"NotApplicable\" data-linkindex=\"0\">Billet du Bambou<\/a>. A l\u2019inverse, si les valos ont beaucoup corrig\u00e9, nous remettons des tickets \u2013 comme sur OKLO hier \u00e0 $23 apr\u00e8s avoir vendu \u00e0 $55 il y a quelques semaines.<\/p>\n<p>D&rsquo;autre part nous avons des dossiers de type \u201csituation sp\u00e9ciale\u201d o\u00f9 la valorisation est tellement au ras des p\u00e2querettes que le risque de march\u00e9 est faible. Le risque l\u00e0-dessus c\u2019est que l\u2019\u00e9v\u00e9nement que nous attendons n\u2019arrive pas. Si Bayer ne trouve pas de solution sur le glyphosate, si Capri ne vend pas Versace etc&#8230;<\/p>\n<p>Pour revenir \u00e0 Sosnick, m\u00eame si c\u2019est MOMO qui reprend les manettes et que les gens se mettent \u00e0 vendre, ils ne vont pas vendre du Bayer ou du Capri \u2013 parce qu\u2019ils n\u2019en ont pas. Ils vont vendre ce qu\u2019ils ont : les trucs qui \u00e9taient tr\u00e8s \u00e0 la mode ces deux derni\u00e8res ann\u00e9es. Faites attention \u00e0 celles-ci.<\/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<table class=\"x_row x_row-3\" role=\"presentation\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tbody>\n<tr>\n<td>\n<table class=\"x_row-content x_stack\" role=\"presentation\" border=\"0\" width=\"575\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tbody>\n<tr>\n<td class=\"x_column x_column-1\" width=\"100%\">\n<table class=\"x_heading_block x_block-1\" role=\"presentation\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"x_pad\">\n<h3><strong>Market and portfolio focus<\/strong><\/h3>\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<table class=\"x_row x_row-4\" role=\"presentation\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tbody>\n<tr>\n<td>\n<table class=\"x_row-content x_stack\" role=\"presentation\" border=\"0\" width=\"575\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tbody>\n<tr>\n<td class=\"x_column x_column-1\" width=\"100%\">\n<table class=\"x_text_block x_block-1\" role=\"presentation\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"x_pad\">\n<div>\n<div class=\"\">\n<p>Du 28 F\u00e9vrier au 7 Mars, Monocle ne bouge pas, tout comme le CAC 40. Le S&amp;P 500 perd quant \u00e0 lui 3.1%.<\/p>\n<p>On avait bien r\u00e9duit notre exposition aux valeurs les plus richement valoris\u00e9es ces derni\u00e8res semaines. \u00c7a nous a permis d\u2019\u00e9viter une bonne partie de la baisse sur certaines valeurs US comme Oklo qui a perdu 20% la semaine derni\u00e8re.<\/p>\n<p>Moderna a nettement rebondi la semaine derni\u00e8re. Le CEO, St\u00e9phane Bancel, a rachet\u00e9 pour 5m$ d\u2019actions, de quoi envoyer un bon signal au march\u00e9. Le titre gagne 15% sur la semaine, nous rapportant 30bps.<\/p>\n<p>Les r\u00e9sultats de Bayer ont \u00e9t\u00e9 appr\u00e9ci\u00e9s, et Novagold a suivi le chemin de l\u2019or. Chacune de ces positions nous rapporte 15bps.<\/p>\n<p>Comme expliqu\u00e9 dans le Billet un peu plus haut, nous avons profit\u00e9 de la baisse pour remettre des tickets sur nos lignes. Affirm avait publi\u00e9 des bons r\u00e9sultats, avec une croissance qui tenait nettement mieux que ce qu\u2019on anticipait. On l\u2019a repass\u00e9 \u00e0 1% apr\u00e8s une nette correction du titre (-40% vs les plus hauts).<\/p>\n<p>Raisonnement similaire sur Oklo (apr\u00e8s une baisse du titre plus marqu\u00e9e de -60%) et Ouster. On passe leur position \u00e0 1.5% et 2.0% du portefeuille respectivement.<\/p>\n<p>On a \u00e9galement d\u00e9cid\u00e9 d\u2019augmenter notre exposition \u00e0 Capri. On attend une d\u00e9cision assez rapidement concernant la vente de Versace qui changerait la perception du march\u00e9 sur le titre. On a profit\u00e9 d\u2019une baisse de 10% pour passer notre ligne \u00e0 5%.<\/p>\n<p>Enfin avec la baisse du S&amp;P, nos options \u00e0 la vente sont entr\u00e9es dans la monnaie. On a c\u00e9d\u00e9 les deux tiers de notre position longue.<\/p>\n<p>On a aujourd\u2019hui une exposition nette \u00e0 45%.<\/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>","protected":false},"excerpt":{"rendered":"<p>J&rsquo;aime bien Steve Sosnick, le strat\u00e9giste d\u2019Interactive Brokers. C\u2019est un vrai bon et \u00e0 un poste d\u2019observation de choix vu la taille des flux passant par sa soci\u00e9t\u00e9&#8230;.<\/p>","protected":false},"author":8,"featured_media":5128,"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-5127","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 - &quot;MOMO&quot;<\/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 - &quot;MOMO&quot;\" \/>\n<meta property=\"og:description\" content=\"J&rsquo;aime bien Steve Sosnick, le strat\u00e9giste d\u2019Interactive Brokers. 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