{"id":5264,"date":"2025-09-01T10:01:05","date_gmt":"2025-09-01T08:01:05","guid":{"rendered":"https:\/\/monocle.lu\/?p=5264"},"modified":"2025-09-01T10:01:05","modified_gmt":"2025-09-01T08:01:05","slug":"le-billet-et-le-saint","status":"publish","type":"post","link":"https:\/\/monocle.lu\/en\/2025\/09\/01\/le-billet-et-le-saint\/","title":{"rendered":"\u00ab\u00a0LE BILLET ET LE SAINT\u00a0\u00bb"},"content":{"rendered":"\n\n\n
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Quand je me demande parfois pourquoi me suis-je embarqu\u00e9 dans ce difficile exercice qu\u2019est la gestion active, je repense \u00e0 cette citation de Paulin de Nole (353-431) :<\/p>\n

\u00ab Je n\u2019ai jamais aspir\u00e9 qu\u2019\u00e0 la m\u00e9diocrit\u00e9, voisine du bien-\u00eatre, \u00e9loign\u00e9e de l\u2019ambition. \u00bb<\/p>\n

Sage homme ce Paulin, opulent romain install\u00e9 \u00e0 Bordeaux qui r\u00e9ussit \u00e0 survivre aux invasions des Goths, prot\u00e9ger une partie de sa fortune, devenir \u00e9v\u00eaque, puis pour finir saint.<\/p>\n

Mais par rapport \u00e0 sa philosophie j\u2019ai bifurqu\u00e9 tr\u00e8s t\u00f4t : petit je ne voulais pas \u00eatre \u00e9v\u00eaque mais pape : \u00ab J\u2019aime beaucoup le costume.\u00bb disais-je.<\/p>\n

S\u2019il \u00e9tait g\u00e9rant aujourd\u2019hui, et toujours \u00e0 la recherche de son bien-\u00eatre, Paulin serait sans doute totalement en fonds indiciels : pas de question \u00e0 se poser \u00ab \u00e7a monte je monte, \u00e7a baisse je baisse \u00bb. Mais je ne suis pas c\u00e2bl\u00e9 de cette mani\u00e8re et, \u00e0 tout prendre, je pr\u00e9f\u00e8rerais \u00eatre pizza\u00efolo que g\u00e9rant passif. Donc je passe mon temps \u00e0 suivre mes lignes, loin des indices, pour aller chercher cette performance sur un motto du genre \u00ab \u00e7a monte je monte, \u00e7a baisse je r\u00e9siste. \u00bb Sur chaque ligne je cherchant ce \u00ab edge \u00bb – \u00ab avantage \u00bb en fran\u00e7ais \u2013 qui vous permet d\u2019avoir une longueur d\u2019avance sur le reste du march\u00e9.<\/p>\n

J\u2019ai cru que je l\u2019avais lundi, quand Duolingo grimpait fort, prenant +13% sur la s\u00e9ance, juste apr\u00e8s notre retour sur le titre. Bon elle en a rendu 8% le lendemain mais in fine la voil\u00e0 \u00e0 $345 et notre dernier ticket est \u00e0 $310 (1.3% du fonds) \u2013 \u00ab keep up the good work, Luis ! \u00bb.<\/p>\n

[note : si la taille semble petite, bien avoir en t\u00eate qu\u2019\u00e0 93% de volatilit\u00e9, c\u2019est \u00e0 peu pr\u00e8s quatre fois plus volatil qu\u2019une action Microsoft.]<\/p>\n

Le prochain \u00e9v\u00e9nement pour nous c\u2019est la publication d\u2019Abercrombie avant la s\u00e9ance mercredi prochain. On est rentr\u00e9 en juin\/juillet \u00e0 $84, \u00e7a vaut $93 \u00e0 hier soir. La ligne fait 1.5% du fonds (50% de volatilit\u00e9) et \u00e7a, contrairement \u00e0 Duolingo c\u2019est tr\u00e8s peu cher (PE inf\u00e9rieur \u00e0 10) parce que le march\u00e9 n\u2019y croit pas \u00e0 Abercrombie. Si la boss, Fran Horowitz, surprend avec des r\u00e9sultats mieux qu\u2019attendu, cela pourrait \u00eatre rock n\u2019roll \u2013 qui rime avec Paulin de Nole mais c\u2019est un hasard.<\/p>\n

Excellente semaine,<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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Positions<\/u><\/strong><\/p>\n

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Au 20 Ao\u00fbt, Monocle (part A) est \u00e0 +4.24% sur 2025 et \u00e0 +3.64% en annualis\u00e9 sur 5 ans.<\/p>\n

2024: +1.14%<\/p>\n

2023: +7.67%<\/p>\n

2022: -1.92%<\/p>\n

2021: +4.23%<\/p>\n

2020: +6.44%<\/p>\n

 <\/p>\n

Rien de particulier cette semaine. Les march\u00e9s attendent le discours de Powell aujourd’hui \u00e0 Jackson Hole mais in fine cela ne changera pas grand chose sur le fond: soit Powell parle comme Trump le veut, soit la Fed parlera comme Trump le veut sans doute assez rapidement. N\u00e9anmoins comme le march\u00e9 a pour l’instant retenu son souffle, cela pourrait bouger dans l’intervalle.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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 <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

  Quand je me demande parfois pourquoi me suis-je embarqu\u00e9 dans ce difficile exercice qu\u2019est la gestion active, je repense \u00e0 cette citation de Paulin de Nole (353-431)…<\/p>","protected":false},"author":8,"featured_media":5265,"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-5264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-le-billet-de-monocle"],"acf":[],"yoast_head":"\nMonocle - "LE BILLET ET LE SAINT"<\/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 - "LE BILLET ET LE SAINT"\" \/>\n<meta property=\"og:description\" content=\"  Quand je me demande parfois pourquoi me suis-je embarqu\u00e9 dans ce difficile exercice qu\u2019est la gestion active, je repense \u00e0 cette citation de Paulin de Nole (353-431)...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/monocle.lu\/en\/2025\/09\/01\/le-billet-et-le-saint\/\" \/>\n<meta property=\"og:site_name\" content=\"Monocle\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-01T08:01:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/monocle.lu\/wp-content\/uploads\/2025\/09\/saint-pierre-1633682_1280.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"853\" \/>\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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/monocle.lu\\\/2025\\\/09\\\/01\\\/le-billet-et-le-saint\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/monocle.lu\\\/2025\\\/09\\\/01\\\/le-billet-et-le-saint\\\/\"},\"author\":{\"name\":\"L'\u00e9quipe Monocle\",\"@id\":\"https:\\\/\\\/monocle.lu\\\/#\\\/schema\\\/person\\\/f095305e6c0f0cb67a0905de33670595\"},\"headline\":\"\u00ab\u00a0LE BILLET ET LE SAINT\u00a0\u00bb\",\"datePublished\":\"2025-09-01T08:01:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/monocle.lu\\\/2025\\\/09\\\/01\\\/le-billet-et-le-saint\\\/\"},\"wordCount\":479,\"publisher\":{\"@id\":\"https:\\\/\\\/monocle.lu\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/monocle.lu\\\/2025\\\/09\\\/01\\\/le-billet-et-le-saint\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/monocle.lu\\\/wp-content\\\/uploads\\\/2025\\\/09\\\/saint-pierre-1633682_1280.jpg\",\"articleSection\":[\"Les Billets de Monocle\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/monocle.lu\\\/2025\\\/09\\\/01\\\/le-billet-et-le-saint\\\/\",\"url\":\"https:\\\/\\\/monocle.lu\\\/2025\\\/09\\\/01\\\/le-billet-et-le-saint\\\/\",\"name\":\"Monocle - 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