{"id":5482,"date":"2025-12-16T12:47:19","date_gmt":"2025-12-16T11:47:19","guid":{"rendered":"https:\/\/monocle.lu\/?p=5482"},"modified":"2026-01-19T18:15:02","modified_gmt":"2026-01-19T17:15:02","slug":"bullshit","status":"publish","type":"post","link":"https:\/\/monocle.lu\/en\/2025\/12\/16\/bullshit\/","title":{"rendered":"\u00ab\u00a0Bullshit\u00a0\u00bb"},"content":{"rendered":"

SI\u00c8GE D\u2019APPLE, CUPERTINO, 2008.<\/b><\/b><\/p>\n

ALI PARTOVI, jeune trentenaire, brillant et tendu, est assis face \u00e0 STEVE JOBS, concentr\u00e9. Sur la table : de l\u2019eau, du silence, de la tension.<\/p>\n

\u00ab Alors\u2026 quelle \u00e9tait votre derni\u00e8re valorisation ? \u00bb attaque Jobs.<\/p>\n

Ali h\u00e9site une demi-seconde.
\nIl conna\u00eet le chiffre.<\/p>\n

\u00ab Cinquante millions de dollars. Mais nous avons \u00e9norm\u00e9ment grandi depuis. \u00bb<\/p>\n

Jobs hoche la t\u00eate, calcule tr\u00e8s vite.<\/p>\n

\u00ab D\u2019accord. Apple pourrait envisager quelque chose autour de ce montant. \u00bb<\/p>\n

Ali se penche en avant. C\u2019est le moment.<\/p>\n

\u00ab Steve, honn\u00eatement, je pense<\/span> que nous valons au moins trois fois plus.\u00a0\u00bb<\/p>\n

Un blanc.<\/p>\n

\u00ab\u00a0En fait\u2026 je sais<\/i><\/span> <\/i>que c\u2019est le cas. \u00bb<\/p>\n

Jobs se fige. Son regard se plante dans celui d\u2019Ali.<\/p>\n

\u00ab Bullshit\u00a0! \u00bb<\/p>\n

Silence.<\/p>\n

\u00ab Tu ne peux pas le savoir<\/span>. Tu n\u2019as pas d\u2019autre offre sur la table. Tu es en train de me mentir. \u00bb<\/p>\n

Jobs se l\u00e8ve.<\/p>\n

\u00ab Je ne fais pas affaire avec des gens en qui je n\u2019ai pas confiance. Fin des discussions. \u00bb<\/p>\n

Et Jobs quitte la pi\u00e8ce.<\/p>\n

Je ne connais pas Ali Partovi mais je salue le courage de raconter cette anecdote peu glorieuse quinze ans plus tard.<\/p>\n

Au-del\u00e0 d\u2019\u00eatre un visionnaire, Jobs \u00e9tait un dirigeant m\u00e9ticuleux : Apple est aussi une histoire d\u2019ex\u00e9cution. Et il nous apprend avec cette histoire que s\u2019il n\u2019y a pas de confiance, rien n\u2019est possible.<\/p>\n

Cela m\u2019est revenu en t\u00eate r\u00e9cemment quand nous auditions avec Guillaume un g\u00e9rant pour la s\u00e9lection du fonds de fonds – lancement le 30 janvier, pr\u00e9parez-vous!\u00a0 Le g\u00e9rant, ing\u00e9nieur de formation,\u00a0 nous montre une slide o\u00f9 il explique que 4 de ses positions ont \u00e9t\u00e9 sorties de la cote l\u2019ann\u00e9e derni\u00e8re,\u00a0 et qu\u2019\u00e0 chaque fois le prix de sortie \u00e9tait \u00e0 plus ou moins 5% de leur objectif de cours sur le titre. Donc, conclue-t-il, \u00ab nous savons parfaitement valoriser les entreprises. \u00bb<\/p>\n

Moi qui ai en portefeuille des business\u00a0 dont le cours bouge parfois de 50% en une poign\u00e9e de semaines, je suis \u00e9tonn\u00e9 par cette pr\u00e9cision.<\/p>\n

\u00ab Mais quand les cash flow futures sont incertains, comment faites-vous ? \u00bb<\/p>\n

\u00ab\u00a0Quand on ne peut pas \u00eatre certain, on n\u2019investit pas.\u00a0\u00bb<\/p>\n

Au moment o\u00f9 il dit cela, je rep\u00e8re dans ses lignes un titre dans le secteur du food delivery. \u00c7a je sais que \u00e7a a \u00e9t\u00e9 tr\u00e8s \u00ab roller-coaster \u00bb avec des baisses d\u2019environ 80% depuis le top de 2021.<\/p>\n

\u00ab Et celle-ci ? Elle est l\u00e0 depuis longtemps ? \u00bb<\/p>\n

\u00ab\u00a0Depuis plusieurs ann\u00e9es mais nous sommes tr\u00e8s actifs sur nos titres \u00e0 l\u2019int\u00e9rieur du portefeuille.\u00a0\u00bb<\/p>\n

Je recevrai l\u2019historique de la ligne 48h plus tard. La ligne \u00e9tait au plus haut quand l\u2019action \u00e9tait au plus haut. La soci\u00e9t\u00e9 a bien \u00e9t\u00e9 rachet\u00e9e, mais \u00e0 un cinqui\u00e8me de son prix de l\u2019\u00e9poque. Tout le monde peut se tromper \u2013 moi le premier. Mais il faut le dire clairement. Fin des discussions.<\/p>\n

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

\u2014 Charles<\/p>\n

Performance<\/span><\/strong><\/p>\n

Au 12 d\u00e9cembre, Monocle (Part A) est \u00e0 +3.18% sur l\u2019ann\u00e9e et \u00e0 +3.81% en annualis\u00e9 sur trois ans.<\/em><\/p>","protected":false},"excerpt":{"rendered":"

SI\u00c8GE D\u2019APPLE, CUPERTINO, 2008. ALI PARTOVI, jeune trentenaire, brillant et tendu, est assis face \u00e0 STEVE JOBS, concentr\u00e9. Sur la table : de l\u2019eau, du silence, de la…<\/p>","protected":false},"author":8,"featured_media":5484,"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-5482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-le-billet-de-monocle"],"acf":[],"yoast_head":"\nMonocle - "Bullshit"<\/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 - "Bullshit"\" \/>\n<meta property=\"og:description\" content=\"SI\u00c8GE D\u2019APPLE, CUPERTINO, 2008. 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