He has obtained 3 with his score of 2856So far the Fed has acquired 177 billion in Treasury securitiesThe Accor Group is not left in the renovationsThis type of rule has never solved any problemGovernment bond yields decreased by 4 to 3In Russia consumers are still novices and candidThis is a management lesson that I will not forgetFind the articles of the series of summer onCréaplast achieved last year a turnover of 580A commando operation in full summer torporIn September 2007, then the credit crisis had started in the United States a month earlier; Thierry Flecchia, founder of Flinvest Corporation, was already was well relevant to call "the sub-prime crisis." It is rather, according to him, a crisis of top of cycle for the finance and real estate industries, crisis whose roots plunge into heavy debt funded by doubtful assets. By domino effect, dynamic mutual funds and of many "hedge funds" to have largely suffered. Such a Fund of "private equity". These products have shown their limits by revealing a posteriori that dangerous also opaque positions. "The lever has become Club."
The crisis financial and economic was confusing investors and was brutally out "low hand" of the more liquid markets such as stocks and bonds. But, said, "must not throw the baby with the bath water". Because it will bring companies to healthy balance sheets, on growth sectors. Then, deflation will strengthen the purchasing power of savvy investors who have had the means to remain liquid. The crisis will also return to the fundamental historical from an "economy of controlled origin" financed with simple tools such as shares or bonds on which traceability is long.
Finally, Thierry Flecchia said that, the valuation of the shares are too reasonable and yields more interesting than those offered by the short rate, "at a time where the growth of emerging countries offers important opportunities of development to well managed companies." Uncertainties about the date of the resumption does not prevent to invest. And it is the difficulty of the job of Manager to anticipate the sectors, unfairly massacred values position most.
He does not like: the excess...
as a citizen
"Every bubble creates various unhealthy excess." The last is a gigantic credit bubble which added the value of all assets of undifferentiated way. The bubbles are drawn by the lure of gain, a constant, alas, of human nature. This bubble is also that of the sur-rémunération of certain professions (leaders of major industrial and banking groups, investment bankers). Associated with a lack of governance and a defect analysis and control of the risk, this excess has been facilitated by the laxity of the American Federal Bank. But each bursting bubble creates precipitation of warm, of the excess, any decisions to a morality of business life. It is especially the scarcity of credit or the proliferation of regulations and controls. In today global market, the dangers are multiple. It can be deflation due to demand and overcapacity of production crisis, the acceleration of the relocations and the explosion of unemployment. It can also be one day inflation rising interest rates, and increased protectionism. But this is not everything. Beyond the economy, the dangers are also democratic. Crises often create heavy social tensions. If recent history has shown how the crisis of the 1930s helped Hitler take power in Germany, it should not be that the crisis we face today is a stepping stone towards populism. The intervention of the States in support of the banks has been decisive for the restoration of confidence to a systemic risk. It should not however that a too scrupulous re-regulation hamper inevitable economic recovery and overrides the entrepreneurs and the private balances.
He loves: the excess...
as an investor
Our management philosophy is the heart of our investment strategy too. It is a frustrating look looking for actions and more generally with liquid assets of any kind (obligations, raw materials, real estate side...) dumped at a time where major structural changes are not yet taken into account by the market. It is based on a fundamental and sectoral analysis.
Our management is also opportunistic because it takes advantage of the fact that markets are regularly excessive. The crisis has destabilised the investors. Indeed, it has led the stock market to a correction of unimaginable brutality and put in one basket the worst and the best without looking for the basic individual. Despite the rebound seen on shares in recent weeks, the valuations still remain at very attractive levels. The excess down to an investor medium term like me, are therefore not a bad thing. Because they allow to build diversified portfolios and quality but also clearly creative value. They allow the price of a certain volatility find attractive yields in the coming years, thus paying the risk taken. End investors have paid a price to understand that there is no magic placement that is without risk, and liquidity has a high price. From any profitability, there is a risk that must be analyzed and controlled by the Manager.
