Other attempts Alveol Zendis have turned shortThe CGT calls a more progressive taxation and a revival of the wage bargaining read belowA syndrome who wins in turn Société GénéraleFrom the beginning of the case these deficiencies were plottedCrises often create heavy social tensionsHe 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 3Under the pressure of the dealers and hedge funds, the market has never been as quick to sound the death knell of certain companies in trouble even before they have made their last breath. According the boldest managers, more brutal movements did create not less than new opportunities. "Among the French, the example values blatant is that of Alstom, shows Jérôme Lieury, Manager at HSBC Private Bank. In 2004, was undeniably a high risk investment. However, the table was not also black that the market. The company continued to generate commands in the rail and power plants. Patrick Kron, who had already proven in Imerys, was also trying to reassure investors by communicating the fact that it was developing its customers in Asia. And, most importantly, these occupations with few actors were too strategic to be abandoned. 
Since then, this value "buried alive" is strongly adjusted, developing in many private investors the taste of the "annoying management."
However, as explained Jeremy Podger, Manager at Threadneedle Investments, "this management style found relevant after the strong rebound that come to the equity markets, where the values which have lost the favour of the market provide an alternative to redeploy portfolios." And after the list of areas referred to by the surveyed managers, left behind the stock market rebound are ultimately quite many. Live buried areas arrive in mind chemistry, reinsurance, media, telecoms, and pharmacy. "With competition from generic drugs, investors expect to high compression margins and an erosion of income related to the expiry of the patents, concedes Jeremy Podger." In the immediate future, the pharmaceutical however continue to generate recurring risk-taking and their growth in the future should continue to exceed that of GDP. Roche, one of the few rescued, also showed that the pharmaceutical can meet the challenge. The Swiss laboratory is is indeed out products with low margins to specialize on segments to higher values added in oncology.
Monitor valuations
This management to other side of the market is no less a subtle art, where investors take risk on companies that get from life to death. The use rule, in particular for private investors, is to reserve these annoying paris already well diversified portfolios. The second golden rule, to avoid long periods of under-performance, is then to identify factors of change, "catalyst" in the jargon of the fellows, who will promote the rebound: acquisitions, new distribution channels, regulatory, technological changes, evolution of the market favorite ratios... But, says Frédéric Plisson, Manager of FCP Exchequer Majors to the Exchequer funding, "the strongest signal is usually of changes in management teams, which augured great strategic reversals or redeployment of activities." These changes can pass by the appointment of new CEO but also by a simplification of the structures of decisions, as in the case of Lafarge. Between June 2002 and December 2005, the title went through a difficult phase in the stock market, the market challenging his status as leader with the difficulties of integration of Blue Circle. "The past year, the reins have been assigned to Bruno Lafont, a member of the management team, which has since attached to improve profitability and to implement a strategy based on a better allocation of capital employed".
The third rule for investing on live buried companies is to ensure that the prospects for growth, although as evil appreciated by the market, remain strong. This principle, simple in its statement, is generally more complex in practice. Jérôme Lieury takes the example of Bull, one of the "pet peeves" rating. "The Group has a strong clientele with public administrations database, a segment where growth is expected to accelerate with the retirements, anticipates." The company has also developed a relevant offer in servers that begins to take off. In addition, tax credits allow it in the immediate future to spare his cash. But given the history of the title, the market is not ready to take into account this potential and to recognize that the group could finally get out of the rut.
The fourth rule is to inquire into valuations. Dominic Wallington, Manager of European values in Invesco Perpetual, notes that "recipients forecast revisions, which were usually used to detect the inflection points, lose little by little their usefulness now that these consensus are accessible to a larger number of investors." This evolution implies to be even closer to valuation. For example, the reinsurance returned currently "momentum" now that hurricane season is well advanced, with the idea that profitability is recovering as premiums rose strongly while the loss experience is lower than last year. Yet, needed to return to the area as early as this summer. While the market focused on the temperature of the water in the Caribbean, the Swiss Re PER fell to 9 times, a valuation which assumed that the company was unable to create the value regardless of the implementation strategy. Also should ponder these ratios aberrant rather than take the train in motion today.
The fifth rule is to distinguish the dying of the convalescent. Jean-Luc Allain, managing in Trusteam Finance, thus isolating NRJ: "traditional media are currently facing increasing competition from Internet on advertising revenue, finds." The market however tends to penalise the sector without discrimination. NRJ thus was strongly penalized by its diversification in mobile telephony and television, two investments that are currently generating losses but condition its future growth. At current, we chose to accompany this title is certainly risky (with the risk of transfer of a portion of the announcements of the distribution to television in 2007) but could strongly to revalue.
