The age of the mobile Internet has arrivedMoreover since early 2009 the market decline And then seventeen years I work in the citySince 2000 they tend to drop to alarm Guy RibaThe dollar system gives US a huge advantageMoreover their number reduced as shrinkingOn 270 luxury in the world 130 brands are FrenchExports to China and the India are reduced confirms a familiar of the French business communityFor cause the cindynique thinking is emerging in FranceThe degradation of financial markets has reduced to nil benchmarks that marked the world of collective management, mutual funds and other CPF. To the chagrin of investors confused about the storm. Words that get angry.
Bonus. It certainly is a tradition of the financial sector, but this year, the bonus gift makes spot. "Management that melts my half capital should be rewarded" wondered wryly this framework for the automotive industry, which continues: "I'm punished for excesses that I did not commit, while their authors, they are rewarded" I find it immoral.
Confidence. Good benchmarks stole shattered in 2008. The particular investor realized a posteriori that the reassuring description of "monetary product" covered a disparate world where all investment funds are not equal to the risk. It also found that décorrélée management was not so much. He also deplored the quantitative management models not really effective. He accepted that funds of funds could understand illiquid and risky, assets etc. In short, it became disbelief before the financial information it previously ate a line. But one thing is certain, long to regain lost confidence. In this context, the gestures of understanding of institutions proponents are paramount, both financially and psychologically.
From this point of view, Meeschaert initiative deserves to be reported. The Corporation decided to reimburse its clients holders of the Luxalpha sicav to the part affected by commitments in the company of Bernard Madoff.
Duration. A joke is regularly among the managers of heritage. Generally, it is Flores when everything goes wrong. She said about this: "the definition of a long-term investment." It is a short-term investment gone awry. "The shares are currently the victims of this sarcasm, they held on-line or through investment funds (sicav, FCP).
"I have said and repeated that the shares were the most lucrative investment over time." "And I have believed", sighs Michel Joannès. A fifty-five years, this Executive looks at the remains of the savings he had accumulated in thinking of retiring. In ten years, it has melted 19 on its funds in large European values and 2 for its French counterparts. But, most importantly, it storm against the late advice of its bank took him three years to build on the small and medium-sized French values. Since over 10 years, they appreciate course of 12; and five years of 2.5. But, for the period that is, they accuse a decrease of 35!
At the time, it is allowed to ask why, the prospectus of the mutual funds, always indicated an arbitrarily set at five years recommended shelf life. The obedient investor who would out March 2009 funds purchased in 2004 have a loss of 15.8. Whereas, if it was released in March 2007, from addition to the Council of patience, he would be satisfied with its performance.
It must therefore now concede specious appearance of the concept of time as indicated in the presentation of the UCITS sheets. It appears even more contradictory that the managers who fly these funds behave exactly opposite. Them know: the difficulty in the stock market is not so much to buy and sell. This is why professionals attach points of entry and exit to not to succumb. At the same time, they secure their gains. In any case, by their active behavior, they disclaim the unprogressive advice to individuals.
It is urgent that saver trapped in this founding myth of collective management understands that it must be also mobile, as it would be for a direct line management.
Ratings. François Mitterrand did not like the polls, because, he said: "he has never given one which is unfavourable to those who commissioned it.". The stars awarded by the rating agencies suffer from the same defect. Agencies that awarded are paid by the institutions they audit. This subjection largely explains the blindness agencies were hit during the crisis of the "sub-prime". They have not seen (or not want to see) come the rising rates, or the reversal of the real estate market. Therefore, select its funds, the individual must consider the notations for what they are, i.e., a simple tool for decision support. It should particularly bear in mind that past ratings prejudge in any way for those to come.
Risk. For years, few people interested in the question of how attractive performance of certain UCITS were manufactured. Only the result was. Recently, languages start and the particular discovers that some promises are simply unsustainable. Thus, the ideal placement earn much, risking little is simply an illusion or, worse, a lie.
Indeed, by construction, the search for performance implies the acceptance of a certain level of risk. Or more precisely, taking a certain risk.
Collective management professionals use all kinds of indicators (the volatility, the "tracking error", alpha, beta, Sharpe and information ratio) to assess an investment fund. Individuals must also use it to power
