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Mercier Van Lanschot
Mercier Van Lanschot
Volatilité des marchés : garder son sang-froid
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À long terme, il est essentiel de s’appuyer sur une philosophie d’investissement claire et des convictions fortes. Dans cet enregistrement audio, Stéphane Mercier, Chief Investment Officer, s’entretient avec Guillaume Cordeaux, journaliste podcast, autour de l’essentiel de notre approche : un portefeuille concentré dans des entreprises de grande qualité, une discipline rigoureuse quant aux prix d’acquisition et une vision d’investissement résolument inscrite dans le long terme. Découvrez l’intégralité de l’entretien ici.
Ce vodcast est fourni à titre d'information générale uniquement et ne constitue ni un conseil en investissement, ni une offre, ni une recommandation personnalisée. Veuillez consulter votre conseiller afin de procéder à une évaluation personnalisée de votre profil d'investisseur avant d'investir. Investir comporte des risques et les performances passées ne préjugent pas des résultats futurs. Mercier Van Lanschot décline toute responsabilité quant aux décisions prises sur la base de ce vodcast. Mercier Van Lanschot est soumis à la surveillance de la DNB, de la BNB et de la FSMA. Les réclamations peuvent être adressées à complaints@merciervanlanschot.be.
Bonjour à tous.
SPEAKER_00Merci.
SPEAKER_01We are the Chief Investment Officer Mercier Van Nanscott. We're for a trentage of experience and an approach resolutely the long term. We will explain how we navigate in a market and where the volatility is part of the investors. At the time of the year 90, your family, Stéphane Mercier, and some of Vander Linden send their part in their society. Comments a reflection along the gestion and the preservation of the patrimony. What is the situation at the epoch?
SPEAKER_00Effectively, at the epoch we saw participation, and because we were entrepreneurs, we were convinced that the patrimony, not for us, but for our friends, our people, etc., is actioners of both society. And for now, the most is the bourse, because the bourse is a platform that we do the liquidity, which is very important, and two that we permits to invest in the big societies, the society the dominant on this planet.
SPEAKER_01How can we construct precisely your philosophy? You don't have none of what?
SPEAKER_00No, no. I'm passionate by the market financially in my six and seven years. I live two Benjamin Graham, Warren Buffett, Peter Lynch, all the gestione as I appreciate, and I will say in two minutes very simply, but we have to achieve a big society, a bad societies at a price reasonable. And that's what we have during 20 years.
SPEAKER_01But we asked that it's extremely important and who the unicid of the bank Mercier Van Lans Scott is to invest in the same funds that those of your clients.
SPEAKER_00That's what we say investing together. I think that's what we differentiate the most in the world because we're not intelligent, we have information, etc. But I think just to capture the very long term, also with periods of crisis or euphories. I think that it's very important. And we, the fact that we have our patrimony, we are with a vision very long term. I think that we differentiate. So in the market which already are cool.
SPEAKER_01About the same interest of your clients, how the entrepreneurs in the which you invest, you create your portfolio.
SPEAKER_00We decided to achieve both society at a price reasonable. What's a bad society? A bad society is a society who has a product or a service that is unique or is totally bad that the consumer is ready to pay a big for this service or the product. There are many society, so it's the moment where the reasonable.
SPEAKER_01That's the trend. Of course, your portfolio profits of the intelligence artificial, in fact, a part of your portfolio. How observe you this situation, this ultra concentration of the value of the world.
SPEAKER_00We have effectively profitable particularly of the society that benefits already. For now, it's a market with many opportunities, but also risk. We have concentration, we have very good. I think we are more prudent than for example, there are opportunities fantastic. I think what is interesting for us is that the market, and it's just like when there's a concentration in a direction, the market delayes all the other parties. And I think that it's where there are opportunities for us. It's a period where we say it's black or white, there's no green. It is probably a risk for this sector, but the sector has 50%. And for us, it's also probably the where we have big opportunities for the investor, the long term, it's the time where we have big opportunities.
SPEAKER_01Okay, we are in a position of attendance to the intelligence artificial. You can remark if there are society interesting by the people or structures solid or something.
SPEAKER_00No, no, we have society, ISML, TSMC and others. We have determined. For now, the opportunity in the segments where the bourse came that sector or societies will suffer. They will just also benefit internally to use the creates opportunities.
SPEAKER_01What is that phrase that has been used fewer these years? They say the movement of the mind, the fact that the values change very quickly. The attention of investors for certain investors evolves very much with emotion.
SPEAKER_00We have a little point. I think it's the concentration that we have already in the market. I think the markets have been so concentrated as already. LIA represents a 25%, 40% of the market boursies already, because there are just amplitude that it is very low in all the indices. And we know that historically all the periods of great, great concentration are the periods dangerous, they are periods. In 2000, there were the telecom, dot com. But the people who have ached at this moment the little values that person would have been very sort of, they have a very big thing, although they have achieved the concentration and the euphoria, but they have 49% of their work. The period is probably the period the passionate of my career. One way Trump and geopolitics, but also we employ all the years, which is revolutionary, and what it implies for the market. We have movements enormous in all the sense. But what people realize is that the great revolutions and important are synonymous of bad investments. We were the automobile, the radio, the television, the internet. At this moment, that it had been a croissance gigantesque. And these instances have terminated by a catastrophe financier. And why? Because there's an engine enormous, the capital went to this sector, new teams. And if there are less capital, it generates a more capital, and in fact, there's a great crash that is.
SPEAKER_01So we can see the evaluation of the intelligence artificial. There is also an ecosystem at the end. Does it work with attention? I think our infrastructure, etc.
SPEAKER_00I think all those values are already very bad, but they are relatively share in bourse. So there are also certain people who will continue. But I think in general it will be prudent. In fact, the human at long time, the miracle of the human, it will not panic and keep the human because at a moment we have a great case. And we know that when the portfolio is 10, 20, 20, 40%, it's just a moment where it's the first month, the things are horrible. And we are at 1.0%, 1.0, we say it's the day, it will continue. So it should be very fun to panic. And so we have remarked, it's in 2000, it's after the great crisis financial of 2008, etc. When we have our portfolio, and we have a number of limited actions of society that we control, that we want, at this moment, we can get to the table with the clients, we can explain there a lot of positions, we have the results of these society, how they are, etc. And we already are very excited because we know that it's an opportunity unique. And then we see that the clients who rent and go very nice, they are excited and with the voluntary to reinvest and retain. I think that's for me the case, it's really essential. And it's the point for which our clients at the long time on saying the fact that I have this pain, I have stress, it's really and I sure should get frozen and be over to different opportunities. Come on and get what we have. When there are positions, we see what we have exactly.