Bad times for economic activity. Hit hard by the health crisis and a second confinement, it will worsen for an uncertain duration. Without any prospect of getting out of the tunnel (reflux of the pandemic, discovery of a vaccine, new therapies), we must nevertheless plan for the long term to bet on the development of companies. “Given the low level of interest rates, there is no possible alternative for an investor determined to make his savings grow. But you have to have the time ahead and select companies capable of capturing growth today or tomorrow, when the economy picks up. Provided you diversify your portfolio of securities, the expectations of gains are high ”, says Alexandre Taïeb, portfolio manager at Sycomore AM.
To invest in companies, two paths are possible: targeting large listed companies or opting for companies, often smaller, unlisted. In their jargon, professionals call this latter asset class “private equity”. These two strategies are not incompatible and have some points in common. First, the risk exists because there is no guarantee on the invested capital. Then, over a long period, these securities are reputed to generate attractive performances which beat flatly those of the eternal risk-free financial investments which serve 0.5% for the livret A and
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