Complément et recommandation de lecture (Securibourse)

par Nakama , dimanche 09 mars 2008, 11:33 (il y a 6099 jours) @ Nakama

* j'ai beaucoup aimé l'interview cette semaine de Marc Renaud
==> http://www.lerevenu.com/Tv/videoBourse.asp>numvideo=9778&t=Marc-Renaud,-pr%E9sid...

* je recommande vivement la lecture du FORMIDABLE "special report on asset management" (18 pages) dans The Economist du 1er mars dernier.

EXTRAITS: Imagine a business in which other people hand you their money to look after and pay you handsomely for doing so. Even better, your fees go up every year, even if you are hopeless at the job. It sounds perfect. That business exists. It is called fund management. Charley Ellis, a veteran observer, explains that fees in the industry tend to grow at around 15% a year because markets rise by an average of 8% and savings grow by 5-6%. This growth is being maintained despite the industry's vast size. According to a report by Watson Wyatt, a consultancy, the value of all professionally managed assets at the end of 2006 was $64 trillion (see chart 1).

Over the 25 years from 1980 to 2005, the S&P 500 index returned an average of 12.3% a year. Over the same period, the average equity mutual fund returned 10% and the average mutual-fund investor (thanks to his regrettable tendency to buy the hottest funds at the top of the market) earned just 7.3%, five percentage points below the index.

N.