{"id":132,"date":"2018-09-27T18:15:47","date_gmt":"2018-09-27T16:15:47","guid":{"rendered":"http:\/\/finance-chikh-grandin.com\/?p=132"},"modified":"2019-07-14T11:45:31","modified_gmt":"2019-07-14T09:45:31","slug":"lexploitation-des-biais-comportementaux-vers-une-meilleure-gestion-active","status":"publish","type":"post","link":"https:\/\/finance-chikh-grandin.com\/?p=132","title":{"rendered":"L\u2019exploitation des biais comportementaux vers une meilleure gestion active ?"},"content":{"rendered":"<p style=\"text-align: left;\">Dans une note de r\u00e9flexion d\u00e9di\u00e9e au risque comportemental des investisseurs[1] publi\u00e9e sur le site de la soci\u00e9t\u00e9 Allianz, nous lisons l\u2019assertion suivante\u00a0: \u00ab\u00a0<em>Les anomalies comportementales sont un fondement essentiel de la gestion active. Seuls ceux qui croient en la rationalit\u00e9 absolue des march\u00e9s et qui estiment que les cours int\u00e8grent de mani\u00e8re objective toute l\u2019information disponible peuvent se fier \u00e0 la gestion passive, qui consiste \u00e0 investir aveugl\u00e9ment dans les indices.<\/em>\u00a0\u00bb<\/p>\n<p style=\"text-align: left;\">Nous avons l\u2019habitude de lire ce genre de raccourci pour justifier la gestion active mais ces quelques lignes sont plut\u00f4t un r\u00e9sum\u00e9 de beaucoup de confusion laissant la porte ouverte \u00e0 des arguments non justifi\u00e9s. Pourquoi\u00a0?<\/p>\n<p style=\"text-align: left;\">Tout d\u2019abord, il convient de d\u00e9finir \u00e0 quelle notion d\u2019efficience des march\u00e9s il est fait r\u00e9f\u00e9rence. Il faut ensuite faire le lien entre l\u2019efficience et les gestions active et passive. Enfin, revenir sur la v\u00e9racit\u00e9 du propos suivant\u00a0: les \u00ab\u00a0anomalies comportementales\u00a0\u00bb peuvent \u00eatre le \u00ab\u00a0fondement essentiel de la gestion active\u00a0\u00bb.\u00a0<span style=\"color: #800000;\"><em><strong><a style=\"color: #800000;\" href=\"https:\/\/finance-chikh-grandin.com\/wp-content\/uploads\/2019\/07\/finance-comportementale-et-gestion-active.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">T\u00e9l\u00e9charger la note compl\u00e8te<\/a><\/strong><\/em><\/span><\/p>\n<p style=\"text-align: left;\">[1] https:\/\/fr.allianzgi.com\/fr-fr\/nos-publications\/finance-comportementale\/le-risque-comportemental-surpassez-vous-janvier-2016, page 5.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dans une note de r\u00e9flexion d\u00e9di\u00e9e au risque comportemental des investisseurs[1] publi\u00e9e sur le site de la soci\u00e9t\u00e9 Allianz, nous lisons l\u2019assertion suivante\u00a0: \u00ab\u00a0Les anomalies comportementales sont un fondement essentiel de la gestion active. Seuls ceux qui croient en la rationalit\u00e9 absolue des march\u00e9s et qui estiment que les cours int\u00e8grent de mani\u00e8re objective toute&#8230;<\/p>\n","protected":false},"author":2,"featured_media":151,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-132","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-non-classe"],"_links":{"self":[{"href":"https:\/\/finance-chikh-grandin.com\/index.php?rest_route=\/wp\/v2\/posts\/132","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finance-chikh-grandin.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finance-chikh-grandin.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finance-chikh-grandin.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/finance-chikh-grandin.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=132"}],"version-history":[{"count":6,"href":"https:\/\/finance-chikh-grandin.com\/index.php?rest_route=\/wp\/v2\/posts\/132\/revisions"}],"predecessor-version":[{"id":198,"href":"https:\/\/finance-chikh-grandin.com\/index.php?rest_route=\/wp\/v2\/posts\/132\/revisions\/198"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finance-chikh-grandin.com\/index.php?rest_route=\/wp\/v2\/media\/151"}],"wp:attachment":[{"href":"https:\/\/finance-chikh-grandin.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finance-chikh-grandin.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finance-chikh-grandin.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}