Comment, question or quotation of the day

26-02-2021 : Question from a Vernimmen reader.

"Why do you write in the Vernimmen that the asset value of a company in a declining sector is particularly speculative?"


Because usually a phase of decline begins with a slow decline, then at some point the decline accelerates and can quickly become abrupt.  A very good example is currently the oil sector. Since 2015, the decline is real but relatively slow, and at the moment there is an acceleration of this decline with a conviction increasingly shared by investors that part of the oil resources of the earth, mapped and well known, will never be pumped out, they will remain, contrary to the assumptions of 3-4 years ago, forever in the bowels of the earth.

From then on, the value of these oil fields becomes highly speculative, i.e. uncertain, volatile and likely to fall very quickly, as illustrated by the tens of billions of dollars in provisions that have just passed Shell and Exxon.


Have a good day.

25-02-2021 : Quote of the day

"The intervention of activists is an element that contributes to the proper formation of prices on the markets, all the more so as the rise of passive investors and/or institutional investors in some cases singularly reduces the diversity of analyses and participants."         

Robert Ophèle, chairman of the AMF, the French watchdog market authority


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The Letter

Number 136 of February 2021

News : Will Danone's innovation to integrate the cost of its carbon footprint into its accounts be sustainable?

Statistics : Size of bond issues on both sides of the Atlantic

Research : Bank loan versus bond issue: which is cheapest in the United States?

Q&A : A few questions and short answers

COMMENTS : Comments posted on Facebook