Comment, question or quotation of the day

21-07-2021 : Quote of the day

But, of course, our aim is to be profitable: not to have this aim is to deprive ourselves of freedom. - Vincent Montagne, French publisher

20-07-2021 : Question from a student

Can we say that the sale of a share bought at a lower price than the current price does not enrich the shareholder? But I find this very paradoxical in the end: if dividends and capital gains do not enrich the shareholders, what is the point of investing?


For a financier, it is not the sale that makes the capital gain, it is the progression of the value that makes the capital gain. For example, Bernard Arnault never sold a share of LVMH,  and hence never made a capital gain, yet he became the richest man in Europe. Selling a share does not make you richer, it simply transforms part of your portfolio into cash.


To complete the picture, see the Vernimmen Newsletter No. 128 of March 2020, which is available on the Vernimmen website, and its article: If the dividend does not remunerate equity, what does?


Have a nice day


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The Letter

Number 138 of July 2021

News : New listing methods

Statistics : Dividends and share buybacks on both sides of the Atlantic

Research : The internal capital markets: an alternative to bank credit in times of crisis

Q&A : A few questions and short answers

COMMENTS : Comments posted on Facebook