Friday Finance "asset allocation

After a lost decade for equity investors, who must regret having remained faithful to the "Buy and Hold" approach, and in a context where volatility and macroeconomic cycles have made a resounding comeback, asset allocation and "multi-asset" management seem to have regained a certain interest. volatility and macroeconomic cycles have made a resounding comeback, asset allocation and multi-asset management seem to have regained their appeal. But how can we manage our asset allocation in such an environment? Should we favour a purely strategic allocation, concentrating on assets with high prospective returns and neglecting undervalued assets, at the risk of suffering volatility shocks and movements as violent as those experienced in 2008? On the contrary, should a tactical approach play a decisive role, focusing only on the outlook for the current year? Is it possible to integrate these two approaches in the construction of a personalized portfolio? Finally, how is the extraordinary market context likely to disrupt or even upset such allocation processes? After a career that took him from Bercy to the IMF, via the trading rooms of CDC, the World Bank and Barclays, Thierry Pujol, (ENSAE 1983), createdIn 2000, Thierry Pujol (ENSAE 1983) and Olivier Davanne (ENSAE 1983) set up DPA Invest, a management company specializing in asset allocation and diversified management. Co-managers of DPA Gestion Privée and advisors to the award-winning LFP Allocation fund since 2003, Thierry Pujol and Olivier Davanne have developed an original "value" approach to asset management. Thierry Pujol and Olivier Davanne have developed an original "value" approach based on in-depth analysis of the high cost of different international asset classes (equities, bonds, currencies). Thierry Pujol will explain the principles behind this approach, and shed light on asset allocation issues in the current crisis.