{"id":11199,"date":"2020-11-20T17:00:46","date_gmt":"2020-11-20T22:00:46","guid":{"rendered":"https:\/\/www.lba.ca\/?post_type=perspective&#038;p=11199"},"modified":"2023-01-11T17:18:44","modified_gmt":"2023-01-11T22:18:44","slug":"linvestissement-axe-sur-la-valeur-une-glorieuse-histoire-de-croissance-webinaire","status":"publish","type":"perspective","link":"https:\/\/www.lba.ca\/fr\/perspective\/linvestissement-axe-sur-la-valeur-une-glorieuse-histoire-de-croissance-webinaire\/","title":{"rendered":"L\u2019investissement ax\u00e9 sur la valeur : une glorieuse histoire de croissance &#8211; Webinaire"},"content":{"rendered":"<p>[et_pb_section fb_built=\u00a0\u00bb1&Prime; fullwidth=\u00a0\u00bbon\u00a0\u00bb _builder_version=\u00a0\u00bb4.16&Prime; global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][et_pb_fullwidth_header button_one_url=\u00a0\u00bbhttps:\/\/www.lba.ca\/wp-content\/uploads\/2020\/12\/La-place-des-obligations-dans-les-portefeuilles-\u00e9quilibr\u00e9s-daujourdhui.pdf\u00a0\u00bb background_overlay_color=\u00a0\u00bbrgba(0,0,0,0.55)\u00a0\u00bb _builder_version=\u00a0\u00bb4.19.2&Prime; 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padding-right: 15px;\">\n<p>\u00c0 notre avis, la surperformance des actions de croissance par rapport aux actions de valeur observ\u00e9e durant la derni\u00e8re d\u00e9cennie constitue une anomalie, comme ce fut le cas durant les ann\u00e9es 1930 et 1990. Les soci\u00e9t\u00e9s \u00e9mettrices d\u2019actions de valeur vont renouer avec la rentabilit\u00e9 \u00e0 mesure que l\u2019\u00e9conomie se r\u00e9tablit, les taux d\u2019int\u00e9r\u00eat vont remonter, les valorisations relatives vont chuter et les relations historiques normales seront restaur\u00e9es.<\/p>\n<p>\u00a0<\/p>\n<\/div>\n<div class=\"col-md-6\" style=\"padding-left: 15px; padding-right: 15px;\">\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-4002\" style=\"float: left !important; margin-right: 10px;\" src=\"https:\/\/www.lba.ca\/wp-content\/uploads\/2020\/11\/Joel-Kaczor-200x300.jpg\" alt=\"\" width=\"200\" height=\"300\" \/><\/p>\n<h3>Jo\u00ebl Kaczor<\/h3>\n<p>GESTIONNAIRE DE PORTEFEUILLE PRINCIPAL, ASSOCI\u00c9<\/p>\n<p><small style=\"font-size: 13px; line-height: 14px;\">M. Kaczor est un gradu\u00e9 des HEC Montr\u00e9al (M.Sc., Finance). Il d\u00e9tient \u00e9galement un baccalaur\u00e9at en \u00e9conomie et sciences politiques de l\u2019Universit\u00e9 de Montr\u00e9al ainsi que la d\u00e9signation de CFA\u1d39\u1d30. Avant de se joindre \u00e0 la firme en 2010, il faisait partie de l\u2019\u00e9quipe de financement gouvernemental et corporatif chez Casgrain et Compagnie Lt\u00e9e.<\/small><\/p>\n<\/div>\n<\/div>\n<p>[\/et_pb_text][et_pb_toggle title=\u00a0\u00bbMentions l\u00e9gales\u00a0\u00bb open_toggle_text_color=\u00a0\u00bb#3e395b\u00a0\u00bb open_toggle_background_color=\u00a0\u00bb#ffffff\u00a0\u00bb closed_toggle_background_color=\u00a0\u00bb#ffffff\u00a0\u00bb icon_color=\u00a0\u00bb#3e395b\u00a0\u00bb open_icon_color=\u00a0\u00bb#3e395b\u00a0\u00bb admin_label=\u00a0\u00bbLegal notes\u00a0\u00bb _builder_version=\u00a0\u00bb4.19.2&Prime; title_text_color=\u00a0\u00bb#3e395b\u00a0\u00bb title_font=\u00a0\u00bbArchivo||||||||\u00a0\u00bb title_text_align=\u00a0\u00bbcenter\u00a0\u00bb vertical_offset_tablet=\u00a0\u00bb0&Prime; horizontal_offset_tablet=\u00a0\u00bb0&Prime; title_text_shadow_horizontal_length_tablet=\u00a0\u00bb0px\u00a0\u00bb title_text_shadow_vertical_length_tablet=\u00a0\u00bb0px\u00a0\u00bb title_text_shadow_blur_strength_tablet=\u00a0\u00bb1px\u00a0\u00bb closed_title_text_shadow_horizontal_length_tablet=\u00a0\u00bb0px\u00a0\u00bb closed_title_text_shadow_vertical_length_tablet=\u00a0\u00bb0px\u00a0\u00bb closed_title_text_shadow_blur_strength_tablet=\u00a0\u00bb1px\u00a0\u00bb body_text_shadow_horizontal_length_tablet=\u00a0\u00bb0px\u00a0\u00bb body_text_shadow_vertical_length_tablet=\u00a0\u00bb0px\u00a0\u00bb body_text_shadow_blur_strength_tablet=\u00a0\u00bb1px\u00a0\u00bb body_link_text_shadow_horizontal_length_tablet=\u00a0\u00bb0px\u00a0\u00bb body_link_text_shadow_vertical_length_tablet=\u00a0\u00bb0px\u00a0\u00bb body_link_text_shadow_blur_strength_tablet=\u00a0\u00bb1px\u00a0\u00bb body_ul_text_shadow_horizontal_length_tablet=\u00a0\u00bb0px\u00a0\u00bb body_ul_text_shadow_vertical_length_tablet=\u00a0\u00bb0px\u00a0\u00bb body_ul_text_shadow_blur_strength_tablet=\u00a0\u00bb1px\u00a0\u00bb body_ol_text_shadow_horizontal_length_tablet=\u00a0\u00bb0px\u00a0\u00bb body_ol_text_shadow_vertical_length_tablet=\u00a0\u00bb0px\u00a0\u00bb body_ol_text_shadow_blur_strength_tablet=\u00a0\u00bb1px\u00a0\u00bb body_quote_text_shadow_horizontal_length_tablet=\u00a0\u00bb0px\u00a0\u00bb body_quote_text_shadow_vertical_length_tablet=\u00a0\u00bb0px\u00a0\u00bb body_quote_text_shadow_blur_strength_tablet=\u00a0\u00bb1px\u00a0\u00bb box_shadow_horizontal_tablet=\u00a0\u00bb0px\u00a0\u00bb box_shadow_vertical_tablet=\u00a0\u00bb0px\u00a0\u00bb box_shadow_blur_tablet=\u00a0\u00bb40px\u00a0\u00bb box_shadow_spread_tablet=\u00a0\u00bb0px\u00a0\u00bb text_shadow_horizontal_length_tablet=\u00a0\u00bb0px\u00a0\u00bb text_shadow_vertical_length_tablet=\u00a0\u00bb0px\u00a0\u00bb text_shadow_blur_strength_tablet=\u00a0\u00bb1px\u00a0\u00bb saved_tabs=\u00a0\u00bball\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n<div class=\"disclaimer-chart\">\n<p>Les informations et opinions contenues dans les pr\u00e9sentes sont fournies \u00e0 titre indicatif seulement, sont sujettes \u00e0 changement et ne visent pas \u00e0 fournir des conseils d\u2019ordre comptable, juridique ou fiscal, ni des recommandations en mati\u00e8re de placement, et ne doivent pas \u00eatre utilis\u00e9es comme tel. Les soci\u00e9t\u00e9s mentionn\u00e9es dans les pr\u00e9sentes sont \u00e0 titre indicatif uniquement et ne sont pas consid\u00e9r\u00e9es comme une recommandation d\u2019achat ou de vente. Il ne faut pas supposer qu\u2019un investissement dans ces entreprises \u00e9tait ou serait rentable. \u00c0 moins d\u2019indication contraire, les renseignements sont pr\u00e9sent\u00e9s aux dates indiqu\u00e9es. Bien que ces renseignements soient consid\u00e9r\u00e9s comme exacts \u00e0 la date o\u00f9 ils ont \u00e9t\u00e9 pr\u00e9par\u00e9s, Letko, Brosseau &amp; Associ\u00e9s Inc. ne peut garantir qu\u2019ils sont exacts, complets et \u00e0 jour en tout temps.<\/p>\n<p>Lorsque les renseignements contenus dans les pr\u00e9sentes proviennent ou sont d\u00e9riv\u00e9s de sources externes, les sources dont ils proviennent sont consid\u00e9r\u00e9es comme \u00e9tant fiables, mais la soci\u00e9t\u00e9 n\u2019en a pas effectu\u00e9 une v\u00e9rification ind\u00e9pendante. Aucune repr\u00e9sentation ou garantie n\u2019est fournie quant \u00e0 l\u2019exactitude, l\u2019exhaustivit\u00e9 ou la fiabilit\u00e9 de ces renseignements. Les opinions ou estimations contenues dans les pr\u00e9sentes constituent notre jugement \u00e0 cette date et sont sujettes \u00e0 changement sans pr\u00e9avis.<\/p>\n<p>Les rendements pass\u00e9s ne sont pas garants des r\u00e9sultats futurs. Tous les placements pr\u00e9sentent un risque de perte et il n\u2019y a aucune garantie que les avantages exprim\u00e9s dans les pr\u00e9sentes seront atteints ou r\u00e9alis\u00e9s.<\/p>\n<p>Les renseignements contenus dans les pr\u00e9sentes ne constituent pas une offre ou une sollicitation d\u2019achat ou de vente de titres. Ils ne tiennent pas compte des objectifs, strat\u00e9gies, statuts fiscaux ou horizons d\u2019investissement particuliers des investisseurs. Aucune repr\u00e9sentation ou garantie n\u2019est fournie quant \u00e0 l\u2019exactitude des renseignements, ni quant \u00e0 la responsabilit\u00e9 pour des d\u00e9cisions fond\u00e9es sur ceux-ci.<\/p>\n<p>Les pr\u00e9sentes peuvent contenir certaines d\u00e9clarations prospectives qui refl\u00e8tent nos attentes actuelles ou pr\u00e9visions quant \u00e0 des \u00e9v\u00e9nements futurs concernant l\u2019\u00e9conomie, les changements du march\u00e9 et ses tendances. De par leur nature, les \u00e9nonc\u00e9s prospectifs sont assujettis, entre autres, \u00e0 des risques, des incertitudes et des hypoth\u00e8ses concernant les devises, la croissance \u00e9conomique, les conditions actuelles et pr\u00e9vues et d\u2019autres facteurs appropri\u00e9s dans les circonstances pouvant faire en sorte que les \u00e9v\u00e9nements, r\u00e9sultats, performances ou perspectives r\u00e9els diff\u00e8rent sensiblement de ceux exprim\u00e9s dans, ou sous-entendus par, lesdits \u00e9nonc\u00e9s. Les lecteurs sont avis\u00e9s de ne pas se fier ind\u00fbment \u00e0 ces \u00e9nonc\u00e9s prospectifs.<\/p>\n<p>Les informations de MSCI ne peuvent \u00eatre utilis\u00e9es que pour votre usage interne, ne peuvent \u00eatre reproduites ou rediffus\u00e9es sous quelque forme que ce soit et ne peuvent \u00eatre utilis\u00e9es comme base ou composante d\u2019instruments, produits ou indices financiers. Aucune des informations de MSCI ne vise \u00e0 fournir des conseils en mati\u00e8re de placements ou une recommandation de prendre (ou de s&rsquo;abstenir de prendre) une d\u00e9cision d&rsquo;investissement et ne doivent pas \u00eatre utilis\u00e9s comme tel. Les donn\u00e9es et analyses historiques ne doivent pas \u00eatre consid\u00e9r\u00e9es comme une indication ou une garantie d\u2019une analyse, pr\u00e9vision ou pr\u00e9diction de performance. Les informations MSCI sont fournies \u00abtelles quelles\u00bb et l&rsquo;utilisateur de ces informations assume l&rsquo;int\u00e9gralit\u00e9 des risques li\u00e9s \u00e0 l&rsquo;utilisation de ces informations. MSCI, chacune de ses soci\u00e9t\u00e9s affili\u00e9es et toute autre personne impliqu\u00e9e ou li\u00e9e \u00e0 la compilation, au calcul ou \u00e0 la cr\u00e9ation d&rsquo;informations MSCI (collectivement, les \u00abparties MSCI\u00bb) d\u00e9clinent express\u00e9ment toute garantie (y compris, notamment, toute garantie d&rsquo;originalit\u00e9, d&rsquo;exactitude et d&rsquo;exhaustivit\u00e9, respect des d\u00e9lais, non-contrefa\u00e7on, commercialisation et de convenance \u00e0 une fin particuli\u00e8re) en ce qui concerne ces informations. Sans limiter la port\u00e9e de ce qui pr\u00e9c\u00e8de, en aucun cas une partie MSCI ne peut \u00eatre tenue responsable pour un dommage direct, indirect, sp\u00e9cial, accessoire, punitif, cons\u00e9cutif (y compris, sans limitation, perte de profits) ou tout autre dommage. (www.msci.com).<\/p>\n<\/div>\n<p>[\/et_pb_toggle][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00c0 notre avis, la surperformance des actions de croissance par rapport aux actions de valeur observ\u00e9e durant la derni\u00e8re d\u00e9cennie constitue une anomalie, comme ce fut le cas durant les ann\u00e9es 1930 et 1990 [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/www.lba.ca\/fr\/perspective\/linvestissement-axe-sur-la-valeur-une-glorieuse-histoire-de-croissance-webinaire\/\">Lire la suite&#8230;<\/a><\/p>\n","protected":false},"author":9,"featured_media":11200,"template":"landing-perspective.php","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":""},"perspectives":[61],"class_list":["post-11199","perspective","type-perspective","status-publish","has-post-thumbnail","hentry","perspectives-forum-des-investisseurs"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>L\u2019investissement ax\u00e9 sur la valeur : une glorieuse histoire de croissance - Webinaire - Letko, Brosseau &amp; Associ\u00e9s<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lba.ca\/fr\/perspective\/linvestissement-axe-sur-la-valeur-une-glorieuse-histoire-de-croissance-webinaire\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"L\u2019investissement ax\u00e9 sur la valeur : une glorieuse histoire de croissance - Webinaire - Letko, Brosseau &amp; Associ\u00e9s\" \/>\n<meta property=\"og:description\" content=\"\u00c0 notre avis, la surperformance des actions de croissance par rapport aux actions de valeur observ\u00e9e durant la derni\u00e8re d\u00e9cennie constitue une anomalie, comme ce fut le cas durant les ann\u00e9es 1930 et 1990 [...]Lire la suite...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lba.ca\/fr\/perspective\/linvestissement-axe-sur-la-valeur-une-glorieuse-histoire-de-croissance-webinaire\/\" \/>\n<meta property=\"og:site_name\" content=\"Letko, Brosseau &amp; 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