Le Wall Street Journal raconte que les «venture capitalists», c'est-à-dire les amorceurs d'entreprise, font des pétitions et tiennent des blogs pour expliquer que les entreprises naissantes n'ont pas besoin de l'argent de l'Etat, n'en auront jamais besoin, qu'il est néfaste et que tous les entrepreneurs véritables devraient le refuser sans hésiter.
Quand je vois les cohortes de patrons français qui vont pleurer à larmes de crocodile pour avoir les sous détenus par Sarko, je me dis : «Véritables entrepreneurs, comptez vous !»
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RépondreSupprimerFrom The Times
RépondreSupprimerMarch 7, 2009
Equities model looks broken
Patrick Hosking
Too much value has been creamed off by an elite of senior managers, abetted by advisers, tolerated by fund managers and accepted as the norm by pension fund trustees. For a quarter of a century now, shareholders have not been rewarded for the risks they take. The collapse in shares, far from triggering soul-searching and reform, is stoking up a fresh gravy train as a new generation of executives lock in to share options at depressed prices.
I am probably guilty of capitulation — doubting shares at precisely the wrong moment. But even if they recover strongly over the next few years, there is a mountain to climb before they match the golden-era returns of 1945-1999. Assuming that returns will always revert to the mean can be a useful tactic, but it is not automatic.
Partnerships, family firms and closely controlled private businesses may well continue to deliver strong returns. But mainstream capitalism — as exemplified by listed companies owned by distant, absentee shareholders — for now looks badly broken.
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5860842.ece