Investment is not speculation

List of references

[1] Graham, B. (2018). Smart investor. Valor Editions. page 165.

[2] Bogle, J. (2007). The question is so important that it is difficult to think about anything else. Bogle Center for Research in Financial Markets.

[3] Kirby, R. (1997). To measure performance, you need more than numbers. In K. Ellis and J. Vertin, The Investor Anthology: Original Insights from the Industry’s Greatest Minds. John Wiley and Sons.

[4] Keynes, J. (1942). General theory of employment, interest and money. Paris: Payot.

[5] Tanus, PJ (2021). Comment: The Fed has a simple tool it can use to curb market speculation. Source: at www.cnbc.com: https://www.cnbc.com/2021/02/23/commentary-the-fed-has-a-simple-tool-it-can-deploy-to-curb-market -speculation.html

[6] The article was published in Washington Post 4 December 1986, translated by Isabelle Hausser, Cairn ISSN 0180-8214

[7] Denjean & Associates. (2018). Survey – The French see social and environmental responsibility of large groups.

[8] Graham, B., & Dodd, D. (2015). Security analysis. Valor Editions. page 128.

[9] Brandes, K. (2004). A valuable investment today. McGraw Hill. page thirteen.

[10] Buffett, W., & Cunningham, L. (2009). The Works of Warren Buffett: The Only Advice Warren Buffett Gave to Investors and Managers. Valor Editions.

[11] Bogle, J. (2008). Economy, politics and financial markets. Bogle Center for Research in Financial Markets.

[12] Keynes, J. (1942). General theory of employment, interest and money. Paris: Payot. page 109.

[13] Bogle, J. (2008). A small book in which common sense should be invested. Valor Editions

[14] Shved, F. (2003). But where are the client’s yachts? Edition of the century. page 52.

[15] Savall, H., Zardet, V., PĂ©ron, M., & Bonnet, M. (2016). Socially responsible capitalism exists. Edition of EMS

[16] Marx, H. (2020). Master market cycles. Valor Editions. page 35.

[17] Giraud, G., & Renouard, C. (2012). 20 proposals for reforming capitalism. Flammarion.

[18] Le Figaro, November 11, 2010

[19] Emin G. (2016). Understand: finance at the service of the real economy. Source: https://www.montesinos.fr: https://www.montesinos.fr/2016/01/comprendre-la-finance-au-service-de-l-economie-reelle.html

[20] Financial clock. (2014). Missed opportunity to revive “boring” finances? Position paper on the long-term financing initiative, quality securitization and securities financing. Source: www.finance-watch.org: https://www.finance-watch.org/press-release/finance-watch-releases-position-paper-on-long-term-financing-securitisation-and-securities- funding/

[21] Gomez, P.-Y. (2016). Shareholding is under threat of hypertension. Source: www.lemonde.fr: https://www.lemonde.fr/economie/article/2016/03/17/l-actionnariat-en-risque-d-hypertension_4884958_3234.html

[22] ETF = exchange-traded funds. (Morningstar defines an ETF as a basket of securities that are traded on a stock exchange as individual securities. These funds can track an entire set of indexes, such as the CAC40 in France, or the EURO STOXX 50 index in Europe, or even commodities.)

[23] Rolland, S. (2018). By 2025, passive management will account for a quarter of the European market. Source: www.lesechos.fr: https://www.lesechos.fr/finance-marches/gestion-actif/la-part-de-marche-de-passive-management-could-reach-25-by-2025- 148591

[24] Guez, H., Zaouati, J. (2014). For positive finance, because money also has advantages. The Street of the Chessboard edition. page 8. (foreword by Jacques Attali).

[25] Viennot, M. (2016). Finance/Real economy: new disconnects. Source: www.franceculture.fr: https://www.franceculture.fr/emissions/le-billet-economique/financeeconomie-reelle-les-nouvelles-deconnexions

[26] Short selling or shorting is the practice of betting on a security to fall in order to sell a security that is expected to fall. This is a short selling technique.

[27] Trotta, D. (2008). Short sellers have been villains for 400 years. Source: www.reuters.com: https://www.reuters.com/article/us-financial-shortselling-villainspics/short-sellers-have-been-the-villain-for-400-years-idUSTRE48P7CS20080926?PageNumber= 2&virtualBrandChannel=0&sp=true

[28] Admiral Markets. (n.d.). Short sales on the stock exchange. Source: admiralmarkets.fr: https://admiralmarkets.fr/formation/articles/base-du-forex/vente-a-decouvert-short-selling

[29] CSR magazine. (2018). MEDEF president challenges AMF on short selling. Source: www.rse-magazine.com: https://www.rse-magazine.com/Le-president-du-MEDEF-interpelle-l-AMF-sur-les-ventes-a-decouvert_a2952.html

[30] Johnson, M., Smith, R. (2020). The Vatican used charity funds to make a bet on Hertz’s credit derivatives. Source: www.ft.com: https://www.ft.com/content/f966e8b4-945a-45d0-8391-a305b3d8f7f5

[31] Committee on Economic and Monetary Affairs of the European Parliament. (2010, February 23). Hedge Funds Directive: MEPs scrutinize bills. Source: https://www.europarl.europa.eu: https://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//TEXT+IM-PRESS+20100223IPR69353+0+ DOC+XML+V0//EN

[32] Chiasson, K. (2008). Should we ban short selling? Source: www.ledevoir.com: https://www.ledevoir.com/opinion/chroniques/214045/doit-on-bannir-les-ventes-a-decouvert

[33] AMF = Financial Markets Authority