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Doctors: The increase in C is provisioned

Many GPs (including mine) did not wait 2011 to their consultation at 23 € so savage and shameless. This does not seem to move our minister, who has just presented its draft law on financing social security (PLFSS) for 2011.

Among a range of new towers belt to reduce our deficits abysmal, Ms. Bachelot said that the transition from C to 23 € was funded. I quote:

"Having respected ONDAM 2010 gives us some leeway . The arbitral settlement provides for the increase of 1 € of consulting GPs at 1 January 2011. This commitment will required.

The CSMF , largest union of doctors, however, denounces this PLFSS 2011 as a "negative signal for general practitioners " !

For my part, I solemnly promise to Madame Bachelot to consider any upgrade of the WOA as a positive event. Paramedics can not afford to spit in their little soup.

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REITs: the buyers are there




You will find on this link to an article by Daniel While explaining that REITs have found favor with investors. I remember that REITs are associations of thousands of homeowners who have dozens of real estate, managed by professionals. This brings a risk pooling rental, without regard to daily management.

SCPIs collected 600 million euros in the first half of this year, which brings them back to levels before the crisis. However, their rate of return has fallen sharply, with a stagnant share price. Before the crisis, we saw IRR exceeding 15% per year! Currently, profitability depends primarily on dividends, which are stagnant, too, but that does not decrease.

Real estate in REITs is seen by investors as an alternative more profitable than the booklet A or life insurance, but far less risky than the stock market moving forward in a fog.

You'll find interesting arguments in the Editorial by Gerard Horny , released today at Pierrepapier.fr

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Must flee shares? SCPI




If you follow even a little economic news, You may have noticed that the distrust of shares is again in vogue. Of course, I do not speak of the French population as a whole, which unfortunately remains very hostile to this type of investment, whatever the context. Currently, it is Major investors themselves who doubt the reality of recovery and begin to make strong pitch classes without a clear trend manages to escape. Causes any American Statistical differences sometimes bordering hysteria.

In this ocean of opinions frankly dubious or negative, we sometimes see an opinion refreshing break. This was the case this morning when I received the newsletter Financial Select, the company behind the site www.me-contratsmadelin.fr

I pound:


Letter to investors September 7, 2010

The worst is not so sure

The cause appears heard: stopping an economic rebound that never satisfied and renewed recession are imminent if we believes the behavior of financial markets over the past three months: plebiscite government securities deemed safest in defiance of the return offered by moving from equity markets have recovered somewhat, traders undoubtedly reveal their belief that a move towards deflation, which forces prices down and weakens economic actors. The vision of the "scenario W" or abortion of the recovery process at work for eighteen months followed by a relapse before a hypothetical recovery, is generally shared.

The direct cause of this deep distrust lies in the weakening of the U.S. recovery in recent months: after several quarters of fairly sharp rhythms, growth has slowed significantly in the spring and early indicators reflect the most recent expansion is very weak-but by no means a drop in activity, however. Even beyond these figures, Observers are most concerned with the prolonged recession in the housing sector and the apparent inability of the economy to create new jobs. Add the languor of money creation, despite the strongly expansionary policy of the Federal Reserve, the diagnosis on the U.S. economy is clear: engaged in a deleveraging of private agents, the government ran out of ammunition can not thwart, after years of credit excesses, the system seems doomed to a long temperance.

Beside this, the fluctuations of its sovereign debt, particularly in Europe, have aroused fears of default, spreading at first suspicion on all securities and financial backlash by generating a huge demand for security. The selection among issuers has been relentless, while within asset classes fixed income securities with the spoils at the expense of investments in variable income securities deemed too uncertain. At the balance sheet, bond markets have soared, the monetary investments keep thousands of fans despite a zero return and the cost of sterilization detrimental to activity, and scholarships, at least those in rich nations, have slumped amid investor desertion paralyzed by fear of renewed firm mortality.

So we were wrong earlier in the year to warn against government bond yields in already low and has now become frankly poor (Germany makes these days to 2.25% to ten years, the United States and France to 2.6%): the value of these securities has boosted bond and detention except on a few hotly contested signatures, proved a river much quieter than has been the fate of shareholders, buffeted by harsh without hesitation waltz-retire, in most cases, significant profit.
This situation may last another: if indeed the Western world into a pattern of development (or, more accurately, stunting) as Japan is known for ten years, rates of return can further reduced and the shares of companies suspected of being constantly on the brink of serious problems continue to stagnate at best. But reading indices tends to lead us to a prognosis less pessimistic.
It seems that the vision of the market is dated, must focus on the rule of the United States alone - and the dominance of Anglo-Saxon operators reinforces this feeling. We will not challenge the weight of course always paramount in this economy, but it would not make light of the conclusion of great current switching between Western countries and those emerging so-called convenience but some are now of heavyweights of the global economy. This zone, although heterogeneous, is three years since the undoubted support of global growth, and maintains high level of demand for raw materials, and is largely responsible for the increase of 9% of world trade in 2010. Transpacific trade has now far exceeded the transatlantic trade, showing the rise of these nations. Thanks to an expansion of more than 5% per annum for years, sometimes in double digits, a middle class of hundreds of millions of consumers in domestic purchasing power more far removed from that of Westerners is growing at great speed . We identify these data through a powerful source of strength.
Alternatively, even Europe, however, hampered by multiple disabilities, is currently a relative improvement under the influence of Germany, who reaps the rewards of reforms to cool before the financial crisis the European economy is more oriented to date the U.S., is probably transient, but the ripple effect of an area comparable to the weight of the United States should not be overlooked.

markets are currently focused on the risks of relapse and thereby tend to obscure the signal strength, ranging in some respects the limit of inconsistency: for example, private debt securities were sought in recent months while the actions were neglected, which in fact anticipates that companies may face no problem to their maturity but fail to remunerate their shareholders!
We consider overvalued, at least unattractive, Western government bonds (more on the risks of this enthusiasm in our next letter.) If you want to sovereign debt, we see more value in the emerging countries: it is normal that countries in most cases much better managed, with sound public finances to external accounts surplus and foreign reserves have to make a comfortable addition to substantial interest to their lenders, and this singularity will not last forever, much benefit, so that bonus could be given to the investor with, eventually, rising rates of these countries.

Shares may continue to suffer some time in the gloom of the moment, but we believe it is very likely the majority of top out. The reason is simply due to their very low valuation that anticipates, Europe or Japan, stagnation or decline in profits for the next ten years, and very modest growth in the United States. However, the general recovery observed for a year does not argue at all for such an expectation, given the evolution beneficiary, the valuation of shares is almost back to the lows of March 2003 or 2009 when the economic climate is right even more focused, and the yields they offer, without recent precedent, outperformed those of bonds issued by issuers. The highs of the indices are often far-recall that Paris, the Cac 40 fell almost by half in ten years if we exclude dividends and depreciation spring-mass. All these arguments converge towards a revaluation of current when the current mistrust will be diminished if not dissipated, it will cover places "emerging", stalled due to the start of economic overheating and a little tender to act independently but whose recovery is delayed according to the advance of sustained profits.



The analysis and recommendations above are for information only and do not in any engage the responsibility of the authors. Investors remain fully responsible for their masters and investment decisions and management. They recognize and take bear all the financial risks of their investments.
investment in Fund / Mutual Fund is an investment that carries no guarantee and no compensation or capital.

"PAST PERFORMANCE DOES NOT PREJUDICE IN FUTURE PERFORMANCE AND DOES NOT CONSTITUTE A COMMITMENT TO PAY."