{"id":70342,"date":"2024-03-29T15:04:38","date_gmt":"2024-03-29T22:04:38","guid":{"rendered":"https:\/\/staging.penderfund.com\/?p=70342"},"modified":"2025-09-18T12:18:57","modified_gmt":"2025-09-18T19:18:57","slug":"what-is-a-behavioral-edge-in-investing-how-does-it-potentially-enhance-returns-how-can-an-investor-develop-it","status":"publish","type":"post","link":"https:\/\/staging.penderfund.com\/fr\/articles\/what-is-a-behavioral-edge-in-investing-how-does-it-potentially-enhance-returns-how-can-an-investor-develop-it\/","title":{"rendered":"L\u2019avantage comportemental : de quoi s\u2019agit-il en investissement? Comment celui-ci peut-il potentiellement am\u00e9liorer les rendements? Comment les investisseurs peuvent-ils se l\u2019approprier?"},"content":{"rendered":"<p><a href=\"https:\/\/financialpost.com\/investing\/behavioural-edge-investing-affect-returns?utm_source=Sailthru&amp;utm_medium=email&amp;utm_campaign=FP%20Investor%20Newsletter%202024-03-29&amp;utm_term=FP_Investor\" target=\"_blank\" rel=\"noopener\"><em><strong>Comme on le voit sur Financial Post \u2013 29 mars 2024 (en anglais).<\/strong><\/em><\/a><\/p>\n<p class=\"translation-block\"><strong>Q :<\/strong> Qu'est-ce qu'un \u00ab avantage comportemental \u00bb en investissement ? Comment peut-il potentiellement am\u00e9liorer les rendements ? Comment un investisseur peut-il le d\u00e9velopper ?<\/p>\n<p><strong>FP Answers :<\/strong>\u00a0Lorsqu\u2019on parle \u00ab\u2009d\u2019avantage comportemental\u2009\u00bb, il est essentiellement question de \u00ab\u2009temp\u00e9rament\u2009\u00bb. Le temp\u00e9rament renvoie \u00e0 la fa\u00e7on dont chaque personne se comporte dans diff\u00e9rentes situations. Tandis qu\u2019une personne se montrera d\u00e9tendue et \u00e0 l\u2019aise, une autre sera ferme et d\u00e9cisive tandis qu\u2019une autre s\u2019affichera [\u2026]<\/p>\n<p>Premi\u00e8re id\u00e9e fausse : pour r\u00e9ussir, un investisseur doit poss\u00e9der un niveau d\u2019intelligence \u00e9lev\u00e9. Sans aucun doute, cela peut aider. Toutefois, apr\u00e8s plusieurs ann\u00e9es d\u2019exp\u00e9rience dans cette industrie, force est de constater que ce n\u2019est pas l\u2019\u00e9l\u00e9ment de diff\u00e9renciation le plus important. Lorsqu\u2019une personne a au moins un niveau moyen d\u2019intelligence, c\u2019est le temp\u00e9rament qui lui procure souvent un avantage dans sa qu\u00eate de rendements sup\u00e9rieurs \u00e0 long terme. Dans les mots de\u00a0<a href=\"https:\/\/fs.blog\/warren-buffett-on-temperament\/#:~:text=\" target=\"_blank\" rel=\"noopener\">Warren Buffett<\/a>, investisseur r\u00e9put\u00e9 : \u00ab\u2009Le placement n\u2019est pas l\u2019ar\u00e8ne o\u00f9 la personne avec un QI de 160 prend le dessus sur celle avec un QI de 130.\u2009\u00bb<\/p>\n<p>Le fait d\u2019adopter un temp\u00e9rament ad\u00e9quat a le potentiel d\u2019augmenter les rendements de plusieurs mani\u00e8res. Un investisseur qui r\u00e9agit tr\u00e8s promptement \u00e0 tous les \u00e9v\u00e9nements externes risque de remporter de pi\u00e8tres rendements \u00e0 long terme car, dit tout simplement, le monde carbure \u00e0 l\u2019incertitude et cette r\u00e9alit\u00e9 ne va pas changer de sit\u00f4t. Les march\u00e9s sont hautement r\u00e9actifs, encourag\u00e9s par les transactions algorithmiques et les r\u00e9\u00e9quilibrages automatiques des FNB. Les investisseurs individuels, cependant, gagneraient \u00e0 \u00e9viter d\u2019\u00eatre exp\u00e9ditifs. Des\u00a0<a href=\"https:\/\/www.morningstar.com\/personal-finance\/dont-follow-herd-over-cliff\" target=\"_blank\" rel=\"noopener\">recherche<\/a>\u00a0ont d\u00e9montr\u00e9 que les investisseurs qui transigent fr\u00e9quemment ou qui tentent de trouver le moment opportun pour investir et vendre tendent \u00e0 remporter des rendements inf\u00e9rieurs. En revanche, ceux qui gardent leur sang-froid et font preuve de patience tout au long des cycles boursiers se tirent mieux d\u2019affaire. La raison en est qu\u2019historiquement, les march\u00e9s progressent sur le long terme. Sans conteste, le calme, la pond\u00e9ration et la r\u00e9serve sont autant de mots qui d\u00e9crivent le bon temp\u00e9rament pour un investisseur.<\/p>\n<p>On fait intervenir \u00ab\u2009l\u2019homo economicus\u2009\u00bb pour d\u00e9crire l\u2019individu hypoth\u00e9tique qui est toujours en mesure de prendre des d\u00e9cisions rationnelles. Dans la r\u00e9alit\u00e9 cependant, nos d\u00e9cisions sont \u00e9clair\u00e9es par nos exp\u00e9riences formatives, notre humeur, nos circonstances externes, ce que nous avons mang\u00e9 pour\u00a0<a href=\"https:\/\/en.wikipedia.org\/wiki\/Hungry_judge_effect#:~:text=The%20hungry%20judge%20effect%20is,their%20likely%20outcome%20and%20duration.\" target=\"_blank\" rel=\"noopener\">d\u00eener<\/a>et toute une ribambelle d\u2019autres facteurs. Ceux-ci agissent sur notre comportement, et bien souvent sans m\u00eame qu\u2019on en prenne conscience. (M\u00eame les applications d\u2019intelligence artificielle \u00ab\u2009hallucinent\u2009\u00bb!) Comme le comportement est le r\u00e9sultat de donn\u00e9es cognitives et \u00e9motionnelles, l\u2019investisseur peut se pr\u00e9valoir d\u2019un avantage en mettant au point un processus de placement rigoureux qui prend le dessus sur le temp\u00e9rament, particuli\u00e8rement pendant les p\u00e9riodes de volatilit\u00e9 exacerb\u00e9e.<\/p>\n<p>Le terme \u00ab\u2009patience active\u2009\u00bb sous-tend d\u2019avoir des principes de placement limpides et de savoir exactement ce que l\u2019on recherche, pour ensuite mettre en pratique une patience active jusqu\u2019\u00e0 ce que l\u2019occasion voulue se pr\u00e9sente. Cette patience active se distingue de la patience \u00ab\u2009normale\u2009\u00bb, puisque cette derni\u00e8re suppose simplement de prendre une d\u00e9cision de placement et de l\u2019ent\u00e9riner contre vents et mar\u00e9es, m\u00eame si cette d\u00e9cision s\u2019est par la suite r\u00e9v\u00e9l\u00e9e mauvaise. D\u2019ailleurs, cette fa\u00e7on de faire risque peu de mener \u00e0 la r\u00e9ussite financi\u00e8re, laquelle est apr\u00e8s tout l\u2019objectif principal du placement. La patience active renvoie \u00e0 ce que Warren Buffett appelle le \u00ab\u2009fat pitch\u2009\u00bb (ou coup immanquable) qui se produit lorsque le march\u00e9 offre (\u00e0 l\u2019occasion) une opportunit\u00e9 des plus all\u00e9chantes. Lorsqu\u2019un investisseur sait exactement ce qu\u2019il recherche et se donne un cadre clair pour man\u0153uvrer, il devient alors ais\u00e9 de reconna\u00eetre une bonne occasion et d\u2019en tirer pleinement avantage lorsqu\u2019elle se pr\u00e9sente.<\/p>\n<p>Peut-on changer son temp\u00e9rament? Des\u00a0<a href=\"https:\/\/www.scientificamerican.com\/article\/personality-can-change-from-one-hour-to-the-next\/\" target=\"_blank\" rel=\"noopener\">\u00e9tudes<\/a>\u00a0r\u00e9centes ont avanc\u00e9 que les traits de personnalit\u00e9 et les humeurs peuvent changer, parfois en moins d\u2019une heure! Il se peut donc que le temp\u00e9rament ne soit pas une donn\u00e9e aussi immuable qu\u2019on le croyait. Pour devenir un meilleur investisseur, il importe de bien se conna\u00eetre soi-m\u00eame et de s\u2019entra\u00eener \u2013 beaucoup. Les traits comportementaux associ\u00e9s \u00e0 de bons r\u00e9sultats en placement rel\u00e8vent de la patience, de la rigueur, de la ma\u00eetrise \u00e9motionnelle et de la conscience des risques. Il appert que ces qualit\u00e9s m\u00e8nent \u00e9galement \u00e0 de bons r\u00e9sultats dans la vie aussi. Pour prendre de bonnes d\u00e9cisions \u00e9clair\u00e9es en placement, un temp\u00e9rament calme est absolument n\u00e9cessaire. Ainsi, chaque investisseur peut tenter de trouver par quel moyen parvenir \u00e0 une plus grande s\u00e9r\u00e9nit\u00e9. D\u2019ailleurs, il ne manque certainement pas de livres, de vid\u00e9os et de didacticiels TikTok sur ce sujet oh combien fertile. \u00c0 cela j\u2019ajouterais l\u2019importance de garder une bonne dose d\u2019humilit\u00e9. En placement comme dans la vie de tous les jours, on ne cesse jamais d\u2019apprendre. En gardant l\u2019esprit ouvert et en ayant le courage de remettre en question nos croyances et nos comportements, ainsi que ceux des autres, on pourrait avoir en main la cl\u00e9 du succ\u00e8s.<\/p>\n<p><em>\u2013 Felix Narhi, CFA<\/em><\/p>","protected":false},"excerpt":{"rendered":"<p>Lorsqu\u2019on parle \u00ab\u2009d\u2019avantage comportemental\u2009\u00bb, il est essentiellement question de \u00ab\u2009temp\u00e9rament\u2009\u00bb. Le temp\u00e9rament renvoie \u00e0 la fa\u00e7on dont chaque personne se comporte dans diff\u00e9rentes situations. Tandis qu\u2019une personne se montrera d\u00e9tendue et \u00e0 l\u2019aise, une autre sera ferme et d\u00e9cisive tandis qu\u2019une autre s\u2019affichera [\u2026]<\/p>","protected":false},"author":10,"featured_media":70344,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[106],"tags":[174],"fund-type":[],"class_list":["post-70342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-financial-post-fp-answers"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is a \u201cbehavioral edge\u201d in investing? How does it potentially enhance returns? 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Gaining insight about our innate emotional temperament and learning how to work with it gives an edge in investing.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/staging.penderfund.com\/fr\/articles\/what-is-a-behavioral-edge-in-investing-how-does-it-potentially-enhance-returns-how-can-an-investor-develop-it\/\" \/>\n<meta property=\"og:site_name\" content=\"PenderFund Capital Management\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/penderfund\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-29T22:04:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-18T19:18:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2024\/03\/pexels-georgemorina-4960464-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1708\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Kelsey Wokke\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@penderfund\" \/>\n<meta name=\"twitter:site\" content=\"@penderfund\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kelsey Wokke\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimation du temps de lecture\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/staging.penderfund.com\/articles\/what-is-a-behavioral-edge-in-investing-how-does-it-potentially-enhance-returns-how-can-an-investor-develop-it\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/staging.penderfund.com\/articles\/what-is-a-behavioral-edge-in-investing-how-does-it-potentially-enhance-returns-how-can-an-investor-develop-it\/\"},\"author\":{\"name\":\"Kelsey Wokke\",\"@id\":\"https:\/\/staging.penderfund.com\/#\/schema\/person\/62bdaff29ca1a4a76154dd275e7e1b33\"},\"headline\":\"What is a \u201cbehavioral edge\u201d in investing? 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