{"id":124171,"date":"2022-09-20T11:01:52","date_gmt":"2022-09-20T09:01:52","guid":{"rendered":"https:\/\/rmarketingdigital.com\/negocios\/que-es-el-foso-el-termino-al-que-se-refiere-warren-buffett\/"},"modified":"2021-04-07T01:02:32","modified_gmt":"2021-04-06T23:02:32","slug":"que-es-el-foso-el-termino-al-que-se-refiere-warren-buffett","status":"publish","type":"post","link":"https:\/\/rmarketingdigital.com\/fr\/affaires\/que-es-el-foso-el-termino-al-que-se-refiere-warren-buffett\/","title":{"rendered":"Qu&#039;est-ce que le Pit, le terme Warren Buffett se r\u00e9f\u00e8re?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_86 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table des mati\u00e8res<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Basculer la table des mati\u00e8res\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Basculer<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewbox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewbox=\"0 0 24 24\" version=\"1.2\" baseprofile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/rmarketingdigital.com\/fr\/affaires\/que-es-el-foso-el-termino-al-que-se-refiere-warren-buffett\/#%C2%BFQue-es-una-compania-con-Moat-foso\" >Qu&#039;est-ce qu&#039;une entreprise avec Moat (foss\u00e9)?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/rmarketingdigital.com\/fr\/affaires\/que-es-el-foso-el-termino-al-que-se-refiere-warren-buffett\/#%C2%BFQue-determina-que-una-compania-tenga-un-buen-foso\" >Qu&#039;est-ce qui d\u00e9termine qu&#039;une entreprise a un bon foss\u00e9?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/rmarketingdigital.com\/fr\/affaires\/que-es-el-foso-el-termino-al-que-se-refiere-warren-buffett\/#%C2%BFComo-aprovechar-el-Foso\" >Comment profiter du Pit?<\/a><\/li><\/ul><\/nav><\/div>\n<div>\n<p><picture class=\"alignnone size-full wp-image-21734\"><source type=\"image\/webp\" data-lazy-srcset=\"https:\/\/www.economiafinanzas.com\/wp-content\/uploads\/2020\/01\/moat-buffet.jpg.webp 1200w, https:\/\/www.economiafinanzas.com\/wp-content\/uploads\/2020\/01\/moat-buffet-300x176.jpg.webp 300w, https:\/\/www.economiafinanzas.com\/wp-content\/uploads\/2020\/01\/moat-buffet-1024x599.jpg.webp 1024w, https:\/\/www.economiafinanzas.com\/wp-content\/uploads\/2020\/01\/moat-buffet-830x486.jpg.webp 830w, https:\/\/www.economiafinanzas.com\/wp-content\/uploads\/2020\/01\/moat-buffet-400x234.jpg.webp 400w, https:\/\/www.economiafinanzas.com\/wp-content\/uploads\/2020\/01\/moat-buffet-500x293.jpg.webp 500w\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%201200%20702'%3E%3C\/svg%3E\" data-lazy-sizes=\"(max-width: 1200px) 100vw, 1200px\"><\/source><br \/>\n<img alt='buffet-de-douves-5279442' width='1200' height='702' srcset='\/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/moat-buffet-5279442.jpg 1200w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/moat-buffet-5279442-300x176.jpg 300w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/moat-buffet-5279442-1024x599.jpg 1024w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/moat-buffet-5279442-768x449.jpg 768w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/moat-buffet-5279442-16x9.jpg 16w' data-lazy-sizes='(max-width: 1200px) 100vw, 1200px' src='https:\/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/moat-buffet-5279442.jpg'>\n<\/picture><\/p>\n<p><noscript><picture class=\"alignnone size-full wp-image-21734\"><source type=\"image\/webp\" srcset=\"https:\/\/www.economiafinanzas.com\/wp-content\/uploads\/2020\/01\/moat-buffet.jpg.webp 1200w, https:\/\/www.economiafinanzas.com\/wp-content\/uploads\/2020\/01\/moat-buffet-300x176.jpg.webp 300w, https:\/\/www.economiafinanzas.com\/wp-content\/uploads\/2020\/01\/moat-buffet-1024x599.jpg.webp 1024w, https:\/\/www.economiafinanzas.com\/wp-content\/uploads\/2020\/01\/moat-buffet-830x486.jpg.webp 830w, https:\/\/www.economiafinanzas.com\/wp-content\/uploads\/2020\/01\/moat-buffet-400x234.jpg.webp 400w, https:\/\/www.economiafinanzas.com\/wp-content\/uploads\/2020\/01\/moat-buffet-500x293.jpg.webp 500w\" sizes=\"(max-width: 1200px) 100vw, 1200px\"><\/source><br \/>\n<img alt='buffet-de-douves-5279442' src='https:\/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/moat-buffet-5279442.jpg' width='1200' height='702' srcset='\/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/moat-buffet-5279442.jpg 1200w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/moat-buffet-5279442-300x176.jpg 300w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/moat-buffet-5279442-1024x599.jpg 1024w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/moat-buffet-5279442-768x449.jpg 768w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/moat-buffet-5279442-16x9.jpg 16w' sizes='(max-width: 1200px) 100vw, 1200px'>\n<\/picture>\n<\/noscript><\/p>\n<p>Il existe diff\u00e9rents profils lors d&#039;un investissement. Un profil plus risqu\u00e9 qui poursuit des b\u00e9n\u00e9fices plus importants, \u00e0 des profils plus conservateurs minimisant les risques au maximum sans opter pour un b\u00e9n\u00e9fice aussi important. <strong>Buffett Warren<\/strong>, avec des adeptes partout dans le monde, y compris moi-m\u00eame, <strong>a invent\u00e9 le terme foss\u00e9<\/strong>. Moat en anglais vient de foss\u00e9, un parall\u00e8le que Buffett a fait avec des douves dans des ch\u00e2teaux. C&#039;est l&#039;un des aspects, ou ensemble d&#039;aspects, que vous prenez en compte lorsque vous investissez dans une entreprise.<strong> Plus la fosse est grande, plus la position occup\u00e9e par l&#039;entreprise sera inamovible.<\/strong><\/p>\n<p>Le Moat n&#039;est pas en soi un pr\u00e9dicteur, mais c&#039;est un signe de stabilit\u00e9 qui vous permet d&#039;\u00eatre plus confiant lors de l&#039;achat d&#039;actions. Souvent, lorsque vous investissez, vous pouvez prendre des d\u00e9cisions rationnelles, mais inconsciemment, elles sont impulsives. Parfois en raison des arguments d&#039;une entreprise, en raison de l&#039;appr\u00e9ciation de certaines actions, d&#039;autres en raison de la baisse des attentes, etc. Le Pit vous permet d&#039;avoir ce bon sens, cette vision large pour voir quelle place occupe vraiment une entreprise. Le march\u00e9 est tr\u00e8s large et une s\u00e9lection de <strong>entreprises avec Moat, se sont av\u00e9r\u00e9es r\u00e9sistantes aux p\u00e9riodes de r\u00e9cession<\/strong>, et avec des baisses de prix plus d\u00e9tendues.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%C2%BFQue-es-una-compania-con-Moat-foso\"><\/span><span id=\"Que_es_una_empresa_con_Moat_foso\">Qu&#039;est-ce qu&#039;une entreprise avec Moat (foss\u00e9)?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><picture class=\"alignnone size-full wp-image-21742\"><source type=\"image\/webp\" data-lazy-srcset=\"https:\/\/www.economiafinanzas.com\/wp-content\/uploads\/2020\/01\/moat-economico.jpg.webp 1200w, https:\/\/www.economiafinanzas.com\/wp-content\/uploads\/2020\/01\/moat-economico-300x200.jpg.webp 300w, https:\/\/www.economiafinanzas.com\/wp-content\/uploads\/2020\/01\/moat-economico-1024x683.jpg.webp 1024w, https:\/\/www.economiafinanzas.com\/wp-content\/uploads\/2020\/01\/moat-economico-830x553.jpg.webp 830w, https:\/\/www.economiafinanzas.com\/wp-content\/uploads\/2020\/01\/moat-economico-400x267.jpg.webp 400w, https:\/\/www.economiafinanzas.com\/wp-content\/uploads\/2020\/01\/moat-economico-450x300.jpg.webp 450w\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%201200%20800'%3E%3C\/svg%3E\" data-lazy-sizes=\"(max-width: 1200px) 100vw, 1200px\"><\/source><br \/>\n<img alt='foss\u00e9-\u00e9conomique-6388950' width='1200' height='800' srcset='\/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/moat-economico-6388950.jpg 1200w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/moat-economico-6388950-300x200.jpg 300w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/moat-economico-6388950-1024x683.jpg 1024w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/moat-economico-6388950-768x512.jpg 768w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/moat-economico-6388950-16x12.jpg 16w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/moat-economico-6388950-900x600.jpg 900w' data-lazy-sizes='(max-width: 1200px) 100vw, 1200px' src='https:\/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/moat-economico-6388950.jpg'>\n<\/picture><\/p>\n<p><noscript><picture class=\"alignnone size-full wp-image-21742\"><source type=\"image\/webp\" srcset=\"https:\/\/www.economiafinanzas.com\/wp-content\/uploads\/2020\/01\/moat-economico.jpg.webp 1200w, https:\/\/www.economiafinanzas.com\/wp-content\/uploads\/2020\/01\/moat-economico-300x200.jpg.webp 300w, https:\/\/www.economiafinanzas.com\/wp-content\/uploads\/2020\/01\/moat-economico-1024x683.jpg.webp 1024w, https:\/\/www.economiafinanzas.com\/wp-content\/uploads\/2020\/01\/moat-economico-830x553.jpg.webp 830w, https:\/\/www.economiafinanzas.com\/wp-content\/uploads\/2020\/01\/moat-economico-400x267.jpg.webp 400w, https:\/\/www.economiafinanzas.com\/wp-content\/uploads\/2020\/01\/moat-economico-450x300.jpg.webp 450w\" sizes=\"(max-width: 1200px) 100vw, 1200px\"><\/source><br \/>\n<img alt='foss\u00e9-\u00e9conomique-6388950' src='https:\/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/moat-economico-6388950.jpg' width='1200' height='800' srcset='\/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/moat-economico-6388950.jpg 1200w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/moat-economico-6388950-300x200.jpg 300w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/moat-economico-6388950-1024x683.jpg 1024w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/moat-economico-6388950-768x512.jpg 768w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/moat-economico-6388950-16x12.jpg 16w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/moat-economico-6388950-900x600.jpg 900w' sizes='(max-width: 1200px) 100vw, 1200px'>\n<\/picture>\n<\/noscript><\/p>\n<p>Le foss\u00e9 \u00e9conomique ou le foss\u00e9 \u00e9conomique, selon Buffet, <strong>fait r\u00e9f\u00e9rence aux avantages concurrentiels d&#039;une entreprise par rapport \u00e0 ses concurrents<\/strong>. De la m\u00eame mani\u00e8re, la p\u00e9rennit\u00e9 de ce produit ou service et aussi sa p\u00e9rennit\u00e9, la prolongation dans le temps. Plus ces avantages concurrentiels sont importants, plus nous parlerons de Pit.<\/p>\n<p>Une entreprise qui d\u00e9veloppe un excellent produit, attractif pour les consommateurs et \u00e9galement rentable, ne tarde pas \u00e0 attirer des concurrents. D&#039;autres entreprises qui souhaitent reproduire le produit et m\u00eame l&#039;am\u00e9liorer, lui font perdre des parts de march\u00e9. Ces avantages plus distribu\u00e9s sont le principal inconv\u00e9nient auquel devra faire face l&#039;entreprise qui a d\u00e9velopp\u00e9 le nouveau produit.<\/p>\n<p>Cependant, bon nombre de ces entreprises sont capables de survivre \u00e0 ces ph\u00e9nom\u00e8nes.<span class=\"texto-resaltado\"> Ces entreprises ont g\u00e9n\u00e9ralement une bonne fosse, <strong>structures \u00e9conomiques qui les rendent capables de r\u00e9sister<\/strong> avant les autres &quot;copieurs&quot;. <\/span>Ces types d&#039;entreprises, avec de grandes tranch\u00e9es \u00e9conomiques, sont capables de g\u00e9n\u00e9rer de la valeur dans les ann\u00e9es \u00e0 venir. Ensuite, nous verrons ce qui distingue ces entreprises qui les rendent si rentables.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%C2%BFQue-determina-que-una-compania-tenga-un-buen-foso\"><\/span><span id=\"Que_determina_que_una_empresa_tenga_un_buen_foso\">Qu&#039;est-ce qui d\u00e9termine qu&#039;une entreprise a un bon foss\u00e9?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img alt='douves-\u00e9conomiques-4867747' class=\"alignnone size-full wp-image-21743\" width='1200' height='632' srcset='\/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/foso-economico-4867747.jpg 1200w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/foso-economico-4867747-300x158.jpg 300w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/foso-economico-4867747-1024x539.jpg 1024w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/foso-economico-4867747-768x404.jpg 768w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/foso-economico-4867747-16x8.jpg 16w' data-lazy-sizes='(max-width: 1200px) 100vw, 1200px' src='https:\/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/foso-economico-4867747.jpg'><\/p>\n<p><noscript><img alt='douves-\u00e9conomiques-4867747' class=\"alignnone size-full wp-image-21743\" src='https:\/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/foso-economico-4867747.jpg' width='1200' height='632' srcset='\/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/foso-economico-4867747.jpg 1200w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/foso-economico-4867747-300x158.jpg 300w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/foso-economico-4867747-1024x539.jpg 1024w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/foso-economico-4867747-768x404.jpg 768w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/foso-economico-4867747-16x8.jpg 16w' sizes='(max-width: 1200px) 100vw, 1200px'><\/noscript><\/p>\n<p>Il existe plusieurs alternatives pour examiner la largeur et \/ ou la profondeur d&#039;une fosse d&#039;entreprise. Au fil du temps, il y a donc eu certaines caract\u00e9ristiques communes pour le d\u00e9terminer. Parmi eux, les plus pertinents que l&#039;on puisse trouver sont les suivants:<\/p>\n<ol>\n<li><strong>Faibles co\u00fbts commerciaux.<\/strong> Tout d&#039;abord pour sa facilit\u00e9 de compr\u00e9hension. Entreprises capables de produire le m\u00eame bien ou service, mais <strong>\u00e0 moindre co\u00fbt, ils ont beaucoup d&#039;avantages<\/strong>. S&#039;ils ont le statut de marque, ils peuvent \u00e9galer le prix de la concurrence et obtenir des marges b\u00e9n\u00e9ficiaires plus \u00e9lev\u00e9es. Si la strat\u00e9gie est de commercialiser \u00e0 un prix inf\u00e9rieur, ils peuvent plus facilement d\u00e9placer les autres marques.<\/li>\n<li><strong>Immobilisations incorporelles.<\/strong> Nous encadrerions dans ce crit\u00e8re les choses non physiques et immat\u00e9rielles qui rapportent un fort avantage pour l&#039;entreprise. <strong>Brevets, licences et m\u00eame la marque elle-m\u00eame<\/strong> de l\u2019entreprise. Un exemple de brevets peut \u00eatre trouv\u00e9 aupr\u00e8s de diverses soci\u00e9t\u00e9s pharmaceutiques. Lorsqu&#039;ils obtiennent un bon r\u00e9sultat apr\u00e8s avoir pass\u00e9 les diff\u00e9rentes phases, ils peuvent commencer \u00e0 vendre un nouveau m\u00e9dicament, et ils ont cette exclusivit\u00e9. Un autre exemple, celui des entreprises technologiques. En termes de licences, par exemple, nous pourrions trouver des extracteurs de minerais, qui ont le permis d&#039;exploiter une certaine zone. Et en conclusion, en termes de marque, un bon exemple serait Harley Davidson, dont la marque a un tel pouvoir sur certains consommateurs que certains se font m\u00eame tatouer leur nom.<\/li>\n<li><strong>En raison de la demande existante (effet rouge).<\/strong> Le produit ou le service peut devenir si populaire que les prix peuvent commencer \u00e0 augmenter progressivement, sans affecter les nouveaux consommateurs. Arrive <strong>lorsqu&#039;une entreprise gagne des parts de march\u00e9<\/strong>, et il devient si grand qu&#039;il attire m\u00eame de nouveaux clients motiv\u00e9s par d&#039;autres consommateurs d\u00e9j\u00e0 pr\u00e9sents. Un bon exemple serait Amazon dans le cadre des ventes en ligne. Amazon distribue non seulement, mais de nombreux vendeurs se tournent directement vers lui, car l&#039;entreprise dispose d\u00e9j\u00e0 d&#039;une grande niche de march\u00e9.<\/li>\n<li><strong>Co\u00fbts de remplacement.<\/strong> Changer l&#039;entreprise avec laquelle vous \u00eates peut parfois entra\u00eener des co\u00fbts ind\u00e9sirables. A titre d&#039;exemple, nous ne changeons pas de banque aussi vite que d&#039;aller dans n&#039;importe quel supermarch\u00e9, \u00e0 moins que l&#039;offre qu&#039;ils nous proposent soit vraiment attractive. De la m\u00eame mani\u00e8re, nous n&#039;allons pas changer tous les logiciels d&#039;une entreprise, car un autre programme est quelque chose de plus attractif pour nous. Quoi<strong> pouvoir de garantir les clients en raison des co\u00fbts li\u00e9s \u00e0 l&#039;\u00e9volution des entreprises<\/strong>, est une autre caract\u00e9ristique de Moat.<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"%C2%BFComo-aprovechar-el-Foso\"><\/span><span id=\"Como_sacar_provecho_del_Moat\">Comment profiter du Pit?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img alt='douves-buffett-3087190' class=\"alignnone size-full wp-image-21744\" width='1200' height='681' srcset='\/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/foso-buffett-3087190.jpg 1200w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/foso-buffett-3087190-300x170.jpg 300w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/foso-buffett-3087190-1024x581.jpg 1024w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/foso-buffett-3087190-768x436.jpg 768w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/foso-buffett-3087190-16x9.jpg 16w' data-lazy-sizes='(max-width: 1200px) 100vw, 1200px' src='https:\/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/foso-buffett-3087190.jpg'><\/p>\n<p><noscript><img alt='douves-buffett-3087190' class=\"alignnone size-full wp-image-21744\" src='https:\/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/foso-buffett-3087190.jpg' width='1200' height='681' srcset='\/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/foso-buffett-3087190.jpg 1200w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/foso-buffett-3087190-300x170.jpg 300w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/foso-buffett-3087190-1024x581.jpg 1024w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/foso-buffett-3087190-768x436.jpg 768w, \/\/rmarketingdigital.com\/wp-content\/uploads\/2021\/04\/foso-buffett-3087190-16x9.jpg 16w' sizes='(max-width: 1200px) 100vw, 1200px'><\/noscript><\/p>\n<p><strong>Une entreprise avec Moat a une valeur intrins\u00e8que plus \u00e9lev\u00e9e que ses concurrents<\/strong>. Une des alternatives pour obtenir des avantages est d&#039;investir dans ces derniers. La question, comme toujours, est de savoir quand est le moment.<\/p>\n<p>Le march\u00e9 a tendance \u00e0 avoir des cycles \u00e9conomiques, des p\u00e9riodes d&#039;expansion et d&#039;autres de contraction. Cependant, et ce qu&#039;elle fait tr\u00e8s fr\u00e9quemment, c&#039;est de cr\u00e9er des attentes beaucoup plus \u00e9lev\u00e9es dans certaines entreprises par rapport aux autres. Il devrait donc \u00eatre logique que pour une entreprise avec Moat, la valeur marchande ait le foss\u00e9 \u00e9conomique dont dispose l&#039;entreprise. Cependant, cela n&#039;arrive pas aussi souvent. Ce ph\u00e9nom\u00e8ne peut \u00eatre d\u00fb au fait que le d\u00e9veloppement d&#039;une bonne fosse prend, selon les experts, 10 ans ou plus. D&#039;autre part, apr\u00e8s tout ce temps, et en d\u00e9pit d&#039;\u00eatre des entreprises constantes dans leur croissance, le facteur temps influence \u00e9galement. Enfin <strong>il en r\u00e9sulte une homog\u00e9n\u00e9it\u00e9 des cotations<\/strong> et les titres entre soci\u00e9t\u00e9s cot\u00e9es.<\/p>\n<p>Faites attention que deux entreprises du m\u00eame secteur o\u00f9 l&#039;une d&#039;elles a un Moat plus \u00e9lev\u00e9 que l&#039;autre, aide \u00e0 \u00e9tablir avec plus de pr\u00e9cision quelle est la meilleure option pour investir. Dans ce type d&#039;investissement, les itin\u00e9raires courts ne sont pas recherch\u00e9s, mais orient\u00e9s vers le long terme. Au final, \u00ables eaux reprennent leur cours\u00bb, ce qui apportera th\u00e9oriquement (s&#039;il n&#039;y a pas d&#039;\u00e9ventuels \u00e9v\u00e9nements qui lui nuisent) des b\u00e9n\u00e9fices et sans chocs majeurs.<\/p>\n<p>Comme le disait Buffett lui-m\u00eame, \u00abce n&#039;est que lorsque la mar\u00e9e descend que vous savez qui nageait nu\u00bb.<\/p>\n<p>\n\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>Il existe diff\u00e9rents profils lors d&#039;un investissement. Un profil plus risqu\u00e9 qui recherche de plus grands avantages, \u00e0 des profils plus conservateurs minimisant les risques autant que possible sans opter pour un\u2026<\/p>","protected":false},"author":1,"featured_media":123979,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1386],"tags":[1427],"class_list":["post-124171","post","type-post","status-publish","format-standard","has-post-thumbnail","category-negocios","tag-amazon"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.0 (Yoast SEO v28.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>\u00bfQu\u00e9 es el Foso, el t\u00e9rmino al que se refiere Warren Buffett? - R Marketing Digital<\/title>\n<meta name=\"description\" content=\"Hay diferentes perfiles al momento de realizar una inversi\u00f3n. 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