Does the CAC rebound since the crisis seem justified to you?
The market has started to rise again for good reasons. Admittedly, the first sector of the CAC 40, luxury, has been highly sought after in recent years and a company like Hermès is now overpriced: its valuation is approaching 100 billion euros for a turnover of 7 billion. . But it’s also a unique industry, where companies often struggle to keep up with demand. In the long term, there is no reason to doubt their growth potential. And if three years ago I felt that it was necessary to focus on luxury above all, the CAC 40 now has other important performance drivers. The progress of French automakers in the electrification of their range is underestimated by the market. Renault’s transformation plan is very ambitious and the Stellantis brands have real geographic complementarity, even if they have yet to establish themselves in China. In addition, the second half of 2020 has turned out to be much better than expected for many companies. Saint-Gobain, for example, improved its margin, and expects to do even better this year, even before taking into account the impact of the various stimulus plans in the United States and in Europe. Like Schneider, Legrand or Air Liquide, it is well placed to take advantage of energy and climate transition projects.