Transcription
And if 2026 marks the end of easy investments and the return of true wealth management strategy in the face of an uncertain decade of over-concentrated indices, state debt, currency devaluation, and geopolitical instability, you asked us this question: how can I intelligently allocate my capital today? To answer this, I am with my associate Christophe. He spent over 15 years behind the scenes of wealth management, working at HSBC and Suiss Life, before co-founding a group of financial companies, including PLT Family Office, our wealth management firm. We will discuss concrete asset allocation, tax structuring, and capital protection. We will also discuss the strategies adopted by the wealthiest individuals and, of course, the mistakes to avoid. I would like to clarify that this video does not constitute investment advice in any way and is produced for educational purposes regarding all the different financial and strategic vehicles we will discuss, as well as for commercial purposes concerning our wealth management firm, PLT Family Office, accessible from €300,000. That being said, Christophe, first question. In the current context, what global strategy should a European investor favor in the face of, well, a possible lost decade, state debt, monetary easing, and the potential end of the post-Bretton Woods cycle? Very good question, Rémy. We can even add, in the face of a certain policy in France, and even a geopolitics that makes choices complex, and certain markets that are extremely well-valued. We can still put investing in the markets into perspective. It has never been easy. If we look, you said it, I've been in this business for almost 20 years. In 2008, we were worried about a banking system failure. From 2012 to 2014, about the exit from the Eurozone with the Greek episode. We've experienced Brexit, Covid, the Ukrainian sequence, and inflation. So, it's never easy to invest in financial markets, and that's why there's a return because there's risk. Once that's said, the first step for any investor, before trying to build a portfolio, is to try to understand themselves and determine their objective. Why am I investing? Because investing is renouncing. It's renouncing consumption, it's renouncing going on vacation, it's renouncing certain things. An investor's life is a life of regret. And so, the first thing will be to define your objective. Are you doing it to prepare for your succession, to gain financial freedom, to prepare for your children's education? Once you have determined your objective, you will determine your horizon, how much time you have, and the risk you are willing to take. So, this is really the first step not to neglect. The second step will be to build your asset allocation, and you can do this alone or with assistance. In both cases, your best protection is education, so training yourself. Here, what will you do? You will try to find asset classes that are well-oriented and complementary to each other. This is truly fundamental to building a resilient portfolio, what we call efficient in finance. So, you will aim for a return with minimal risk. And to do this, you will look for asset classes that are well-oriented but will not necessarily evolve in the same way. We can give examples. Someone who invests in the MSCI World and the S&P 500 does not diversify their portfolio, as 70% of the MSCI World, the global stock index, includes the 500 largest American companies. Someone who invests in the Nasdaq and Bitcoin also diversifies very little, as they are highly correlated. So, we will aim to achieve this fundamental step. Here, there is a shortcut that can be useful: information. Today, you can find a huge amount of information on how the wealthiest invest. And so, you will have studies released every year, several times a year. And one that we will cite, and link to, is a study by UBS that simply shows how those with over 5 million euros invest. This is a goldmine of information to compare your portfolio if you are working with a bank, to see which asset classes you are missing, to understand with those who assist you why they are not there, and if you invest alone, it's also an opportunity to question yourself. We will make sure to display this study prominently because it is like a large pie chart that really allows you to visualize all these asset classes that are sometimes completely absent from the portfolios of certain people when we assess the state of their assets and which, given their profile, should logically appear. Exactly, and one could say that someone who wants to become a high-level athlete will tailor their training to that of a high-level athlete. Similarly, someone who wants to build significant wealth has every interest in looking at how those who have already built it do it. Of course, and for a simple reason: they are often assisted by two or three wealth management firms. So, they multiply advice, they multiply life experiences. So, this is a key step, and you can even go a bit further in information. Today, you will find studies that we will share that show trends, so you can see where they plan to invest in 2026, in 2027. And so, this is a key step. The second, the third step that will be important is, once you have determined where you want to invest, to work on the "how." Will you invest through equity funds? Will you invest directly? If you use, like many French people, funds that you will dedicate by going through a bank or investing yourself, here too you have extremely valuable tools. And one that I will mention is called Cantalis. I am not promoting products, you know that. I am not a shareholder either. Especially since it's a company we aim to compete with through one of the subsidiaries I opened on coding capital. So, it's a very good product. Absolutely. And so, this tool is brilliant because it will allow you to challenge your solutions a bit. So, if you work with a bank, you simply type the name of your investment, and you will see in one click where your fund stands compared to the average. So, have you invested in good funds compared to its category? And so, this is a key point, it will allow you to optimize returns and fees. And so, we will cite two figures. You know I like to cite figures, but someone who invests €300,000 over 30 years, aiming for a return, or rather achieving a return of 6%, which is already relatively rare in banking, will generate €1.7 million. The same investor, with the same level of risk, who optimizes their fees and the quality of their investments, reaching 9%, will see that €1.7 million turn into €3.9 million. So, we might think that 1 or 2% is not much, and it's true that over one year it's little. But over the long term, and this is a channel aimed at people who are focused on the long term, the impact is colossal. So, this is a key step, and I will conclude with the last step, which will be to organize your follow-up. And here too, the advice we can give is: do not look at your portfolio every day. It's the best way to make a mistake and let emotions take over. So, the point here is to organize follow-up, a strategy. If you manage your portfolio yourself, you will follow it a bit more regularly. But if you entrust the management, a meeting once a quarter or every four months is more than sufficient. So, these are the first four steps for me, and we can detail later how the wealthiest invest. When I announced to the community that you were returning to the YouTube channel, a number of questions arose, and I will list them today. But one question in particular came up on the subject of allocation, which is ultimately how to arbitrate between the major existing approaches that many of our viewers hear about on the internet. Ray Dalio's approach, Charles Gave's approach. A rather value-oriented approach outside of Asia, an approach that I take in my book on performing in the stock market with geographically and sectorally diversified small caps. What is your point of view on these different approaches, and how to arbitrate between them? I find these approaches very interesting in that they move in the direction of financial education. So, they will accompany you in this, they will accompany you in diversification. So, I find them very interesting. You know me, I have little faith in one-size-fits-all approaches that work in all circumstances. So, I believe in follow-up and customization. That's a key point. And so, I find these approaches very interesting, but I will favor the solution I mentioned earlier, which is to tailor one's management to one's objectives and ultimately to how the wealthiest invest. And for me, that's even one of the reasons that made me launch into entrepreneurship: to make wealth management more accessible. So, these approaches you mentioned are very interesting because they promote diversification. I would go further by focusing directly on what the wealthiest do. Very good. Well, I imagine your answer will also lean in that direction, but I'm still going to ask you this question that was posed to us. What target allocation, therefore, between stocks, bonds, assuming they are relevant, cash, and commodities, real estate? Okay. What we can say is that the more time you have ahead of you, the more risk you are willing to take, the more you can incorporate stocks and private assets. This is really the more customized part. Then, when we detail what the wealthy do today, when we look at what they do, the first asset class remains the stock market, which accounts for around 30% depending on the studies. So, it remains a key asset class that allows us to capture global growth and innovation. So, this is a must-have. Here too, those who already invest in stocks through funds, compare your funds. There are gains to be made in terms of fees and positioning. Invest in the best funds for your savings. This is the first piece of advice we can give. The second asset class is private equity. This is an asset class that is not very present in the portfolios of French people. Outside of wealth management, it accounts for between 2% and 5% depending on the studies. So, it's very, very little. And then, the price is extremely broad, from a large fund to an albéo fund, a recovery fund. It's a very, very broad world. We see a lot of emergence of private equity clubs, not always very high-performing, and which are compared to what's best at Combinator without being relevant. It's vast. It's vast, and it's the most profitable asset class of the last 20 years. So, for the first quartile, for the first quartile, and if we look a bit, well, we can talk about it, but if we take, for example, even the median, if we take the median returns in private equity, it's around 13% on average per year over the last 20 years. And if we take the first quartile, you're over 20%. So, all those listening who don't have any, who are long-term investors, challenge your advisors by asking why you are not positioned. And here, there's a lot of sorting to do, and we'll try to discuss it in this video, but it's a key class that represents for the wealthy, between private equity, so investing in stocks, and private debt, so investing as a bondholder, it represents around 25%, so it's essential. So, this is essential. If we continue a bit in granularity, the third asset class that is also often poorly represented for investors is bonds. In France, people are often invested in euro funds or even cash, we'll discuss that later. Whereas bonds, which had a golden decade from 2000 to 2010, before being somewhat forgotten when rates went to zero, to explain quickly, a bond is simple: you are the bank, you are lending money to a state or a company. So, you get rich if rates are high. Rates dropped to zero in the 2010-20 period. So, there was no more interest in this category. So, we had somewhat forgotten it. In 2022, rates rose, we all saw it, those who borrowed saw it. And so, on the other hand, the one who lends money will benefit. And we had very good returns in 2023, 2024, 2025. For the bond class, we had returns between 7% and 9% for this category. Now, objectively, returns are starting to erode a bit as rates begin to fall, but it remains interesting. So, if you don't have any, look, when we look at what the wealthy do, it accounts for around 15% to 20%. It's an interesting asset class that allows you to seek a more attractive return than what you can get from money market funds, term deposits, or euro funds. Another asset class that is, for that matter, extremely poorly represented in the portfolios of individuals in France is so-called alternative management or hedge funds. This is an extremely interesting asset class in my eyes, and it is also one of the three asset classes that will be most reinforced by wealth management clients this year. We will share the study. Here, the idea is quite simple: to generate the most stable performance possible in your portfolio for a limited level of risk. So, there are different strategies that allow you to do this. We could even make a video on this subject if it interests those who are listening, but the idea is exactly what we were looking for, what we mentioned in the introduction, which is decorrelation. You want an asset class that, regardless of market conditions, will provide you with the most stable performance possible, and you will have funds that aim to generate between 4% and 7%. And so, in a context where markets are high, in contexts where there may be volatility, where I would say one thing is certain, it is that there will be uncertainty. This is an interesting asset class. And here, if you want to compare, if you have it in your portfolio, look at the bad years. If your bank offers you an alternative fund, look at what it did in 2022. In 2022, everything collapsed. Bonds were down 10%, stocks were down between 15% and 20% depending on the markets. Yes, certain sectors, of course, everything related to inflation performed very well. Yes, absolutely, but Bitcoin was down 60%, gold was flat, and so look, there are funds that made 3%, that made 4%, 5%, 7%. So, this is a hyper-interesting category. So, here is the key portfolio, we have covered the different asset classes. We haven't discussed real estate or commodities. We haven't discussed real estate or commodities, indeed. Commodities and gold represent 5% in the portfolio on average for a wealthy family. This is a category that has been reinforced recently, and the more wealthy people are, the more they tend to decrease its share. Of course. Well, to be transparent, I will tell you how I invest. And so, regarding these different categories, my portfolio has 45% in stocks, 5% in Bitcoin, we won't necessarily go into that, 5% in crypto. We had questions about that, I'll save them for the end. So, I have 5% in crypto. I have 20% in private equity, private asset category that I want to strengthen this year, that I will continue to strengthen. I have alternative and bonds for 20%, and I have 10% in gold and commodities. So, here is my portfolio, and the categories I want to continue to strengthen are private equity and alternative for this year, 2026. Well, you share your portfolio, I will share my allocation with you, and you will tell me what you think of it. My current allocation, for what is liquid, is 100% in stocks. So, over 80% are small caps concentrated at 30% in Asia. What do you think of that? Knowing that, I also have assets that are not liquid, which are mainly through software companies held by our startup studio, in which we are not entirely in a private equity fund approach, given that I am operational on these different software programs, but overall my assets are therefore placed 100% in stocks with a large concentration in small caps, particularly Asian ones. Well, Rémy, you know, but you have the two most profitable asset classes historically. So, we can qualify your portfolio as dynamic. That's the least we can say, but it's what works best in the long term. Among the optimization factors, we can add that of credit leverage, which could be an interesting factor to leverage debt either against your assets or against your income. And then, an interesting category could be private equity for slightly larger companies, but overall, you have a very dynamic portfolio focused on returns. And it's true that I'm missing, well, today, due to certain choices I've made, particularly expatriation, I've really neglected this subject of debt, which we will be able to correct soon through a bourgeois life insurance. We'll talk about it again, but it's part of the projects. Very good. Perhaps let's return to the point of geographical zones, geographical diversification, and countries, because ultimately, we've heard a lot in recent years, in the last decade, about the United States. Ultimately, everyone had their eyes fixed on the United States, but ultimately, today, which geographical zones would you prioritize? Which geographical zones do the wealthiest prioritize? What are we seeing emerge in terms of capital movements? That's the question I'm asking you. There's a real upheaval we've seen since April of last year, where we're seeing a movement of de-dollarization. Yes. Including in financial assets. And it's true, you mentioned it, it's been 10 years of focusing on the United States, but if we go back a bit, if an investor takes their time machine and looks at the Nasdaq and goes back to 2014, 2014, which followed 15 years where the Nasdaq had just returned to its starting point. So, investing is about cycles. And what we've seen since April of last year is a real movement of decreasing the share of the United States in portfolios. And we also see, we'll share the study, but when we look at what millionaires want to do this year, in 2026, in the stock category, they will clearly strengthen the Asia part. Why? Because it's a zone of strong growth and a zone of technological innovation. And so, there's a real movement towards Asia that I share in my portfolio. Today, when I invest in stocks, I invest mainly in Asia, or rather, I invest more in Asia than in the United States because, like many, I have a lot of US exposure in my portfolio. So, I am myself following this movement, but it's a movement that is clearly shared by the market and on which I invite those who are listening to reflect. That being said, one last point perhaps on this subject of concrete asset allocations. What portion is deliberately liquid for optionality? What portion of cash? Very good question on which we see two mistakes. Well, I observe two mistakes. When I'm with my clients, I often meet two types of profiles. The one who says, "Okay, I've achieved financial freedom, I'm retiring, I'm selling my business, I can't take any more risks, and so I'm going to invest very cautiously." This is a significant mistake because, ultimately, if you're 60 or 50 years old and you need supplementary income, you still have a fairly long life expectancy. So, you can afford long-term investments. You just need to set the right balance. On the other hand, and I met one just last week, who is actually listening to us, I sometimes meet someone who will say, "Well, I make 10% to 12% per year on average in the stock market. I have 1 million, I need 100,000, so I'll stay invested in the stock market." And this is also extremely risky because if you encounter a crisis in your financial journey, if you go from 1 million to 500,000, good luck getting the 100,000 euros you need per year. So, this is where reflection is needed in building your portfolio. So, here, a piece of advice we can give is to keep, if you invest in long-term investments, which you should do when you have time ahead of you and your risk tolerance allows it, to keep 4 to 5 years in investments where you can seek returns, like bonds, like alternative investments, to give your long-term investments time to weather crises. And so, this is a point that is done on a customized basis, of course, but it's a key point: not to have too much cash, but at the same time not to take too much risk. So, there's a balance and a customized study to be done. And so, someone who needs supplementary income, which could be the first profile in your question, well, there's really a customized study. Someone who is in an investment phase, the answer will be different. So, someone who is still in the phase of building their portfolio, the answer will depend on their risk tolerance and their investment horizon. What we can add here is an element that is often underestimated: the psychological aspect. It's true that when you look at charts, you say, "Well, on average, it's 10% per year." But if you've never experienced a crisis, my advice is to anticipate it by keeping a small portion of cash. The more crises you've been through, the more comfortable you can be with not having any. But if you've never been through one, if you've built a portfolio to prepare for your children's education, if you've often made decisions for the couple, if you've built a portfolio for your financial freedom, it can be very hard to endure a -30%, a -40% when other asset classes are performing well. And you mentioned 2022 earlier, which is a telling example. We were at an index level just on the S&P with -18% to -19%. Exactly. Yes, that's it. But you had categories that performed well, energy, commodities performed well. So, it can be very, very hard to bear. And so, on the psychological aspect, which is often overlooked, I would tend to say: the more you are accompanied, the less cash you can have because you will be able to exchange with people who will share their experiences with you. The more crises you have experienced, the less cash you can have. But don't overlook this factor because it's what can make your hand tremble and lead you to make bad decisions for your assets. Or yes, to realize it a bit before having lived it, but 20% on €500,000 is -€100,000, and when you look at that straight in the eye, it feels strange. I don't think I've told you, but my Uncle Jean, who was a billionaire fortune manager in Singapore for almost his entire career, from the age of 30, retired at 55 and made a choice at his retirement to have an allocation of 50% in cash. Well, remunerated cash, of course, and 50% in private equity. So, really with this notion of an alternative strategy where he can quite easily apply a kind of American 4% rule to live off his assets and end his life with zero. Which is interesting because this notion of asset allocation according to one's vision, according to one's convictions, that is to say, when you've worked your whole life, especially on the subject of private equity with billionaires, you have a strong conviction about it and you can work a lot on it. So, yes, it's always very interesting to see all these points. That being said, many of those listening invest in stocks, particularly due to the Small Cap signature of this YouTube channel for the long term. And regarding this, we have received questions, notably about the wrapper, how to invest these small caps, rather in a PEA, rather in a brokerage account, what are the advantages and disadvantages? What is the time horizon? What about taxation? From what asset size does it make sense to move to another wrapper? The question was asked. Yes, the question of the wrapper is a key question because it will determine your taxation and therefore part of your return. We can compare these two wrappers, the brokerage account and the PEA. The comparison, if we look at taxation, is won by the PEA. Why? Because on a PEA, Rémy, you don't pay taxes until you withdraw from the wrapper. So, Rémy, what does that mean? It means that if you make trades, you have no taxation. If you receive dividends, you have no taxation. Whereas on a brokerage account, every time you sell a small cap, every time you receive a dividend, the state will take its share and recover 31.4% of your gain or dividend. So, this is a key point. So, the PEA wins the match. Now, the PEA has a disadvantage, which is that it does not allow unlimited investment, as the limit is €150,000, and it only allows investment in European stocks or through ETFs that replicate indices worldwide. But you cannot invest in your PEA in an Asian, Polish, or any other small cap, you cannot do it. Polish, some yes. Polish, yes, of course. Polish. My apologies. Polish, you can, but you cannot invest in the United States, you cannot invest in Asia, you can only invest in Europe. So, this is if you want to invest directly. So, this rebalances the match a bit. However, regarding succession, the brokerage account can be extremely interesting. And so, if we summarize things a bit, we'll take a concrete example, Rémy. You invested €100,000 in a PEA, upon your death, the €100,000 has become €200,000. Well, what will happen? The state will take social security contributions on your gains. So, on your €100,000 in gains, they will take 18.6%. So, this will impact your return. So, €18,600 will be gone. On a brokerage account, it's different. Social security contributions will not be due at the end of the story. And in addition, you will have a significant advantage, which is that you will reintegrate your inheritance tax rights into your cost basis. So, if you were taxed at 20% on your inheritance, on your securities, I'm simplifying, your cost basis for your shares is no longer €200,000. It's €200,000 plus the 20%, so it's €240,000. And so, not only have you not paid the social security contributions, which have increased this year, but in addition, you will not pay tax on the first €40,000 in gains that you generate. And that's why there's a real match, a real personalized study to be done. But I would say if your objective is to generate returns, the PEA is essential, and for certain estate planning strategies, it's the brokerage account, and then you will add life insurance, Luxembourg life insurance. But here, to compare the two, a good roadmap. Yes, because one of the wrappers that is not mentioned in this question is Luxembourg life insurance. We made a complete video on the subject that I very warmly encourage you to watch, and it is a wrapper in itself in which we can hold small caps and which also allows, among other things, to leverage debt through Lombard credit. We made another video on this subject that I recommend. Another point, is it advantageous? Perhaps Yes, you want to add something on this subject? No, go ahead, you can continue. Is it advantageous to open a corporate brokerage account rather than a personal one? Clearly not. If you have personal funds, opening a company, making a current account contribution to invest in a company, the answer is no. And then, if we go into the why, in fact, you will generate fees at the level of your company. You will be taxed under corporate tax, and then if you contributed €100,000, indeed you will be able to withdraw the first €100,000 without any tax from your company because your company owes you that. But on the other hand, the gains on your €100,000 will be taxed at corporate tax and the flat tax. So, clearly not. Very good. How to choose the bank, the broker to open a PEA if the PEA wins the match? PEA or other wrapper, the first question to ask is: will I invest alone or with assistance? If I had to summarize, if you do it alone, what you need is a good customer experience, a well-functioning application, and the lowest fees. If you need support on one of the asset classes I mentioned, the key point is advice relative to the price. So, it's about analyzing what quality of advice I'm getting. Will I really be helped on asset allocation, on the tax part, and what price am I paying for it? Very good. Perhaps a question that goes beyond what we had prepared, but I'll ask it anyway. Can an advance donation and partition be made on a PEA in the same way as on a brokerage account? No. Okay. No. Well, with a PEA, if you give, well, it's there, you can give a brokerage account, you can transfer it, the PEA will be closed, and each person will open a new one. So, in fact, you liquidate and then you make your donation. Okay. Okay. Very clear. Thank you. Is there a specific risk in holding US stocks? Yes, if you only hold US stocks. US stocks, it's true that over the last 10 years, performance has been incredible, driven by technology, driven by, well, essentially by technology, but your risk is twofold. Your risk is that if you look at the S&P 500 today, the 500 largest American companies, in reality, about ten companies account for almost half of the index, and technology will also represent 50% of your index. So, you have a first risk, and you have a
Second risk Reis, which is currency. Well, when you invest in the S&P 500, you invest in dollars, and the dollar, at the moment we're speaking, over a year, is around -18%. And that's why you need to be diversified. Ease doesn't work from a financial perspective. And that's a real point. That is to say, last year, when we look at the S&P 500, it was around 17% performance, but relative to the euro, we're around 4% performance, which is much less than the 40% of the Small Caps fund that we put in many of our clients' portfolios in the PLT Family Office. And it's even less than the CAC 40 despite the political context, huh. So you still have to keep that in mind, and often we'll talk about the NASDAQ, but you should know that the NASDAQ has performed worse than the banking sector on the stock market over the last 5 years. So in fact, there you go, it's really important, ease doesn't exist. So that's a point to keep in mind, and it's important to emphasize because there can be a tendency, due to ease, the sexy aspect, due to the reality of the Spiva study which was paid for by the S&P, etc. ETFs are really in vogue today, but the fact is that by taking US ETFs in particular, but by taking a step back, there are even better things to do in European indices. Moreover, it's the Polish index too that had a monumental performance, the Italian one too. And so, and so what we can say is that ETFs are essential, you need them, they help reduce costs, but the more investors go into this category, the more market anomalies there will be, the more excess there will be, and the more room there will be for active management behind it. Which ultimately leads us to a central topic, which is the topic of risk management. Yes. Uh, and finally, a question was asked in this regard, which I reformulated a bit in my own way, but how to implement a real risk management strategy, protection, diversification, antifragility to ultimately face the storm? I'll repeat the keyword: diversification, not with collection. So I'm not trying to invest everywhere, but to invest in assets that have potential and that are the most complementary to each other. We were talking about private equity earlier. You should know that if you take the last three crises we've experienced in the stock market, namely Covid, the war in Ukraine, the dot-com bubble, and the banking crisis, private equity had very good performance in crisis years when the stock market didn't. And so that's what we're looking for, asset classes that historically, well, that doesn't mean it will always be the case, but that historically have had performances that can be complementary. So that's the key to any portfolio, building it to be resilient. The decorrelation of assets from each other, which has been the subject of many Nobel Prize studies, many things that were essential. Perhaps taking profits is a subject that I took a long time to conceptualize, and on which I also had difficulty writing in my book on stock market performance with small caps. But according to you, precisely, when to take profits, when to cut a position, is a question that has come up a lot, and I would be interested to hear your point of view on it. It's a very good question where there are many opinions to be found. What I think is that you shouldn't be extreme in your decisions. That is to say, you should never say, "I absolutely do not want to be in this asset class because I believe it has gone up too much," or conversely, "I'm hedging." You need to be balanced in your decisions and not try to time the market. Then, more specifically on an allocation, on a stock or a fund, you can ask yourself: do I have more to gain than to lose, and what is my asymmetry? Uh, so these are important points to keep in mind, but I would say, never be extreme in your position, and try to reason about what I can gain from the asset class, what I can lose from it. I would say these are good models. You saw in my portfolio, I have a lot of gold through miners in particular. Well, I took my profits perhaps too early sometimes, but I started taking them. This year, we've had a yo-yo effect, a +20 in January and then a -10. We'll see where it leads us. But I decided to take my profits at that time because I felt there was a slight asymmetry starting to form. It's the famous saying, I think it's from the Rothschilds, we got rich too quickly by selling too early. Exactly. Very good. Perhaps in these notions of, ultimately, mistakes, what are the most classic wealth management mistakes of individual investors that you have observed throughout your career? Well, the main one by far in France, unfortunately, is having too much cash, too much liquidity. When you look at the three main investments of French people, you have the euro fund of life insurance, the Livret A, and the current account for long-term investments. Now, this is less true for channels like yours, which attract long-term investors. But this is clearly the main mistake our compatriots make. It's a matter of public utility to go into education on this subject. The second mistake we can find is too much real estate, too much real estate in France. The share of real estate is often colossal. The third mistake for those who invest in the stock market, particularly among older generations, less so among younger ones. Among older generations, so if some are listening or have parents who invest in the stock market, it's the French bias in the portfolio. You'll find many PEA (Plan d'Épargne en Actions) heavily invested in France, whereas there are gems in Europe. Well, you were talking about Poland, but even without going further, the leading European capitalization at the moment is LVMH, and few people know this company. And so, it's true that this is a bias we encounter a lot in older generations. Among the younger ones, it's the American bias. Well, I put everything in the S&P 500. And so this is also a bias we find a bit more on the margins. And then the last one we can find is that I haven't optimized my tax situation. And that's true, it can be very expensive. So we don't invest for tax reasons, but it's important to look at what your tax situation will be on the gains you strive to generate every day. And another point we'll discuss in a future video, but it's also that I haven't optimized my inheritance. Ah, that's clear. And it's sometimes a risk at least, almost as important as investing well. Due to the cost it can represent in the long run. Ah, for a family, it's colossal. Yes. And the consequences can be unfortunate. Well, the first point, whether in real estate or elsewhere, the best deals are unfortunately in inheritances, so they need to be prepared. Of course, of course, of course. Let's perhaps return to the subject of currencies, on which we have been challenged a lot. What indicator should be followed to choose a currency? Are there economic, financial, geopolitical indicators? How do we ultimately hedge currency risk? And should we hedge it? That's a very good question. The currency market is one of the most volatile markets in the world, huh. So trying to time it, trying to trade on this market, you should know that you'll have a much greater chance of losing than winning. Well, what we can say about the main indicators that cause a currency to appreciate is ultimately its attractiveness. Is the geographic zone selling more than it's buying? Are people investing more there than disinvesting? So there are notions of attractiveness, of current account balance that will be looked at. What we can say about this is that it's very, very hard to time, but there are still some general pieces of advice we can keep in mind. If you invest in cautious assets, hedging the currency can cost you almost as much as your potential gain. So if you invest in US debt and you hedge your currency risk, you cut your potential gain in half. So that's a first point. Don't invest in cautious assets in a currency you don't believe in. That's really important. Then, hedging, I would say it's really tailor-made, and if I had to give advice today to someone who might be watching in 15 or 20 days, the advice would be different. So, I wouldn't be doing them a service. So, I would say that the key here is not to hedge low-risk assets, so decide whether to invest in them or not based on what you believe about the currency, diversify in currencies, well, the Swiss franc, well, there are many currencies that can be very interesting in a portfolio. Uh, so I would say, there you go, the key point is there, rather delegate it or really follow it, but don't have too strong positions on it because there is enormous risk in this market. Very good. Is there perhaps any simple and quick information channels to use, websites, things you would recommend on the subject of currencies? On the subject of currencies, frankly, no. After that, on the financial subject, well, you are part of it, listening to financial channels to increase your skills is really the key. Millions of euros are lost by French people due to a lack of financial culture, unfortunately. Then, there are channels for people who build their portfolios themselves. There are shows, there's Bismart which has an interesting show at 5 PM, where fund managers come to talk about their portfolios. You have the same thing on BFM Business, you have shows like that which can allow you to capture some information, rather for people who will build their portfolios themselves. Very good. Perhaps to conclude, we'll move on to a last somewhat crispy topic. I don't have any in my portfolio, except when I have to travel to Russia. That being said, what place should cryptocurrencies have in a global allocation, you who have 5% in your portfolio, why do you have 5%? Tell us everything. Well, listen, uh, for me, it's an asset class I've been following for a long time. Well, the last two years haven't been the best. Uh, if you look at wealth management, it's even less than 1%. But why? Because the individual investors in wealth management are often older and less aware, less positioned in this category. We see it growing, so I would say, for someone who has convictions on this category, more than 3-5% starts to be a lot for an asset that generates no return. So, there you go, I would say if you don't believe in it, you won't, you believe in it, 3-5% maximum. Very good. What perhaps, what strategies are transferable, what equity strategies are transferable to cryptocurrencies? I know I was challenged on this subject. So, I had run Harry Markowitz's algorithms on the top 30 to give a result on this challenge in a specific case, which I won't specify. But, but therefore, what strategies applicable to stocks are transferable? Well, I'm a bit of a maximalist, huh. That is to say, I only invest in Bitcoin. Now, a transferable strategy is DCA, which is investing progressively. Not investing all at once, it's a very volatile market. So, investing progressively in Bitcoin to maintain an allocation. If you aim for 3, 4, 5%, there you go, you invest progressively. I think that's the key in a volatile market. Very good. Listen, thank you very much for all these insights. Do you perhaps have a concluding remark, a guiding principle to follow for all those who are listening and who might be interested in learning more about PLT Family Office, our wealth management firm accessible from €300,000. You have all the links in the description if you wish to discuss with Christophe. Of course. Finally, the key to our discussion is that today, there is a real interest in investing like the wealthy do. If tomorrow, you want to build significant wealth, there is a huge interest in using this information to your portfolio's advantage. So I would say, whoever is listening, those who manage themselves, challenge what they are missing in asset classes, those who are managed by someone else, understand if they have the best funds for their assets and the best asset classes. Very, completely aligned. I have progressed a lot alongside you by opening up this prism of studying, ultimately, people who have the most money. So thank you very much for this rich discussion. We'll meet again for a next video which will very certainly be on the subject of inheritance. Thank you for listening. See you very soon. Thank you. Mr.