Bears, bulls, how do investors behave?
Should we be bears or bulls, bulls or bears, Malthusians or Schumpeters? That is the question. After having drawn up a picture of investor behaviour over the last few months, the panel will have to shed light on the heterogeneity of this behaviour, depending in particular on the asset classes, the regions of the world and the time horizons. But, above all, it will have to consider the opportunities to invest and to guarantee a sufficient return on capital, in a seemingly chaotic context marked in the short term by the war in Ukraine, the resulting fragmentation of the world, the rise in indebtedness, persistent inflationary pressures and rising interest rates. In the longer term, this context is marked by the continued slowdown in labour productivity, the decline in capital productivity, the costs of the upcoming energy transition, environmental challenges (biodiversity etc.) and the normalisation of production under increasingly demanding regulations. Certainly, the universe of risks has never been so threatening and the cries of the Cassandras so piercing, casting their Cimmerian shadows over the world economy. It will be up to the panel to go back to basics and show how the lead of risk can be turned into the gold of opportunity and that the right combination of good economic policies, entrepreneurship and risk-taking will bring a new wave of major and profitable investment and innovation.