{"id":269,"date":"2024-02-02T22:42:17","date_gmt":"2024-02-02T21:42:17","guid":{"rendered":"https:\/\/www.wijgam.ch\/?p=269"},"modified":"2026-02-05T11:06:18","modified_gmt":"2026-02-05T10:06:18","slug":"investissement-trading-et-horizon-de-temps","status":"publish","type":"post","link":"https:\/\/www.wijgam.ch\/en\/2024\/02\/02\/investissement-trading-et-horizon-de-temps\/","title":{"rendered":"Investing, Trading, and Time Horizon"},"content":{"rendered":"
\"\"<\/figure>\n\n\n\n

I used to be a long-term investor. Today, I am a trader. I can testify that these activities have little in common. Certainly, we often use the same instruments\u2014but that\u2019s where the similarities end.<\/p>\n\n\n\n

What are the Differences Between Stock Market Investing and Trading?<\/p>\n\n\n\n

Holding Period, Financial Leverage, Catalysts<\/h3>\n\n\n\n

L’investissement en bourse consiste \u00e0 mobiliser de l’\u00e9pargne en vue de la faire cro\u00eetre \u00e0 long terme en prenant un risque. L’horizon de l’investissement est g\u00e9n\u00e9ralement sup\u00e9rieur \u00e0 5 ans, jusqu’\u00e0 plusieurs d\u00e9cennies. On n’utilise que les liquidit\u00e9s disponibles \u00e0 investir, ce qui signifie concr\u00e8tement qu’on n’utilise pas le levier de l’endettement. Vous observerez au passage une diff\u00e9rence avec l’investissement immobilier, qui lui n\u00e9cessite en g\u00e9n\u00e9ral un levier important, de l’ordre de 3 \u00e0 5 fois le capital effectivement disponible en fonds propres. Le trading utilise en g\u00e9n\u00e9ral le levier de plusieurs mani\u00e8res. La plus simple est d’utiliser un compte \u00ab\u00a0sur marge\u00a0\u00bb. Vous disposez par exemple de 100 K CHF dans votre compte sur marge, qui vous permettent de vous exposer \u00e0 350 K CHF d’actifs, ce qui repr\u00e9sente un levier de 3.5. Ce levier financier n’est pas gratuit, il est co\u00fbteux lorsqu’il est utilis\u00e9 et son co\u00fbt d\u00e9pend des taux d’int\u00e9r\u00eats, de la liquidit\u00e9 du titre et de l’intensit\u00e9 avec laquelle le titre est \u00ab\u00a0short\u00e9\u00a0\u00bb. Une autre fa\u00e7on d’utiliser le levier est de recourir \u00e0 des options de vente ou d’achat.<\/p>\n\n\n\n

L’investisseur en bourse conserve des actions pendant 1 \u00e0 2 ans minimum, parfois m\u00eame sans limite de dur\u00e9e. Le trader va en g\u00e9n\u00e9ral mettre en place ses positions pour les d\u00e9tenir quelques jours jusqu’\u00e0 3 mois environ, 6 mois maximum. Ce qui d\u00e9cide l’investisseur \u00e0 investir, sa \u00ab\u00a0th\u00e8se d’investissement\u00a0\u00bb, c’est la confiance dans le projet \u00e0 moyen et long terme de l’entreprise (s’il s’agit d’une action par exemple), son positionnement dans son secteur. Si le trader peut avoir un avis sur la qualit\u00e9 du projet d’une entreprise, ce n’est pas ce qui le motive \u00e0 mettre en place une position. Il a besoin d’un catalyseur identifiable \u00e0 court terme. Un catalyseur est un \u00e9v\u00e9nement interne ou externe \u00e0 l’entreprise, clairement inscrit dans le temps, et qui est susceptible de susciter un mouvement fort et rapide du cours de l’action. Exemples : r\u00e9sultats d’\u00e9tude clinique pour une biotech, sortie d’une nouvelle g\u00e9n\u00e9ration de consoles de jeux pour un \u00e9diteur de jeux vid\u00e9os, nouvelle r\u00e9glementation qui affecte le march\u00e9. La simple publication des r\u00e9sultats de l’entreprise est aussi un catalyseur \u00e9vident. L’id\u00e9e g\u00e9n\u00e9rale est que l’horizon de temps du trader inclue ledit catalyseur.<\/p>\n\n\n\n

\u201cDirection\u201d of Positions<\/h3>\n\n\n\n

Investing in the stock market means buying financial instruments with the goal of selling them later at a higher price. This is known as \u201clong\u201d management. There\u2019s no betting on falling prices (\u201cshort\u201d management), although sometimes investors may hedge against certain downside risks. While this alters the portfolio\u2019s risk\/return profile, it doesn\u2019t change the objective.<\/p>\n\n\n\n

In trading, it\u2019s rare to only take long positions. Some traders are mostly long except in bear markets, while others specialize in special situations such as index inclusions\/exclusions, lock-up expirations, IPOs, turnarounds, acquisitions, short squeezes, management changes, spin-offs, etc.\u2014all potential catalysts. Some have made a specialty of these strategies, both long and short. Personally, I am neither net long nor net short\u2014I am \u201cneutral\u201d most of the time. In other words, I have as many long positions as short ones. To be clear: my overall long exposure is, broadly speaking and with a few technical adjustments, roughly equal to my short exposure. The difference between the two is called net exposure, which I keep below 20% of my total assets. This may seem low, but in this strategy, 20% is a lot. This is referred to as having a bias\u2014bullish or bearish.<\/p>\n\n\n\n

Instruments Used<\/h3>\n\n\n\n

An investor typically uses stocks, ETFs, bonds, and funds (since ETFs and funds can provide access to almost any asset class\u2014from commodities to tech stocks, miners, emerging market bonds, agricultural products, or currencies). But let's focus on stocks, bonds, and ETFs.<\/p>\n\n\n\n

If an investor has a specific time horizon in mind (for example, retirement in 30 years), he will generally be heavily exposed to equities at the start. As the investment horizon shrinks to about 15 years, he will gradually reduce the equity allocation in favor of bonds, with the average bond maturity also decreasing over time, eventually holding only short-term bonds by the end.<\/p>\n\n\n\n

A trader, meanwhile, typically works with stocks, options on stocks or ETFs, and sometimes CFDs and futures, especially if seeking exposure to non-domestic markets. This is a simplification, as many traders specialize outside equities, ETFs, or options\u2014such as in commodities or currencies. I will focus on equity and index options and futures, as this is my area of activity, as it is for many hedge funds.<\/p>\n\n\n\n

Personally, I run two main strategies: long\/short and index arbitrage. In long\/short management, I only use options on stocks or indices. In index arbitrage, as the name suggests, I only use index futures, and my time horizon is much shorter than for my long\/short portfolio.<\/p>\n\n\n\n

Diversification<\/h3>\n\n\n\n

L’investisseur a besoin d’un minimum de diversification : il lui faut un minimum de 15 \u00e0 20 lignes diff\u00e9rentes en portefeuille. Les plus grosses repr\u00e9sentent rarement plus de 5% du total. Parfois, lorsque les capitaux sont \u00e9lev\u00e9s, il y a beaucoup plus de 50 lignes. Je me souviens avoir vu plus de 200 lignes dans le portefeuille d’un confr\u00e8re. Sinc\u00e8rement, c’est beaucoup trop pour moi : difficile \u00e0 suivre, un tel degr\u00e9 de diversification signifie que vous allez au mieux faire la m\u00eame performance que le march\u00e9. Dans ce cas, pourquoi se donner tant de mal alors qu’on peut simplement prendre une poign\u00e9e d’ETF ? Pour un particulier, 20 \u00e0 25 lignes diff\u00e9rentes me paraissent \u00eatre un maximum(1).<\/p>\n\n\n\n

En trading, les choses sont diff\u00e9rentes. Pour ce qui me concerne, le simple fait d’avoir un portefeuille long\/short r\u00e9alise d\u00e9j\u00e0 une grosse part de la diversification. C’est pourquoi j’ai en g\u00e9n\u00e9ral un maximum de 6 positions longues et 6 positions short, soit 12 lignes au total. L\u00e0 o\u00f9 les choses se compliquent un peu, c’est que j’essaie de diversifier les dates d’\u00e9ch\u00e9ances de mes options. Je ne souhaite pas que tous mes calls et tous mes puts expirent le m\u00eame jour. Ce serait trop dangereux. Par cons\u00e9quent, je lisse dans le temps sur plusieurs \u00e9ch\u00e9ances. En plus de cela, pour chaque position (longue ou short, peu importe), j’ai en g\u00e9n\u00e9ral deux \u00ab\u00a0jambes\u00a0\u00bb. Un jambe longue qui exprime ma conviction et une jambe short, d’\u00e9ch\u00e9ance plus courte, qui me permet de r\u00e9duire le co\u00fbt de ma jambe longue si je me trompe sur le timing. Au total, sur 6 id\u00e9es longues et 6 id\u00e9es short, j’ai en g\u00e9n\u00e9ral in fine entre 30 et 36 positions de calls ou de puts sur 3 \u00e0 6 mois.<\/p>\n\n\n\n

Portfolio Turnover<\/h3>\n\n\n\n

En investissement, on se focalise sur les fondamentaux sans essayer d’entrer au meilleur moment, et c’est tr\u00e8s bien ainsi. Il y a donc peu de rotation du portefeuille. Peut-\u00eatre une sortie et une entr\u00e9e par mois, environ, et encore, pas toujours.<\/p>\n\n\n\n

En trading, deux cas de figures en ce qui me concerne, mais une conclusion identique. Sur mon portefeuille long\/short vous pouvez compter de la mani\u00e8re suivante. 6 longs + 6 shorts tous les 3 mois en moyenne = 50 \u00e0 100 positions par an. Voil\u00e0 une diff\u00e9rence tr\u00e8s significative. Dans mon portefeuille d’arbitrage, c’est tr\u00e8s diff\u00e9rent : je suis globalement en position une petite partie du temps, de l’ordre de 10 \u00e0 20%. Pourquoi ? D’abord parce que les opportunit\u00e9s sont rares. La plupart du temps il n’y a tout simplement pas assez de volatilit\u00e9 pour justifier un trade (2). Ensuite le potentiel de chaque trade est faible sur cette strat\u00e9gie. Ainsi, si j’entre en position et que le mouvement que j’attends a lieu, je sors assez rapidement pour mat\u00e9rialiser ma plus-value. Le r\u00e9sultat est que sur cette gestion, je termine la plupart des journ\u00e9es avec 0 position et 100% cash. Le portefeuille tourne donc beaucoup, sur un univers d’instruments restreint, et des dur\u00e9es d’exposition courtes.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

Pour moi, trading et investissement ne s’opposent pas : ces deux activit\u00e9s se compl\u00e8tent. Celle qui me prend le plus de temps (le trading) me permet de g\u00e9n\u00e9rer des profits. Ces profits alimentent ensuite mon portefeuille boursier d’investissement \u00e0 long terme (3). C’est faisable parce que j’ai une longue exp\u00e9rience, qui me permet de chausser les bonnes chaussures selon la situation.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Notes : <\/p>\n\n\n\n

(1) Pourquoi ? C’est une question de corr\u00e9lation, de covariance et de co-int\u00e9gration entre lignes du portefeuille. Plus vous allez diversifier, plus vous vous rapprocherez de la performance du march\u00e9.<\/p>\n\n\n\n

(2) C’est exactement la m\u00eame raison pour laquelle je ne travaille presque jamais le march\u00e9 des devises.<\/p>\n\n\n\n

(3) Que je g\u00e8re de mani\u00e8re classique, sans levier, et avec une m\u00e9thodologie beaucoup plus simple que dans mon portefeuille de trading.<\/p>","protected":false},"excerpt":{"rendered":"

J’ai \u00e9t\u00e9 investisseur \u00e0 long terme. je suis aujourd’hui trader. Je peux t\u00e9moigner du fait que ces activit\u00e9s n’ont que peu en commun. Certes, nous utilisons souvent les m\u00eames instruments. Mais les similitudes s’arr\u00eatent l\u00e0. Quelles diff\u00e9rences entre investissement en bourse et trading ? Dur\u00e9e de d\u00e9tention, levier financier, catalyseurs L’investissement en bourse consiste \u00e0 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[8,12,9],"tags":[],"class_list":["post-269","post","type-post","status-publish","format-standard","hentry","category-investissement","category-strategie","category-trading"],"yoast_head":"\nInvestissement, trading et horizon de temps<\/title>\n<meta name=\"description\" content=\"Diff\u00e9rence entre trading et investissement : dur\u00e9e, levier, sens, diversification, rotation du portefeuille\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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