[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"site-data":3,"single:biais-n-04-l-effet-de-disposition":134,"related:biais-n-04-l-effet-de-disposition":374},{"header":4,"menu":28,"footer":49,"socials":119,"excludedFolder":132},{"logo":5,"folders":17},{"_type":6,"asset":7,"crop":10,"hotspot":13},"image",{"_ref":8,"_type":9},"image-086d028e440aef36cc64a0efd5a1fc4a4caa6834-136x70-svg","reference",{"_type":11,"bottom":12,"left":12,"right":12,"top":12},"sanity.imageCrop",0,{"_type":14,"height":15,"width":15,"x":16,"y":16},"sanity.imageHotspot",1,0.5,[18,23],{"title":19,"folder":20},"Perspectives",{"title":21,"slug":22},"Quelles opportunités à saisir pour ses placements sur le second semestre ?","placements-financiers-opportunites-s2-2026",{"title":24,"folder":25},"Trésorerie",{"title":26,"slug":27},"Gestion de trésorerie","gestion-de-tresorerie",{"logo":29,"text":32,"pages":33},{"_type":6,"asset":30},{"_ref":31,"_type":9},"image-d81c795c7153423236e84eb308bdc0042879446f-500x260-svg","Comprendre l’économie et les marchés financiers pour mieux gérer votre épargne.\n",[34,37,40,43,46],{"label":35,"link":36},"Accueil","\u002F",{"label":38,"link":39},"Dossiers","\u002Fdossiers",{"label":41,"link":42},"Articles","\u002Farticles",{"label":44,"link":45},"Vidéos","\u002Fvideos",{"label":47,"link":48},"Lexique","\u002Flexique",{"logo":50,"text":52,"lexiconTitle":47,"lexiconWords":53,"pinnedFolders":115},{"_type":6,"asset":51},{"_ref":31,"_type":9},"Comprendre l’économie et les marchés financiers pour mieux gérer votre épargne.",[54,66,77,88,99],{"id":55,"slug":56,"releaseDate":57,"title":58,"type":59,"question":60,"definition":61,"video":62,"cover":63},"prismic.lexicon.ZR2HUxIAACUAuPcT","desinflation",["Date","2026-08-27T21:34:11.053Z"],"Désinflation","lexicon","Qu'est-ce que la désinflation 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n°04 – L’effet de disposition","article","On vend trop vite ce qui monte, et on garde trop longtemps ce qui baisse.",{"_type":6,"asset":141},{"_ref":142,"_type":9},"image-f9ce1d28b8e430518ebbf5f4cb615e28b74f6a7d-1000x1000-png","#784D7C",[],["Date","2026-08-27T08:05:00.000Z"],[147,158,168,177,186,194,202,209,217,225,233,240,248,256,264,271,279,287,295,302,310,318,326,334,342,350,358,366],{"_key":148,"_type":149,"children":150,"markDefs":156,"style":157},"b29e07b71c37","block",[151],{"_key":152,"_type":153,"marks":154,"text":137},"c4b4ba9519c6","span",[155],"strong",[],"h1",{"_key":159,"_type":149,"children":160,"markDefs":166,"style":167},"b92babf05fa8",[161],{"_key":162,"_type":153,"marks":163,"text":165},"ef4fe81d12e7",[164],"em","Hersh Shefrin & Meir Statman",[],"h4",{"_key":169,"_type":149,"children":170,"markDefs":175,"style":176},"69f6e5bc3f6f",[171],{"_key":172,"_type":153,"marks":173,"text":174},"9d032293bf0a",[],"",[],"normal",{"_key":178,"_type":149,"children":179,"markDefs":184,"style":185},"eef96a3408d7",[180],{"_key":181,"_type":153,"marks":182,"text":183},"4bff1d411c04",[155],"Un paradoxe très documenté",[],"h3",{"_key":187,"_type":149,"children":188,"markDefs":193,"style":176},"25ba387f3785",[189],{"_key":190,"_type":153,"marks":191,"text":192},"86a84158dece",[],"En 1985, les chercheurs Hersh Shefrin et Meir Statman publient une étude qui met en lumière l’un des comportements les plus contre-intuitifs de l’investisseur : on vend trop vite ce qui monte, et on garde trop longtemps ce qui baisse.",[],{"_key":195,"_type":149,"children":196,"markDefs":201,"style":176},"84424c78c3f1",[197],{"_key":198,"_type":153,"marks":199,"text":200},"e2b553b9cf6e",[],"Ce comportement, ils l’appellent l’effet de disposition. Il n’est pas le fruit du hasard ou d’une mauvaise stratégie consciente. C’est la combinaison de deux mécanismes psychologiques qui se renforcent mutuellement : le désir de ressentir la satisfaction d’un gain réalisé, et la résistance à officialiser une perte. Des lecteurs de cette série reconnaîtront ici l’aversion à la perte, décrite dans le premier épisode, à l’œuvre dans un contexte très précis.",[],{"_key":203,"_type":149,"children":204,"markDefs":208,"style":176},"b48c1d4bc762",[205],{"_key":206,"_type":153,"marks":207,"text":174},"c01b593ff3c9",[],[],{"_key":210,"_type":149,"children":211,"markDefs":216,"style":185},"f807ce2c0134",[212],{"_key":213,"_type":153,"marks":214,"text":215},"a15706669d93",[155],"Vendre les gagnants trop tôt",[],{"_key":218,"_type":149,"children":219,"markDefs":224,"style":176},"4563965d3196",[220],{"_key":221,"_type":153,"marks":222,"text":223},"6b3cdfa3a7ad",[],"Quand un placement progresse, une pression psychologique s’installe rapidement. Et si ça redescendait ? Et si c’était le bon moment pour encaisser ? Cette anxiété pousse l’investisseur à sécuriser son gain avant qu’il ne disparaisse, même quand rien dans les fondamentaux de l’actif ne justifie de vendre.",[],{"_key":226,"_type":149,"children":227,"markDefs":232,"style":176},"8c46319cf133",[228],{"_key":229,"_type":153,"marks":230,"text":231},"737d49dc6bf6",[],"Le résultat est une tendance à couper court aux placements performants, parfois bien avant qu’ils aient atteint leur potentiel. On encaisse une plus-value modeste, on se félicite d’avoir eu raison, et on passe à côté d’une partie de la valorisation.",[],{"_key":234,"_type":149,"children":235,"markDefs":239,"style":176},"cfdb6ed314fd",[236],{"_key":237,"_type":153,"marks":238,"text":174},"bdedb72358e3",[],[],{"_key":241,"_type":149,"children":242,"markDefs":247,"style":185},"9698625f199a",[243],{"_key":244,"_type":153,"marks":245,"text":246},"3d8fef26f2c6",[155],"Garder les perdants trop longtemps",[],{"_key":249,"_type":149,"children":250,"markDefs":255,"style":176},"dfde18ad5d81",[251],{"_key":252,"_type":153,"marks":253,"text":254},"4589f56edb5c",[],"À l’inverse, quand un placement recule, la même mécanique produit l’effet opposé. Vendre, c’est transformer une perte latente en perte réelle. Tant qu’on n’a pas vendu, la perte reste théorique, et l’espoir d’un rebond reste intact.",[],{"_key":257,"_type":149,"children":258,"markDefs":263,"style":176},"b19ae292efa6",[259],{"_key":260,"_type":153,"marks":261,"text":262},"93723543b061",[],"Ce mécanisme conduit à conserver des positions en déclin bien au-delà du raisonnable, non pas parce qu’une analyse objective le justifie, mais parce que la douleur psychologique liée à la réalisation de la perte est trop forte. Le capital reste immobilisé dans des actifs sous-performants, pendant que d’autres opportunités passent.",[],{"_key":265,"_type":149,"children":266,"markDefs":270,"style":176},"1f5a8311b1ec",[267],{"_key":268,"_type":153,"marks":269,"text":174},"6c70756b9181",[],[],{"_key":272,"_type":149,"children":273,"markDefs":278,"style":185},"8d4a084aa890",[274],{"_key":275,"_type":153,"marks":276,"text":277},"86c01cce63ef",[155],"L’asymétrie qui coûte cher",[],{"_key":280,"_type":149,"children":281,"markDefs":286,"style":176},"1ab1d9edaf33",[282],{"_key":283,"_type":153,"marks":284,"text":285},"b0babe26009c",[],"Pris ensemble, ces deux comportements créent une asymétrie particulièrement coûteuse. On se prive de la pleine valorisation des actifs qui performent, et on supporte trop longtemps le poids de ceux qui déclinent.",[],{"_key":288,"_type":149,"children":289,"markDefs":294,"style":176},"6f1317f37496",[290],{"_key":291,"_type":153,"marks":292,"text":293},"7cf66f0b8cb2",[],"Sur le plan fiscal, cette asymétrie a également un coût concret. Dans de nombreux systèmes fiscaux, les plus-values réalisées sont imposables. En vendant trop tôt les gagnants, on déclenche une imposition qui aurait pu être différée. Et en conservant les perdants, on renonce à des moins-values qui auraient pu être utilisées pour compenser fiscalement d’autres gains.",[],{"_key":296,"_type":149,"children":297,"markDefs":301,"style":176},"fedcc648cfa5",[298],{"_key":299,"_type":153,"marks":300,"text":174},"f34e34c1b6d4",[],[],{"_key":303,"_type":149,"children":304,"markDefs":309,"style":185},"e6523538f8ea",[305],{"_key":306,"_type":153,"marks":307,"text":308},"6b1efea4c9b9",[155],"Se connaître ne suffit pas, mais ça aide",[],{"_key":311,"_type":149,"children":312,"markDefs":317,"style":176},"6cdbe1dd0c30",[313],{"_key":314,"_type":153,"marks":315,"text":316},"c19b1ccaa1a0",[],"Shefrin et Statman eux-mêmes notent que l’effet de disposition ne disparaît pas avec l’expérience. Des investisseurs chevronnés y sont soumis, même s’ils en sont conscients.",[],{"_key":319,"_type":149,"children":320,"markDefs":325,"style":176},"9cddd48da3db",[321],{"_key":322,"_type":153,"marks":323,"text":324},"f67695bfaa73",[],"Ce qui change avec la conscience du biais, c’est la qualité des questions qu’on se pose avant d’agir. Est-ce que je vends parce que l’analyse le justifie, ou parce que j’ai peur de voir le gain s’évaporer ? Est-ce que je conserve parce que je crois encore dans cet actif, ou parce que je ne veux pas admettre une erreur ?",[],{"_key":327,"_type":149,"children":328,"markDefs":333,"style":176},"11b9f6ee6c00",[329],{"_key":330,"_type":153,"marks":331,"text":332},"eb4d3318f4af",[],"Deux questions simples. Mais qui peuvent changer significativement la nature d’une décision.",[],{"_key":335,"_type":149,"children":336,"markDefs":341,"style":176},"1827aafa22e2",[337],{"_key":338,"_type":153,"marks":339,"text":340},"8f020a3fabd3",[164],"Les analyses et les opinions mentionnées représentent le point de vue de l'auteur. Elles ont été émises le 6 août 2026 et sont susceptibles d'évoluer. Elles ne sauraient être interprétées comme possédant une quelconque valeur contractuelle. Les références à des valeurs mobilières, des secteurs ou des marchés spécifiques dans le présent document ne constituent en aucun cas un conseil en investissement, une recommandation ou une sollicitation d'achat ou de vente de valeurs mobilières, ou une offre de services. Tout investissement comporte des risques, y compris le risque de perte en capital. Les performances passées ne préjugent pas des performances futures.",[],{"_key":343,"_type":149,"children":344,"markDefs":349,"style":176},"8b307b4e2295",[345],{"_key":346,"_type":153,"marks":347,"text":348},"969ac44dc4a5",[155],"Sources",[],{"_key":351,"_type":149,"children":352,"markDefs":357,"style":176},"ecf00445e047",[353],{"_key":354,"_type":153,"marks":355,"text":356},"316499df593d",[164],"Shefrin, H. & Statman, M. (1985). The Disposition to Sell Winners Too Early and Ride Losers Too Long. Journal of Finance, 40(3), 777–790.",[],{"_key":359,"_type":149,"children":360,"markDefs":365,"style":176},"67f9d8f21e61",[361],{"_key":362,"_type":153,"marks":363,"text":364},"4a627ed55b9e",[164],"Odean, T. (1998). Are Investors Reluctant to Realize Their Losses? Journal of Finance, 53(5), 1775–1798.",[],{"_key":367,"_type":149,"children":368,"markDefs":373,"style":176},"810aa645b78d",[369],{"_key":370,"_type":153,"marks":371,"text":372},"55d79abb376a",[164],"Kahneman, D. (2011). Thinking, Fast and Slow. Farrar, Straus and Giroux.",[],[375,386,396,406,415,425,435,444],{"id":376,"slug":377,"title":378,"type":138,"headline":379,"image":380,"color":383,"folders":384,"date":385,"metaDescription":-1,"content":-1},"06588ee5-5e1d-413a-a6b6-f79fcabd6d8f","les-trois-actualites-de-la-semaine-au-20-08-2026","Les trois actualités de la semaine au 20.08.2026","Cette semaine, c'est la dette qui est à l'honneur : records en France et Outre-Atlantique, la tech et le budget sont dans l'impasse. Pendant ce temps, l'or se dore la pilule.",{"_type":6,"asset":381},{"_ref":382,"_type":9},"image-6a54ed1849552f71114dc0aadee662af30f1f114-1000x1000-png","#46665D",[],["Date","2026-08-20T09:22:00.000Z"],{"id":387,"slug":388,"title":389,"type":138,"headline":390,"image":391,"color":143,"folders":394,"date":395,"metaDescription":-1,"content":-1},"02347960-645b-4f76-960b-ab2c1a0c7e41","les-trois-actualites-de-la-semaine-au-16-07-2026","Les trois actualités de la semaine au 16.07.2026","Retour en force des small caps aux États-Unis, faillites des entreprises toujours nombreuses en France, et nouvelle salve de droits de douane américains direction le Brésil.",{"_type":6,"asset":392},{"_ref":393,"_type":9},"image-663434c2ac11d45174c568bfee34459d4c3a0f03-1000x1000-png",[],["Date","2026-07-16T13:38:00.000Z"],{"id":397,"slug":398,"title":399,"type":138,"headline":400,"image":401,"color":383,"folders":404,"date":405,"metaDescription":-1,"content":-1},"0da32f0b-4b69-43ee-acf1-eddfc788409d","marches-emergents-et-si-le-centre-de-gravite-se-deplacait","Marchés émergents : et si le centre de gravité se déplaçait ? ","Longtemps relégués au rang de placements exotiques et risqués, les marchés émergents reviennent sur le devant de la scène.",{"_type":6,"asset":402},{"_ref":403,"_type":9},"image-5670c1458cc1302411a9b6593d2b63705779fa30-1200x1200-heif",[],["Date","2026-06-15T15:51:00.000Z"],{"id":407,"slug":408,"title":409,"type":138,"headline":410,"image":411,"color":143,"folders":413,"date":414,"metaDescription":-1,"content":-1},"009a7ac3-8d37-41e4-9f26-994fbbe155bf","les-trois-actualites-de-la-semaine-au-13-05-2026","Les trois actualités de la semaine au 13.05.2026 ","Les records tombent cette semaine : les bourses mondiales sont en forme malgré la crise pétrolière, tandis que celle de nature politique au Royaume-Uni fait hausser le gilt. Pour ce qui est du crédit privé Outre-Atlantique, retour à la normale.",{"_type":6,"asset":412},{"_ref":393,"_type":9},[],["Date","2026-05-13T12:41:00.000Z"],{"id":416,"slug":417,"title":418,"type":138,"headline":419,"image":420,"color":383,"folders":423,"date":424,"metaDescription":-1,"content":-1},"081973d9-1ce5-4ed5-a7f9-0bf444cfcff1","les-trois-actualites-de-la-semaine-au-29-04-2026","Les trois actualités de la semaine au 29.04.2026 ","Nouveau bouleversement pétrolier : les Émirats Arabes Unis quittent l'Opep ! Cela voudra sûrement dire statu quo pour les banques centrales jusqu'à nouvel ordre. Bizarrement, les entreprises européenne résistent au conflit.",{"_type":6,"asset":421},{"_ref":422,"_type":9},"image-acecddc46ba79a4bc05699f4875d07dd0282f65d-1000x1000-png",[],["Date","2026-04-29T08:12:00.000Z"],{"id":426,"slug":427,"title":428,"type":138,"headline":429,"image":430,"color":143,"folders":433,"date":434,"metaDescription":-1,"content":-1},"12217857-134b-4691-aad1-358afa05a97c","les-trois-actualites-de-la-semaine-au-23-04-2026","Les trois actualités de la semaine au 23.04.2026 ","Regain d'optimisme de la bourse New Yorkaise malgré une situation toujours tendue en Iran, qui n'en finit pas de faire hausser les prix de passage du Canal de Panama. Pendant ce temps là, les semi-conducteurs font renouer la croissance sud-Coréenne avec les sommets. ",{"_type":6,"asset":431},{"_ref":432,"_type":9},"image-30da8ea19e9f379cddccef5c5ab519d9d44712c3-1000x1000-png",[],["Date","2026-04-23T14:31:00.000Z"],{"id":436,"slug":437,"title":438,"type":138,"headline":438,"image":439,"color":143,"folders":442,"date":443,"metaDescription":-1,"content":-1},"08c9c52b-feba-4083-91f0-858b7561fbc3","focus-sur-les-marches-emergents-quelles-perspectives-pour-2026","Focus sur les marchés émergents : Quelles perspectives pour 2026 ?",{"_type":6,"asset":440},{"_ref":441,"_type":9},"image-abddffed075143827900aa0108b17ec3348118d1-2327x2305-png",[],["Date","2026-01-19T13:22:00.000Z"],{"id":445,"slug":446,"title":447,"type":138,"headline":448,"image":449,"color":143,"folders":452,"date":453,"metaDescription":-1,"content":-1},"1401ecf2-9d88-4b34-abba-26ed842ec172","les-trois-actualites-de-la-semaine-au-08-01-2026","Les trois actualités de la semaine au 08.01.2026",null,{"_type":6,"asset":450},{"_ref":451,"_type":9},"image-5ae9fc87a6c423f973444ef56de91fa5262894ab-1000x1000-png",[],["Date","2026-01-09T10:11:00.000Z"]]