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According to Philippe Baillot, in wealth management, one must avoid unequivocal or rigid solutions such as funds in euros or all-real estate.
By Philippe Baillot
Philippe Baillot. Teacher at Paris-2 (Panthéon-Assas), member of the Cercle des fiscalistes.
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Aith a major war in Europe, an inflationary outbreak, a threat of a bond crash, coupled with an absence of an absolute majority in the National Assembly, wealth management is, more than ever, about driving on ice in foggy weather .
This proliferation of unknowns in heritage advice calls for the greatest humility, in accordance with the adage of Donald Rumsfeld, the former US Secretary of State for Defense: “There are known knowns… but there are also unknown unknowns – the ones we don’t know we don’t know”.
The “ignored unknowns” even constitute the essence of wealth management, due to the exceptional durations…