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The program also provided an opportunity to highlight a key financial figure. This week’s figure is the forecast for average earnings growth among S&P 500 companies over the next three quarters, with growth expected to exceed 20 percent year-over-year in each quarter—an exceptional trend. 

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David also took the opportunity to highlight the case of Microsoft, whose stock price has fallen 22% since the beginning of the year, trading at a P/E ratio of 23x—well below the U.S. market average of 28x—and with significant upside potential. 

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David also shared an interesting statistic regarding the amount spent by major U.S. tech companies in Q4 2025 on share buybacks, which was at its lowest level since 2018. AI is forcing shareholders to tighten their belts. 

On Wednesday, December 17, David was a guest on Guillaume Sommerer’s show to take stock of a more turbulent end to the year—one that, however, does not significantly detract from the markets’ strong performance in 2025. Among the topics covered was the progress of AI in China. 

The term “comet”—a celestial body with a bright nucleus and a gaseous tail—is a perfect fit for the 2025 stock market year. Different regions took turns shining: Europe at the start of the year, followed by the U.S. with a spectacular rebound beginning in the spring, and finally the strong surge in Asian markets. 

David Gaud was a guest on Guillaume Sommerer’s BFM Bourse show on October 22, along with Thibault Prebay, an author and independent economist. They discussed the strong start to corporate earnings season, the U.S. government shutdown, and the issues at stake at the 2025 Plenum, which is set to begin in China. 

Inflation or trade wars sometimes steal the spotlight from sovereign and quasi-sovereign debt. Yet the latter is an enduring topic that is increasingly returning to the forefront of macroeconomic and financial discussions. It is a central factor in asset allocation decisions, geographic choices, and currency behavior. It is therefore essential to fully assess this issue for any long-term private wealth management strategy.

Issu d’une lignée de pharmaciens Lyonnais, Benjamin Durand se caractérise d’abord par son optimisme, son dynamisme et son honnêteté intellectuelle. Passionné par le patrimoine et la famille, son goût pour l’échange, sa curiosité, son intérêt pour la finance, l’immobilier et l’entreprise l’amènent à la gestion de fortune, une manière pour lui d’accompagner les autres dans la construction de leur patrimoine familial. 

Below we outline the key points regarding the ongoing market correction, triggered by Donald Trump’s radical decision to impose import tariffs.

Vincent Touraine invited David to appear on his show, “BFM Bourse,” yesterday, along with Amélie Dérambure of Amundi. The discussion focused on the U.S. economic situation and the goals and impacts of Trump’s policies. Encouraging signs from other parts of the world—China, Japan, and Europe in particular—were highlighted. The outlook for global growth in 2025 remains positive, and investment opportunities persist.

David was a guest on Laure Closier’s show “Good Morning Business” this morning to discuss the economic standoff between the United States and China and the measures China has taken to counter export taxes. While there were no dramatic measures, there was a series of diverse and concrete steps that, taken together, could help achieve the 2025 GDP growth target of 5 percent. 

The market rally at the start of the year and the disparities among sectors present both a challenge and an opportunity.

David was a guest on Guillaume Sommerer’s “Club de la Bourse” show on BFM Business yesterday, alongside Amélie Dérambure of Amundi. The discussion focused on the slowdown in U.S. tech stocks, the rebound in European markets, and China’s outperformance over the past year—even relative to gold. Investment opportunities in the banking and telecommunications sectors were highlighted.

The "Data" segment of the Stock Market Club features our selection of the 19% figure, which represents the year-over-year earnings growth in Q4 2024 for the "Magnificent Seven" compared to the average of S&P companies. While this figure remains impressive, it is the lowest in two years. According to the consensus, it is expected to decline further, reaching an average of just 6% in 2025.

Il débute sa carrière à Londres comme Trader sur les dérivés actions d’abord chez BNP Paribas puis chez JP Morgan. De retour à Paris, il rejoint le groupe Edmond de Rothschild. Il développe l’Asset Management, et met sa connaissance des marchés financiers au service des nombreux clients de la Banque, qu’il conseille au quotidien sur leurs allocations d’actifs.

The Club de la Bourse’s “Dataroom” segment discussed the estimated median amount of $1.4 trillion that, in the U.S., could shift from money market funds and time deposit accounts to higher-yielding asset classes such as stocks, bonds, real estate, and cryptocurrencies by 2025, bringing new liquidity to the markets.

The diversity of geographic regions and their trajectories makes it possible to remain invested in the next phase of the financial markets.

Les Données Personnelles de l’Utilisateur peuvent être traitées par des filiales de B. Durand Capital Partners et des sous-traitants (prestataires de services), exclusivement afin de réaliser les finalités de la présente politique.

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B. Durand Capital Partners s’engage à prendre toutes les précautions nécessaires afin de préserver la sécurité des Informations et notamment qu’elles ne soient pas communiquées à des personnes non autorisées. Cependant, si un incident impactant l’intégrité ou la confidentialité des Informations du Client est portée à la connaissance de B. Durand Capital Partners celle-ci devra dans les meilleurs délais informer le Client et lui communiquer les mesures de corrections prises. Par ailleurs B. Durand Capital Partners ne collecte aucune « données sensibles ».

David Gaud, our partner and CIO, discussed the market’s performance at the start of the new trading season, the stocks benefiting from lower interest rates, and what to expect from Nvidia’s earnings report on the BFM Bourse program, where he was a guest of Guillaume Sommerer.

L'internaute reconnaît que l'utilisation du site est régie par la loi française et relève de la compétence des juges français.

It’s just a second-floor apartment in a Haussmann-style building in Paris’s 8th arrondissement, but that says it all about B. Durand Capital Partners’ positioning.

The U.S. saga, falling interest rates in Europe, the rise of the female consumer, the faces of contemporary art, and trends to watch.

David was a guest on BFM Bourse yesterday. The significant upward revision to U.S. GDP growth for 2024, first-quarter corporate earnings, the recommendation to take partial profits on gold, the buy recommendation on uranium and copper, and the light at the end of the tunnel for the semiconductor supply chain were the topics discussed with Guillaume Sommerer and Emmanuel Sales.

Bitcoin, AI, and asset allocation are on the agenda for the BFM Bourse program hosted by Guillaume Sommerer, featuring David, our CIO, and François Dossou of Sienna IM.

A segment from BFM Business’s “Dataroom,” a new segment focused on a key figure. It allows David to present the key points about the Japanese stock market, which is currently experiencing a resurgence (in the second half of the video).

The surprisingly strong performance of the markets, the absence of a global recession, and the rise in the risk-free rate in 2023 are all factors that make it difficult to formulate a outlook for 2024.

David Gaud was a guest on BFM Business’s “Debrief,” where he discussed inflation having peaked, trends in energy and oil prices for the coming months, and, finally, a look back at the 30th anniversary of the Maastricht Treaty—a treaty adopted under difficult circumstances but whose positive contributions today are undeniable.

The tragedies resulting from the loss of life in the mounting armed conflicts have global repercussions on activities, beliefs, and outlooks.

As the number of company sales increases, more and more startup founders are turning to firms that manage their entire net worth.

David Gaud was a guest on Guillaume Sommerer’s show on BFM Bourse, where he discussed the strong performance of the U.S. economy and market, noting the disconnect between this momentum and the rest of the world, as well as the current situation in the commodities market.

We take a look back at a financial summer that’s dragging on; the structural upheavals that AI will bring have not gone unnoticed by financial markets and economic analysts; tax considerations regarding real estate; and our selection of vacation homes!

David Gaud participait à l'émission de Guillaume Sommerer sur BFM Business dont le programme était la baisse des prix à la production, les perspectives marchés à court et long terme, les bénéficiaires des tensions géopolitiques et la faiblesse du rebond de la  Chine.

The growing importance of unlisted assets, the return of inflation, the historically high value of the dollar, and the impact of U.S. economic trends on the rest of the world. Here, we review these “pillars” of the financial markets to assess whether the rally—which has been surprising since the start of the year—will be sustainable or if it is set to end soon.

David Gaud was a guest on Guillaume Sommerer’s show on BFM Business, alongside Sophie Chauvellier, to discuss the markets’ strong performance as they relearn how to navigate an inflationary environment and the wisdom of investing amid higher borrowing costs.

Selon le baromètre OpinionWay pour l’Affo, le private equity se hisse en tête du classement des actifs préférés des familles fortunées, malgré la baisse de leurs investissements.

The market's resilience in a turbulent environment and key factors shaping future developments. 

On Tuesday, March 21, David Gaud, partner and CIO of B.Durand Capital Partners, and Thierry Le Clercq, president of Alphajet Fair Investors, discussed the U.S. government’s promise of a public guarantee on an increasing number of deposits during the BFM Bourse program hosted by Guillaume Sommerer. BFM Bourse can be watched or listened to Monday through Friday on BFM Business.

On Thursday, March 2, David Gaud, partner in charge of investments at B. Durand Capital Partners; Jean-Marc Daniel, columnist for BFM Business; and Pascale Seivy, team manager at ODDO BHF Private Bank, discussed China’s strong rebound following the lifting of COVID-restrictions, market trends, the ban on the Chinese app TikTok in the United States, and the Senior CDI program during “Le grand débrief” on the show “Good Morning Business,” hosted by Laure Closier and Stéphane Pedrazzi. "Good Morning Business" airs Monday through Friday on BFM Business.

Newsletter de janvier/février 2023 : « Horizon 360° des grandes banques privées : 2023, une bonne année ?

This morning, David Gaud, Chief Investment Officer at B. Durand Capital Partners, appeared on *Le Grand Debrief* alongside Laurent Neumann and Emmanuel Lechypre, columnists for BFM Business!

They discussed the issue of pensions and the challenges surrounding oil—which link climate change to geopolitical realities—on the show “Good Morning Business,” hosted by Laure Closier and Christophe Jakubyszyn.

En cette rentrée agitée, retrouvez les perspectives de marchés de David Gaud, Chief Investment Officer chez B. Durand Capital Partners et Gilles Guibout, responsable des actions européennes chez AXA IM sur BFM Business avec Guillaume Sommerer !

Continued rate hikes, energy prices, corporate valuations, and events to watch.

 « La macroéconomie vacille, les sociétés d’adaptent »

Retrouvez l'excellente analyse de David Gaud, Chief Investment Officer chez B. Durand Capital Partners et Kevin Thozet, membre du Comité d'Investissement de Carmignac sur BFM Business !

This document is strictly personal and confidential.

Real estate and taxes don’t mix, as the saying goes. With our twocomplementary professions—one as a real estate agent and the other as a wealth manager—wewanted, at the start of 2018—a year full of new developments in real estate and taxation—to show you that by effectively coordinating our areas of expertise, we canhelpyoumake the right decisions. This newsletter, “Your Real Estate Assets,” writtenjointly, reflects a shared commitment: to innovate in order to serve you better. 

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