ENGLISH VERSION
10-year Bund keeps widening and has now reached the fateful threshold of 105-110 basis points, a level not seen since the eurozone crisis of 2012. The markets’ message on politically risky assets is becoming crystal clear: avoid them! In this context, it is hard to generate performance outside the oil sector and US tech stocks. Corporate bonds( crossover credit) and sovereign bonds issued by emerging states can act as a safety valve for performance, albeit with some volatility. However, they are not immune to systemic risks, the main one being, at present, the weakening of global growth under the battering-ram blows of energy prices and interest rates. For now, the scenario of global GDP growth going off the rails has not yet taken shape. Economic gerontocracies born of demographic ageing( the great slowdown) are facing structural behavioural changes from a socio-economic point of view. Overdeveloped and ageing countries are moving from being fast, mass-production economies to sluggish, slow consumption economies. Identifying the sectors and models that will benefit is surely one of the major challenges facing investors today.
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“ THE RACING WORLD IS THE BEST MANAGEMENT SCHOOL I’ VE BEEN THROUGH IN 35 YEARS” – PIERRE PILARSKI.
STRATEGY AND MANAGEMENT: PEOPLE AT THE HEART OF A COMPANY’ S COMPETITIVENESS
BY CATHERINE LAUREAU
Competitiveness never rests on a single factor. However effective it may be, a range of products or services is not enough, on its own, to ensure the profitability and longterm future of an industrial or commercial business. You also need to make the right strategic choices, master your resources and know how to mobilise your teams by putting human relationships first, while showing courage and boldness. Drawing on experience previously gained within international groups, the consultancy has relied on this global vision to support business leaders for 20 years. It helps them innovate and build a profitable business model, but also act on every dimension that creates value. Because lasting performance is not built solely on a good offering: it is also built with women and men, an efficient organisation and management capable of setting the course.
FROM THE STABLE TO THE COMMERCIAL BUSINESS, AN EXPERIENCE THAT SPURS PEOPLE ON Marketing on Demand met Pierre Pilarski, a man who has successfully combined business and the horse world, an inspiring role model as both a company boss and the head of a racing stable. Through his testimony, Pierre Pilarski shares his experience, his vision and the key success factors of a style of management that leads to victory.“ A McDonald’ s franchisee for 35 years, I run 5 restaurants and manage nearly 300 employees in the cross-border Greater Geneva area. With my son Hugo, we run a stable of around 60 racehorses, including 30 youngsters in training. We also have interests in a few broodmares and a very fine breeding operation of sport horses for show jumping. In the trotting world, we have been lucky enough to cross paths with Bold Eagle and Face Time Bourbon, who won four Prix d’ Amérique between them. In thoroughbred racing, jump racing has also given us wins at Classic level, with Feu Follet, and more recently Léopard du Berlais. People often ask me why I do all this. Because beyond the passion, which is priceless, it’ s probably the best business leadership school I’ ve ever been to. With a stable, you can’ t cheat. Living creatures throw reality back“ in your face” very quickly.
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