The decline in financial markets is thoroughly excessive considering the situation of economies and companies

The decline in equity and credit (corporate bond) markets, the fall in risk-free long-term interest rates and the return of volatility have been spectacular since the summer of 2018. This decline and this fall are all the more spectacular in that, even if there is a growth slowdown, the global economic situation remains satisfactory, and corporate profitability is extremely high. So there is panic in financial markets, which cannot be explained by the fundamentals, and in our view this is definitely a buying opportunity.