Le Processus d’Investissement En Présence Du Risque : Quel Enchainement Suivre ?[The Investment Process In The Presence On Risk : Choosing A Sequence]

In a world characterized by the occurrence of uncontrollable and extreme events investors are often required to make decisions on the basis of the available information. The challenge they face is how to manipulate these information sets in order to get what can lead them to the optimal decision. This logical way of thinking allows us to face two major ideas. The first idea is that each one of us has his own way to see the world and his own utility function that he will try to maximize. The second is where each one seeking to maximize his utility function is intuitively constrained to minimize the risk. The means that can combine these two aims is a well-defined investment process. Through this paper work we tried to summarize around 26 years of experience of a group of traders and investment advisors. What’s common to all of them is the definition of some standardized rules that must be followed but each one can adapt them to his proper needs and preferences.