Today, Damien Marietta, manager of equity portfolio in a large French investment bank, recommends extreme caution for 2009.

Investing in value ... is the title of a book that explains how major investors (From Graham to Buffet) select their titles. For 2009, this could be an adage.

After a chaotic year 2008 most of the valuations appear attractive. All the more reason not to rush! Must be purchased cheaply, and without focusing on the price risk of being disappointed by the "commodity".

Reason and patience are your weapons, choose any values before you understand the "business".

You certainly hear about P / E of Free Cash Flow as criteria for investment. Do not listen to the

The price of a company should not be based on any financial ratio. Do not listen to advice from your analyst, who has already provided information to many more.

Study the value. The price is low? Why? What are the prospects for growth? The value she disappointed in the past? The management of quality is it?

Regarding management, know that a bad manager can make in a bankruptcy beautiful and solid structure. But conversely, a brilliant manager is not a guarantee for a company in distress turns to gold.

There are now values whose capitalization is less than the value of their assets ... If more Elledi have a franchise, go ahead ....

Despite all this, nothing can guarantee the success of an investment, the same caution. One thing is easily quantifiable and significant: the economic future.

Today still the feeling that 2009 could be of the same ilk as 2008, when recession became a depression. So when you invest, do so with a margin of safety. "