The co-founder of Tikehau Capital, the success story of French asset management, delivers his vision of the current crisis. A scathing point of view on the risks posed by the growing gap between financial markets and the real economy.

Antoine Flamarion

Tikehau Capital, which you manage, finances a number of companies. How do you see the French economy after ten months of the pandemic?

It is still too early to say. What is certain is that the “Whatever the cost” helped save the French economy. Almost all states have converted to it. In principle, there is therefore no debate. But in terms of form, I think that we could have and especially should have done differently. For businesses, in particular. We have paid tens of billions of euros in aid to companies in an undifferentiated manner. Without worrying about their shareholder situation in particular. However, there is a big difference between an independent, a VSE or an SME owned by its founder and an ETI or a large group controlled by shareholders with deep pockets who have taken a shareholder risk and must assume it.