Pourquoi les économistes se trompent tous | le système est truqué !

The speaker begins by questioning the concept of meritocracy, particularly in the French context, using his personal experience as an example. He contrasts his earnings as a teacher in France with his current financial success, highlighting his journey from Morocco with no privileged background. He recounts his struggles in France, his belief in the meritocratic ideal – that hard work and good education lead to social mobility – and his subsequent disillusionment. After obtaining a prestigious teaching position as an *agrégé* (a highly competitive teaching qualification in France), he found himself earning a meager €1400 net per month, a salary he deemed insufficient given the difficulty of the exam and the challenging environments he worked in, such as schools in disadvantaged suburbs. He describes the daily struggles, including dealing with aggressive students, and questions whether France was truly utilizing his potential and the public funds invested in his education. A significant concern for him was the difficulty of escaping the "poverty trap," especially in Paris, where acquiring housing is extremely challenging without a high salary. He states that 60-70% of property owners in Paris are inheritors, not individuals who started from scratch. As an *agrégé*, he felt he would never be able to afford housing and would always struggle financially. This led him to believe that the promise of meritocracy was a "scam." He elaborates on this by observing that many who achieve prestigious qualifications like the *agrégation* or gain admission to elite institutions like Polytechnique or medical schools often come from families where parents hold similar positions or have inherited wealth. He reiterates that this is not a criticism of individuals but rather a critique of the narrative of meritocracy that is sold to the public. His personal "wake-up call" came when he nearly died. After a prolonged wait in emergency services and subsequent hospitalization, he was diagnosed with a congenital heart condition. This near-death experience, coupled with his perceived lack of progress despite his hard work, was a turning point. He decided he did not want to live that life and that he was fortunate to have had this realization. He criticizes those who judge his choices, particularly those who are financially secure and offer unsolicited advice without having experienced similar struggles. He explains his path to financial success by emphasizing the need to escape the "rat race." He realized that remaining in a conventional career, even a prestigious one like an *agrégé*, would not lead to financial independence or security, especially without inherited wealth. He outlines a three-pronged approach: 1. **Creating a Business:** He advocates for building a business as an accelerator for success. This involves identifying one's strengths and skills, and then monetizing them. He emphasizes continuous learning, unlearning limiting beliefs about money, and shifting one's mindset. He notes that he started with nothing, even being broke when he left France. 2. **Increasing Income:** This can be achieved either by maximizing earnings as an employee and saving, or by pursuing additional income streams. He used his background as an *agrégé* and his expertise in finance to write books, appear on television, and give lectures, which generated income often exceeding his teaching salary. 3. **Investing:** He stresses the importance of investing money wisely, whether in the stock market, real estate, or other assets one understands. He highlights the power of compound interest and the goal of generating passive income that is independent of one's labor. He explains that he no longer needs to work out of financial necessity but chooses to do so for personal fulfillment and a desire to contribute. He clarifies that his advice is not universal and that leaving France or pursuing entrepreneurship may not be the right path for everyone. He emphasizes that individual circumstances and choices are paramount and that comparing oneself to others is counterproductive. He likens financial success to a marathon, requiring time, energy, and sustained effort. Regarding investment, he dismisses the focus on economic forecasts and "gurus," advocating for a disciplined, method-based approach. He points to the performance of his own investment fund, Alpha Zen, which achieved significant returns despite a challenging global economic climate, attributing this success to a consistent strategy rather than trying to predict market movements or understand complex macroeconomic factors. He quotes Nobel laureate Paul Krugman, who stated that economists are poor speculators and that one should not rely on them for investment advice. He differentiates between the global economy, which he describes as "rotten" with high debt and inflation, and the stock market, which he believes operates independently. He illustrates his investment strategy using his own portfolio, which involves automated systems based on market anomalies like momentum. He emphasizes diversification, various strategies (long and short), and the use of technical rules rather than fundamental analysis, even ignoring company-specific results. He believes this systematic approach removes emotional bias and the noise of expert opinions, focusing instead on market behavior. Returning to the theme of meritocracy, he asserts that in France, it has largely been replaced by privilege and connections. He notes that a high percentage of students at elite institutions like Polytechnique come from upper socioeconomic backgrounds, not necessarily because they lack merit, but because they benefit from inherited advantages. He contrasts his own background, where his parents were not intellectuals, with that of individuals from families of engineers or academics, who start with a significant head start. He acknowledges that his own daughter will benefit from advantages he lacked, having struggled for years. He criticizes generalizations about people who leave France, arguing that such decisions are often driven by a need to escape difficult circumstances. He recounts his own departure from France, leaving with very little money, driven by a desire for a better life after his near-death experience and his dissatisfaction with his teaching job. He emphasizes that he had "nothing to lose." He advocates for pragmatic choices, suggesting that if opportunities for greater financial gain and saving exist elsewhere, such as in Switzerland, one should pursue them. He asserts that in times of hardship, individuals are ultimately alone, and those who offer advice from the sidelines are unlikely to provide support. He recommends his book, "Agir" (Act), as a testament to his journey of overcoming adversity. He clarifies that his success is relative to his starting point and that comparing oneself to figures like Elon Musk is unrealistic. He believes that had he stayed in France, he would likely still be struggling. He acknowledges the lack of a pension but dismisses it as a concern, having planned for his own retirement. He reiterates his dislike for generalizations and emphasizes that everyone has different starting points and opportunities. He firmly states that the concept of meritocracy is worthless in France, especially for those who start with nothing. He believes he would have succeeded more quickly in countries like the United States or the UK, not because he lacks merit, but because he is a "killer" – someone driven and determined. He points out that France has a higher percentage of inherited wealth compared to the US, making it more difficult for those without inherited advantages to succeed. He shares an anecdote about a friend from an affluent background whose parents held influential positions and whose godfather was a prominent politician. This friend, despite being a teacher, lived in a luxurious apartment in an upscale Parisian neighborhood, clearly not funded by his teaching salary, highlighting the role of inheritance and connections. He concludes that if one lives in such luxury as a teacher, it is due to inheritance, not merit. While he loves teaching and is grateful for the opportunities France provided, including free education and supportive professors, he acknowledges the limitations of the French job market, characterized by nepotism and a caste system that makes it difficult for individuals starting from scratch to advance. He hopes the audience enjoyed the video and encourages them to like and share it.