Begs to differ.

And on a tear they are, up 20% this year. Institutional investors don’t give a merde, moving their money to countries like Germany, Italy and Spain, which are not up 20% this year.

“It clearly shows a lack of confidence towards French companies” from these long-term investors, Mr. Hourcard said….Mr. Hourcard says some big institutional investors may be concerned that France’s economy continues to struggle, especially compared with those of its European neighbors. The European Commission forecasts French GDP growth of 1.1% for 2015, compared with 2.8% in Spain and 1.9% in Germany.

Rising Stocks Aren’t Enough to Keep Some Investors in France [WSJ MoneyBeat blog]