Who Wins in France? The Boring Business Powers Ahead

I’m in France for a short stay this week. By pure luck, I arrived after one wave of protests had just finished and before another was about to begin. The mood in the news has been mostly gloomy lately.

But in between the headlines, I stumbled upon an Economist article that points to something France rarely gets credit for: boring business excellence.

Take Danone, Orange, and Société Générale. Hardly the stuff of tech conferences, yet their share prices have risen 15%, 40%, and 100% since January—making them the best performers globally in their respective industries.

Mid-sized French firms? The MSCI index tracking them is up 15% this year, triple the CAC 40 and even outpacing the NASDAQ, despite all the AI hype.

Then there are the industrial stalwarts—EDF, Veolia, Vinci, Schneider Electric, Saint-Gobain, and Legrand. They're not flashy, but collectively, they’ve been growing, making profits, and leading their industries globally since 2019—the quiet compounding at its best.

And for those who prefer something with a shinier label: the only European AI startup with real global visibility, Mistral, is Paris-based.

So while France struggles with protests and political malaise, its “dull” companies are quietly powering ahead. Sometimes, boring is the winning strategy.

À bientôt!