Jean-Marie Eveillard protege and former manager with First Eagle Funds, Charles De Vaulx, recently spoke to Bloomberg about value investing. Mr. De Vaulx recently opened a new fund called International Value Advisors. The video of his interview can be found here.
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Over the past few weeks, more than a few successful long-term investors have claimed that the stock market contains some of the best values they have seen in their careers. Among these SuperInvestors are Warren Buffett, Marty Whitman, Jean-Marie Eveillard, Bruce Berkowitz, and Bill Ackman to name just a few. Two quick thoughts:
First, I love to see stories like this one from Doug Kass. It seems to me that people beginning to wonder whether Warren Buffett has ‘lost his groove’ is a strong indicator that we are in the midst of a serious dislocation in the market. The last time I remember seeing such stories was in the late 1990’s during the internet bubble. I guess we won’t know whether Buffett has lost his touch until 5 or 10 years from now. However, Warren Buffett’s ability to sit back and filter out this noise is, in my opinion, one of his greatest attributes.
Second, if there are so many undervalued businesses out there, what should we be looking for? Professor Bruce Greenwald provides some insight to this question in his interview with US News and World Reports. A great read from my favorite professor.