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Jean-Marie Eveillard, Senior Adviser, First Eagle Funds sits down for a lengthy interview with The Manual of Ideas. The interview lasts over one hour and twenty minutes. Jean-Marie Eveillard, the value investing legend, talks about a wide variety of topics. He starts off noting the differences between bottom up and top down investing. He then starts talking a bit about economics and politics.
Jean-Marie says that Keynes is brilliant, but in the end ‘was a quack.’ He believes that by the 1970s, neo-Keynesians. He thinks that politicans have promised too much and that money for all purposes is free. He notes that inflation is a creation of money and too much credit, and that the Consumer Price Index had major changes in 1980. He states that using that metric, inflation is closer to 6 or 7 percent.
Eveillard then talks about value investing in the current macro environment. He believes that the default best investment is now equities, and Ben Bernanke is pushing investors towards that asset class. Investors need to do work for bottom up, but keep an eye on China, India, Europe, Japan, The US. He thinks it is clear that the East will rise in the long term. Investors should be cognizant of this long term change.
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