Charles de Vaulx

Posted by: Pro

Updated:
04.15.07
Views:
User Rating:
3.78/9
TheStreet Rating:
B+
RATE NOW
Log in to rate this portfolio
Follow
Log in to follow

Description:

Charles de Vaulx is a classic long term value investor who is chief investment officer of the Arnhold and S. Bleichroeder Advisers and also manages the First Eagle Funds, whose flagship fund -- the First Eagle Global Fund -- has returned 15% annually since its inception in the seventies.

In a recent interview with Barronâ€™s Online, de Vaulx had this to say about the equity markets in 2007:

â€œWe have no clue. As value investors, we have a view as to how cheap or expensive either an entire market or some subsets are. But valuation alone has very little predictive power short term as to what a market or a sector will do. Which is why when sometimes people say, "Charles you have 35% of your U.S. Value Fund in cash. It's a form of market timing. You expect the market to go down." I say, "No, it's just a reflection that I find most stocks out there to be somewhat pricey." It says nothing about what the market may or may not do in the next six months.â€