market folly

We're posting notes from the London Value Investor Conference 2016.  Next up is Jean-Marie Eveillard of First Eagle.


Jean-Marie Eveillard's London Value Investor Conference Presentation

Jean Marie said the tennis player, Stan Wawrinka, has a quote from Samuel Beckett tattooed on his arm that is appropriate to investing: “Ever tried ever failed no matter. Try again fail again. Fail better!”

Much of life that is worthwhile comes hard. Investment is no different.

Temperament and not intelligence is the most important trait of a value investor. The good investor needs the temperament to move away from the herd.

Deep value stocks today – they are in countries like Brazil and Russia and you can still find net-nets in microcap stocks in Japan.  He cautioned that you can lose money in net-nets if the business turns down. Also there are no hostile takeovers in Japan. He was positive about India but less so on China. “A credit boom is a credit bust as surely as night follows day.” China will be held back by its command economy.


Be sure to check out the rest of the presentations from the London Value Investor Conference.