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The Persistence Of Value (w/ Jean-Marie Eveillard) | Jim Grant Series | Real Vision™

3,098 views · Published 7 August 2018 · 2:53 · Indexed 6 November 2026

Channel: Real Vision Presents · 2018 · News & Politics

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Jim Grant sits down with famed value manager Jean-Marie Eveillard, the lead portfolio manager for First Eagle Investment Management Global Value, to discuss his long track record of impressive performance, the most formative moments of his career, and his overall philosophy about the practice of value investment. 

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The Persistence Of Value (w/ Jean-Marie Eveillard) | Jim Grant Series | Real Vision™
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Transcript:
JME:It's not just that value investing makes sense, but it works over time. And the only reason why there are so few value investors is, as we were talking about before, the pain, that every now and then, it's associated with being a value investor.
JG: Michel David-Weill, the wonderful senior partner of Lazard Freres-- I knew him when he was in New York, I'm not sure if he's still or not. But once, I heard him say, with a Gallic shrug, he said, "Sometimes you have a bad decade." I so love that, the wisdom in that and the acceptance of the slings and arrows in the marketplace. I think a bad decade is a long time to wait for most mutual fund managers. But certainly, one can have a very bumpy three and five years. In your view, it takes five years for some stories to work out.  
JME: It can take more.
JG: Yeah. OK, I know that you are not actively investing professionally now. But you certainly have your mind on the market, and you certainly are paying deep attention to it. Tell me about the opportunities that you see as a value investor would see them. Are things cheap enough to interest you?
JME: Let me put it this way. I've been in the investment business-- not to show my age-- 55 years, since September 1, 1962, when I had just graduated from French business school. And I joined a French banc to do security analysis. And in 55 years, I saw only one case where I thought I might look at 75 stocks, I will not buy any.
JG: What year was that?
JME: Only one case, it was 1989 in Tokyo, late 1989 in Tokyo. Otherwise, either after several years of a bull market, there are very few opportunities. And conversely, after several years of a bear market, there are more opportunities. But with the exception of Tokyo in '89, there were always-- all right, to my mind, there were always opportunities.

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