Can Turtles Fly?

Thanks to Dah Hui Lau's blog (aka David) for the following reference to a Jean-Marie Eveillard interview in the August edition of Financial Advisor magazine. Jean-Marie Eveillard is a respected value manager who runs First Eagle Funds. It's worth reading about his thoughts on diverse topics, many of which are quite pertinent right now. I'll list some of the items I found insightful below (for some reason I can't seem to copy the text from that PDF document). He isn't so worried about the current boom except for the fact that it is a credit boom. He says credit booms end with credit busts. As is the case with most value managers, he says private equity competes with him and makes it harder to find opportunities. Warren Buffett has remarked on this quite often. Although this might be a bit biased given that he is a mutual fund manager, he says that hedge funds are basically money-making schemes for the managers. He wonders what's the difference between a hedge f...