First Eagle's Jean-Marie Eveillard: "I Never Expected To Be Happy Every Day."VW Staff
Consuelo Mack WealthTrack‘s exclusive interview with legendary value investor Jean-Marie Eveillard, Senior Advisor at First Eagle Funds, premieres nationwide beginning TOMORROW, Friday, February 6 at 7:30 p.m. on public television (check local listings**) and on wealthtrack.com.
Now that Eveillard has retired from active management at First Eagle Funds, he is able to share his personal views on investing, the markets and strategy.
Consuelo Mack WealthTrack's exclusive interview with Jean-Marie Eveillard
In this clip, Jean-Marie Eveillard comments on why there are so few true value investors, why he is one of them and why he is now holding more gold in his personal portfolio than usual (he holds more than 15% vs. First Eagle's current 10% maximum). He tells Anchor and Executive Producer Consuelo Mack that his religious upbringing in France shaped his outlook and made him a successful value investor:
Jean-Marie Eveillard: “…when I first came to New York in 1968 I was surprised at the number of people on Wall Street, including people I knew, who were seeing a psychiatrist. And once I talked to one of them who looked very normal to me and I said, ‘Why do you go to see a psychiatrist?' He said, ‘Because I'm not happy every day.' I never expected to be happy every day.”
Consuelo Mack: (laughs) “If I translate that to an investment approach, you never expected to be happy every day as an investor.”
Jean-Marie Eveillard: “That's right.”
Mack: “Therefore, you can take the pain…”
Jean-Marie Eveillard: “I can take the pain.”
Jean-Marie Eveillard: “…for me personally I don't have to account to anybody except — it's not as if I'm running other people's money. It's my own money. I have to account to my wife, but otherwise I don't have to account to anybody else, and I was always worried about mutual funds….basically you have middle class investments, money that, in essence, the owner cannot afford to lose because it's supposed to help finance children's education or retirement. I sighed a sigh of relief when I stopped being responsible because all of a sudden the burden was off my shoulders.”
Full episodes are available after each Friday's broadcast premiere at wealthtrack.com.