Following an inadvertent tilt to cyclical value stocks in 2018, we have focused on returning the portfolio to its customary position of balance, where individual stock elements may be the determinant factors in stock performance rather than the macroeconomic environment. While the economic background will always influence stocks, ideally, we look for stocks where the stories of corporate change can transcend the macroeconomic environment.
“One of the things that's important that we do a little bit differently at First Eagle, is we don't define value just in purely statistical terms."
Though the current business cycle—the longest in US history—is showing signs of age, the potential timing of and impetus for its end remain uncertain.
Conventional wisdom dictates that everyone should save as much as they can, as early as they can, for as long as they can in order to live a dignified life in retirement.
The long-simmering trade dispute between the US and China has intensified in recent days.