The price of gold has risen considerably over the past two years as real interest rates—to which the price of gold has historically been inversely related—have cratered.
While growth has outperformed value significantly since the global financial crisis, the two styles have traded leadership in recent decades and value has dominated over the long term.
At First Eagle, we subscribe to a notion once put forth by renowned investor Warren Buffet: “Price is what you pay; value is what you get.” By first defining the fundamental character of a business
While growth stocks have continued to outperform, their market values in most cases have increased at a far greater rate than their revenue and cash flow.
Though China fell into the first economic contraction in its modern history as a result of the Covid-19 pandemic, it has rebounded markedly and looks poised to be one of the few countries to post G