Matt McLennan on Business Insider

At First Eagle, we acknowledge that we don't have a crystal ball that lets us predict the next 12 months or 18 months with specificity. But what I will say in general is that there is an absence of obvious bargains bottom up. There are some sectors and companies here and there where we see opportunities, but the market itself is not presenting a lot of bargains, and we are primarily bottom-up investors.

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