Investing on a Fault Line
Devastating crises--geophysical, financial, and political--can happen at unpredictable junctures, but investors can endure by owning strong businesses with a margin of safety.
Morningstar.com recently went on the road to check in with some money managers, including First Eagle's Matthew McLennan. We talked about how the fund's Japanese names are holding up, valuations in overseas versus the domestic market, and also the role of gold in the First Eagle Fund portfolios.
Jason Stipp: When we last spoke in mid-March, after the Japanese disaster had occurred, you talked about the businesses that you own in Japan. You said they had a lot of resiliency. You mentioned that you also had good margin of safety on those businesses.
Jason Stipp does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.