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Back we are bringing back Campbell -- her first eagle overseas in US value funds portfolio manager talking about you know a big issue obviously.
The uncertainty over the fiscal cliff.
We look at volatility is not doing much but does that mean an opportunity for people to sweep in here swoop down like -- like a first eagle patent.
Picked up some good things at the moment like should they not fear that.
I think I think that that people think of volatility is as risk.
And I think they're -- -- to -- the way that we can -- -- with different.
We view risk is a permanent impairment.
-- volatility -- -- just market movements.
And so were were volatility to pick up.
-- levels that.
Werner at a discount to intrinsic value I think business pentagon people would be the would be an -- Basic -- for that for the good quality it less expensive names I hate to think she puts -- question.
But let's let's talk about your funds in both the international and the -- domestic fund.
Physical gold and there we do -- -- total about ten percentage with a huge chunk there.
What is that what you recommended investors buy physical gold or is there -- sell me on your -- why -- with some physical gold what else is in their that I need for my portfolio.
What we have about it's about 5% of the -- -- some physical gold -- element and we have another 5% and gold mining equities.
And we think of that of that gold.
Sleeve of the fund as soon as a potential -- Against currency -- against other fissures in many in the financial architecture that we live and so it's it's not meant to be.
I directional bet on gold it's really meant to have to protect the portfolio -- so eloquent.
-- -- Fisher -- and and then these these sorts of dramatic things that happened to the markets.
OK so then if you follow up for example coming to equities up bottoms up approach meaning you start to look at the real qualities of an individual company teaches how you do what everybody's a different ways do you -- -- -- Our our approach is what we're looking for -- were looking for businesses of its that are well positioned and they're in their respective industry.
We're looking for businesses and stable industries and so we're looking for companies that we'll have some relevance and staying power.
And ability to withstand whatever.
The world first their way.
And importantly if we're also looking to to own businesses combined instances at.
I have at a discount to intrinsic value which we think -- as -- as important weeks from -- management.
When you look at your your widely helps that the names that are in these funds and we'll get to some of the foreign names and domestic as well in in a few minutes.
Do you feel like you've been buying a lot more lately or sitting tight.
We have been that.
-- sitting tight -- to -- which is which is not uncommon women when the market's broader markets who are moving up.
They're just more businesses through that tells that we own the stock present conversion with their intrinsic values and so that's that's the time that we we we trim.
We're still finding interest in things but that cash levels -- funds to come up over here.
I think about the past year people were terrified about priests than they were worried about Ireland and Portugal that it -- then Spain right then and the election.
What's gonna of typical after the primaries what's -- -- what the primaries then any election then the fiscal -- -- school is something so.
All you really saw -- -- looked at say for example one or two year chart of MBS and exactly -- straight moon shot.
But it was a rally was -- was capable sitting on the sidelines.
Shaking their little hands and say I'm not going to buy look what they've messed.
Look at the far left what we saw back in January and now where we are two days folks who -- looking at what some of you out there missed because you were scared.
How do you convince people that there's more room to run or maybe you don't believe that why.
I think -- I think process but it's very much business by business and with respect to these various crises that come -- for fears of the fiscal quarter for the election who or what have you believe that create uncertainties.
In investors minds I think that.
It's often better to just -- now these kind of -- -- she was the election so back in early November yeah right afterward to two weeks later dumped 11%.
Bright markets just.
For what have you picked right up front that pamphlets be classy about this and that guess what.
Yesterday or the day before we were basically where we were that they more for the election right we've regained everything that's a lesson in enough itself -- -- I -- I think so I think it's sort of it's I think that Josh.
You know the people forget both on and downside and on the upside that it really is -- individual businesses within a portfolio.
That that high performance personal -- of defense.
In a down market for example you know -- we'll help you.
And and that's why that's why I think of the focus on these very for 2004 it sort of issues -- consultants place.
-- you just tell from -- voice why he probably does well he's got more than.
38 billion in assets under management to over at first eagle he'll be back with more on how he pick stocks and what he likes right now.
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