Not a Single US Stock Shows Up in Benjamin Graham’s “Deep Value” Screen

financialsense.com / FS STAFF / 09/28/2017

Financial Sense Newshour had the honor of speaking with legendary value investor Jean-Marie Eveillard, Senior Advisor to First Eagle Investment Management, to discuss why value investing works over the long haul and how rarely it is used in today’s markets.

Given current market valuations and the record high amounts of leverage used by investors to buy at these levels, not surprisingly, Eveillard said there’s not much to be excited about right now.

Foundations of Value Investing

We’re in a very unusual period, Eveillard stated. With over 50 years in investment management, he thinks the best question to ask right now is, are we still in the post-World War II economic and financial landscape, or are we in a different, undefined and possibly threatening landscape?

Eveillard’s approach isn’t to try to peer into a crystal ball to find immediate answers, but evaluate the landscape in the fashion value investors have used for a long time. Whenever Ben Graham, the founder of the value school, was asked what will happen to the economy or markets, he would to say, “The future is uncertain.”

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