Eveillard Re-Enters

Those of us who appreciate value investors with top-notch long-term track records are cheering the news that Jean-Marie Eveillard is coming out of retirement. Eveillard is taking back the helm of the First Eagle funds after the sudden -- and unexplained -- departure of Charles de Vaulx.

As Murray Coleman of MarketWatch reports:

Eveillard, 67, was named Morningstar Inc.'s International Stock Fund Manager of the Year in 2001. In 2003, he received a Lifetime Achievement Award from Morningstar for building one of the most successful long-term records in the mutual-funds industry.

"I came back because [Arnhold and S. Bleichroeder Chairman] John Arnhold asked me for help," Eveillard said in a telephone interview from his New York headquarters. "I was in Europe and got a call out of the blue. I was very content and happy in retirement."

He added: "This is my baby, so to speak. I had been running the old fund that goes by the name of First Eagle Global for 26 years. So I felt responsible since there appears to be a need for me to help."

In the late 1990s Eveillard had some investors leave his funds because he refused to buy overvalued internet stocks. He got the last laugh and the hipsters leaving went on to lose most of what they had. Or they did assuming they put their money where their mouths were.

Remember, whenever you hear people saying things like, "you have to be in these stocks," you don't. And nearly always shouldn't.

Comments

[C. Maoxian]

When you find out what happened to Chuck de Vaulx, let us know.

[John]

CM: Will do. One report quoted someone speculating he may have left to start a hedge fund.