Rough notes from the September 2018 First Eagle Investment Media Breakfast. which took place on 9/24/2018
[klarman]
Q2 hedge fund letters, conference, scoops etc
- How to think about the decade ahead?
- Debt imbalances
- Geopolitical
- Passive versus active
- Business cycle – what the weather is in investment climate
- When things feel good, it is risky, when things feel terrible, there is opportunity
- During Lehman felt bad, but opportunity of lifetime
- Unemployment below 2007, 3.9% unemployment, 2% growth in decade
- Economy has already recovered, behind us in rearview
- What is sustainable rate of growth in us economy?
- Corporate profit growth in medium term
- Wage inflation, close to 3%, decade high
- Companies invested more, depreciation going up
- Oil prices more than doubled since lows...
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