Charles de Vaulx manages $31 billion. His funds had virtual no down years. He focuses on absolute rather than relative returns. He said if they don't find stocks at the right price, they are just happy to hold cash. "We never attempt to forcast what market will do in short term, we are only in the business of valueing individual securities. Having said that, we are aware that both US and continental European markets strike us as pretty expensive, as a result, which makes us cautious in terms of adding new portfolios or adding to existing positions..."
"The state of housing market... Foreign economies are more connected to the US economy ... Interest rate will come down... Two months ago I bought some 5-year treasury bonds..."