A Barron’s article from July outlines an interview with Charles De Vaulx of International Value Advisers (IVA) in which the fund manager offers insights on various topics related to the markets. According to the article, the firm “won’t buy anything that isn’t at a big discount to intrinsic value” and “have lately struggled to find attractive investments.”

De Vaulx noted that the market is exhibiting two “intriguing phenomena.” The labor markets have tightened but without much wage pressure. “I’d argue that’s about to change,” he said. Second, even though the fed has raised rates, “financial conditions are as loose as ever” and credit is readily available.

The dollar, says De Vaulx, “keeps bouncing back,” which is a negative factor for emerging markets and U.S. multinationals.

De Vaulx discusses IVA’s investment strategy in broader terms and cites some individual holdings and his view on their performance. “In hindsight,” he said, “I would have taken bigger positions in quite a few names…And even though we do a good job holding on to companies whose intrinsic value compounds over time, maybe we should have held on to some positions longer.”