First Eagle Investments Global Value Team Annual Letter

Navigating global markets with a resilient wealth strategy

Feb. 3, 2026 at 2:31am

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First Eagle's 2026 letter evaluates US fiscal risks and the decoupling of gold and Treasuries. The team discusses how their resilient wealth strategy navigates global markets, including the persistent US budget deficit, the geopolitical bifurcation of the world, and the relative valuation of US and non-US equities.

Why it matters

The letter provides insights into First Eagle's investment approach and outlook, which could be valuable for investors seeking to understand the firm's perspective on key market and economic trends.

The details

The letter discusses several key topics, including: 1) the persistent US budget deficit and its impact on the relationship between gold and Treasuries; 2) the geopolitical bifurcation of the world and the strengthening bonds between authoritarian powers; 3) the relative valuation of US and non-US equities, with non-US markets appearing more attractive; and 4) First Eagle's focus on 'resilient wealth creation' through thoughtful allocations to risk assets.

  • The letter is dated February 3, 2026.
  • It references data and events as of December 31, 2025.

The players

First Eagle Investments

An American asset management firm that provides investment management services.

John Williams

President of the New York Federal Reserve.

Halford Mackinder

A British geographer and geopolitical theorist who wrote about the 'Eurasian Heartland' in 1904.

Grupo Mexico

A holding company with mining, transportation and infrastructure operations, primarily through its subsidiary Southern Copper.

Taiwan Semiconductor Manufacturing Corporation (TSMC)

The world's largest semiconductor foundry and a major manufacturer of chips used in generative AI.

Bio-Rad Laboratories

A smaller company that dominates the niches it serves within life-science research and diagnostics.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.