The mid-market represents a large opportunity set, allowing managers to see enough dealflow to be highly selective, says First Eagle Investment Management’s managing director Tim Conway. That makes it all the more important to choose the right spots, understand the macro trends and position portfolios defensively. While every cycle is different and the difficulties of 2007-2008 are not expected to be repeated, the next cycle will bring its own challenges, so it is never too early for managers to plan their strategy.
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