Matthew McLennan (First Eagle) - Investing for Resilience
Description
Matthew McLennan is co-head of First Eagle’s Global Value team and one of the portfolio managers of Global Value, a strategy that has delivered strong long-term compound returns. We discuss the importance of humility and patience, why resilience is emphasised throughout the portfolio, and how Global Value has survived and thrived across a broad range of market environments.
Show notes:
[01:24 ] How an unusual childhood informed Matt’s approach to investing
[03:52 ] Succeeding Jean-Marie Eveillard
[05:46 ] Continuous refinement of the investment kernel
[07:04 ] Successful succession planning
[09:45 ] Sustaining success over different market cycles
[12:15 ] Important character traits and attributes
[17:01 ] Impact of passive investing
[19:20 ] The benefits of having a Senior Advisor Board
[22:09 ] What value investing means to First Eagle
[26:38 ] Endogenous integrity with the capacity to suffer
[28:40 ] Discerning between secular change and noise
[33:44 ] Approach to asset allocation
[35:46 ] Benefits of owning gold
[37:45 ] Role of cash in the portfolio
[40:11 ] High valuations and prospective returns
[42:51 ] Gold miners vs bullion
[44:41 ] Understanding the process of growth and the role of endogenous confidence cycles
United States
