• Matthew McLennan (First Eagle) - Investing for Resilience

  • Jan 21 2025
  • Length: 46 mins
  • Podcast

Matthew McLennan (First Eagle) - Investing for Resilience

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  • Summary

  • 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
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