Far From The Finishing Post
Matthew McLennan (First Eagle) - Investing for Resilience
Jan 21, 2025
Matthew McLennan, co-head of First Eagle’s Global Value team, shares insights shaped by his unique upbringing in Papua New Guinea and Australia. He discusses the importance of humility and patience in investing while emphasizing resilience within his portfolio. The conversation touches on the challenges of passive investing, the need for active strategies, and the role of gold and cash in maintaining market health. McLennan also highlights the significance of distinguishing between market noise and enduring trends to create resilient wealth.
46:20
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Quick takeaways
- Matthew McLennan's investment philosophy, shaped by his unconventional childhood, emphasizes resilience and the importance of patience in achieving long-term growth.
- The dialogue highlights the dual impact of passive investing on market dynamics, suggesting that active strategies can exploit inefficiencies created by passive flows for better outcomes.
Deep dives
The Influence of Upbringing on Investment Philosophy
Growing up off the grid in Papua New Guinea and Australia instilled a passion for learning and a desire for financial independence in Matthew McLennan. His unique childhood experience fostered curiosity and a deep appreciation for conservatism and resilience, shaping his investment approach. Drawing parallels between his family's gardening practices and investment strategies, McLennan emphasizes the importance of patience and effort in achieving long-term growth. This childhood foundation led him to recognize the value of a margin of safety in both life and investing.
