Far From The Finishing Post Matthew McLennan (First Eagle) - Investing for Resilience
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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.
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Unusual Upbringing
- Matthew McLennan's unusual childhood in Papua New Guinea and off-grid Australia shaped his investment approach.
- Living without amenities instilled in him the importance of a margin of safety and long-term resilience.
Gardening Analogy
- McLennan connects his family's gardening to his investment philosophy.
- Their selective, patient gardening created beautiful settings, mirroring his long-term, resilient investment style.
Mentorship and Succession
- Jean-Marie Eveillard, known for eclectic investments and risk mitigation, mentored McLennan.
- Eveillard sought a successor with a similar investment philosophy and a collaborative spirit.
