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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