RWH067: Prudent Investing In Perilous Times w/ Matthew McLennan

In this episode, William Green talks with Matthew McLennan, who oversees about $130 billion at First Eagle Investments. Matt is head of the firm’s Global Value team & a portfolio manager of its Global Value, Global Equity, International Value, International Equity & US Value strategies. Here, he explores how to build resilient wealth by patiently holding a “non-uniform” portfolio of scarce assets that should endure & prosper even in difficult conditions. This episode provides a time-tested survival strategy for investors looking to navigate this period of extreme uncertainty.

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:02:14 - Why Matthew McLennan thinks investors should prepare for turmoil.
00:17:43 - How to construct a resilient portfolio by thinking like a gardener.
00:19:38 - Why Matt loves businesses with scarce assets in mundane industries.
00:23:02 - Why survival is the key to investment success.
00:23:33 - How cash & gold provide a ballast in the event of unexpected storms.
00:26:28 - Why he’s wary of a highly concentrated investment strategy.
00:51:07 - How patience has become a powerful edge in a hyperactive world.
00:57:17 - How to build long-term success by focusing on process, not rewards.
01:05:28 - How to think better by harnessing our right-brain capabilities.
01:23:05 - Why “what’s hot today” is likely to produce terrible investment returns.
01:25:10 - How studying wine & playing backgammon help him as an investor.
01:29:04 - Why he favors a team-based approach, instead of being a lone wolf.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ (theinvestorspodcast.com/mastermind-2).

• Learn how to join us in Omaha for the Berkshire meeting ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ (theinvestorspodcast.com/how-to-attend-the-berk…).

• Inquire about William Green’s ⁠⁠⁠⁠⁠⁠⁠Richer, Wiser, Happier Masterclass⁠⁠⁠⁠⁠⁠⁠ (williamgreenwrites.com/masterclass).

• Thucydides’ book, History of the Peloponnesian War (amazon.com/History-Peloponnesian-War-Thucydide…).

• Daniel Yergin’s book, The Prize (amazon.com/Prize-Daniel-Yergin/dp/1847376460?_…).

• John Cochrane’s book, The Fiscal Theory of the Price Level (amazon.com/Fiscal-Theory-Price-Level/dp/069124…).

• Peter Matthiessen’s book, The Snow Leopard (amazon.com/Snow-Leopard-Penguin-Classics/dp/01…).

• Iain McGilchrist’s book, The Matter with Things (amazon.com/Matter-Things-Brains-Delusions-Unma…).

• David Galenson’s book, Old Masters and Young Geniuses (amazon.com/Old-Masters-Young-Geniuses-Creativi…).

• Charles de Montesquieu’s book, The Spirit of the Laws (amazon.com/Montesquieu-Cambridge-History-Polit…).

• Stephen Wolfram’s book, A New Kind of Science (amazon.com/New-Kind-Science-Stephen-Wolfram/dp…).

• Winston Churchill’s book, My Early Life (amazon.com/Early-Life-1874-1904-Winston-Church…).

• William Green’s book, Richer, Wiser, Happier (amazon.com/Richer-Wiser-Happier-Greatest-Inves…).

• Follow William Green on X (twitter.com/williamgreen72).

• Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ …