RWH067: Prudent Investing In Perilous Times w/ Matthew McLennan

The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 12 April 2026

⏱️ 102 minutes

🔗️ Recording | iTunes | RSS

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Summary

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 - Intro00:02:14 - 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. 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Transcript

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0:00.0	You're listening to TIP.
0:05.8	You're listening to The Richer, Wiser, Happier podcast, where your host, William Green
0:11.3	interviews the world's greatest investors and explores how to win in markets and life.
0:16.9	This show is not investment advice.
0:19.0	It's intended for informational and entertainment purposes only.
0:22.5	All opinions expressed by hosts and guests are solely their own,
0:26.0	and they may have investments in the securities discussed.
0:28.7	Now for your host, William Green. Hi, folks. I'm thrilled to welcome back a very special guest on today's episode of the podcast,
0:47.5	Matthew McLennan, who's here to explore with us an extremely timely and important subject,
0:53.2	namely, how can investors like you and I
0:55.9	navigate this acutely uncertain time and build resilient wealth for many years to come?
1:02.8	Matt oversees a vast amount of money, about $130 billion as head of the global value team
1:08.9	at First Eagle Investments. He's also a portfolio manager of
1:12.3	First Eagle's global value, global equity, international value, international equity, and US value
1:18.6	strategies. He joined First Eagle back in 2008 after 14 years at Goldman Sachs, and he was
1:25.5	hand-picked by the investing legend Jean-Marie Eveyard
1:28.7	to become his successor at First Eagle. Matt was a very central character in my book, Richer,
1:34.4	Wiser, Happier, where I profiled him and Jean-Marie in a chapter titled The Resilient Investor.
1:40.8	In my book, I described Matt as one of the world's most influential investors and one of the most
1:45.9	thoughtful. I've been a senior advisor to the global value team at First Eagle since 2021, and I've been
1:53.0	hugely fortunate to spend a great deal of time chatting with Matt over the last five years.
1:58.2	Along the way, he's become a good friend and I've come to regard him,
	...

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