Skip to Content

Matthew McLennan–Value Investor seeing value in GOLD

 

Matthew McLennan runs the First Eagle Global Fund, taking over legendary value investor Jean Marie Eveillard.

  • 4:10: What is wrong with the financial world
  • 6:00: Generation low saving rate versus generation high corporate cash
  • 6:30: Where he sees vulnerabilities, unstable political Europe, Asia instability due to China low investment and fighting with neighbors
  • 8:30: Middle East complex
  • 10:00: Government debt problems
  • 11:30: Their strategy, 70% Equities, 20% Cash, not much margin of safety selection to be identified, 10% Gold
  • 13:50: Gold is a hedge against uncertain times, and Gold Miner stocks have retraced a decade. While there are equity risks to it, they are certainly an interesting place to be. Goldcorp (GG),Fresnillo (FRSE)
  • 15:20: They were early in Japan at Single PE. They have been net seller of Japan business
  • 16:51: Fanuc Corp ADR (FANUY) 60% market share long term business
  • 18:30: Hoya Corporation
  • 20:00: Microsoft, corporate royalty, utterly misunderstood, high switching cost then people believe
  • 21:47: One investment  – GOLD
Kyith

This site uses Akismet to reduce spam. Learn how your comment data is processed.

This site uses Akismet to reduce spam. Learn how your comment data is processed.