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

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Kyith is the Owner and Sole Writer behind Investment Moats. Readers tune in to Investment Moats to learn and build stronger, firmer wealth foundations, how to have a Passive investment strategy, know more about investing in REITs and the nuts and bolts of Active Investing.

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Kyith worked as an IT operations engineer from 2004 to 2019. Currently, he works as a Senior Solutions Specialist in Fee-only Wealth Advisory firm Providend. All opinions on Investment Moats are his own and does not represent the views of Providend.

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