William Green chats with Matthew McLennan, who oversees about $90 billion at First Eagle Investments. He previously spent 14 years at Goldman Sachs before being chosen by investment legend JeanMarie Eveillard as his successor at First Eagle. JeanMarie & Matt are the focus of a chapter in William’s book, “Richer, Wiser, Happier,” that explores how to achieve what Matt calls “resilient wealth creation.” This interview was recorded on August 30, 2022.

IN THIS EPISODE, YOU’LL LEARN:
00:00:00 Intro
00:00:30 How Matthew McLennan grew up off the grid without electricity or hot running water.
00:12:00 What he learned as a money manager at Goldman Sachs during the dotcom bubble.
00:15:23 Why investors should try to emulate the patient, selective mindset of gardeners.
00:27:20 How the most resilient businesses remind Matt of great wines and enduring artworks.
00:31:37 Why investors need to respect the phenomenon of entropy as an ironclad law of life.
00:41:47 Why investors should be wary of hot growth stocks, which are liable to fade.
00:44:07 Why there’s surprising beauty in mundane businesses like bicycle brakes & elevators.
00:56:02 How to ask the right “splitting” questions as a way to rule out what you shouldn’t own.
01:06:41 Why gold might be more attractive than Bitcoin as a potential hedge against chaos. 
01:14:17 Why it’s wise to diversify overseas, where many stocks are much cheaper than in the US. 
01:19:45 Why the highflying US dollar is at risk of weakening in the years to come. 
01:29:57 Why Matt is wary of Chinese stocks & thinks China’s ascendancy is not inevitable. 
01:34:29 What history can teach us about the growing risk of war between the US & China.
01:36:08 Why it’s critical to set aside time to read, reflect, & distill what you’re learning. 

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BOOKS MENTIONED:
Where Are the Customers' Yachts? by Fred Schwed: https://amzn.to/3S2jWAZ
History of the Peloponnesian War by Thucydides: https://amzn.to/3UvZtXa
Richer, Wiser, Happier by William Green: https://amzn.to/3RX9gDp

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On Richer, Wiser, Happier, William Green interviews highprofile guests such as Howard Marks, Joel Greenblatt, and Ray Dalio. Exploring what they can teach us about how to succeed in markets and life.

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