IN THIS EPISODE, YOU’LL LEARN:

• Why Matthew McLennan thinks investors should prepare for turmoil.
• How to construct a resilient portfolio by thinking like a gardener.
• Why survival is the key to investment success.
• How cash & gold provide a ballast in the event of unexpected storms.
• Why Matt loves businesses with scarce assets in mundane industries. 
• Why he’s wary of a highly concentrated investment strategy.
• How patience has become a powerful edge in a hyperactive world.
• How to build long-term success by focusing on process, not rewards. 
• How to think better by harnessing our right-brain capabilities. 
• Why “what’s hot today” is likely to produce terrible investment returns.
• How studying wine & playing backgammon help him as an investor.
• Why he favors a team-based approach, instead of being a lone wolf.

Disclosure: This episode and the resources on this page are for informational and educational purposes only and do not constitute financial, investment, tax, or legal advice. For full disclosures, see link.

TRANSCRIPT

Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

[00:00:06] Intro: You are listening to the Richer, Wiser, Happier Podcast, where your host William Green, interviews the world’s greatest investors and explores how to win in markets and life. This show is not investment advice and is intended for informational and entertainment purposes only. All opinions expressed by hosts and guests are solely their own, and they may have investments in the securities discussed. Now for your host, William Green.

[00:00:41] William Green: Hi folks! I’m thrilled to welcome back a very special guest on today’s episode of the podcast, Matthew McClennan, who’s here to explore with us an extremely timely and important subject. Namely, how can investors like you and I navigate this acutely uncertain time? And build resilient wealth for many years to come.

[00:01:02] William Green: Matt oversees a vast amount of money, about $130 billion as head of the Global Value team at First Eagle Investments. He’s also a portfolio manager of First Eagle’s Global Value, Global Equity, International Value, International Equity, and U.S. Value strategies. He joined First Eagle back in 2008 after 14 years at Goldman Sachs, and he was handpicked by the investing legend Jean-Marie Eveillard to become his successor at First Eagle.

[00:01:31] William Green: Matt was a very central character in my book, Richer, Wiser, Happier, where I profiled him and Jean-Marie in a chapter titled The Resilient Investor. In my book, I describe Matt as one of the world’s most influential investors and one of the most thoughtful. I have been a senior advisor to the global value team at First Eagle since 2021, and I’ve been hugely fortunate to spend a great deal of time chatting with Matt over the last five years.

[00:01:58] William Green: Along the way, he’s become a good friend and I’ve come to regard him not only as one of the smartest people in the investment world, but actually also as one of the nicest, I’m sorry to embarrass you, Matt. But anyway, welcome Matt. It’s really lovely to see you.

[00:02:11] Matthew McLennan: Thank you so much, William, and thank you for the wisdom that you’ve shared with us.

[00:02:14] William Green: Ah, I appreciate it. So we’re speaking at a particularly interesting time, this moment of really heightened risk and extreme uncertainty when the world is in extraordinary turmoil. And I wondered if you could start just by describing the geopolitical and economic environment we find ourselves in now and how it illustrates one of your fundamental beliefs, which is that financial markets are inherently uncertain and that they’re part of a complex, non-linear system that’s wildly unpredictable.

[00:02:48] Matthew McLennan: Yeah, well, you hit the nail on the head there, William. I think the core dynamic that’s been at work here for. A big part of the last decade, frankly, has been this, what I would refer to as this bipolar hegemonic standoff, if you will, between the Eurasian heartland. And, you could look at that as an aggregation of China, Russia, and satellites such as Iran and North Korea.

[00:03:09] Matthew McLennan: On the other hand, the United States and its traditional allies. And when you sort of think about a geopolitical dynamic like that, where you have one system that is based on democracy and property rights and has its own Judeo-Christian history and legacy, and another system that has more comfort in an authoritarian bent and draws upon different religious and value systems, you get a very complex series of potential outcomes in that situation.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

BOOKS AND RESOURCES

• Join the exclusive ⁠⁠⁠TIP Mastermind Community⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
• Join The Intrinsic Value Conference in Omaha this May 1, 2026!
• Inquire about William Green’s ⁠⁠⁠⁠⁠⁠⁠⁠Richer, Wiser, Happier Masterclass⁠⁠⁠⁠⁠⁠⁠⁠.
• Thucydides’ book, ⁠History of the Peloponnesian War⁠.
• Daniel Yergin’s book, ⁠The Prize⁠.
• John Cochrane’s book, ⁠The Fiscal Theory of the Price Level⁠.
• Peter Matthiessen’s book, ⁠The Snow Leopard⁠.
• Iain McGilchrist’s book, ⁠The Matter with Things⁠.
• David Galenson’s book, ⁠Old Masters and Young Geniuses⁠.
• Charles de Montesquieu’s book, ⁠The Spirit of the Laws⁠.
• Stephen Wolfram’s book, ⁠A New Kind of Science⁠.
• Winston Churchill’s book, ⁠My Early Life⁠.
• William Green’s book, ⁠Richer, Wiser, Happier⁠.
• Related books mentioned in the podcast.
• Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Some of the links on this page are affiliate links or relate to partners who support our show. If you choose to sign up or make a purchase through them, we may receive compensation at no additional cost to you.

NEW TO THE SHOW?

• Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter.
• Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Learn how to better start, manage, and grow your business with the best business podcasts.

SPONSORS

Support our free podcast by supporting our ⁠⁠⁠⁠sponsors⁠⁠⁠⁠:

• ⁠⁠HardBlock⁠⁠
• ⁠⁠Human Rights Foundation⁠⁠
• ⁠⁠Plus500⁠⁠
• ⁠⁠Shopify⁠⁠
• ⁠⁠Netsuite⁠⁠
• ⁠⁠Vanta⁠⁠

References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them.