Keep pulling the thread on Matthew McLennan.
Matthew McLennan predicts that a successful asymmetric closure of the Strait of Hormuz by Iran would be very meaningfully negative for financial markets.
The large-scale buildout of data centers is transforming the technology sector from capital-light to capital-intensive, increasing demand for physical materials.
Becton Dickinson holds more than 50% of the global market for syringes and catheters.
Matthew McLennan oversees approximately $130 billion as the head of the Global Value team at First Eagle Investments.
Matthew McLennan asserts the current geopolitical environment is defined by a standoff between the Eurasian Heartland (China, Russia, Iran, North Korea) and the United States with its traditional allies.
The United States and Israel have substantially degraded Iran's strike capacity, including its ballistic missiles and drones.
Prior to the recent geopolitical crisis, financial markets exhibited low risk perception, with credit spreads below average and earnings multiples above average.
The US's dependence on oil and natural gas is significantly lower today than it was in the early 1970s.
The current equity market is over 70% weighted to the United States, a concentration risk that First Eagle Investments avoids in its portfolios.
First Eagle Investments' portfolios typically hold 15% to 25% in a combination of cash and gold as a form of ballast.
The amount of new gold mined each year is only about 1.5% of the total existing above-ground stock.
Matthew McLennan believes that as gold has become more rationally valued, its risk-reward profile is now more symmetrical than it was a few years ago.