cover of episode Talking Markets with First Eagle's Matt McLennan

Talking Markets with First Eagle's Matt McLennan

2024/11/4
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Matt McLennan: First Eagle 投资公司秉持着独特的“手工式”投资理念，专注于那些经受住时间考验、具有内在价值和长期生存能力的企业。我们注重深入的行业专业化研究，并通过对企业历史数据的深入分析（‘hand casting and recasting’）来评估其内在价值，而非单纯依赖于市场预测。 我们对当前的宏观经济环境持谨慎态度。全球经济正经历着重要的结构性转变，主要风险在于日益增长的财政赤字与不断上升的利率之间的矛盾。这与以往的经济周期（如上世纪90年代末的企业信贷周期和2000年代的住房信贷周期）截然不同。这种财政风险可能导致经济衰退或加剧通货膨胀，这使得政策制定者面临艰难的选择。 尽管宏观经济环境充满挑战，但我们仍然能够发现自下而上的投资机会。我们认为黄金作为一种潜在的对冲工具，可以有效地应对财政风险和地缘政治风险。 我们不试图根据单一选举结果来调整投资组合，而是致力于构建一个能够抵御各种情景的投资组合。全球多元化和对具有强大市场地位的企业的投资是应对选举不确定性的最佳策略。 Lauren R. Rublin & Ben Levisohn: 就宏观经济和市场走势，以及对个别股票的分析，与 Matt McLennan 进行深入探讨。

Deep Dive

Chapters
At First Eagle, "artisanal investing" involves seeking resilient businesses with income security, specializing in industry knowledge, and focusing on "hindcasting" and recasting financials to understand a business's evolution and cash flow.
  • First Eagle looks for resilient businesses with income security.
  • They emphasize industry specialization.
  • They focus on "hindcasting" to understand a business's history.
  • They recast financials to assess economic free cash flow.

Shownotes Transcript

Barron's Senior Managing Editor Lauren R. Rublin and Deputy Editor Ben Levisohn talk with First Eagle portfolio manager Matt McLennan about the firm's "artisanal" approach to investing and some of McLennan's key investment ideas. Plus, a look at the latest earnings reports and economic data, and the election's potential impact on industry sectors.