First Eagle in the News

Matt McLennan featured in Barron's

Matt McLennan featured in Barron's

Top Fund Manager Is Worried About Speculative Excess. 2 Stocks He’s Willing to Bet On.

While many investors are rejoicing in the market’s sumptuous returns over the last year, Matthew McLennan is wary. Deviating from the crowd is nothing new for McLennan, who oversees the $89 billion global value team at First Eagle Investment Management, including the First Eagle Overseas (ticker: SGOVX) and First Eagle Global (SGENX) funds. An Australian now based in New York, he spent the first part of his life in Papua New Guinea and later grew up in a home filled with books but lacking hot water and electricity. After a stint at Goldman Sachs, McLennan took over from legendary value investor Jean-Marie Eveillard a week before the Lehman Brothers collapse, and has become one of the most influential investors today. I profiled McLennan in my new book, Richer, Wiser, Happier: How the World’s Greatest Investors Win in Markets and Life. I spoke with him again last week for Barron’s. McLennan warns of his concern over extreme economic uncertainty, speculative excess, and heady expectations for assets like tech stocks and Bitcoin. An edited version of our conversation follows.