Pandemic Uncertainty Risks

During this searingly hot weekend, let's stay indoor in nice air-conditioned comfort and watch this week's segment of the PBS finance program "WealthTrack" hosted by Consuelo Mack. As pandemic rates begin to rise even here in Michigan (and soar throughout the rest of the country), this week Consuelo interviews Matthew McClennan about the economic and market risks that COVID-19 has heaped upon us.  Stay cool on Sunday.  It'll be the worst yet. 

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Sponsored by: July 16, 2020 Dear WEALTHTRACK Subscriber, There are a few moments in one’s lifetime when the geopolitical and economic backdrop truly changes. COVID-19 and its aftermath is one of those moments. I call it “The Pandemic Pivot”.  The combined shocks of a highly contagious and in some cases deadly virus, global economic shutdown, rising populism, and global unrest are upending the old world order and introducing new disruptive dynamics yet to be fully realized.  In the meantime each of us has to live our lives, do our work and plan and invest for the future as best we can.  One of the joys of WEALTHTRACK is the ability to tap the brains of thoughtful and accomplished investors who are able to comprehend and analyze the big picture and successfully apply it to specific investments. This week’s guest is one of them.  He is Matthew McLennan, a noted global manager, Head of the Global Value Team at First Eagle Investment Management where he oversees approximately 80 billion dollars in assets, including several funds.  His flagship, First Eagle Global and Overseas funds which he inherited from legendary value investor Jean-Marie Eveillard in 2008, carry Morningstar’s 4 and 5 star ratings respectively. Both funds have silver medalist analyst ratings. Each has outperformed its index and category since inception.  Long before this crisis McLennan has been talking about emerging global geopolitical and financial risks. He says the pandemic has exposed a number of vulnerabilities which we will discuss, as well as how he is managing through them. One particularly interesting aspect of his strategy is a renewed emphasis on gold as a long term substitute for cash.  Also, in this week’s EXTRA feature on our website, McLennan will tell us how the pandemic experience has altered his personal and professional regimens. As always, if you miss the show on public television, you can watch it on our website.  You can also find the WEALTHTRACK podcast on Stitcher and SoundCloud as well as iTunes and Spotify. Thank you so much for watching.  Have a restful weekend, and make the week ahead a healthy, profitable and productive one.  Best regards, Consuelo