Global Value Challenge

For this second night of this Easter holiday weekend, I submit this week's edition of Consuelo Mack's WeathTrack program. It's only appropriate that since yesterday's post examined the issue of over-valuations, that tonight we look at the other side of that coin -- the longtime continuing challenge of the valuations of the global markets. For this segment, she interviews Matthew McLennan, head of Global Value at First Eagle with $100 billion under management. Happy Easter everyone!  

4-1-21 GLOBAL VALUE CHALLENGE -  A message from Consuelo - April 01, 2021

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Sponsored by: April 1, 2021 Dear WEALTHTRACK Subscriber, We have been living through an extraordinary period. It was a year ago that COVID was recognized as a global pandemic and since then over 100 million people have been stricken and more than 2 million have died.  Economies were locked down causing severe recessions. Central banks and governments responded with unprecedented amounts of monetary and fiscal stimulus. A worldwide effort by pharmaceutical companies to develop effective vaccines did so in record time. Millions are now in the process of being vaccinated. Global economies are now recovering with China and the U.S. recovering at a rapid pace.  Equity markets suffered a short severe correction early in 2020. The U.S. experienced the shortest bear market in its history. Markets have been rebounding ever since. U.S. markets have reached new peaks, including today when the S&P 500 closed above 4000 for the first time, after completing a fourth consecutive quarterly advance on Wednesday!  Is the worst behind us? Are world economies and markets on a sustained path of recovery as many believe or are there serious hidden risks?  Risks are the concern of this week’s guest whose top priority as a money manager is capital preservation. He is Matthew McLennan, Head of the Global Value team at First Eagle Investment Management where he oversees more than $100 billion in assets, including several mutual funds. His flagship First Eagle Global and the First Eagle Overseas funds, both inherited from legendary value investor Jean-Marie Eveillard in 2008 carry 4-star ratings from Morningstar as well as their Silver medalist analyst rating. Each has outperformed both its index and category since inception.  Long before the pandemic, McLennan had been monitoring emerging geopolitical and financial risks globally, which he says were exacerbated by COVID. He’ll discuss specifics and how he is protecting his portfolios while still participating in aspects of the bull market. In this week’s EXTRA feature, McLennan will recommend two recently read “page-turner” biographies of two historical figures whose leadership under pressure have lessons for today.   If you miss the show on public television, you can watch it on our website over the weekend.  You can also find the WEALTHTRACK podcast on Stitcher and SoundCloud as well as iTunes and Spotify. Thank you for watching, have a Happy Easter weekend and make the week ahead a healthy, profitable and productive one.   Best regards, Consuelo