Matthew McLennan on Street Smart

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“In a world where the monetary printing presses are abundant, we’re looking for assets that have some form of scarcity attached. That scarcity can be in a tangible sense, but it can also be an intangible source of scarcity.”—Matthew McLennan



Bloomberg: When you're talking about equities, are you looking for large cap companies?
Matt McLennan: It used to be the case that if you wanted to preserve capital you'd just buy the risk-free asset, but there is no risk-free asset today. We have a world of negative real interest rates and ironically you're correct that we're seeking scarcity primarily in the world of equities. It doesn't have to be large cap; it can be a small cap company. We look across the entire market cap spectrum. The key is the nature of the assets that a company owns, be it the market position or be it the actual underlying commodities.

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