In episode 183 we welcome our guest, Ben Inker. Ben and Meb start the conversation with a chat about Ben’s thoughts on markets which include the overriding theme that non-us markets are currently presenting opportunity for investors.
Next, Meb asks Ben to get into his thoughts on current valuations and Ben walks through some ideas on high valuations for US stocks and reduced forward looking returns. On the subject of valuations, the pair then discusses interest rates and monetary policy. Ben follows that with an interesting paper he wrote that explored how high profitability has skewed toward large capitalization companies.
Ben expands on his thinking about valuations and markets outside the US, the past decade being the worst for value stocks, and being excited about opportunities like emerging market value stocks. He goes further in his discussion by getting into a concept he credits Robert Shiller with, clairvoyant fair value of a stock market, and shares that two pieces of information are critical, the starting valuation of the markets, and the return on capital.
As the conversation winds down, Ben and Meb discuss GMO’s benchmark free allocation strategy, and investing with the goal of making absolute money and worrying about absolute risk.
All this and more in episode 183, including Ben’s thoughts on hedging currency risk and his most memorable investment.
The Best Investment Writing Volume 5: Selected Writing from Prominent Investors and Authors
Peter Livingston, Unpopular Ventures - The Best VC’s Actually Have A Lower Batting Average But A High Slugging Percentage | #379
Cullen Roche, Discipline Funds - QE Is Not As Powerful As A Lot Of People Like To Think It Is | #378
Garrott McClintock, AcreTrader - Live From The 2021 Farmland Investing Summit! | #377
Jason Wenk, Altruist - How To Make Financial Advice Better, More Affordable & Accessible To Everybody | #376
The Best Investment Writing Volume 5: Dan Rasmussen, Verdad Advisers – Crisis Investing: How To Maximize Return During Market Panics
Jonathan Fell, Ash Park Capital - People Always Overestimate The Extent To Which Tobacco Is A Dying Business | #375
Phil Huber, Savant Wealth Management - Expected Returns For That Classic 60/40 Stock Bond Mix Is Significantly Lower Today Than It Has Been In Recent Past | #374
Tim Maloney, Roundhill Investments – We Hit The Right Theme At The Right Time | #373
Chas Cocke, LB Partners – There Are Lots of Great Businesses…The Hard Part Is Finding Them At A Really Good Price | #372
The Best Investment Writing Volume 5: Laurence Siegel, CFA Institute Research Foundation - Debunking Nine and a Half Myths of Investing
Frank Holmes, U.S. Global Investors, HIVE Blockchain – JETS, Bitcoin vs. Gold, & How To Play Supply Chain Issues | #371
Ashley Flucas, Flucas Ventures - This Is A Really Opportunistic Time For Someone Who's Not Afraid And New In The Game To Get Started | #370
The Best Investment Writing Volume 5: Vineer Bhansali, LongTail Alpha - Diversifying Diversification: Downside Risk Management with Portfolios of Insurance Securities
Africa Startup Series – Maya Horgan Famodu, Ingressive Capital - Africa Holds The Fastest Growing Consumer Class, Fastest Growing Population & Fastest Growing Middle Class in The World | #369
Rodrigo Gordillo & Corey Hoffstein - You Now Get To Have Your Beta Cake While Eating Your Alpha Too | #368
The Best Investment Writing Volume 5: David Blitz, Pim van Vliet & Guido Baltussen, Robeco – When Equity Factors Drop Their Shorts
Robert Lawson, SMU - Initially This Whole Thing Was A Tax Dodge So I Could Go Drink In Cuba | #367
Darius Dale, 42 Macro - Reflation Is Now The Dominant Market Regime | #366
The Best Investment Writing Volume 5: John Pease, GMO – Value: If Not Now, When?
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