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.
Matt Peterson, Peterson Capital Management - We’re In A Global Pandemic; In A Recession…People Are Scared; That Creates Opportunity | #255
Ken Nguyen, Republic - In The Past Ten Years, The Private Market Has Become Larger Because Companies Are Taking Longer To Go Public | #254
Carl Chang, Kairos Investment Management - Once We Qualify We Can Mitigate Our Downside Scenario, Our Next Level Of Return Is Durable Cash Flow | #253
The Best Investment Writing Volume 4: Vineer Bhansali, LongTail Alpha – Trading Sardines: The Case Of Currency Hedged Negative Yielding Bonds
Cem Karsan, Aegea Capital - 30 Day Vol Tends To Be Overbid And You Have Extended Supply In The Back Of The Curve Historically | #252
Robert Jacobson, Space Advisors - It’s Not Just One Vertical, It’s More Like An Ecosystem With Lots Of Different Dependencies…The High Ground of Space Being The Overarching Theme | #251
Kevin Gibbon, Airhouse - We’re The Operations And Logistics Platform For Direct-To-Consumer, Digital-First Brands | #250
Ben Savage, Clocktower Technology Ventures - Financial Services Has Had A Smaller Share Of Venture Capital Dollars Pointed At It…Since The Inception Of The Venture Capital Industry | #249
The Best Investment Writing Volume 4: Anil Rao and Raman Subramanian, MSCI – Game of Homes: Is winter coming for the domestic-equity bias?
JC Parets, All Star Charts - The Sooner We Can Find Out We’re Wrong The Better…Then We Can Go Move On To Something Else | #248
David Oates, Curtsy - Our Number One Best Selling Item To-Date Is Active Wear…Lululemon Leggings, Lululemon Shorts, Nike Shorts | #247
Eric Sprott, Mark O’Dea, Oxygen - I’m Trying To Look For Some Value That’s Not Appreciated By The Market | #246
Éva Goicochea, Maude - The Ethos Of The Company Is To Make Sex More Human, More Normalized, Destigmatized…To Do That, It Started With Design | #245
Tom Basso - Investing Is A Mental Game More Than It Is Having The Perfect Indicator Or…Even The Perfect Position Sizing | #244
Doug Ludlow, MainStreet - We’d Like To Be There As America And The World Starts To Rebuild, And Give Tools To These Companies…Access To Capital And Financing In A Way They Wouldn’t Have Had Befo
Ham Serunjogi, Chipper Cash - Africa Has The Highest Cost Of Sending Money In The World | #242
Doug Ramsey, The Leuthold Group - By Our Interpretation, We’re There, I Do Think It’s Time To Be Rotating Away From Large Cap Growth | #241
Stefan Batory, Booksy - This Is Probably The Last Major Vertical That’s Not Digitalized…And This Is A Massive Space | #240
Chris Fernandez, EnsoData - There Was One Particular Area That Felt Like It Was At Least 5 Years Behind…And That Was The Application Of AI To Waveform Data | #239
Mark Straub, Smile Identity - Face Recognition Is, In A Sense, Deep Technology | #238
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