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.
Eric Crittenden & Jason Buck Explain Why Best Investors Follow the Trends | #533
Hendrik Bessembinder - Do Stocks Outperform T-Bills? | #532
GMO's Catherine LeGraw - Capitalizing on Global Asset Allocation in 2024 | #531
Professor Kenneth French on Risk, Return, and Rationality | #530
MEBISODE: T-Bills and Chill…Most of the Time | #529
Cliff Asness: Timely & Timeless Investment Wisdom | #528
Indexing Nevada PERS: Steve Edmundson’s $60 Billion Strategy | #527
MEBISODE: Should CalPERS Fire Everyone And Just Buy Some ETFs? | #526
Grant Williams & Peter Atwater: The Market is 'Long Abstraction, Short Reality' | #525
Tim Ranzetta, NGPF - Teaching America Personal Finance | #524
Whitney Baker on The Death of (Upside) American Exceptionalism | #523
How to Convert an SMA to an ETF with Wes Gray & Robert Elwood | #522
MEBISODE: A Better Approach to Dividend Investing
GMO's Tina Vandersteel on a "Once-in-a-Generation" Opportunity | #521
Drew Dickson on Navigating Behavioral Biases, U.S. vs. European Stocks, & Tesla | #520
Ben Mackovak on The Secret Sauce of Investing in Banks | #519
Jared Dillian on the Keys to Live a Stress-Free Financial Life | #518
Bruno Caratori - The Bitcoin ETF is FINALLY Approved. Now What? | #517
BlackRock's Rick Rieder on The State of Markets & The US Debt Problem | #516
Felix Zulauf – 2024 Macro Outlook Not Rosy | #515
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