Ben Inker: 'The Portfolio We're Running Today Is Abnormal Even for Us'

The Long View

Morningstar

Finance, Dan Lefkovitz, Amy Arnott, Entrepreneurship, Investing Leaders, Jeff Ptak, Investors, Christine Benz, Influential Investors, Careers, Long-term Investing, Financial Services, Business, Investing, Morningstar

4.5 • 775 Ratings

🗓️ 29 July 2020

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

GMO’s head of asset allocation discusses value’s underperformance, why a 60/40 portfolio is apt to be a losing proposition after inflation, and what the market is missing about emerging-markets value.

Transcript

Click on a timestamp to play from that location

0:00.0	At Jackson, we've created a digital retirement planning experience with you and mine.
0:05.5	Visit jackson.com to explore our easy-to-understand resources and user-friendly tools
0:10.1	that are designed to enable financial professionals and clients to plan a path to financial freedom.
0:15.5	Jackson is short for Jackson Financial Incorporated, Jackson National Life Insurance Company, Lansing, Michigan,
0:20.5	and Jackson National Life Insurance Company of New York, purchase New York.
0:26.5	Please stay tuned for important disclosure information at the conclusion of this episode.
0:32.8	Hi, and welcome to the Longview. I'm Jeff Battack Global Director of Manager Research for Morningstar Research Services. And I'm Christine Ben's Director of Personal Finance for Morningstar, Inc.
0:42.2	Before we start our conversation, we wanted to share some exciting news. The Morningstar Investment
0:47.0	Conference for Investment Professionals will be held virtually this year on September 16th and 17.
0:53.3	We're offering the same research analysis and insight you'd get at the live event for a reduced price of $149.
1:00.5	And the best part is you can join us from wherever you are. For more information or to register, visit go.com.mortemortemirr.com. Again, that website is go.mortmorningstar.com forward slash MIC. Again, that website is go.com.orgoningsar.com
1:14.8	forward slash MIC. Now let's start our conversation. Our guest this week is Ben Inker. Ben is GMO's
1:22.3	head of asset allocation. In that capacity, he leads GMO's asset allocation team and is a member of the firm's board of directors.
1:29.3	He joined GMO in 1992 after obtaining his bachelor's and economics from Yale University.
1:36.3	Prior to assuming his current role, Ben was an analyst on GMO's quantitative equity and asset allocation teams,
1:42.3	a portfolio manager of various equity and asset allocation portfolios the firm offers,
1:48.7	co-head of international quantitative equities, and CIO of quantitative developed equities.
1:54.8	Ben is a CFA charter holder. Ben, welcome to the Longview.
1:59.0	Thanks very much for having me.
2:01.0	So let's start with the sources of securities returns, which is something your firm spends a lot of time thinking about and trying to unpack.
2:07.5	Specifically, why should stocks be expected to deliver significantly higher returns than bonds if policymakers seem so determined to stamp out risk?
2:15.9	That is, how and why should the future equity risk premium resemble what it's been in the
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Morningstar, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Morningstar and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.