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The Long View

Ben Inker: What Looks Cheap and Dear in Today’s Market

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

4.5775 Ratings

🗓️ 12 December 2023

⏱️ 60 minutes

🧾️ Download transcript

Summary

GMO’s head of asset allocation reflects on the quality anomaly, why value stocks are the cheapest they’ve been in years, and whether it really is different this time for Japanese equities.

Transcript

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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.

0:26.6

Please stay tuned for important disclosure information at the conclusion of this episode.

0:33.0

Hi, and welcome to the Longview. I'm Dan Lefkowitz, strategist for Morningstar Indexes. I'm filling in for Jeff Patak this week.

0:40.1

And I'm Christine Ben's director of personal finance and retirement planning for Morning Star.

0:44.6

Our guest this week on The Longview is Ben Inker. Ben is the head of asset allocation at GMO, a Boston-based investment manager famous for its asset class forecasting.

0:55.5

Ben joined GMO in 1992 after completing his bachelor's and economics from Yale. He's been an analyst, a portfolio

1:00.7

manager, and a CIO, and is a partner and board member for the firm. Ben, thank you for

1:06.5

joining us for a second time on The Longview. Yeah, very happy to be back. Yeah, I enjoyed your previous

1:12.2

appearance, and I've enjoyed listening to you over the years at the Morningstar Investment

1:15.2

conference. I wanted to start by asking you about Jeremy Grantham, the co-founder of GMO, the G&GMO.

1:23.1

Many of our listeners will be familiar with Jeremy as a contrarian value investor, a famous student

1:28.7

of asset bubbles. Some call him a perma bear. Curious how Jeremy has influenced you as an investor.

1:36.0

Well, you know, as someone who I have worked with for over 30 years and spent the first, oh God,

1:42.5

let's say 15 years of my career working directly for,

1:47.8

he's had a huge impact on me. I mean, he taught me so much about investing. But of course,

1:52.7

he also taught me, you know, as you call him a permabair, that the way the world views you

1:58.1

can be pretty limited. And the stuff that can get the press is not

2:05.6

necessarily a reasonable description of who you are. So that's been another piece of it. But,

...

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