The Best Investment Writing Volume 5: John Pease, GMO – Value: If Not Now, When?

The Meb Faber Show - Better Investing

The Idea Farm

Business, Investing, Management

4.7 • 938 Ratings

🗓️ 5 November 2021

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

Last year we brought listeners the entire volume of The Best Investment Writing Volume 4, in audio format, right here on the podcast. Listeners loved it, so we’re running it back again this year with The Best Investment Writing Volume 5. You’ll hear from some of the most respected money managers and investment researchers from all over the planet. Enough from me, let’s let John take over this special episode. To read the original piece, click here. ----- Follow Meb on Twitter, LinkedIn and YouTube For detailed show notes, visit mebfaber.com/podcast To learn more about our funds and follow us, subscribe to our mailing list or visit us at cambriainvestments.com ----- Today’s episode is sponsored by The Idea Farm. The Idea Farm gives you access to over $100,000 worth of investing research, the kind usually read by only the world’s largest institutions, funds, and money managers. Join today and get access to quarterly CAPE ratios, an excel quant backtester and the entire research library. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome podcast friends we have a fantastic episode for you today.
0:11.2	Last year we published the best investment writing,
0:14.1	volume four, we offered authors the opportunity to record an audio version of their
0:18.3	chapter to be released as a segment of the podcast and listeners loved it.
0:22.1	This year we're once again bringing you the entire
0:24.4	volume of the best investment writing, volume five in podcast format. You'll hear from
0:29.5	some of the most respected money managers and investment researchers from all over the world.
0:34.7	Enough for me, let's get to our guest and let them take over this special episode.
0:38.8	Hi, my name is John Pease and I'm a quantitative researcher on the asset allocation team at
0:45.4	GMO.
0:46.4	GMO is a global private investment firm founded in 1977, which manages approximately 70 billion dollars.
0:54.0	On behalf of Ben Inker, the head of GMO's asset allocation team,
0:58.0	I'll be reading a piece we co-authored in late 2020 called Value, if not now, when.
1:06.7	It is often hard to take your mind off discomfort.
1:09.9	The drumbeat of worry can be made louder, if your attempt at mental respite involves, as did
1:15.4	mine reading a book called Migrane.
1:18.6	No matter how lyrically pain is evoked for how well crafted its description it unsurprisingly still reminds the reader of pain.
1:27.0	In the years 2020 and we are value investors.
1:31.0	The performance of value from 2007 to 2019 was to put it mildly uninspiring. This was not
1:39.3	altogether surprising considering the run-up that value had prior to that period.
1:44.8	We at GMO did warn of the peril of investing in cheap stocks at a time when their valuations
1:49.5	relative to the broad market looked to be at a record high. But the mind-numbing pain of
	...

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