The Long View
The Long View
Jul 29, 2020
Ben Inker: 'The Portfolio We're Running Today Is Abnormal Even for Us'
52 min

Our guest on the podcast is Ben Inker. Ben is GMO's 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. He joined GMO in 1992 after obtaining his bachelor's in economics from Yale University. Prior to assuming his current role, Ben was an analyst on GMO's quantitative equity and asset-allocation teams, a portfolio manager of various equity and asset-allocation portfolios the firm offers, co-head of international quantitative equities, and CIO of quantitative developed equities. Ben is a CFA charterholder.

Background

Ben Inker bio 

Ben Inker articles 

GMO’s Research Library 

GMO Global Asset Allocation

Asset Allocation

GMO 7-Year Asset-Class Return Forecast, 2Q 2020 

Uncertainty Has Rarely Been Higher; Oddly, Neither Has the Stock Market,” by Ben Inker and Jeremy Grantham, June 4, 2020. 

Stocks Are Too Risky. What GMO’s Inker Says to Buy Instead,” by Jack Otter, Barron’s, May 24, 2020. 

Mean reversion definition, Investopedia.

GMO Mean Reversion Strategy 

GMO’s Mean Reversion Strategy Is Tested in Today’s Market,” by Bailey McCann, Institutional Investor, July 25, 2016. 

60/40 Portfolios Face Double Trouble Ahead,” by Rick Friedman, GMO Insights, Feb. 26, 2020. 

ESG Investing

GMO’s ESG Capabilities 

Climbing the ESG Learning Curve: Lessons Learned in Emerging Markets,” by Amit Bhartia, Binu George, and Hardik Shah,” GMO Insights, Nov. 4, 2019. 

ESG Managers Say Pandemic Is a Stress Test That Proves Their Point,” by Alastair Marsh, Bloomberg.com, April 9, 2020. 

Emerging Markets

Emerging Markets: Tamed Child O’ Mine,” by Amit Bhartia, Mehak Dua, and Alvaro Pascual, GMO White Papers, July 7, 2020. 

COVID-19: Risk and Resilience in Emerging Markets,” by Amit Bhartia, Tiger Tong, and Uday Tharar, GMO White Papers, April 16, 2020. 

GMO: 5 Reasons to Own Emerging Market Stocks Now,” by Bernice Napach, ThinkAdvisor, July 13, 2020. 

“Emerging Markets Value: A Rare Ray of Sunshine from GMO’s Strategists,” by David Snowball, Mutual Fund Observer, Dec. 1, 2018. 

Value Investing

"The Trouble with Value," by Ben Inker. 

Risk and Premium: A Tale of Value,” by John Pease, GMO White Papers, July 30, 2019.

During the Coronavirus Crisis, Does Value Investing Still Make Sense?” by Robin Wigglesworth, Financial Times, May 14, 2020. 

"GMO Is Feeling Pain Reminiscent of the Late 1990s,” by Christine Idzelis, Institutional Investor, Oct. 10, 2019. 

Portfolio Construction and Strategy

"How to Lose Your Job in Asset Allocation," by Jeremy Grantham and Ben Inker. 

GMO Benchmark-Free Allocation Fund

GMO Alternative Allocation Fund 

GMO’s Systematic Global Macro Strategy 

Bogleheads On Investing Podcast
Bogleheads On Investing Podcast
bogleheads
Episode 027: Cliff Asness, host Rick Ferri
Dr. Cliff Asness is a Founder, Managing Principal, and Chief Investment Officer at AQR Capital Management, a quantitative money manager overseeing $186 billion in assets as of December 2019. Prior to co-founding AQR Capital Management, he was a Managing Director and Director of Quantitative Research for the Asset Management Division of Goldman, Sachs & Co. He is an award-winning researcher on quantitative investment strategies and has authored articles for many publications, including The Journal of Portfolio Management, Financial Analysts Journal, The Journal of Finance, and The Journal of Financial Economics. Cliff received a B.S. in economics from the Wharton School and a B.S. in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, graduating summa cum laude in both. He received an M.B.A. with high honors and a Ph.D. in finance from the University of Chicago, where he was Eugene Fama’s student and teaching assistant for two years. This podcast is hosted by Rick Ferri, CFA, a long-time Boglehead and investment adviser. The Bogleheads are a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, founder and former CEO of the Vanguard Group. It is a conflict-free community where individual investors reach out and provide education, assistance, and relevant information to other investors of all experience levels at no cost. The organization's free website is Bogleheads.org and the wiki site is Bogleheads® wiki. Bogleheads sites are operated by volunteers who contribute time and talent. Donations help defray operating costs. Since 2000, the Bogleheads' have held national conferences in major cities around the country and currently meet in Philadelphia in the autumn of each year. There are 56 Local Chapters in the US and three Foreign Chapters that also meet regularly. New Chapters are being added on a regular basis. This podcast is supported by the John C. Bogle Center for Financial Literacy, a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012.
59 min
WEALTHTRACK
WEALTHTRACK
Consuelo Mack
Successful Investing: Timeless Advice
Can investing be simple? Can we stop worrying about what’s happening on Wall Street, in Washington, with Fed policy, inflation, corporate earnings, and numerous other headline-making concerns? Can we just get on with our lives and still invest successfully?  According to this week’s guest, the answer is yes, and we shouldn’t even care what the market is doing.   What should we care about? How should we invest? That is the focus of this week’s exclusive WEALTHTRACK interview.   Our guest is Charles Ellis, the author of the investment classic WINNING THE LOSER’S GAME, available now in its 2017 7th edition. Ellis is the author of 16 other books including the recently published 10th-anniversary edition of THE ELEMENTS OF INVESTING, co-written with his good friend, Princeton economics professor Burton Malkiel.    Ellis is a globally recognized financial thought leader, investment consultant, and advisor to governments, institutions, and endowments. He also cares deeply about helping investors succeed, as he puts it “winning the loser’s game.” He will help us do that this week.  WEALTHTRACK #1721 broadcast on November 20, 2020 More info: https://wealthtrack.com/timeless-strategies-for-successful-investing-from-legendary-investment-consultant-charles-ellis/ WINNING THE LOSER’S GAME (2017 edition): https://amzn.to/379ODOP THE ELEMENTS OF INVESTING: https://amzn.to/2UL96Dz --- Support this podcast: https://anchor.fm/wealthtrack/support
26 min
Marketplace Roundtable
Marketplace Roundtable
Seeking Alpha
The Value Investor's Edge Live #22: Time To Bet Heavily On Energy With J Mintzmyer and Michael Boyd
Michael Boyd, Head of Research at Energy Income Authority, joined J Mintzmyer's Value Investor's Edge Live on November 6, 2020, to discuss the post-election energy market prospects and opportunities into 2021 and beyond. This interview and discussion is relevant for anyone with interest in the broad energy sectors, including the overall SPDR Energy ETF (XLE) and income-focused funds such as the Alerian (AMLP). Specifically in this interview, we discuss several individual names including Altus Midstream (ALTM), Calumet Specialty Products (CLMT), Cimarex Energy (XEC), DCP Midstream (DCP), Diamondback Energy (FANG), Energy Transfer (ET), ExxonMobil (XOM), Plains All American (PAA), RPC Inc (RES), Schlumberger (SLB), and Targa Resources (TRGP). Topics Covered (<3:15) Intro/Disclosures (3:30) What does Biden Presidency and GOP Senate mean for energy? (6:30) Any risk to an energy export ban/shift? (8:30) Discussion on valuation levels and approaches. (18:00) What are your favorite sectors vs. avoids? (25:00) Top picks and a short candidate ideas to hedge? (32:45) You're negative on oil services: what about Schlumberger (SLB)? (35:45) Any views on ExxonMobil (XOM)? Are they attractive here? (39:15) Updated commentary on Altus Midstream (ALTM) after the triple? (46:45) Any firms which could be the ‘next ALTM?’ (51:15) Any top picks without K-1 exposure? (53:30) How will the divestment wave play out? Interest in crude oil itself? (1:00:30) Overview of the Energy Income Authority research platform. Learn more about your ad choices. Visit megaphone.fm/adchoices
1 hr 6 min
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