Capital Allocators – Inside the Institutional Investment Industry

Ben Inker – Value Investing at GMO (First Meeting, EP.17)

Mar 30, 2020

Ben Inker, head of the Asset Allocation team at GMO, brings nearly thirty years of experience to the table. He shares valuable lessons from his Yale professors and discusses the struggles of value investing in today's tech-driven economy. Among key topics, he highlights the challenges facing value strategies and how government intervention impacts economic stability. Inker also emphasizes the need for critical thinking in investment decisions and reflects on the importance of understanding market dynamics for successful portfolio management.

01:20:04

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Episode guests

Ben Inker

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Episode notes

Intro

5min

Understanding Investment Dynamics

6min

Transformative Lessons in Investing

14min

The Evolution of Value Investing

22min

Navigating Value Investing Challenges

27min

Economic Reliance on Government and Personal Preferences

4min

The Importance of Inquiry in Investment Strategies

2min

Navigating Truth and Self-Validation in Investment Analysis

3min

Ben Inker is the head of the Asset Allocation team at GMO, a $60 billion asset manager known for its value bias under founder Jeremy Grantham. Ben joined GMO right out of college nearly thirty years ago and has been there ever since.

Our conversation starts with Ben’s early investment lessons from renown economics professors at Yale and how that led him to GMO upon graduation. We discuss his framework for thinking about investing and the struggles of value investing over the last decade, including the impact of global dominators, technology, and interest rates. We then turn to the case for value today, the challenges of value going forward, and the characteristics Ben sees in allocators’ successes and mistakes. Lastly, our conversation took place a few weeks ago, but the world’s changed a lot since then. I reached back out to Ben late last week to get his current thoughts on the market.

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