This podcast features an interview with Ben Inker, co-head of asset allocation at GMO, discussing his long career, investment lessons learned from mentors like Jeremy Grantham and David Swenson, and current market perspectives. The conversation covers GMO's investment approach, focusing on decomposing returns into underlying drivers to identify persistent vs. transient factors, and the challenges of navigating concentrated markets and high valuations in US tech stocks. Inker highlights the importance of diversification, particularly given current market uncertainties, and suggests exploring international markets like Japanese small-cap stocks, which offer attractive valuations and potential for growth. Listeners gain insights into asset allocation strategies and the importance of understanding underlying market drivers for informed investment decisions.
