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Is Investing Starting to Get Difficult Again?
by Ben Inker of GMO, 5/16/18

In a new quarterly letter to GMO's institutional clients, head of asset allocation Ben Inker reflects on a change in the investment environment in the first quarter, characterized by a rise in volatility and a significant shift in the correlation between stock returns and bond returns ("Is Investing Starting to Get Difficult Again? I Hope So").

Trade Wars are Bad, and Nobody Wins
by Ben Inker of GMO, 3/2/18

Inker, the head of GMO's asset allocation team, warns that a full-blown trade war "is probably more dangerous for investors at this time than at any other time in recent history."

GMO Quarterly Letter
by Ben Inker of GMO, 2/20/18

In a new quarterly letter to GMO's institutional clients, head of asset allocation Ben Inker considers the hypothetical question posed by chief investment strategist Jeremy Grantham in his third-quarter 2017 letter, "What should you do if you are tasked with managing Stalin's pension portfolio?" ("Don't Act Like Stalin! But maybe hire portfolio managers that do?").

GMO Quarterly Letter
by Ben Inker and Jeremy Grantham of GMO, 12/14/17

In a new quarterly letter to GMO's institutional clients, head of asset allocation Ben Inker discusses why investors should be thinking about the risks of surging inflation, even if such a surge may not be inevitable or even probable. Chief investment strategist Jeremy Grantham considers the current market environment and how to most rationally take risk with the ultimate stakes on the line.

Quarterly Letter
by Ben Inker, Jeremy Grantham of GMO, 8/3/17

Emerging Value and Margin of Superiority by Ben Inker and Why Are Stock Market Prices So High? by Jeremy Grantham

GMO Quarterly Letter
by Ben Inker, Jeremy Grantham of GMO, 5/2/17

In a new quarterly letter to GMO's institutional clients, head of asset allocation Ben Inker addresses "perhaps the most common question I get from clients: What keeps you up at night?" ("Up At Night").

GMO Quarterly Letter
by Ben Inker, Jeremy Grantham of GMO, 1/26/17

GMO Quarterly Letter by Ben Inker and Jeremy Grantham

GMO Quarterly Letter
by Ben Inker, Jeremy Grantham of GMO, 11/8/16

GMO Quarterly Letter from Ben Inker and Jeremy Grantham

The Duration Connection
by Ben Inker of GMO, 7/28/16
In his quarterly letter today to GMO's institutional clients, co-head of asset allocation Ben Inker observes, "over the last six or seven years... the performance divide has not been between low-risk assets and high-risk assets or between liquid assets and illiquid assets, but between long-duration assets and short-duration assets" ("The Duration Connection"). He advises, "the characteristics that made [short-duration risk assets] disappoint may well prove a blessing if discount rates start to rise."

GMO Quarterly Letter
by Ben Inker, Jeremy Grantham of GMO, 5/10/16
The past five years have been challenging for long-term value-based asset allocation. We do not believe this constitutes a paradigm shift, dooming such strategies in the future. The basic driver for long-term value working historically has been the excessive volatility of asset prices relative to their underlying fundamental cash flows, and recent history does not show any evidence of that changing. Outperforming the markets given that pattern requires either betting that the excessive swings will reverse over time or accurately predicting what those excessive swings will be. The former strategy amounts to long-term value-based investing, while the latter requires outpredicting others as to both what surprises will hit the markets and how the markets will react to them. Our strong preference is to focus on long-term value, despite the inevitable periods of tough performance that strategy will entail.
Results 1–10 of 25 found.