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In episode 183 we welcome our guest, Ben Inker. Ben and Meb start the conversation with a chat about Ben\u2019s thoughts on markets which include the overriding theme that non-us markets are currently presenting opportunity for investors.\nNext, Meb asks Ben to get into his thoughts on current valuations and Ben walks through some ideas on high valuations for US stocks and reduced forward looking returns. On the subject of valuations, the pair then discusses interest rates and monetary policy. Ben follows that with an interesting paper he wrote that explored how high profitability has skewed toward large capitalization companies.\nBen expands on his thinking about valuations and markets outside the US, the past decade being the worst for value stocks, and being excited about opportunities like emerging market value stocks. He goes further in his discussion by getting into a concept he credits Robert Shiller with, clairvoyant fair value of a stock market, and shares that two pieces of information are critical, the starting valuation of the markets, and the return on capital.\nAs the conversation winds down, Ben and Meb discuss GMO\u2019s benchmark free allocation strategy, and investing with the goal of making absolute money and worrying about absolute risk.\nAll this and more in episode 183, including Ben\u2019s thoughts on hedging currency risk and his most memorable investment.\nLearn more about your ad choices. Visit megaphone.fm/adchoices