Friday, August 4, 2017

Links

The 2Q2017 GMO Quarterly Letter (LINK)
Ben Inker discusses his current view of emerging market equities, making the case that emerging value is currently the cheapest asset class. In fact, based on one portfolio construction technique GMO’s Asset Allocation team uses, emerging value is the best asset we have ever seen. Jeremy Grantham updates a behavioral P/E model to show that the stock market’s responses to major market factors over the years have been typically quite different from what one might expect from an “efficient” market. The market P/E level does not primarily reflect future prospects, but, contrary to theory, reflects current conditions. It weights variables that make investors feel comfortable, but that are not academically or economically correct.
Ruane, Cunniff & Goldfarb Investor Day Transcript (May 2017) (LINK)

Howard Marks on Bloomberg TV (video from earlier this week) (LINK)

Macro Voices podcast -- Raoul Pal & Julian Brigden: When will the dollar route end? (LINK)
Erik Townsend welcomes Julian Brigden and Raoul Pal back to MacroVoices. Erik, Julian & Raoul discuss their views on the US Dollar, the equity markets and the business cycle. They further explore the outlook on the bond bull market, demographics and the coming pension crisis.
Graham Allison talks with Charlie Rose (video) (LINK)
Related book: Destined for War: Can America and China Escape Thucydides’s Trap?
A Dinosaur So Well Preserved It Looks Like a Statue - by Ed Yong (LINK)