For a fund manager with a belief in value, 2021 was as discombobulating a year as they come, says Ben Inker, co-head of GMO’s asset allocation team. Valuations went to insane levels across all markets, and there was nothing you could buy or hold that was cheap enough to offer real long-term returns. But the good news according to Inker is that an awful lot of froth came out of the market last year. Prices went down and inflation went up. Add those together and a lot of markets were down 25% plus in real terms, he says.

Inker joins Merryn Somerset Webb on this week’s Merryn Talks Money  to explain that, for the first time in several years, it’s possible to find assets with “compelling valuations.” There could be more nastiness to come in the most expensive markets, he warns, but the opportunity set going into 2023 is far better than it was a year ago. 

Plus, John Stepek and Merryn discuss was she calls one of the best books she's ever read. 

Sign up for John's daily newsletter Money Distilled: https://www.bloomberg.com/account/newsletters/uk-wealth

For a fund manager with a belief in value, 2021 was as discombobulating a year as they come, says Ben Inker, co-head of GMO’s asset allocation team. Valuations went to insane levels across all markets, and there was nothing you could buy or hold that was cheap enough to offer real long-term returns. But the good news according to Inker is that an awful lot of froth came out of the market last year. Prices went down and inflation went up. Add those together and a lot of markets were down 25% plus in real terms, he says. Inker joins Merryn Somerset Webb on this week’s Merryn Talks Money  to explain that, for the first time in several years, it’s possible to find assets with “compelling valuations.” There could be more nastiness to come in the most expensive markets, he warns, but the opportunity set going into 2023 is far better than it was a year ago.  Plus, John Stepek and Merryn discuss was she calls one of the best books she's ever read.  Sign up for John's daily newsletter Money Distilled: <a href="https://www.bloomberg.com/account/newsletters/uk-wealth" data-destination="rte:bind">https://www.bloomberg.com/account/newsletters/uk-wealth</a>

Merryn Talks Money with Bloomberg senior columnist Merryn Somerset Webb is your key to understanding how markets work – and how you can make them work for you. Every episode features a relaxed but in-depth conversation with a fund manager, a strategist, a Bloomberg expert or just someone Merryn finds particularly interesting in any given week. Listen in for the kind of insights and explanations everyone can use to help them make better saving and investing choices.

Merryn Talks Money with Bloomberg senior columnist Merryn Somerset Webb is your key to understanding how markets work – and how you can make them work for you. Every episode features a relaxed but in-depth conversation with a fund manager, a strategist, a Bloomberg expert or just someone Merryn finds particularly interesting in any given week. Listen in for the kind of insights and explanations everyone can use to help them make better saving and investing choices.

Merryn Talks Money

The Year of the Value Hunter Has Arrived

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/6d4f7b42-9188-41ea-8aee-afa40153065b/transcript

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