Ben Inker
The Navigator
Judgement in the fog, money, risk and the call others cannot make.
Ben Inker reads as The Navigator because fundamental value serves him as a fixed compass point, cash flows rather than sentiment, against which he tracks the drift between price and worth across cycles. His candid acknowledgment that valuation compression alone drove value's underperformance shows a leader recalibrating from observable data, not defending ideology.
“Been doing better than value. We weren't doing better than the broad market, but they said, hey, we have you as a value manager. We're very happy with how you've done. And you're the last value manager we have. So we don't really want you guys to have really good performance, but we'd like you to perform well relative to value.”
“Of how much dilution did you face? And historically apart from events of frankly revolution and regime change, we haven't seen profoundly dilutive events. We've seen things where you got diluted a few percent, maybe as much as 5% in the case of financials. It can be a little bit more.”
“Did on analyzing the clairvoyant value of the market. He said, hey, the basic problem with trying to do an analysis of investing is you need to know. How much volatility is there to the underlying fair value of the stock market?”
“We don't have a systematic way of doing it, certainly various teams are Mining it to try to get information that hasn't showed up in the hard data yet. But I don't think, at least as a firm, we have really figured out how can you use this to get at underlying economic truths.”
Masters in Business: “Ben Inker on Value and Asset Allocation (Podcast)”
LISTEN AT THE SOURCE ↗THE RECORD IS CHECKABLE