Broken Data. Hidden Opportunity | GMO's Warren Chiang on Deep Value’s Historic Setup скачать в хорошем качестве

Broken Data. Hidden Opportunity | GMO's Warren Chiang on Deep Value’s Historic Setup

GMO’s Warren Chiang joins us for a deep dive into the art and science of systematic value investing. In this episode, Warren shares how his team has refined traditional value investing to adapt to an intangible-heavy world, the structural reasons deep value is historically cheap today, and how top-down insights from GMO’s asset allocation group are implemented in practice. We also explore how ESG, momentum, macro, and geopolitical shifts—including the China decoupling—are integrated into portfolio construction, and what investors can learn from GMO’s global perspective on valuations. Topics Covered: Why GMO didn’t abandon value—it improved it The difference between "value" and "valuation" How restating financial statements improves valuation accuracy GMO’s two-step top-down and bottom-up ETF strategy The deep value opportunity: why it’s never been cheaper How GMO incorporates quality in a forward-looking way Why momentum and macro are excluded from some strategies How ESG is treated as a portfolio risk—not virtue signaling The China supply chain shift and the Beyond China strategy Passive investing’s long-term impact on price discovery Managing risk, constraints, and position sizing in quant portfolios Whether today’s market mirrors the dot-com bubble What’s driving valuation gaps across global markets Timestamps: 00:00 Intro: The divorce between valuation and financial statements 01:00 Why GMO improved value rather than abandoning it 03:00 Defining forward-looking valuation vs. traditional value 05:00 Restating financials to fix distorted inputs 08:00 From asset allocation insights to portfolio construction 11:00 The deep value opportunity: how rare is this setup? 13:00 Adjusting for intangibles in valuation models 15:00 How GMO defines and integrates quality 16:45 Momentum’s role—or lack thereof—in deep value 18:00 Product design and factor exposure tradeoffs 19:00 ESG: risk factor, not moral factor 20:00 Why macro is excluded in value ETFs but vital in EM 22:00 Does value perform better in high-rate environments? 23:00 Portfolio concentration, sizing, and sector constraints 25:00 Rebalancing frequency and turnover management 28:00 Passive investing’s impact on price discovery 31:00 GMO’s global valuation outlook: deep value vs. the world 34:00 Is this another dot-com bubble? 36:00 Deep value across global markets: EM vs. DM 38:00 Country constraints and international risk 40:00 Modeling tariff exposure and exogenous risks 42:00 AI, text analysis, and quant research advances 43:30 GMO’s Beyond China thesis and manufacturing shift 47:00 Can EM really absorb China’s manufacturing share? 49:00 Tariffs and the weaponization of trade 51:00 Will global trade shifts cause long-term inflation? 52:45 The one investing belief Warren’s peers might not share 55:00 One lesson Warren would teach every investor