US premium to world: didn't exist 15 years ago
The idea that US stocks should trade at a persistent valuation premium to the rest of the world had no historical precedent as of 2010.
Snapshot · Excess Returns
We Asked GMO’s Head of Asset Allocation Why This Bubble is Easy — But Investors Will Get it Wrong
Explore episode
Jun 24, 2026
Where this was said
The case for a benchmark-free portfolio
At 49:10 · chapter starts 48:41
Discussion of why non-US equities, value stocks, and small caps globally look significantly more attractive than US equities, aided by dollar overvaluation giving currency tailwinds [1] — Ben Inker "Non-US equities look significantly cheaper than US stocks, the dollar is overvalued giving currency tailwinds, and value stocks range from …" 49:00 .
Why International, Value and Small-Cap Stocks Look Best
Non-US equities look significantly cheaper than US stocks, the dollar is overvalued giving currency tailwinds, and value stocks range from 'quite cheap' to 'extraordinarily cheap' globally. The idea that the US should trade at a premium had no historical basis before 2010.
The Benchmark-Free Portfolio: Born in 1999
In 1999, GMO was getting two opposite complaints from the same portfolio: too much tracking error, and why own US large-caps at all if you hate them? The benchmark-free strategy, launched in 2001, promises every holding must make sense on its own — no position held out of fear it might go up.
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