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False Choices, Real Costs: Structural Flaws in the Growth–Value Duality

False Choices, Real Costs: Structural Flaws in the Growth–Value Duality

By Omid Shakernia, Que Nguyen
July 2025
To overcome the costly false duality between growth and value, we propose a model that defines growth as fast growing regardless of valuation ratios, and value as cheap regardless of growth rates—treating the two as distinct, not opposing, characteristics.

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Featured Insights

Must Value Be Anti-Growth?

Must Value Be Anti-Growth?

By Mario Albuquerque, Noah Beck, Que Nguyen
July 2025
Many value investors fall into the trap of being anti-growth, but fundamentals can be used to identify both valuation and growth characteristics. Being growth agnostic can unlock outperformance.
Expand Your Mind and Your Commodity Universe

Expand Your Mind and Your Commodity Universe

By Ben Chen, Jim Masturzo
July 2025
Broadening the commodity investment universe in long-only and long-short factor portfolios, subject to capacity and tradability thresholds, can improve risk-adjusted returns through higher roll yields, liquidity premia, and added diversification.
How Can “Smart Beta” Go Horribly Right?

How Can “Smart Beta” Go Horribly Right?

By Noah Beck, Xi Liu, Que Nguyen
June 2025
Smart beta strategies went horribly wrong over the last eight years. But now they may be poised to go horribly right.
Passive Aggressive: The Increasing Risks of Passive Dominance

Passive Aggressive: The Increasing Risks of Passive Dominance

By Chris Brightman, Campbell Harvey, Forrest Henslee
June 2025
While passive indexing increases correlations, distorts prices, and heightens systemic risk, it also creates opportunity for active investors to profit from systematic rebalancing.
Stimulus Does Not Stimulate

Stimulus Does Not Stimulate

By Rob Arnott, Alex Pickard
May 2025
Increased government spending and debt issuance, rather than encouraging economic growth, may actually stifle it.
Walking the Tightrope: Trend Following’s Tricky Tradeoffs

Walking the Tightrope: Trend Following’s Tricky Tradeoffs

By Jim Masturzo
May 2025
The positively skewed returns of trend-following strategies offer tail protection, but increased skewness comes with a lower Sharpe ratio. Managers need to understand the tradeoff and the implications for portfolio construction.
Gold $5,000?

Gold $5,000?

By Campbell Harvey
April 2025
Driven by financialization, de-dollarization, tariffs, and economic uncertainty, the price of gold is at or near all-time highs. Can it go even higher?
Why Tariffs Won’t Solve Our Trade Problem

Why Tariffs Won’t Solve Our Trade Problem

By Chris Brightman
April 2025
The U.S. trade deficit isn’t caused by unfair trade, it’s rooted in low savings, high consumption, and poor investment choices. Tariffs won’t fix it, but smarter fiscal policy, regulatory reform, and increased domestic production just might.
Small Caps, Big Opportunities: Investing Beyond Large-Cap Stocks

Small Caps, Big Opportunities: Investing Beyond Large-Cap Stocks

By Mario Albuquerque, Xi Liu, Que Nguyen
April 2025
The historically wide valuation discount between small- and large-cap stocks provides a substantial opportunity, but investors remain wary. Research shows that a smarter value approach by applying quality and momentum screens can minimize risks and enhance returns.
The AI Boom vs. the Dot-Com Bubble: Have We Seen This Movie Before?

The AI Boom vs. the Dot-Com Bubble: Have We Seen This Movie Before?

By Rob Arnott, Trent Commins, Xi Liu
March 2025
The narrative-driven AI boom of Nvidia and the Magnificent Seven echoes that of the dot-com bubble exemplified by Cisco and the Four Horsemen. The Research Affiliates Fundamental Index (RAFI) can help investors balance the risks and opportunities.
The EV Shakeout

The EV Shakeout

By Rob Arnott, Bradford Cornell, Forrest Henslee, Thomas Verghese
March 2025
Led by Elon Musk’s Tesla, the bull market in electric vehicle (EV) stocks had all the hallmarks of a big market delusion.
Adventures of The OG Quant

Adventures of The OG Quant

By Rob Arnott
February 2025
Explore the life and legacy of Dean LeBaron, a pioneering quant investor, innovator, and visionary. From founding Batterymarch Financial Management to revolutionizing quantitative investing, Dean’s journey spans decades of financial breakthroughs, global market exploration, and cutting-edge technology adoption.

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In The News

Wall Street Journal
Rob Arnott’s Firm Says the Time Is Finally Right for ‘Smart Beta’
June 2025
Barron's
Chris Brightman on Building a Smarter Baby Fund Strategy
June 2025
Wall Street Journal
Chris Brightman on the Hidden Risks of Passive Investing
June 2025
Bloomberg
Rob Arnott on Stimulus Spending, Inflation, and Value Opportunities
May 2025
Bloomberg
Que Nguyen on Market Dynamics and Small-Cap Opportunities
May 2025
Press Release
Research Affiliates Expands UK Capabilities with Oliver Knight Appointment
May 2025
The Shipley School
Katrina Sherrerd Honored with 2025 Alumni Service Award
May 2025
Bloomberg
Campbell Harvey on Gold, Inflation, and Investment Horizons
Apr 2025
Wall Street Journal
Rob Arnott: Why Value Stocks Shine When Markets Stumble
Apr 2025
Bloomberg
Rob Arnott on Market Volatility and Value Investing
Apr 2025
Press Release
Rob Arnott of Research Affiliates Honored with 2025 ETF.com Lifetime Achievement Award
Apr 2025
The Compound
Rob Arnott Discusses Big Market Delusion on The Compound and Friends
March 2025
Bloomberg
Rob Arnott on Smart Beta and the Magnificent 7 Rebound
March 2025
CNBC Squawk on the Street
Que Nguyen Shares Market Outlook and Economic Insights
March 2025
Wall Street Journal
Jim Masturzo on the Growing Risk in U.S. Growth Stocks
February 2025
Bloomberg
Rob Arnott on Unlocking Value in Dropped Index Stocks
February 2025

MORE IN THE NEWS

RA Papers On SSRN

Fundamental Growth
July 7, 2025
The Risks of Passive Investing Dominance
May 19, 2025
Does Fiscal Stimulus Stimulate?
May 07, 2025
The EV Shakeout
April 08, 2025
Fear, Not Risk, Explains Asset Pricing
February 07, 2025
Reimagining Index Funds
October 03, 2023

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