A research-driven discussion on why traditional growth investing often reflects price momentum, not real business expansion, and how a fundamentally grounded approach may offer a clearer path.

On WealthTrack, host Consuelo Mack interviews Rob Arnott, who explains that while his Fundamental Index approach has traditionally favored value stocks, he is now incorporating growth criteria so companies like NVIDIA and Apple qualify alongside strong fundamentals and still exclude others like Amazon and Microsoft.

A flagship annual market review examining how the events of 2025 reshaped valuations, yields, and long-term return expectations for the decade ahead using insights from Research Affiliates’ Asset Allocation Interactive.

As we celebrate the 20-year anniversary of this pioneering partnership, join Research Affiliates and Invesco for a timely discussion on the evolution, performance, and relevance of the RAFI approach.

Discover why cap-weighted indexes overweight expensive stocks, how index changes reinforce mispricing, and how fundamental weighting addresses these flaws. Gain insights into factor trends, valuation signals, and smart beta strategies to strengthen portfolio decisions.

Replay the mid-year check-in with the Research Affiliates team, where we unpack what drove returns across global asset classes in the first half of 2025 and, more importantly, where we see opportunities and risks emerging for the remainder of the year.

This webinar reviews the first full observation period of Asset Allocation Interactive, our Capital Market Expectations online tool. AAI’s track record highlights the relevance of conditional return expectations, examines the success and challenges, and offers a case study on the science of forecasting returns.

Replay this insightful webinar on Exploring the Effect of Deletions on Index Performance. Rob Arnott and Brent Leadbetter examine the deletion effect in popular indices and explore ways to mitigate this effect through thoughtful portfolio construction.

Are you ready to learn an innovative way to manage your downside risk, which could enable more consistent performance and potentially enhance returns? Watch an exclusive webinar, "Introducing RADTEC: Mitigating Downside Risk," where we'll introduce you to the Research Affiliates Downside Tracking Error Control framework.

Rob Arnott joins ‘Squawk Box’ to discuss his thoughts on the potential macroeconomic risks, how the value strategy is a bit more insulated, and more.

“It was the best of times, it was the worst of times,” Charles Dickens wrote in his classic novel, "A Tale of Two Cities". Victor Miller discusses how this phrase best describes the state of equity markets for the past decade and the expectations for the next decade given today’s valuations.

User-friendly AI may be a breakthrough, but it's also a bubble. Speaking to Katie Greifeld, Rob dissects the unprecedented growth in AI and explains why even though the AI narrative may be accurate, stock prices have gotten ahead of the story.

Asset diversification does not necessarily imply risk diversification. Brent Leadbetter takes a deeper dive on why both need to be considered when creating a portfolio.

Let Jim Masturzo show you why it’s useful to step back from analyzing specific assets and consider economic conditions so as not to lose the forest for the trees.

With the addition of 18 new equity market models, Omid Shakernia demonstrates why diversification is the only free lunch in investing.

Que Nguyen joined Romaine Bostick, CFA and Alix Steel at the Bloomberg NYC studio to discuss this week’s CPI data and what she views as attractive in the equity markets.

Campbell Harvey joins CNBC’s ‘Squawk Box’ to discuss whether recession is on the horizon, the state of consumer, and more.

With the economy likely to slow near term, excess labor demand, a sound housing market and risk impacts from an inverted yield curve should dampen any recession. Moreover, Fed rate cuts to reverse an earlier overshoot are key to achieving a soft landing.

Watch Jim Masturzo, CIO of Multi-Asset, and Brent Leadbetter, Head of Solutions, as they kick off the year with a market outlook discussion. Jim will explore both short and long-term opportunities and offer insights into using diversifying asset classes to manage macro risks and reduce portfolio volatility.

So many market participants now regard an inverted yield curve as a harbinger of a recession, due to the indicator's perfect track record of preceding an economic slowdown. Today, Jack Farley interviews the founder of this economic indicator, Campbell R. Harvey. Harvey shares how he discovered this signal in the bond market in the 1980s, and how it has an 8 out 8 track record in preceding recessions (with zero false signal).

In momentum trading, it’s pivotal to break bad trends. In his latest research published in esteemed financial journals, Cam Harvey uncovers strategies to navigate market shifts, exploring how rule implementation can enhance trend-following performance.

Rob Arnott talks about capital markets, inflation and investing in the current geo-political climate with King World News.

In the 1980s, Cam Harvey developed a model for predicting future economic growth based on the slope of the term structure. Since its inception, his model has accurately predicted every recession without any false signals. In this video, Cam provides insight into the model's origins. He also delves into the present economic landscape, touching upon inflation, the potential impact of an inverted yield curve triggering a wider banking crisis, and shares his perspective on the likelihood of an impending recession.

Rob Arnott tells Bloomberg how he expects inflation to surprise to the upside and could finish the year over 4%. He doesn't think the Federal Reserve will raise rates again.

Cam Harvey discusses the state of the economy, the yield curve indicator, the next recession, and much more with Michael Batnick, Barry Ritholtz and Downtown Josh Brown.

Rob Arnott shares his thoughts on Fed policy, interest rates and inflation from a historical viewpoint and where he sees them heading and much more on FTSE Russell Convenes.

Financial thought leader and Research Affiliates’ Founder Rob Arnott identifies major market myths—on inflation, value investing and the supposedly passive nature of index funds—and the investment opportunities they are creating, in this wide-ranging in-person discussion with Consuelo Mack, Executive Producer of public television’s Consuelo Mack WealthTrack.

Rob Arnott discusses Smart Beta, current market environment, inflation, growth vs. value stocks, and more with Nate Geraci on ETF Prime. Rob’s segment starts at 29:55.

Rob Arnott cautions against celebrating the return of inflation to what is perceived as normal levels. He anticipates that the CPI will likely increase during the latter half of 2023, owing to the way it is calculated. Arnott also delves into the market outlook for the remaining part of the year, emphasizing that the concept of value has not perished despite enduring a more than decade-long downturn. He notes that value-based companies continue to perform well and analyzes how their valuations remain among the most affordable in historical terms compared to growth-oriented counterparts. Furthermore, he provides insights into why prominent tech stocks have become a refuge for investors seeking safety. For a more in-depth understanding of today's stock market dynamics, be sure to tune in.

Rob Arnott joined Downtown Josh Brown and Michael Batnick at FutureProof AC Festival for a live edition of The Compound News podcast. Rob weighs in on “Smart Beta Fever,” value, NVIDIA and much more!

Is the rise of AI and NVIDIA's market surge sustainable or a bubble? Rob Arnott discusses his latest analysis on Bloomberg TV.

In a conversation with Caleb Silver on the Investopedia Express Podcast, Rob Arnott discusses emerging markets and international stocks. He sees them as a bargain relative to the US, making this a wonderful time to pivot to non-US value. Rob Arnott speaks at the 8 minute mark.

Could additional bank failures be triggered by further Fed rate increases? Are banks with long-term loans and commercial real estate in trouble? Cam Harvey, RA Partner and Director of Research, answers these questions and more on Fox Business Network’s “The Claman Countdown.”

The Fed is thinking they need to focus on jobs, yet if you look at the inflation data, the main driver of inflation is shelter.” Cam Harvey, RA Partner and Director of Research, joins Squawk Box to discuss the Fed’s rate hike campaign, the leading indicators of inflation, and more.

In this episode of The Lead-Lag Report, RA CEO and CIO Chris Brightman, talks all things diversification and asset allocation, explores crucial factors that contribute to economic downturns and discusses the importance of staying vigilant in the face of potential recession risks.

In this episode of the Money Life podcast, Cam Harvey, RA Partner and Director of Research, discusses the stress in the financial system, likelihood of a hard landing for the US economy, severity of the yield-curve inversion, and more.

In this episode of the “What Goes Up” podcast, Que Nguyen, RA CIO of Equity Strategies, gives her outlook on markets and discusses why she doesn’t foresee a soft landing for the economy. “There’s always going to be something that breaks a little bit worse than you expect. It’s very, very difficult to engineer a soft landing.”

Cam Harvey, RA Partner and Director of Research, warns that the risk induced in the banking system by an unyielding Fed has greatly increased the chance of a hard landing. The current inversion of the 10Y/3M yield curve is severe.

In this episode of The Acquirers Podcast, hosts Tobias Carlisle and Jake Taylor talk to Cam Harvey, RA Partner and Director of Research, about all things yield curve inversion, the employment sector, Fed policy, recession probability, and more.

This video focuses on how Chris’s multi-decade professional background informs his perspective of today’s banking turmoil, including his experience as a bank examiner and bond trader during the early 1980’s and the Savings and Loans Crisis.

Chris offers his observations and lessons to help investors navigate the current environment. He explains the impact of the recent shift in our interest rate environment, discusses the impetus behind the rise of a lender of last resort, and examines the trade-offs our industry is grappling with amidst this banking turmoil.

Value stocks outside the US are very cheap. We find all sorts of narratives for not investing outside the US, but US stocks are priced at more than twice the valuation multiples of non-US stocks.” Listen to Rob Arnott make the case for international value stocks on Bloomberg Surveillance.

A recession later this year still seems more likely than not.” In this episode of the Wealthion podcast, Chris Brightman, RA CEO and CIO, discusses the looming recession, financial markets outlook, inflation, the unsustainable growth of sovereign debt, and more.

In this episode of the “Investing the Templeton Way” podcast, host Lauren Templeton talks to Rob Arnott about all things inflation, Fed policy, the Fundamental Index™ approach, cryptocurrencies, and more.

Hasn't inflation already come down faster than expected? What does history suggest about the length of time it takes inflation to recede to 2%? What are Research Affiliates’ long-term inflation expectations across the globe? Join a conversation with Rob Arnott and Omid Shakernia as they discuss these very questions and share their latest research findings on what history informs us about our current and prospective inflationary environment.

Que Nguyen, RA CIO of Equity Strategies, makes the case for small-cap stocks on Barron’s Streetwise podcast. “Relative valuations between large-cap and small-cap stocks are so stretched right now that over the next five to seven years, small-caps could outperform on a global basis by on average 3.7% per year."

In this episode of Barron’s Live podcast, Rob Arnott discusses the outlook for financial markets, inflation, interest rates, value investing, the latest crisis in cryptocurrencies, and more.

In this episode of the “Excess Returns” podcast, hosts Jack Forehand and Justin Carbonneau talk to Rob Arnott about his personal portfolio and how he adjusts exposure to bonds and equities over time, his view on alternative asset classes, emerging markets stocks, private equity, and more.

At the 2022 FTSE/Russell World Investment Forum, Rob discussed the evolution of indexing and shared his perspective into a range of topics relevant to today’s investors, including value investing, inflation, global trade, and more. Tune into this 17-minute clip to hear the highlights from this interview.

We have made a number of forecasting methodology refinements and interface enhancements to our Asset Allocation Interactive website, which features our latest long-term expected return and risk forecasts for over 130 core asset classes and portfolios. Learn more about them in this webinar as well as hear our latest asset class forecasts.

In this episode of The Market Huddle, Rob Arnott discusses value versus growth stocks, the Fundamental Index™, the yield curve and whether it can predict recessions, why he thinks inflation will stay persistently high, and more.

In this episode of The Meb Faber Show, Rob Arnott and Cam Harvey, RA Partner and Head of Research, discuss the state of the economy, recessions, and yield curve inversions, why the Fed is not positioned to handle the inflation crisis we have today, and why they share a nonconsensus view that inflation has not yet peaked.

Vitali Kalesnik, Director of Research, Europe, discusses his research into currently available carbon emissions data with Ari Polychronopoulos, Head of Product Management and ESG. Investors need reliable data to make investment decisions that properly support their ESG-related goals. At the present time, these data fall short of that standard.

In this short video, Campbell Harvey, Partner and Head of Research at Research Affiliates, goes beyond the headlines to offer insights informing his inflation outlook, following the release of the July inflation print.

Jim Masturzo, RA Partner and CIO of Multi-Asset Strategies, talks inflation indicators, asset allocation, building expected returns for commodities, growth vs. value, and more on “Behind the Markets” podcast.

Vitali Kalesnik, RA Partner and Director of Research, discusses rising inflation, how Russia’s war in Ukraine might impact the markets, ESG investing, and how to find quality stocks in turbulent times on Opto Sessions podcast.

What will the DeFi landscape look like in the future, and what are the leading ideas and opportunities in this emerging space? Watch Cam Harvey, RA Partner and Head of Research, present at the CFA Institute's Alpha Summit in a session titled “Rethinking the Global Financial System.”

In this five-minute video, Ari Polychronopoulos, Head of ESG, sorts through competing claims surrounding ESG investing. He explains the key ideas from his recent articles on ESG topics and provides guidance on how investors can approach meeting the often dual objectives of socially responsible investing and long-term returns.

Rob Arnott, Chair, and Que Nguyen, Head of Product Management, discuss how the RAFI strategy has performed through the first quarter of 2022 and how they anticipate changing market conditions to impact future RAFI performance.

How is the war in Ukraine likely to affect emerging markets? What should we expect from surging inflation? Rob Arnott discusses the prospects for capital markets and more in his interview with Perth Tolle at the Exchange ETF conference.

In this short video, Rob Arnott highlights Research Affiliates' journey over the past 20 years.

Popular narratives suggest value should perform well in a rising interest rate and inflationary environment. In this short video, Rob Arnott goes beyond the narratives to provide Research Affiliates’ rationale for why value currently represents an outstanding opportunity for investors.

In this short video, Rob Arnott discusses which asset classes are most likely to outperform in an inflationary environment, and why.

In this MoneyWeek podcast, Vitali Kalesnik talks about the situation in Ukraine, the consequences of sanctions on Russia, and how inflation is likely to affect investments.

Given recent world events, the threat of inflation on the capital markets and global economy has accelerated. In this short video, Rob Arnott, our founding chairman and co-portfolio manager on the PIMCO All Asset and All Asset All Authority funds, assesses inflation dynamics and the implications for investors.

In this episode of Stansberry Investor Hour, Dan Ferris speaks with Rob Arnott about the market cycle turning to being predominated by value. Rob also discusses his two core investment principles and his forecast for inflation.

In this episode of Money Life with Chuck Jaffe, Rob Arnott discusses how markets move based on constantly shifting narratives and suggests investors worried about today's headlines should be asking if these problems will be a concern in a few years.

Vitali Kalesnik discusses factor investing and how it has evolved over time as well as ESG integration across this arena in The Fiftyfaces Podcast. Vitali also talks about academic collaboration, the importance of recognizing one's strengths and weaknesses, and more.

Inflationary pressures continue to ratchet up. How did we get here? And what happens when people stop believing the government can service its debt? Rob Arnott and John Cochrane discuss the journey from transitory to persistent inflation.

Rob Arnott discusses the twin realities of rising inflation and higher interest rates with Jamil Baz, who explains how quants can do more than merely generate alpha.

Inflation fears are rising. How will investors deal with it? The Fed is poised to hike rates. How might rising rates impact asset allocation and total return? Rob Arnott and Martin Leibowitz discuss what's ahead for financial markets and investors.

In this episode of Money Life with Chuck Jaffe, Feifei Li discusses the risk of negative returns in 2022 and the possibility of a big correction. Despite the changing capital market environment, she believes value stocks will come to the fore as the rest of the market struggles.

Rob Arnott joins the “What Goes Up” podcast to discuss how he identifies stock market bubbles and how to use valuation gaps to identify attractive equities.

In this episode of Investment Uncut, Mary Spencer and Dan Mikulskis talk to Rob Arnott about the principles of fundamental indexing, the definition of bubbles and anti-bubbles, the future of value investing, what quant researchers tend to get wrong, and the right questions to ask of any backtest.

Amie Ko brings you the audio version of the paper "A Quick Survey of 'Broken' Asset Classes" she co-authored with John West in this episode of The Meb Faber Show.

In this MoneyWeek podcast, Merryn Somerset Webb talks to Rob Arnott about some of the unexpected consequences of Covid and the opportunities for investors, the "wonderful safe haven" of UK value stocks, and the attractions of energy companies.

Bloomberg Opinion columnist Barry Ritholtz speaks with Cam Harvey about cryptocurrencies and decentralized finance in this episode of Masters in Business podcast. Harvey co-wrote the recent book "DeFi and the Future of Finance."

Cam Harvey and Michele Mazzoleni bring you the audio version of their research paper, "Breaking Bad Trends," co-authored with Christian Goulding in this episode of The Meb Faber Show.

Rob Arnott discusses the current environment—including market concentration and the notorious vulnerability of top dog stocks to remain on top—and why we believe the potential for value’s outperformance relative to growth stocks remains compelling.

Rob Arnott joins Jerry Bowyer on Meeting of Minds to talk about the economic and political future of the United States, value versus growth, whether emerging markets are risky, and more.

Greg Dowling of FEG and Rob Arnott talk about the fate of diversification and value, how investors can appropriately size in a volatile market, whether smart money has gotten dumb, and why an investor should always seek to be curious. They also discuss key takeaways from Rob’s recent research and his capital market assumptions.

Rob Arnott joins The Rational Reminder podcast for a wide-ranging discussion on smart beta, intangible assets, forecasting, earnings dilution, the "big market delusion," and more.

Rob Arnott joins Jack Forehand and Justin Carbonneau on the Excess Returns podcast to discuss the implications of government stimulus, how to identify bubbles in advance, and the future of value investing, among many other topics.

In this week's episode of Seeking Alpha's Let's Talk ETFs podcast, Ari Polychronopoulos discusses the details and nuances of environmental, social, and governance investing within the exchange-traded fund space. Ari also uncovers what future potential mandates may be put in place for ESG investing.

In this episode of The Meb Faber Show, Rob Arnott explains why today's valuations meet his definition of a bubble. He talks MMT, value investing, and lofty valuations for electric vehicles stocks.

Jim Masturzo and Brandon Kunz discuss the firm’s approach to forecasting long-horizon returns across a wide opportunity set. They also introduce Research Affiliates Model Portfolios™, which at various levels of risk tolerance, apply a robust, adaptive, and disciplined systematic asset allocation process to a diversified roster of liquid asset classes.

Barry Ritholtz speaks with Rob Arnott about the inception of the Fundamental Index approach, smart beta, the "big market delusion," and more.

Alex Pickard takes a deep dive into bitcoin and cryptocurrency with Jeremy Schwartz and Jason Guthrie in this episode of Behind the Markets podcast. They talk about the history of mining bitcoin and the future of cryptomining.

Rob Arnott discusses current market comparisons to the dotcom bubble and explains the Research Affiliates Fundamental Index approach in this episode of the ETF Prime podcast.

Dan Ferris of Stansberry Investor Hour sits down with Jim Masturzo for a discussion on his beginnings in the finance industry, forecasting, value investing, quantitative modeling, and more.

A discussion led by Cam Harvey, PhD, and moderated by Brandon Kunz, to explore some of our recent research findings and their related investment implications.

Rob Arnott brings you the audio version of his research paper, "Bubble, Bubble, Toil and Trouble," co-authored with Bradford Cornell and Shane Shepherd in this episode of The Meb Faber Show.

Advisors are positioned to be winners in the technological innovation currently revolutionizing the investment industry, asserts Cam Harvey. He also explains his research on gold as an inflation hedge, among other topics. In Part 1, Cam discussed the advantages of blockchain technology.

Rob Arnott joins Sarah Ponczek and Mike Regan on this week’s What Goes Up podcast to share his knowledge on market bubbles.

The RAFI™️ ESG Index series satisfies the dual objectives of sustainability and the potential for outperformance. Ari Polychronopoulos, CFA, a partner of the firm, explains how innovative portfolio construction and supplementing traditional ESG metrics with diversity and financial discipline metrics sets the index series apart from other ESG indices.

On this episode of What'd You Miss This Week? Rob Arnott contributes his insights on tech's outperformance over the broader market and explains why he thinks we are in the middle of a bubble and why betting against it is dangerous.

In this episode of the i3 podcast, Rob Arnott talks to Wouter Klijn about his recent paper, "Reports of Value’s Death May Be Greatly Exaggerated." Rob explains how the Covid pandemic could impact factors and why he would never take Research Affiliates public.

Cam Harvey cuts through the fanfare on cryptocurrencies, one of the most popular topics from RA advisor events. He begins with a brief explanation of his views on the advantages of blockchain technology.

Cam Harvey, senior advisor and partner at Research Affiliates, addressed the CFA Institute Annual Conference on May 18, 2020, and provided his perspective on the current pandemic-inspired economic slowdown and its likely impact on the US economy. We are able to share his insights with you here.

Cam Harvey joins Josh Brown on "The Compound" to talk about the yield curve inversion and why it's viewed as an indicator of a pending economic recession. Harvey also talks about the current recession, and what’s coming next.

On this episode of What'd You Miss This Week? Rob Arnott talks about the oil's historic week, what's driving the plunge in prices, and whether the same will happen to other commodity markets, and how does the recovery look like.

Feifei Li joins Chuck Gaffe to discuss market valuations amid the Covid pandemic.

Uncertainty and heightened volatility continue to dominate global markets. In this one-hour webinar, Rob Arnott, James Masturzo, and Brandon Kunz share Research Affiliates’ updated forecasts for capital markets in light of the COVID-19 pandemic and provide actionable insights for investors.

Rob Arnott tells Citywire why he still believes in value despite its poor performance during the Covid-related market crisis. Rob explains why the value index has suffered during the pandemic and the ensuing sell-off, and why this is not a time to run away from value stocks.

On the Gaining Perspectives podcast, Rob Arnott discusses some of the big questions for advisors and their clients: How should advisors allocate their clients’ assets? What is in store for the capital markets over next decade?

Rob Arnott joins Josh Brown on The Compound to talk about the implications of Covid for the US economy, falling stock prices, valuations, value investing, and more.

Jonathan Treussard joins Meb Faber to discuss the idea of “nowcasting,” valuations, emerging markets, and analyzing data to form a sensible guide for forward looking expectations. They also talk about factor investing, value's underperformance, and the behavioral struggle that comes with it.

Cam Harvey says the current crisis may result in The Great Compression. Why? Listen to his short four-minute explanation. Or read the transcript.

Rob Arnott joins Rick Unser on the 401k Fridays podcast to talk about what the next decade could hold for the financial markets. Rob also discusses inflation, negative interest rates, the difference between a nowcast and a forecast, and more.

Conventional portfolios, largely composed of US stocks and bonds, earned impressive returns over the last decade. How do these annualized returns compare to past decades? Further, and perhaps more importantly, what are reasonable return expectations for the next decade?

In this episode of The Meb Faber Show, Chris Brightman talks about the evolution of economic and monetary theory over the past decades, inflation, and ways to protect portfolios from high inflation. In terms of forward-looking asset-class return expectations, Chris talks about emerging markets as a potential bright spot.

Chuck Gaffe interviews Rob Arnott in this wide-ranging interview on value investing. Even though value investing has had a long run of underperformance versus growth, Rob explains why value is not dead, pointing to the historically wide valuation difference between value and growth stocks, a strong indicator that value stocks are due for a resurgence if investors can remain patient.

Jesse Felder talks to Rob Arnott in this episode of The Felder Report and discuss Rob's evolution as an investor. Rob explains the Fundamental Index approach he developed over a decade ago to address his concerns with the most popular form of passive investing—cap-weighted indexing.

Jason Hsu and Vitali Kalesnik discuss which definitions of the quality factor are robust and have been shown to generate a return premium. Their findings suggest a link between the quality factor and ESG investing.

Rob Arnott comments on the market environment at the close of 2019 and where he sees the opportunities for expected future returns.

As markets rise, pundits are prone to offer explanations for why valuations shouldn't matter. But valuations have proven time and time again to be one of the strongest predictors of future returns. Rob Arnott examines what today's valuations are telling us about future expected returns.

Cam Harvey joins Josh Brown on The Compound to talk about the yield curve and the state of the US economy.

A Review of Recent Performance & Expected Returns

In this episode of The Meb Faber Show, Cam Harvey explains the inverted yield curve and its predictive power in foreshadowing recession as well as discusses cryptocurrency, factor investing, the disruptions he sees ahead in finance, and more.

Christine Benz and Jeff Ptak talk all things value with Rob Arnott, who makes the case for value being cheap, on this episode of The Long View.

Cam Harvey joins Cardiff Garcia in this episode of Planet Money for an in-depth discussion on the yield curve. When the interest rates on long-term government bonds are lower than the interest rates on short-term government bonds, the yield curve is inverted. For many economists, this means one thing: an economic recession is on the way.

Rob Arnott brings you the audio version of his research paper "Yes. It's a Bubble. So What?" co-authored with Bradford Cornell and Shane Shepherd in this episode of The Meb Faber Show.

Bloomberg Opinion columnist Barry Ritholtz discusses the investment industry with Chris Brightman. They talk about Chris’s investment management experience, smart beta, factor investing, the underperformance of value stocks, and how cyclical value stocks tend to be.

In this episode of the What Goes Up podcast, Rob Arnott explains why investors should not shun emerging market stocks. Research Affiliates' models predict emerging markets, particularly value stocks in the region, should strongly outperform US equities in real terms over the next decade.

Via the Research Affiliates Smart Beta Interactive tool, Mike Aked, partner and Director of Research for Australia, will answer the following pressing questions around smart beta and factor investing:

Financial Sense Insider interviews Rob Arnott about the key insights of his “Are Valuations Relevant?" presentation delivered at the Research Affiliates 2019 Advisor Symposium.

Cam Harvey joins Sarah Ponczek and Mike Regan in this episode of the What Goes Up podcast to discuss his dissertation on the yield curve. The podcast also touches on some of Cam's other research endeavors, including Duke’s survey of chief financial officers, the pitfalls of factor investing, and how to quantify political risk to markets.

Cam Harvey speaks to the currently inverted yield curve as an indicator of a slowing economy, further expounding on his Conversations of January 2019.

Samuel Hartzmark explains his and Abigail Sussman’s findings on investors’ perception of the sustainability ratings of US mutual funds and the resulting investment implications.

Kelly Shue’s research challenges the conventional wisdom that size is the fundamental determinant of volatility and offers investors a window on an under-appreciated driver of asset price movements.

Poor index design can lead to high trading costs for investors. Thoughtful implementation can mitigate these costs by using weighting schemes that promote liquidity, employing turnover-control mechanisms, and applying staggered rebalancing.

Based on his research, Alex Edmans shows how a corporation treats its employees and how closely it follows governance-related best practices is indicative of positive long-term outcomes for investors.

With US stock market valuations exceeding all historical valuation levels—except for those hit at the peak of the dot-com craze—Rob Arnott examines the subsequent performance of companies, which were at one time the largest companies in the world.

ESG and SRI strategies filter companies on metrics that often measure intangibles. Alex Edmans finds that employee satisfaction does correlate with corporate outcomes, but the market is not yet adequately valuing this intangible.

Juhani Linnainmaa cautions investors to be wary of alpha decay in newly discovered factors. Using fresh, pre-discovery data, his out-of-sample analysis shows about half of the many factors tested were not robust.

Because cognitive diversity is conducive to better decision making, firms that embrace it tend to produce better outcomes for their investors. Katy Sherrerd discusses how improved outcomes are being increasingly linked to a sustainable and high-functioning culture able to withstand leadership change and competitive market pressures.

Learn from Cam Harvey how technologies from blockchain to automated portfolio construction are likely to impact the financial landscape.

Feifei Li explains the importance of portfolio construction in an ESG portfolio using a carbon footprint example in this 10-minute excerpt of her Advisor Symposium presentation.

Jim Masturzo demonstrates how to use multiple signals to create portfolio sleeves designed to help deliver on the often competing and changing objectives investors face over their investment horizon. View a 9-minute excerpt of his 2019 Advisor Symposium presentation.

Understanding the sensitivities of factor-based strategies is essential to properly calibrate return expectations and cope with unavoidable periods of underperformance. Michele Mazzoleni explains our research into gaining a better awareness of these sensitivities.

David Laibson discusses his findings on what types of strategies work best to encourage investors to exert self-control, whether it may be saving more for retirement or resisting the impulse to sell into a falling market.

MarketFox columnist Daniel Grioli speaks with Rob Arnott about his research into factors and addresses the criticism that AQR founder Cliff Asness has expressed about Rob's factor-timing paper.

We compare the two most popular multi-factor strategy construction methods of mixing and integrating, and recommend when each of the two strategies is the more suitable for an investor’s needs.

Cam Harvey looks at the yield curve today through the lens of his 1986 pioneering work on yield-curve inversions and their foreshadowing of economic downturns.

Factors have risks, and ignoring these risks can leave investors under-prepared for the investment journey. By investing in multiple factors, diversification can mitigate the risks of individual factors, reducing a portfolio’s overall risk—but far from all of it.

In this webinar, we propose a framework that emphasizes the following elements: 1) Exposure to robust factors 2) Implementation costs 3) Management costs 4) Transparency. The webinar also explores the robustness of specific factors and the potential problems confronting investors.

Traditional index funds match market performance and have negligible trading costs with low tracking error—or do they? Not actually—they routinely buy after high price appreciation and sell after high price depreciation. In this webinar, Rob Arnott explains how index providers can construct better-performing indices that are less prone to performance chasing and have lower turnover.

Cam Harvey explains the link between the yield curve inversion and future stock returns as well as why value offers investors a potential hedge against downside risk after a yield curve inversion.

Although a naive comparison appears to favor the integrating approach to multi-factor strategy construction, after taking into account both quantitative and qualitative considerations, many investors—those seeking transparency, diversification, minimal governance oversight, and low fees—may find mixing is a more sensible choice.

By combining a tilt toward companies that display financial discipline and that embrace corporate diversity with the return engine of a fundamentally weighted portfolio, we believe investors in environmental, social, and governance (ESG)–related strategies have the opportunity to earn superior long-term risk-adjusted returns.

The wisdom of diversifying investor portfolios across a wide range of asset classes is indisputable. But diversifying client portfolios beyond mainstream stocks and bonds comes with challenges, starting with clients’ unfamiliarity with diversifying asset classes and a propensity for clients to regret diversifying when results disappoint.

Rob Arnott discusses US CAPE ratios which are at levels previously reached only in 1929 and during the tech bubble. Should we fear the lofty valuation multiples, or should we fear the CAPE ratio itself because of its notorious unreliability in picking market peaks and troughs?

Shifting your smart beta strategy selection focus to craftsmanship and cost. Learn what questions to ask and how to make better-informed decisions when investing in smart beta.

An explanation of how to derive forward-looking return and risk assumptions for asset classes, and how to use these assumptions to set expectations and build portfolios that deliver better outcomes.

An explanation of how to derive forward-looking return and risk assumptions for asset classes, and how to use these assumptions to set expectations and build portfolios that deliver better outcomes.

An overview of our research 25 years after Arnott and Jeffrey (1993)—who found that traditional equity managers’ alpha was not big enough to cover their taxes in most instances—finds that the more efficient forms of investment management and investment vehicles introduced over the last quarter-century now make earning alpha in excess of taxes more plausible for investors.

Investment advisors who use only past returns to forecast future returns may well be creating unrealistic expectations and poor investment outcomes for their clients.

The journey to more compelling investment opportunities and to higher long-term returns is necessarily paved with higher volatility and higher tracking error. A client’s thorough understanding of these bumps in the road will make for more successful advisor–client relationships.

US CAPE ratios are at levels previously reached only in 1929 and during the tech bubble. Should we fear the lofty valuation multiples, or should we fear the CAPE ratio itself, because of its notorious unreliability in picking market peaks and troughs?

Diversification and its long-term benefits have been accepted as a core investment insight. Many have begun to question its benefits, however, due to the underperformance of most diversifying asset classes over the last five years.

In this webinar, Research Affiliates CIO Chris Brightman explains how endemic trend chasing—allocating money to what is popular and likely expensive—and widespread proliferation of non-robust factors hurt investors.

Chris Brightman, Vitali Kalesnik, and Mark Clements explain why a systematic smart beta strategy that invests in profitable companies with conservative investment can diversify value exposures while also delivering strong positive excess return from sustainably faster growth in EPS.

Many investors continue to anchor their expectations and asset allocation framework on past returns. They fail to fully account for valuations–and buy what is likely expensive, while shunning attractively priced but “scary” assets. To meet their "number," investors and advisors should consider reevaluating their strategic asset allocation, rethinking their risk tolerance—and looking past the usual "destinations" as we believe many bargains exist beyond the mainstream.

We challenge the common view that “smart beta” strategies and factor tilts are the same. In fact, factor-replicated portfolios are poor substitutes for their smart beta counterparts. Performance is poor, turnover is high, and capacity is terrible. Why? Implementation details matter—both for performance and for trading costs.

Research by Rob Arnott, Vitali Kalesnik, and Lillian Wu shows that factor-tilt strategies suffer from substantial return slippage (vs. factor long–short paper portfolios) due to the real-world costs of implementation.

Chris Brightman asserts that multi-factor equity investing and rebalancing using robust factors is a reliable strategy for outperforming the market without the burden of excessive volatility.

Investors in smart beta strategies will and should expect bouts of underperformance, according to John West. In anticipation of this, owners and agents are encouraged to align their respective incentives and long-term interests.

Rob Arnott explains why “history is worse than useless” in forecasting the alpha of smart beta strategies.

Past is NOT prologue. The proliferation of smart beta and factor strategies brings with it data mining and performance chasing. Investors are best served by using relative valuations to forecast the long-term future returns of both smart beta strategies and factors. Useful forecasting models should also address implementation costs.

Contrarian timing—emphasizing factors or strategies that are trading cheap relative to their own historical norms, and deemphasizing the more expensive factors or strategies—can improve performance. Unfortunately, most investors already practice a form of market “timing”—in the wrong direction—by trend chasing.

Contrarian timing—emphasizing factors or strategies that are trading cheap relative to their own historical norms, and deemphasizing the more expensive factors or strategies—can improve performance. Unfortunately, most investors already practice a form of market “timing”—in the wrong direction—by trend chasing.

In evaluating any investment strategy, valuations matter.

Historical factor returns are much lower than recent performance suggests.

Quality, unlike value, is not a separate factor. But value investing conditioned upon well-chosen quality indicators is a powerful investment strategy. Our Chief Investment Officer Chris Brightman explains.

The proven profitability and robustness of momentum must be balanced against its vulnerability to crashes and crowded trades. What roles should momentum play in equity portfolios? Our Chief Investment Officer Chris Brightman explains.

Traditionally, investors have looked to bonds for a sustainable real yield. But in the current low-rate environment, the highest-quality real yield is often found in the equity space. FTSE RAFI™ Equity Income offers investors a way to add duration and income to their portfolios.

Research has shown that the value premium consistently produces excess returns over the long term. If true, why have value investors underperformed recently? The answer may lie in the cyclical nature of the value premium and the performance-chasing nature of investors.

Greater mispricing and higher risk of small company stocks increases the opportunities for capturing alpha. How can small company stocks best be used in equity portfolios? Our Chief Investment Officer Chris Brightman explains.

The Fundamental Index™ strategy—now boasting a 10-year track record of actual results—has transformed equity investing in the United States and around the world. See and hear how it works and why it might be a sensible choice for your portfolio.​​

Roll return is an important component of commodity futures contracts’ investment performance. Research Affiliates explains in plain language the dynamics of roll returns when the commodity futures curve slopes upward (contango) and downward (backwardation).

​Low-volatility investing is a sensible strategy for individuals and institutions who seek full participation in the equity market at a lower-than-market level of investment risk.

​Rob Arnott explains why target-date funds fail to either maximize wealth or minimize uncertainty about future income.

Deficits, debt, and demography headwinds will depress economies and capital markets in the developed world.​

How Harry Markowitz revolutionized modern finance.

Rob Arnott interviews Harry Markowitz

Nobel Laureate Robert Shiller, interviewed by Rob Arnott, expounds on the importance of narratives in driving economic events.