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Past Is Not Prologue

Rob Arnott

Chasing returns can be very costly. High valuations can go higher, but not indefinitely. At Research Affiliates’ recent Investment Symposium in London, Rob Arnott explains how the link between starting valuations and subsequent returns is powerful, and examines which investments look attractive today.

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Bubble, Bubble, Toil and Trouble

By Rob Arnott, Bradford Cornell, Shane Shepherd

July 2019 | Read Time: 15 min

Looking back over the last 15 months, the authors assess their success at identifying asset bubbles and anti-bubbles in April 2018. The scorecard is in their favor. More importantly, however, they review how their definitions of a bubble and an anti-bubble continue to provide useful insights for where investors can find value in today’s global markets.