Rob Arnott: Rethinking Risk, Fear, and the Future of Asset Pricing
Release Date: 09/15/2025
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info_outlineRob Arnott, founder and chairman of Research Affiliates, joins The Enterprising Investor to challenge long-held assumptions about the equity risk premium and asset allocation. Drawing on Fear, Not Risk, Explains Asset Pricing, the provocative paper he co-authored with Edward McQuarrie, Arnott explores why markets may reward investors less for traditional risk-taking than previously believed, and how fear—both of loss and of missing out—better explains investor behavior. From historical return data to the role of AI in gauging market sentiment, Arnott offers a bold framework that could reshape modern finance.
Tune in to rethink the foundations of modern asset pricing.
Learn more about Rob Arnott: https://rpc.cfainstitute.org/voices-of-influence/rob-arnott
Mike mentioned "Stocks for the Long Run" article by Ed McQuarrie and others, you can find that here: https://www.tandfonline.com/doi/full/10.1080/0015198X.2023.2268556
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