In this episode of Excess Returns, Jack Forehand and special guest host Perth Tolle sit down with Rob Arnott, founder of Research Affiliates and pioneer of fundamental indexing. Rob discusses his thought-provoking article "50 Years of Innovation, Myth Making and Myth Busting," written for the 50th anniversary of the Journal of Portfolio Management.The conversation covers several critical investing myths and insights, including:The evolution of fundamental indexing and why "smart beta" has lost its meaningWhy historical returns can be deceptive when estimating future equity risk premiumsThe surprising truth about long-term forecasting in marketsThe impact of index funds on market efficiency and stock pricesWhy buybacks aren't necessarily equivalent to dividendsThe challenges facing U.S. growth stocks at current valuationsRob brings over four decades of investment experience to this discussion, offering candid perspectives on market valuation, index fund dynamics, and the future of passive investing. His insights are particularly valuable for investors trying to navigate today's complex market environment.

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