In this episode, Research Affiliates founder Rob Arnott returns for his third appearance on Excess Returns. We cover a wide range of topics, including inflation, the struggles of value investing, expected future returns, avoiding value traps, AI and a lot more. Stay tuned until the end when we ask Rob what he is most worried and optimistic about when he looks to the future.

00:00 Intro
01:57 Inflation and nonconsensus views
13:19 Investing in a high inflation world
17:33 The asset allocation interactive tool and investing in a low expected return environment
24:02 Has mean reversion slowed down?
28:53 Rob's thoughts on factor timing
31:20 The doubled edged sword of filtering value traps
36:57 AI and the cycle of bubbles
44:26 How AI changes the investment management business
50:25 AI and investment research
55:12 What Rob is most worried and optimistic about

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