Rob Arnott, Founder and Chairman of Research Affiliates, breaks down what he sees in today’s markets—from bubble-like pricing in some AI leaders to the behavioral traps that push investors toward the latest market fads. He emphasizes that advisors can add real value by countering the pull of popular narratives before they shape decisions. Arnott also points to the distortions created by cap-weighted index flows and why value may already be quietly turning as disruptors face fresh competition.

Looking ahead, Arnott sees far better long-term opportunities outside U.S. large-cap growth, especially in international and emerging markets, where starting valuations are much more attractive. He notes that smarter index design can help avoid unintentional trend-chasing while staying broadly diversified. And while he expects more volatility—and a higher chance of a bear market than usual—he reminds advisors that market pullbacks don’t hit everything equally. Undervalued areas can still lead, making discipline and fundamentals essential.

Resources: Research Affiliates

Power Your Advice podcasts are produced with support from Fidelity Investments. If you would like to learn more about Fidelity’s top performing mutual funds and ETFs for financial advisors visit i.fidelity.com/topfunds. The information and opinions expressed in this podcast are solely those of the speakers and do not reflect or represent Fidelity’s views, perspectives, or intellectual property.

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