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New Books in Economics
Quantitative Investing, Inflation and the Macroeconomy
Oct 11, 2023
Rob Arnott, founder and chairman of Research Affiliates, discusses topics such as inflation, macroeconomics, capital market returns, value vs growth stocks, factor timing, and index investing. The podcast explores criticisms of the Federal Reserve's handling of inflation, provides insights on investment strategies and factors, analyzes the Federal Reserve's role and interest rates, and explores the influence of traditional economic paradigms on investing in the context of Modern Monetary Theory. It also delves into the debate on energy stocks and climate change, and speculates on the likelihood of inflation expectations becoming unanchored.
01:25:47
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Quick takeaways
- Inflation is a result of supply and demand dynamics, exacerbated by supply chain disruptions and increased demand due to stimulus measures, and the Federal Reserve's labeling of inflation as transitory when it was already at 4% has been criticized by Rob Arnott.
- Historically, value stocks have outperformed growth stocks during periods of higher inflation, making them an attractive investment option, along with emerging markets value and developed ex-US value.
Deep dives
Inflation and Its Causes
In the podcast, Rob Arnott discusses the causes of inflation and criticizes the Federal Reserve's handling of the current situation. He explains that inflation is a result of supply and demand dynamics, and points out that the pandemic has caused supply chain disruptions and increased demand due to stimulus measures. Arnott criticizes the Fed for labeling inflation as transitory when it was already at 4%, and argues that their forecasts and track record in predicting inflation have been poor.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode