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Robert Arnott's Skeptical Reward

Research Affiliates' founder is downplaying stocks in the funds he runs for Pimco.

Robert Arnott is deeply skeptical of those who say stocks are on a sustained winning streak. Arnott, who manages two hedge fund–like mutual funds for $756 billion, Newport Beach, California–based Pacific Investment Management Co., likes to point out that equities sometimes lag behind other asset classes for long periods of

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