Historic infrastructure spending in today’s AI boom may not create value for investors because AI hardware becomes economically obsolete before it is physically obsolete. The result may be capital churn, not capital deepening. Read time: 7 min

The Research Affiliates Fundamental Index (RAFI) is the utility player of investment portfolios. It avoids cap weighting’s concentration risk, improves the implementation of value, and delivers the diversification benefits of equal weighting. Read time: 8 min

Research Affiliates’ active equity investment process integrates signals for value, quality, and momentum to improve robustness across regimes. It also mitigates behavioral pitfalls and remains grounded in economic intuition. Read time: 16 min

Carry conditioning has benefited trend strategies, especially stocks and bonds, but it is not a one-size-fits-all proposition and the filtering decision requires several critical considerations. Read time: 24 min

Modern conglomerates Alphabet, Apple, Amazon, and Microsoft average a “diversification premium” of 70%, or a combined $5.62 trillion. Read time: 12 min

A review of major asset class returns in 2025 indicates a new market regime of higher inflation, volatility, and nominal growth along with debt-and-deficit-constrained fiscal policy and “run-it-hot” monetary policy is emerging. Read time: 20 min

Research Affiliates’ active equity investment process integrates signals for value, quality, and momentum to improve robustness across regimes. It also mitigates behavioral pitfalls and remains grounded in economic intuition. Read time: 6 min

Research Affiliates Trifecta refers to selecting stocks for value, core, and growth indices based on their actual economic footprint – sales, cash flow, dividends and book value – and offer an alternative to capitalization weighting. Read time: 17 min

Chronic fiscal deficits stimulate consumption and flow into corporate profits that are then recycled into price-indifferent passive funds, inflating market valuations. Read time: 12 min