Bloomberg Opinion columnist Barry Ritholtz interviews Robert Arnott, founder and chairman of Research Affiliates, a subadviser to PIMCO that specializes in innovative asset allocation and alternative indexation products. Prior to establishing the firm in 2002, he served as chairman of First Quadrant, president of TSA Capital Management (now part of Analytic Investors), and vice president at The Boston Company. Arnott has also published more than 100 articles in journals such as the Journal of Portfolio Management, Harvard Business Review, and the Financial Analysts Journal, where he also served as editor in chief from 2002 through 2006. See omnystudio.com/listener for privacy information.