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Monday, June 04, 2012

Arnott Says Don't Try to Find the Next Apple

News summary by MFWire's editors

Rob Arnott, father of "fundamental indexing" and Pimco's All Asset Fund (PASAX) PM, advises other investors, "don't try to find the next Apple."

Fortune reports that Arnott sees growth of his fund by investing abroad. The best buys in equities are in emerging markets because trading is at a 20 percent to 30 percent discount compared to U.S. equities, he told Fortune. Arnott also PMs the PowerShares FTSE RAFI Emerging Markets ETF.

As for stocks in the U.S., Arnott said:

Apple is a great example of how growth investing sometimes works, and a great example of the pitfalls of growth investing because there aren't a lot of Apples. With growth stocks, the expectations for future earnings are extremely high, and if they don't materialize, investors get hit hard.

Edited by: HFD

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