In episode 313, we welcome our guest, Rob Arnott, founder and Chairman of Research Affiliates.    In today’s episode, we start with the U.S. stock market and why today’s valuations meet Rob’s definition of a bubble. Rob debunks commonly discussed reasons for why stock valuations should be so high and explains why he doesn’t agree with MMT. Then we touch on value stocks and Rob’s recent piece on the lofty valuations for electric vehicles stocks.    As we wind down, hear why Rob is bullish on emerging markets value, and what his new trade of the decade is – UK value stocks.    Please enjoy this episode with Research Affiliates’ Rob Arnott.