Like mr. shiller , mr. arnott also doesn 't trust operating earnings and prefers to use those reported according to generally accepted accounting principles .
与席勒一样,阿诺特也不看重营运收益,他更愿意使用根据普遍接受的会计准则所得出的收益数据。
Rob arnott , the former editor of the financial analysts journal , says that the s & p 500 's decline in the six months to march 6th was the fastest since 1932 .
' It is peculiar that this thesis keeps coming up year after year when it is so demonstrably wrong , ' mr. arnott says .
阿诺特说,这种观点的错误之处是如此明显,它却仍然年复一年地甚嚣尘上,这种现象有些奇怪。
A 2003 paper * by robert arnott and clifford asness found that companies which paid a low proportion of their profits in the form of dividends displayed slower subsequent profits growth than those with a higher payout ratio .
In a recent paper * , mr arnott and others showed that similar fundamental factors , when applied to corporate bonds , produced a portfolio that outperformed a value-weighted index over the period january 1997 to december 2009 .
Deborah arnott , chief executive of antismoking group action on smoking and health , argues that consumer goods groups would make more acceptable partners for inventors , and also have the marketing and sales savvy the tobacco groups boast .
But robert arnott , who founded research affiliates , argues that a fundamental index also benefits from the rebalancing of the portfolio , as it buys stocks when they are cheap and sells them when they are expensive .
" As searing as the experiences of the last year have been , we see capital markets shrugging it off , even as the macro-environment shows some meaningful signs of worsening , " says robert arnott , founder of research affiliates , a california-based investment research group .
Mr. arnott says he uses shiller-style p / e calculations in his work .
阿诺特说,他在工作中采用了席勒的市盈率计算法。
Partly to avoid such problems robert arnott of research affiliates has developed fundamental indices which weight companies by accounting measures such as sales , cashflow and dividends .