What if fear, not risk, drives markets? Rob Arnott, founder and chairman of Research Affiliates, joins us on Enterprising Investor with our host Mike Wallberg, CFA, MJ, to question core beliefs about the equity risk premium and asset allocation. Drawing on his paper 'Fear, Not Risk, Explains Asset Pricing,' Arnott looks at how investor psychology, historical return data, and even AI-driven sentiment tools could reshape how we understand modern finance. Do you think markets truly reward risk, or is fear the real force at play? Listen now: https://cfainst.is/3WalZqB (fb)

Finance is evolving faster than ever, raising important questions about AI, sustainable investing, and financial inclusion. On Global Ethics Day, we pause to reflect on what truly drives progress in our profession. It’s not innovation alone, it’s the values that guide us, and the questions we’re willing to ask. As the world changes, ethics remains our foundation. The future of finance depends on the choices we make together, and on the integrity behind every one of them. (fb)