The meeting, which runs until 27 May, was formally opened with Mr Arnott being sworn into office.
"The charge was a lot bigger than anyone expected, " says Morningstar senior analyst Amy Arnott.
"We're coming off peak earnings in 2000 with the lowest payout ratios ever, " Arnott says.
Those doing the study, Robert Arnott and Peter Bernstein, are not Ivory Tower theorists.
Motherwell's side for the match at Parkhead will include Dougie Arnott, Stevie Kirk and Chris McCart.
In Arnott s PowerShares FTSE Rafi U.S. 1000 (PRF, 53) Chevron outweighs Apple, and Piedmont Natural Gas outweighs Netflix.
Arnott is chairman and CEO of Research Affiliates, a California asset manager he founded in 2002.
On the other side are Jeremy Siegel, a professor at Wharton, and Robert Arnott, an institutional money manager.
Arnott tested the theory to see if this was simply a case of earnings reverting to the mean.
Arnott and Bernstein look, component by component, at the total real return and arrive at a grimmer conclusion.
For the same reason, I think Arnott will have a hard time maintaining his percentage-point lead over the cap-weighted Russell 1000.
Arnott does make the case that stock picking is possible, even a reasonable pursuit, for the ordinary investor.
It is, according to investment theorist Robert Arnott of Research Affiliates, utterly delusional.
The afternoon of the wedding we corralled two journalist friends, Ann Arnott and Jim Dunne, to be our witnesses.
One manager I talk to, and one fund I cover, is Rob Arnott of PIMCO All Asset Fund ( PASAX).
"There's an incredible arrogance in management thinking that their tenth-best idea is better than their shareholders' first-best idea, " says Arnott.
You might find it surprising to hear a stock picker advising people to buy indexes, but Arnott is absolutely right.
"Those who argue that long-term returns will be better than 3.5% because yields will go up might be right, " Arnott says.
Arnott is widely published on the topic of portfolio management and asset allocation and is frequently quoted in the financial press.
"Mean reversion is the most powerful and reliable driver in capital markets, " said Robert Arnott, chairman of Research Affiliates, a Pasadena, Calif.
Mr. Arnott: Rates of returns are likely to be anemic and are likely to become more so for those who save later.
WSJ: Baby Boomers' Investment Returns Will Be Constrained, This Researcher Warns
In the 1980s and 1990s, renowned researchers Robert Arnott and Andrew Lo had separately investigated the extrapolation of company earnings by brokerage firm analysts.
Arnott and Bernstein suggest that they seek out investments that pay cash--real estate investment trusts, timber partnerships and such traditionally generous companies as J.
"If Citi is allowed to fail, and GM is allowed to fail, those are the kind of bell-ringing events that could signal a bottom, " Arnott said.
"I think it would have been hard for them to really fight it just because there were so many people who took these drugs, " says Arnott.
The folks at The Motley Fool spoke to Arnott and asked an incredibly direct question, especially of a money manager who makes a living picking stocks.
Higher dividend growth among a value stock index relative to a growth index is a result (or benefit) of reconstitution and rebalancing rules, according to Chaves and Arnott.
Using his pessimistic numbers, Arnott comes up with double that.
Likewise, rebalancing, as Arnott maintains, is crucial to building wealth.
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