Those doing the study, Robert Arnott and Peter Bernstein, are not Ivory Tower theorists.

FORBES: The great stock illusion

On the other side are Jeremy Siegel, a professor at Wharton, and Robert Arnott, an institutional money manager.

FORBES: Betting Against Market Fads

It is, according to investment theorist Robert Arnott of Research Affiliates, utterly delusional.

FORBES: Investing In Cloudland

"Mean reversion is the most powerful and reliable driver in capital markets, " said Robert Arnott, chairman of Research Affiliates, a Pasadena, Calif.

FORBES: Magazine Article

In the 1980s and 1990s, renowned researchers Robert Arnott and Andrew Lo had separately investigated the extrapolation of company earnings by brokerage firm analysts.

FORBES: All That Is Gold Does Not Glitter

The obvious risk here is that profit margins in emerging markets will decline to global average levels as new competition surfaces, says Robert Arnott, chairman of fund manager Research Affiliates.

FORBES: The Next Bubble?

Rebalancing and the Value Effect by Denis Chaves and Robert Arnott of Research Affiliates looked into how reconstitution and rebalancing within growth and value indexes contributed to the value premium.

FORBES: Value Stocks and Dividends

Between 1952 and 2009, shares of the largest companies in their sectors by market value each year tended to underperform peers over the following decade by more than three percentage points a year, according to Robert Arnott, founder of Research Affiliates, a Newport Beach, Calif.

WSJ: Upside: Is It Time to Double Down on Apple��or Walk Away?