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Historically, in providing wealth to investors, dividends have dwarfed not only inflation, growth, and changing valuation levels individually but have dwarfed these three factors combined. Yet real per-share dividend and earnings growth on the S&P 500 Index since 1965 has been—zero.

About the Author(s)

Robert Arnott
Robert D. Arnott

Rob Arnott is founder and chairman of Research Affiliates, LLC, and a former editor of the Financial Analysts Journal. He pioneered several portfolio strategies that are now widely used, including tactical asset allocation, global tactical asset allocation, tax-advantaged equity management, and the Fundamental Index® approach to indexation. Previously, Mr. Arnott served as chairman at First Quadrant, LP; as global equity strategist at Salomon Brothers; as founding president and CEO at TSA Capital Management (now part of Analytic Investors, LLC); and as vice president at The Boston Company. He is a frequent contributor to financial journals and books and is the co-author of The Fundamental Index: A Better Way to Invest. Mr. Arnott has published in such journals as the Journal of Portfolio Management, the Harvard Business Review, and the Financial Analysts Journal. He has received seven Graham and Dodd Scroll Awards from the Financial Analysts Journal and three Bernstein Fabozzi/Jacobs Levy Awards from the Journal of Portfolio Management. Mr. Arnott holds a degree in economics, applied mathematics, and computer science from the University of California, Santa Barbara.