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