robert arnott of uc santa barbara.ries i read from you in the cfa institute ages ago still hold, or is a new paradigm where the risk-free rate is? robert: it is no new paradigm. we have always had bubbles in markets acting in occasionally irrational ways in pockets of the market. the risk-free rate is manipulated by central bankers all over the world. it is artificially held negative. if you think of interest rates as a speedbump to discourage reckless investing, we do not have speed bumps, so we have misallocation of resources, we have zombie companies. it is not pretty. the risk is it does not end nicely. tom: if you take a balanced approach with the high art of the market the results are your results will be mediocre versus the glory of the faang stocks. you know the story is amazon -- is amazon a value or growth stock to research affiliates? robert: amazon would definitely be a growth stock. growth stocks are better companies. that is why they demand higher multiples. the quality of the company and the quality of i