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  • Rob Arnott predicts a bear market for large-cap growth stocks, impacting the S&P 500.
  • But cheaper parts of the market could surge while growth stocks potentially deflate, Arnott said.
  • Small-caps, small-cap value, non-US value stocks are expected to outperform with low valuations.

Research Affiliates Founder Rob Arnott sees a bear market ahead for large-cap growth stocks. That spells trouble for the S&P 500, which is heavily made up of giant growth stocks like Apple, Microsoft, and Nvidia.

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