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Rob Arnott Warns of ‘Big Market Delusion’ in Electric Vehicles

Investors are driving a rally across all EV stocks, but Research Affiliates says not all can be winners.

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Electric Vehicles Closing Price Gap

The electric-vehicle craze is a classic sign of a “big market delusion” that has entrapped investors throughout history, according to quant pioneer Rob Arnott.

The 600% rally in a year that sent the combined value of eight manufacturers to $1 trillion is pricing every firm as a major winner in the clean-energy boom.