It has only been a few weeks, but 2022 is already proving brutal for technology stocks. And Rob Arnott, founder and chair of US-based Research Affiliates, which pioneered smart beta investing, predicts there could be more pain to come.

“Whether they continue to fall in 2022 or regain past peaks, the simple fact is that ‘Fanmag’ valuation levels are disconnected from any plausible future fundamental growth of the underlying businesses,” Arnott told Financial News.