Machines versus Humans

In recent weeks, a debate over increasing interest and money flows toward quantitative types of strategies has conquered the headlines. Blackrock’s manifested switch toward more computer based products kicked off this last round in the never ending debate about machines versus humans in the investing universe. Richard Bookstaber, author of the book “The End of Theory,” chimed in and so did Jason Zweig in the pages of the Wall Street Journal. In the last twenty years, the trend in Wall Street has been to rationalize the stock picking and asset allocation process by utilizing the ever increasing (and ever decreasing in price) computing power in order to achieve economies of scale and reduce e

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