What's the hype with ChatGPT investing?
I'm all in with the hype for ChatGPT's disruptive capabilities for the world of work, and even it's capabilities for investing and pitching up until recently, but I just wondered after listening to AQR's research on machine learning - how is this any different from the quant investing and machine learning that we've already been researching for decades now? Are people overhyping this only because it's finally been mass-produced to laymen in the form of a user-friendly interface? Seems like some form of Kahneman/ Thaler-style cognitive bias to me
The consensus about machine investing is already been laid out - it's hard for machines to pick out discernable signals because noise in the market is driven by erratic human behavior. Crudely similar to a robot trying to identify a cat in a picture. Quant funds have always combined man and machine to trade, how is this anything different?
Funnily enough I think LLMs will be more helpful for fundamental research than quant investing
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Large language models
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