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AI maybe commonly known as "Artificial Intelligence" but Prof. Merton refers to it as "Assisted Implementation". Whilst the likes of ChatGPT may not help pick stocks, it can help managers in processing information, interrogating data, servicing clients, or making processes more efficient. But like any tool, you have to know how to use it. One needs to balance the benefits of additional analysis with the risks of being spurious.

Over time, the best chess players realized chess computers were a powerful supplement to strategy and pattern recognition. Similarly, the best path forward for investment management is likely an amalgam of humans and technology such as AI.

Read more here: From Skynet to ChatGPT: AI and Its Investment Implications | Dimensional