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Howard Marks : Investing Without People
19-06-2018, 06:43 PM.
Post: #1
Howard Marks : Investing Without People
Over the last twelve months I’ve devoted three memos to discussing macro developments, market outlook, and recommendations for investor behavior.  These are important topics, but usually not the ones that interest me most; I prefer to discuss things that are likely to affect the functioning of markets for years to come.  Since little in the environment has changed from what I described in those three memos, I feel I now have the liberty to turn to some bigger-picture issues.

This memo covers three ways in which securities markets seem to be moving toward reducing the role of people: (a) index investing and other forms of passive investing, (b) quantitative and algorithmic investing, and © artificial intelligence and machine learning. 

Before diving in, I want to state loud and clear that I don’t claim to be an expert on these subjects.  I’ve watched the first for decades; I’ve recently learned a little about the second; and I’m trying to catch up regarding the third.  On the other hand, since many of the “experts” in these fields are involved in them, I think they may be biased favorably toward them as potential successors to traditional active investing.  What follow are just my opinions; as always you should make of them what you wish.

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