I don't think hedge fund, especially any that use humans in the loop, with have any comparative advantage pretty soon. If you have the best AI model (Mythos, etc.) behind closed doors, and a ton of compute, why not just run way more analysis than anyone else, with the highest level of intelligence and throughput?
Humans will have zero competitive edge for macro trading, in the way that they currently have zero competitive edge for high-frequency trading. There's too much information, too short of time scales, and two much synchronizing large buckets of data to have a monkey-in-the-loop matter. Also, the market is just way too competitive. Maybe there's some "situational awareness" type alpha at the moment (betting on near-term AGI), but the second we get there (AGI) the alpha disappears. Unless, of course, you define alpha as having the smartest superintelligence. This points to a concrete fact - it's probably pretty unimpactful to do something like quant trading, even if you earn to give. As the skill set is soon to be supplanted entirely, and you might as well spent a few years vesting equity at an AI lab instead.
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