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There is Alpha in Large Language Models

There is Alpha in Large Language Models

in VBA Journaal door

Artificial Intelligence and Large Language Models (LLMs) are adapted by society on an increasingly larger scale. Consequentially, they also make their way into the investment industry. This article discusses LLMs and their application in investments.

Finding our feet in a world of AI

Finding our feet in a world of AI

in VBA Journaal door

If you were in AI in Financial Services in 2023 it was a wild ride. Whereas AI was a tough sell in previous years; executives didn’t see the value, and readily cited explainability, or untested outcomes as a reason not to pursue the technology. Machine learning was quietly being used by quants and hedge funds, but mainstream financial services were asleep at the wheel. Then, OpenAI launched ChatGPT, and the world literally changed overnight, suddenly budgets were open, and expectations were sky high!

The current state of AI for investment management

The current state of AI for investment management

in VBA Journaal door

When OpenAI released ChatGPT in November 2022 it created a wave of excitement around artificial intelligence (AI) among the general public, media, and across industries worldwide. Such generative AI models (also called generative large language models or LLM) have sparked a new race in the tech world regarding who has the best AI offering. On one hand, the Microsoft-OpenAI partnership was leading the way with incorporating generative AI into many applications, while other big firms like Google were stepping up with their own AI tech in the form of BARD. More recently, open-source versions of generative AI such as Meta’s Llama are surging in popularity, because they enable end-users to finetune generative AIs for their own specific applications without the massive cost and data required to train a generative AI from scratch.

Artificial Intelligence: Do the Advantages Outweigh the Risk?

Artificial Intelligence: Do the Advantages Outweigh the Risk?

in VBA Journaal door

Artificial Intelligence (AI) and its profound manifestation in ChatGPT are rapidly transforming the financial landscape, providing financially savvy investors with a trove of opportunities while introducing a set of unique risks and challenges. The integration of AI in finance is not just a fleeting trend; it is a seismic shift reshaping how decisions are made, risks are managed, and opportunities are seized.

Smart Sustainability: How Artificial Intelligence helps to enrich Sustainable Investing

Smart Sustainability: How Artificial Intelligence helps to enrich Sustainable Investing

in VBA Journaal door

In the dynamic domain of investment management, a discernible paradigm shift is underway, compelling practitioners to reassess traditional approaches within an evolving landscape. Central to this evolution are dynamics that extend beyond customary metrics, prompting investment managers to synthesize considerations at the intersection of technological advancement and ethical responsibility. Against the backdrop of market adaptability to transformative forces, astute managers find themselves positioned at a juncture where exploration of emerging technologies converges with a conscientious appraisal of broader societal and environment imperatives.

Demographics Unravelled: How Demographics Affect and Influence Every Aspect of Economics, Finance and Policy

Demographics Unravelled: How Demographics Affect and Influence Every Aspect of Economics, Finance and Policy

in VBA Journaal door

Mensen vormen de kern van elke economie. Hun gedrag als consumenten en werknemers is economisch veel relevanter dan hun aantal of leeftijd. Dat is het paradigma van Amlan Roy, in zijn boek uit 2021: “Demographics Unravelled: How Demographics Affect and Influence Every Aspect of Economics, Finance and Policy”.

AI for investment analysts: Triangle of Silicon Valley, Hollywood & Wall Street

AI for investment analysts: Triangle of Silicon Valley, Hollywood & Wall Street

in VBA Journaal door

In 2023 the advances in AI caused extensive strikes in Hollywood hitting movie studios and streaming platforms. Writers and actors were scared AI could and would replace their plots, voices and faces. AI has the ability to revolutionize and further digitalize movie experiences. The finance industry has been similarly revolutionized by the speed and access of digital technology amplified by recent developments in AI that can replace as well as augment investment analysts. Similar as in Hollywood and (un?)surprisingly, several of these advances in AI concern voice and facial techniques.

De sombermansen en de optimisten

De sombermansen en de optimisten

in VBA Journaal door

Tijdens een etentje met vrienden ontstond vorig jaar een verhitte discussie over ChatGPT, dat toen net gelanceerd was. Er waren twee kampen: de sombermansen die in ChatGPT de ondergang van het kritische denken zagen, de doodsteek voor de creativiteit, het einde van vele mooie beroepen. Aan de andere kant zaten de techoptimisten – waar ik mezelf toereken – die van een mooie toekomst droomden waarin ChatGPT de saaie routineklusjes overneemt waardoor er meer tijd overblijft voor het diepe en echt creatieve denkwerk. Het werk zou alleen maar leuker worden, de wereld mooier. De sombermansen lachten schamper over zoveel naïeve onnozelheid. De techoptimisten wezen er fijntjes op dat de grammofoon de musicus niet werkloos had gemaakt en de digitale camera de fotograaf niet overbodig.

AI: Augmenting investment insights with Simona Paravani-Mellinghoff

AI: Augmenting investment insights with Simona Paravani-Mellinghoff

in VBA Journaal door

We had the opportunity to engage in a discussion with Simona Paravani-Mellinghoff, Global Chief Investment Officer of Solutions at BlackRock Multi-Asset Strategies & Solutions, and Assistant Professor at the Faculty of Economics at Cambridge University where she teaches a course in AI applied to Finance. She spoke with us from BlackRock’s London office, delving into the integration of AI throughout investment management and its impact on the investment landscape.

Greenwashing ligt op de loer!

Greenwashing ligt op de loer!

in Externe publicatie door

Van de grootscheepse inval van Duitse autoriteiten in ’s lands grootste asset manager op verdenking van greenwashing tot de herschikking van artikel 9-fondsen naar het ‘veiligere’ artikel 8: greenwashing is een groot thema.

Goede Systeemkeuzes doen ertoe

Goede Systeemkeuzes doen ertoe

in Externe publicatie door

In de Mercer CFA Institute Global Pension Index 2023 bereikt Nederland opnieuw de koppositie. Nederland is net als Max Verstappen niet van het podium af te krijgen.

De kooi is opengezet

De kooi is opengezet

in Externe publicatie door

Mijn stelling: de nieuwe pensioenwet bevat geen enkele belemmering om reëel te sturen en reëel te beleggen. Jawel, u hoort het goed. U kunt al uw nominale staatsobligaties en swaps bij de transitie van de hand doen en vervangen door inflatiegerelateerde. De nominale rente wordt voor uw deelnemers irrelevant.

Long-term value creation

Long-term value creation

in VBA Journaal door

We had the pleasure to speak with Alex Edmans, Professor of Finance at the London Business School. We talked about ESG and its various shortcomings. Prof. Edmans makes the case to focus more on long-term value creation instead. We discussed various drivers of long-term value, and also to what extent these drivers have overlap with ESG. The conversation concludes with recommendations for CFA charter holders.

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