“It was an experiment. I thought the effort might end up being a waste of time and money, but I also thought it could make us better investors,” he says. “Today quant plays a role in virtually every part of our investment process . . . It has helped us be better prepared for a much tougher environment.”  However, integrating the two approaches is often difficult in practice. Some money managers admit that results have so far been patchy, bemoan the cost of sought-after technology staff and new data sets, and quietly wonder whether it is a waste of time and cash.

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