The late Byron Wien, a prominent markets strategist of the 1990s, defined the best research as a non-consensus recommendation that turned out to be right. Could AI pass Wien’s test of worthwhile research and make the analyst job redundant? Or at the very least increase the probability of a recommendation to be right more than 50% of the time?
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Does investment research make sense in the age of AI?
Does it make sense to have a proper research department or to follow a star analyst? It does. But we must assume that a few of the processes can be automated, that some could be enhanced, and that strategic intuition is like a needle in a haystack. It is hard to find non-consensus recommendations that turn out to be right. And there is some serendipity in the search.
