The Disappearing Edge: AI, Machine Learning, and the Future of the Discretionary Portfolio Manager
探讨人工智能和机器学习如何削弱自主投资组合管理人的传统判断优势，提出管理人角色正转向配置者和模型监管者，并分析其对治理、绩效和风险的影响。
The discretionary portfolio manager’s role is evolving as artificial intelligence and machine learning increasingly supplement or replace traditional investment insight. This article explores how advances in large language models and deep learning are narrowing the discretionary edge once defined by judgment and narrative skill. A new model is emerging in which the portfolio manager acts as an allocator and model steward, rather than a sole decision-maker. We examine the implications for governance, performance, and risk and argue that firms that retool talent, workflows, and oversight may be best positioned to harness the promise—and manage the limits—of AI-driven asset management.