An AI analyst trained to digest corporate disclosures, industry trends, and macroeconomic indicators surpasses most analysts in stock return predictions. Nevertheless, humans win “Man vs. Machine” when institutional knowledge is crucial, e.g., involving intangible assets and financial distress. AI wins when information is transparent but voluminous. Humans provide significant incremental value in “Man + Machine”, which also substantially reduces extreme errors. Analysts catch up with machines after “alternative data” become available if their employers build AI capabilities. Documented synergies between humans and machines inform how humans can leverage their advantage for better adaptation to the growing AI prowess.

中文翻译：

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从人与机器到人+机器：股票分析的艺术和人工智能


接受过消化公司披露、行业趋势和宏观经济指标训练的人工智能分析师在股票回报预测方面超越了大多数分析师。然而，当制度知识至关重要时，例如涉及无形资产和财务困境时，人类就会赢得“人与机器”的胜利。当信息透明但数量庞大时，人工智能就会获胜。人类在“人+机器”中提供了显着的增量价值，这也大大减少了极端错误。如果雇主建立了人工智能能力，分析师就会在“替代数据”可用后赶上机器。人类和机器之间记录的协同作用告诉我们人类如何利用自己的优势来更好地适应不断增长的人工智能能力。