Howard Marks (Trades, Portfolio), co-chairman of Oaktree, released his latest memo, "Investing Without People," this week.
The letter covers the evolution of investing into more mechanical and automated processes rather than active management by a human. Marks discusses passive investing and ETFs, quantitative investing, and artificial intelligence and machine learning. He then concludes by delving into their effect on traditional investing, the markets and professional investing.
"What, then, will be the route to superior performance? Humans with superior insight. At least that’s my hope," Marks writes.
