Noisy
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The world is being quietly rearranged by people who write very long documents.

NBER · June 1, 2026
The title they went with The Growth and Performance of Artificial Intelligence in Asset Management Noisy translates that to

AI investing made money for early adopters, then the edge disappeared

What happened
AI-driven investing has grown steadily in hedge funds since the early 2010s. But the extra money these funds made compared to others has disappeared over time.
Why it matters
Many assumed AI would give investors a lasting advantage. This paper shows that advantage was temporary, even for the first funds to use it. The extra money AI funds made compared to others has disappeared.
The signal
Watch whether AI hedge funds start advertising new, more complex strategies, or if they quietly drop 'AI' from their marketing.
If you insist
Read the original →