What generative AI tools are less good at: - Personal voice - Taste - Judgment - Humor - Memes - User experience design - Proprietary data These are the areas in which humans can still compete…

Balyasny's founder Dmitry Balyasny on why his PMs were trading too much and not investing enough: "One of the keys to enduring success in the money management business is finding a balance between trading and investing." "You can't survive in a hedge fund type model just being a long term investor, and you can't really scale in a significant growing hedge fund being just a super active trader." "Folks were really trading a little bit too much in the fundamental equities business, and were a little bit overly focused on each data point. We were kind of missing the forest from the trees." "We were chopping ourselves up a little bit too much, missing some of the bigger winners and creating a lot of trading slippage costs." "Find investments where there's multiple ways to win, where you're not playing for one particular data point. You're playing for a whole series of data points that's going to revalue that security over time."