AI picks.
People hold.
I run a multi-asset investment office where machines do most of the reading and a person still makes the call. I write about what that changes in investing, and what it doesn't.
Gary Zhou · Multi-Asset CIO · Global asset allocation · AI-native investment office
Everything,
read overnight.
Markets produce more than any team can read: filings, letters, prices, flows, noise. Access to information stopped being an edge a long time ago. Knowing which part changes a decision still is.
Agents do
the first half.
Reading, screening, monitoring, first drafts, checking the maths. Machines already beat people at the parts of investing that scale. I treat them as colleagues with no memory and no accountability, and build the office around that.
A person
makes the call.
Sizing a position, saying no, changing your mind. These don't scale, and they shouldn't. The line between what I delegate and what I keep isn't capability. It's who answers for it.
If you can't explain it without the screen, don't recommend it.
The second half
is holding.
Most returns are lost after the buy: selling in the bad weeks, chasing the good ones. Technology makes the first half of the job cheaper every year. The second half, staying invested for the right reasons and leaving for the right ones, is still judgment and trust.
Writing
Short notes on global asset allocation and what AI changes in investing. Every week or two. No tips, no targets, no forecasts.