The Robots Win: Blackrock Bets On Computers Over Human Stock Pickers, Fires Dozensby Tyler Durden Mar 28, 2017 6:53 PM 60
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... and on Tuesday it finally hit the world's largest asset manager, where in the war between passive-investing robots and active-investing humans, the humans lost. As the WSJ reports, at Blackrock, the era of the star "stock picker" is coming to an end, and he will be replaced by this... As part of a massive overhaul that has been hinted at in recent months, and was unviled on Tuesday, BlackRock announced a reorganization of its actively managed equities business that will include job losses... ...
As for the humans who once made a killing in trading and are now obsolete thanks to a handful of 20-year-old math PhDs, there is always finance twitter to pass those long months (and years) of doing, well, nothing. * * * Sarcasm aside, the reason why BlackRock's decision - which will soon be adopted by most of its peers - is bad news for both the financial industry and capital markets
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