Oaktree Capital Co-Chairman: The Weaknesses of Artificial Intelligence Are the Strengths of Great Investors

Glonghui, February 27th｜Howard Marks, Co-Chairman of Oaktree Capital Management, stated that artificial intelligence may push many investors out of the asset management industry, much like index funds did, because it excels at absorbing data and identifying patterns. The fund managers who remain in the industry will be those who are outstanding experts in areas where AI is relatively weak, such as assessing management capabilities, the importance of new products, and other qualitative factors. These investors will also be better at dealing with situations that are difficult to match with existing patterns. Marks expressed surprise at the speed of progress in AI technology overall, including Claude. AI will increasingly operate autonomously, and this autonomy may profoundly change the business world and even society as a whole. Giants such as Microsoft and Alphabet are investing huge amounts of capital in this technology. He believes that the stock prices of these companies may be overvalued or undervalued, but are probably not seriously deviating from reasonable ranges. He also stated that, against the backdrop of rapid AI development, humans still have room to create value in the investment process, but the number of positions in the industry may decrease.