- ChatGPT would get around 80% of homework submissions in the marketplaces, according to State Street’s Matthew Bartolini.
- “ChatGPT would probably be a B-minus student…that’s the surface level it gets,” he told Bloomberg.
- Bartolini also explained how he’s using AI to help pick stocks for a fund that’s up 11% year-to-date.
ChatGPT would get a “B-minus” if you gave it market homework, according to a strategist who uses AI to help it pick stocks.
State Street chief executive Matthew Bartolini said in an interview published Friday that the smart language robot can map surface-level investment knowledge, but wouldn’t score above 80% because it doesn’t. cannot understand a larger context.
“The first time I saw it, we were toying with – ‘write us a blog post about the benefits of ETFs,’ and it was probably 80% correct on how we’d like to structure the argument” , did he declare. Bloomberg’s “What’s Going Up” podcast.
“And that’s where ChatGPT is, that it kind of gives you around 80%,” Bartolini added. “I was joking with some of my colleagues who have kids older than ChatGPT would probably be a B-minus student if he only turned in his homework because that’s the surface level he gets.”
ChatGPT can offer a surface level investment advice – but only has access to data from 2021 or earlier, which limits its ability to apply this knowledge.
Academics have consistently warned that the language bot could print wrong informationand Dan Kemp, CIO of Morningstar, said Initiated last month that it is not “useful as an investment decision-making tool, whether for professionals or laypersons”.
Bartolini’s interest in ChatGPT grew out of using AI to help him pick stocks for State Street SPDR Composite S&P New Economies index fund listed since 2018.
He said he asks natural-language AI programs to scour the regulatory filings of mid- and small-cap companies in an effort to find innovative, little-known stocks.
“He scours regulatory documents for key terms to identify the correlation between these companies’ hardware operations and areas of innovation, whether it’s enterprise collaboration, clean energy, advanced transport, drones,” Bartolini said.
“There can be companies that are quite innovative, doing and producing some really interesting things within our economy – whether it’s things in advanced healthcare type wearables that aren’t really covered by analysts Wall Street because they might be smaller-cap stocks,” he added.
Learn more: I Asked ChatGPT Investors Burning Questions – and a CIO Told Me Why the Bot Won’t Challenge Wall Street’s Top Stock-Pickers Anytime Soon