, Guest Columnist
The Golden Age of Value Investing Is Over
It used to take hard work and an ear for scuttlebutt to gain an edge, but now AI has leveled the playing field. Is that a bad thing?
How would these guys have dealt with LLMs?
Photographer: Daniel Acker/Bloomberg
For 30 years, my advantage as an investor was painstaking research. AI just made it worthless.
In 1995, I read two books that changed my life: Benjamin Graham’s The Intelligent Investor and Roger Lowenstein’s biography of Warren Buffett. I was hooked on value investing. I could not get enough of it. In those days, however, getting enough of it was hard. It was the infancy of the internet, so it wasn’t as if I could just Google “Warren Buffett” or “value investing.”