Discretionary investing in the age of artificial intelligence

This post by Parijat Garg, CFA was originally published on CFA Institute's Enterprising Investor. To a quantitative investor, discretionary investing is ridiculously subjective -- rife with confirmation bias, availability bias, base-rate ignorance, and more. To the discretionary investor, on the other hand, quantitative investing is hopelessly naive. A company is more than its price to book and return on capital employed. The worlds of these two investors are like East and West.