ChatGPT could revolutionize portfolio management but is more of a 'copilot' than a 'prophet' for investors, study says
While the chatbot can't optimize portfolios the way a human can, it could be a convenient option for investors who lack knowledge or expertise in asset management, according to Seoul National University's Hyungjin Ko and Jaewook Lee.
"ChatGPT is not a 'prophet' of the financial industry but rather an 'assistant' or 'co-pilot' to investors and portfolio managers," the researchers wrote."When used appropriately within a set framework, ChatGPT has the potential to revolutionize asset allocation practices." The test was run 10,000 times, during which the AI's work was pitted against randomly selected portfolios. The researchers found that ChatGPT outperformed the random portfolios and created sufficiently diversified ones.
But the researchers made sure not to characterize ChatGPT as a market predictor, and other users have pointed out instances where it provides wrong answers.
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