“Humans beating back the machines. Value rising from the dead. Factor funds dethroning the bond kings. If the world’s top quants are right, get ready for another decade of disruption across investing strategies, business models and the very structure of markets. Over the past 10 years, rules-based traders minted billions with their black-box algorithms and time-honored insights into human behavior. They changed the stock-trading game and outwitted the great and good of the discretionary world. But the industry is now plagued by doubts, as factor strategies misfire and competition heats up in everything from artificial intelligence to fees.”

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