From the source
When every investor has access to the same sources of public information, alpha must come from unique insight built on taste and judgment.
A strong investor’s judgment is difficult to articulate and teach directly to others, whether human or AI.
It comes from experience.
Even when we decompose an investor’s job into its simplest constituent tasks, those tasks turn out to be surprisingly difficult for LLMs.
In this post, we consider a simple special case: filtering and processing financial documents to surface information relevant to investment decisions.
Investors are bombarded with information every day: news articles, research reports, company documents, emails, internal write-ups, and more.
Reading is the easy part.
The real work is the small, repeated judgments carried over it — filtering, interpreting, segmenting, and identifying where the useful signal lies.
These judgments are embedded throughout an investor’s daily workflow and consume substantial time.
We wanted to see if we could automate the information triage task: identifying what is relevant and interesting to read.
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