基金经理请回答 | 对话李玉刚：如何用量化走一条人少的路

Core Viewpoint - The article discusses the evolving landscape of quantitative investment, emphasizing the unique advantages of human decision-making over AI in the investment process, particularly in understanding the "why" and "how" behind investment outcomes [2][3][6][21]. Group 1: Investment Process and Decision-Making - Investment is framed as a game of uncertainty, where the focus should be on the decision-making process rather than short-term results [3][5]. - A good investment process involves understanding three key aspects: what is happening, why it is happening, and how the results are derived [6]. - AI excels in identifying "what" but lacks in understanding "why" and "how," which are critical for effective decision-making [6][10]. Group 2: Creativity and Challenging Consensus - The ability to challenge prevailing consensus is highlighted as a source of excess returns, with unique and scarce value being more valuable in the long term [8][9]. - Human creativity allows for the questioning of established norms, which AI cannot replicate [7][8]. Group 3: Role of Quantitative Techniques - Quantitative techniques are viewed as tools for capturing signals but do not inherently provide advantages in value judgment [10]. - The long-term excess returns from stocks are attributed to the sustainable operational advantages of the companies, rather than merely statistical signals [10][11]. Group 4: Handling Data and Anomalies - Historical data is essential for investment strategies, but anomalies must be carefully managed to avoid skewing results [14][15]. - The approach to handling large-cap stocks as anomalies in data sets is discussed, emphasizing the need for preprocessing to mitigate their impact [14]. Group 5: Differentiation in Investment Strategies - Differences in performance between indices like the CSI 300 and the CSI 500 are attributed to the varying composition of stocks and their respective weights in the indices [16][17]. - The article suggests that personal investors should focus on areas of expertise to identify differentiated investment opportunities [18][19].