The world is agog with all things AI. Since the explosion sparked by ChatGPT, investors are salivating, dark prophets are fulminating and the rest of us are struggling to keep up. A revolutionary re-ordering or just an overhyped bubble? Only time will tell. Meanwhile, it seems timely to ponder what AI might mean for the age-old challenge of investing. The dominant orthodoxy in finance over the past seventy years is the efficient markets hypothesis. The key conclusion of this orthodoxy is that trying to beat financial markets is a fool’s errand. In a process analogous to Brownian motion, because market…

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