My super-interesting conversation with Philip Maymin for the CFA Institute Research Foundation podcast!

In this episode of the Financial Thought Podcast, the official podcast of the CFA Institute Research Foundation, I sit down with Philip Maymin to examine the technical and practical implications of AI in finance.

We begin by clarifying the distinction between AI and machine learning. With then cover the role of transformers in LLMs like ChatGPT and how deep learning fits into broader ML frameworks. The discussion then transitions to analyzing AI’s impact on market efficiency where we discuss whether algorithmic trading merely redefines what constitutes "public information." We also explore AI’s role in wealth management and discuss whether AI will concentrate or democratize asset management.