The biggest, most front-line, best connected (to politics, regulators, pipes, etc.) player wins the competition. Is it fair? Is it going to be a fair competition? Is it good for our society?
We have the following kinds of players now:
1. Passive
2. Smart beta / factor investing
3. High Frequency Trading, Technical
4. Quants, valuation model-driven (e.g., residual income model)
5. Traditional Fundamental Bottom-up Research
Even for the type 5, investment professionals have to have help from computer systems to compete with other players, like chess players.
Most importantly, computers should be used by someone who really knows what he/she is doing.
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