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19 June 2017 (AFR) – Robots are cashing in – for now; The machines taking over Wall Street

(19 June 2017, AFR, p28, by Philip Baker)

‘There was a time when what happened in the sharemarket had more to do with investor emotion than anything else. But not so much these days. The machines armed with making all the investment decisions these days don’t have any emotion, don’t get nervous and don’t worry about whether the US bull market is in its ninth year or first.’ <snipped..>

‘Credit Suisse also says that long-short funds in the US, the biggest group of stock picking investors around, have very little overall exposure to Wall Street right now. Indeed, it’s close to a record low. Clearly, they don’t like what they see and are sitting on the sidelines. That’s hardly surprising. Traditional fund managers in the US would be looking at valuation measures such as the cyclically adjusted price-to-earnings (or CAPE) ratio, and see that the S&P 500 has only been more expensive than it is now on two other occasions. One was 1929 , while the other was the dot-com bubble.’

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