Signal Processing - November 2017 - 173

with AI is threatening financial managers who do work at their desktops.
Q: Can AI generate a few new successful hedge funds?
A: Maybe, there is always a chance to
become the next Jim Simons who was a
mathematician, or D.E. Shaw, who was a
computer scientist. But the overall quantity
and amount of successful hedge funds are
unlikely to change. The top hedge funds today have no choice but to recruiting top AI
talent. It's a Darwinian world where you
retain your edge or the hedge fund dies.
Q: But can AI make every smart AI
expert excessive risk-free money from
stock market?
A: The answer is a solid "no!"

Author
Xiao-Ping (Steven) Zhang (xzhang@
ryerson.ca) received his B.S. and Ph.D.
degrees from Tsinghua University,
Beijing, China, in 1992 and 1996, re--
spectively, both in electronic engineering. He received an M.B.A. degree in
finance, economics, and entrepreneurship with honors from the University of
Chicago Booth School of Business in
2008. He is a professor of electrical
and computer engineering and crossappointed to the Finance Department at
the Ted Rogers School of Manage--
ment at Ryerson University, Ontario,
Canada. His research interests include
signal processing, machine learning,

big data, finance, and marketing. He is
the cofounder and chief executive officer of EidoSearch, an Ontario-based
company offering a content-based
search and analysis engine for financial
big data.

References

[1] (May 24, 2014). Sea of tranquillity: The return of
moderation. Economist., vol. 411, no. 8888, pp. 70.
[Online]. Available: https://www.economist.com/
news/finance-and-economics/21602734-volatilityhas-disappeared-economy-and-markets-could-be
[2] X.-P. Zhang and F. Wang, "Signal processing for
finance, economics, and marketing," IEEE Signal
Processing Mag., vol. 34, no. 3, pp. 14-35, May 2017.
[3] E. F. Fama and K. R. French, "Disagreement,
tastes, and asset prices," J. Financial Econ., vol. 83,
no. 3, pp. 667-689, Mar. 2007.

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Digital Object Identifier 10.1109/MSP.2017.2768458

IEEE SIGNAL PROCESSING MAGAZINE

November 2017

173

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Table of Contents for the Digital Edition of Signal Processing - November 2017