AI Has Ended the Golden Age of Value Investing: Guy Spier

For 30 years, my advantage as an investor was painstaking research. AI just made it worthless.

In 1995, I read two books that changed my life: Benjamin Graham’s The Intelligent Investor and Roger Lowenstein’s biography of Warren Buffett. I was hooked on value investing. I could not get enough of it. In those days, however, getting enough of it was hard. It was the infancy of the internet, so it wasn’t as if I could just Google “Warren Buffett” or “value investing.”

The first thing I could get my hands on was Berkshire Hathaway’s annual report. I had to look ...