x

Politics

HABA Panel Discussion on Man vs. Machine

April 15, 2018

NEW YORK – The Hellenic American Association for Professionals in Finance (HABA) held an informative and lively panel discussion on “Man vs. Machine: Who will generate the best investment returns in 2018?” on April 12 at the offices of Marsh Private Client Services in Midtown Manhattan. The discussion featured panelists Maria Vassalou- Partner & Portfolio Manager, Perella Weinberg Partners (PWP); Sophia X Liu- Fixed Income Trader, Citadel LLC; and Mike Khorrami- Managing Partner, Cayley Investment Management. HABA Vice President Robert Savage- CEO & Co-Founder, CCTrack Solutions, served as the moderator.

HABA President Fanny Trataros gave the welcoming remarks, thanking all those in attendance, and also noting that the organization’s next event is the Executive of the Year Award Dinner on June 15.

Moderator Robert Savage then thanked the organizers of the event, especially Nick Lionas for arranging the room at Marsh and Costas Kellas for helping bring the panelists. A clip from the most recent Terminator film with its imaginative view of where “man versus machine” might lead in the future, made everyone laugh.

Savage noted that the debate would be about the systematic or discretionary approach to investing rather than passive or active, adding that the panelists would argue both sides as well as a mixed approach, and perhaps change some of the audience members’ minds. He asked for a show of hands for the systematic, discretionary, or both, and then asked for the panelists to introduce themselves and then briefly make their case.

Dr. Vassalou, began her career in academia before going into the “real world,” is in favor of the systematic approach, noting the advantages, including that it is devoid of emotions and psychological biases, allows more information to be used for a rigorous portfolio and better risk management.

She is responsible for leading the PWP Global Macro business which manages volatility-targeting, multi-asset class systematic strategies on behalf of primarily institutional investors. Vassalou has more than 10 years of investment experience. She was an Associate Professor of Finance at Columbia Business School which she joined in 1995. She has received several professional awards including HABA’s Executive of the Year 2016, and was included in the 50 Leading Women in Hedge Funds in 2015. Since 2016, she is a member of the Board of Directors of Tsakos Energy Navigation.

Khorrami noted that the discretionary approach when it is disciplined and forward-looking will beat the systematic approach because the data changes constantly. Liu observed that the machine wins every time and can be trained to make inferences, human emotion can cloud judgement, and the machine is immune to noise, can process faster with so much data coming in globally, “it will filter the noise.” Khorrami said that humans are better at adapting to change than machines.

Vassalou said that you have to keep doing research and evolving, and the systematic approach is not “set it and forget it.”

When the moderator asked about machine learning and artificial intelligence, Vassalou noted that machines are created by humans and cannot exist without humans, and there are advantages and disadvantages.

A Q&A session followed the panel discussion with a variety of questions and comments from the audience members.

Also in attendance at the event were HABA Officers- Manny Caravanos- Treasurer, and Sophia Prountzos- Secretary, and Directors Costas Kellas and Nick Lionas. St. John’s University Professor Manuel G. Russon was present as well as many finance professionals and interested members of the community.

RELATED

MONTREAL- In his interview on the CTV television network, following his meeting with his Canadian counterpart, Justin Trudeau, where the strengthening of bilateral relations was emphasized and the agreement for the delivery of seven state-of-the-art firefighting aircraft was signed, Prime Minister Kyriakos Mitsotakis focused on the significant improvement in the economic climate and the increasing attraction of investments to Greece Just before the European elections in June, the Prime Minister emphasized, “For the first time, we will give the opportunity to our diaspora, those who have the right to vote in Greece, to utilize the postal vote to participate in the European elections.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

‘We Have Nothing.’ As Israel Attacks Rafah, Palestinians are Living in Tents and Searching for Food

DEIR AL-BALAH, Gaza Strip (AP) — The tent camps stretch for more than 16 kilometers (10 miles) along Gaza’s coast, filling the beach and sprawling into empty lots, fields and town streets.

BOGOTA, Colombia  — Colombia’s congress voted on Tuesday to ban bullfights in the South American nation, delivering a serious blow to a centuries old tradition that has inspired famous songs and novels but has become increasingly controversial in the countries where it is still practiced.

NEW YORK — Prosecutors were presenting their bribery case against New Jersey Sen.

NEW YORK — Twice per year, New Yorkers and visitors are treated to a phenomenon known as Manhattanhenge, when the setting sun aligns with the Manhattan street grid and sinks below the horizon framed in a canyon of skyscrapers.

BARNSLEY, Ky.  — Devin Johnson’s life was uprooted for a second time when a tornado flattened his home over the Memorial Day weekend — on the same lot in Kentucky where another storm left him homeless in 2021.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.