Andrew Ang: Should AI Agents Run Your Asset Allocation? | #653

Taxes erase ~36% of equity returns over 30 years, and tax alpha is easier to capture than investment alpha, Ang argues.

• Swarm-agent portfolios: Andrew Ang's framework uses specialized AI agents per asset class/method that vote, critique, and revise each other's calls in "productive dissent," then self-improve via a meta-agent.
• Unproven vs. human teams: Ang admits he doesn't yet know if agent-driven portfolios beat human committees — live performance data doesn't exist yet.

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