Hi Darren, This has the potential to be a very long answer; so I will provide a short response followed a longer answer (as a separate comment): I think one should view AI’s application as a product or solution much like existing investment products, which are: (1) Run by portfolio managers with different styles, approaches philosophies and portfolio construction views. (2) Formulated with different investment strategy objectives and investment styles – for example - long only/ long short, active/passive, fundamental, quant driven etc. (3) Not a perfect science or silver bullet (4) Do not necessarily take in or make sense of all available market information so will have different views of the same stocks. Therefore, AI will not create a Utopian investment arena where all AI solutions come to the perfect valuation (if there even is such a thing) and will certainly not create stock price parity. However, we believe AI will address or improve some investment considerations currently unsolved – such as diversifying against human manager risks and provide an improvement to analytical capacity, investment decisions and risk management processes in comparison to some human managers. Even marginal improvements can lead to excellent investment outcomes. When it comes to there being a winner/loser on either side of the trade that depends on your philosophy on a relative/absolute sense but simplistically - yes, I agree that there is and will continue to be a winner/loser on either side of the trade.

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