RT Journal Article SR Electronic T1 Practical Applications of The Profitability of Technical Analysis during Financial Bubbles JF Practical Applications FD Institutional Investor Journals SP 1 OP 4 DO 10.3905/pa.9.1.429 VO 9 IS 1 A1 Bala Arshanapalli A1 Matthew Lutey A1 William Nelson A1 Micah Pollak YR 2021 UL https://pm-research.com/content/9/1/1.3.abstract AB In Who Is Better at Investment Decisions: Man or Machine?, from the Winter 2020 issue of The Journal of Wealth Management, J. P. Harrison and S. Samaddar (both of Georgia State University) examine whether robo-advisers construct better-performing portfolios than human advisers. Using a simulated contest between a top-rated robo-adviser and prominent human advisers, Harrison and Samaddar observed that the human advisers produced higher returns (even after fees) and advice that was tailored to the ages and investment amounts of hypothetical clients. By contrast, while the robo-adviser tailored advice based on the hypothetical investors’ self-declared risk tolerances, it was insensitive to age and investment amount. The findings challenge the conventional wisdom that robo-advisers can serve customers better and at lower cost than their human counterparts.TOPICS: Developed markets, financial crises and financial market history, portfolio theory, technical analysis