ICYMI - Researchers at the University of Chicago Booth School of Business provided standardized and anonymous financial statements to GPT4 and instructed the model to analyze them to determine the direction of future earnings.The results? In brief: Even without any narrative or industry specific information, the LLM outperforms financial analysts in its ability to predict earnings changes. The LLM exhibits a relative advantage over human analysts in situations when the analysts tend to struggle. we find that the LLM generates useful narrative insights about a company’s future performanceLastly, our trading strategies based on GPT’s predictions yield a higher Sharpe ratio and alphas than stra
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