Valentin Haddad

[Valentin Haddad @mktmacrostruct]

What happens when we use AI for research and the reviewing? Let's find out.

Enter Human × AI Finance: write a finance paper with AI in 4 weeks. Every submission reviewed by AI agents. Top 4 presented at @uclaanderson.

Everyone can submit. Deadline 3/18: https://t.co/exoiYSrPz8

[Valentin Haddad @mktmacrostruct]

Should we worry about how SpaceX is going to show up very soon in every passive portfolio? Classic finance says no: even if passive is massive, enough active investors always enter to correct misvaluation.

When measuring this reaction following the rise of passive with @erikloulou and @PaulHuebner, we found it isn't nearly as strong as people think, so maybe there is cause for concern. https://t.co/8lWbpxFNHu

Of course, why SpaceX? Do you know what else is in your passive portfolio already?

cc @profplum99

[Hanno Lustig @HannoLustig]

When SpaceX IPOs in June, this should finally provide all investors with an opportunity to express their views, including the pessimists who so far have not been able to express their views. Or, does it? Maybe not for SpaceX. Nasdaq specifically changed its rules to accommodate this listing. NASDAQ inclusion within 15 days is estimated to trigger about $7 billion of passive demand. S&P 500 inclusion, if and when it comes, brings another $40-50 billion. And the initial float is only $75 billion. Once you include closet indexers, that number could easily exceed $100 billion.

None of this capital expresses any view on whether SpaceX is worth $1.75 trillion. None of this demand is price-sensitive. It is completely inelastic, borrowing the Koijen-Yogo terminology.

As a passive investor, I'm not super excited about funding space exploration, at least not at these valuations.

This marriage of convenience between deep private markets and passive investing seems like one that is bound to be a rocky one. The whole idea of passive investing in public markets was that there was a deep pool of active investors who made sure prices in public markets were right. But there is limited price discovery in the private phase, because of the incentives of the institutional investors and the lack of shorting. And, given that companies can stay private much longer, companies that IPO are large enough to immediately attract tons of passive capital. Americans with a 401K will now provide immediate exit liquidity for the institutional investors who have been funding this venture.
https://t.co/m6Wtfmyzo2

[Valentin Haddad @mktmacrostruct]

Only 3 days left to submit to Human x AI Finance...

I (and AI) look forward to see what you come up with!

https://t.co/RpJa6nyKoQ

[Valentin Haddad @mktmacrostruct]

So long, Chris.
A giant of economics. Always so generous with his time and willing to engage. Every conversation we had (many on NJ Transit) left me marveling at how someone could be so deep yet so straightforward.

[Markus K. Brunnermeier @MarkusEconomist]

R.I.P. Christopher Sims (21 Oct. 1942 - 14 March 2026)
- a giant in macroeconomics and one of the finest human beings I have ever met -

[Valentin Haddad @mktmacrostruct]

Why?

[Tyler Muir @tylersmuir]

Everyone's warning about a US fiscal crisis.
So why is the 10-year yield only 4%?

[Motohiro Yogo @motoyogo]

Princeton Conference on Asset Demand Systems to better understand the equilibrium relation between portfolio holdings and asset prices on May 14-15, 2026. Organized with @rkoijen and Liran Einav. Conference program now posted: https://t.co/EPopv0WDaT
#DSAP

[Valentin Haddad @mktmacrostruct]

Only 8 days left to submit your work for the Human x AI Finance conference! ⏳

That's plenty of time to give heavily AI-assisted paper writing a shot. 😉

To answer a frequent question we've been getting: the "x" is meant to be multiplicative, not vs.

Why submit?
- help discover what the future of research looks like.
- 🏆 $1,000 prize for the best paper.
- ✈️ The top 4 papers will be invited for presentation at the Fink Center Conference on Financial Markets at UCLA Anderson School of Management (travel and lodging included).

🔗 https://t.co/IBd60AzYfd
#ArtificialIntelligence #Finance #FinTech #Research #CallForPapers #UCLA

[Itai Sher @itaisher]

I think it would be better if there were fewer grand claims about how AI is going to revolutionize research and more people trying to make the best use of AI to improve their research, and let’s see what we get.

[Valentin Haddad @mktmacrostruct]

Nice piece! The key question seems to be how much harder it will be to distinguish paper quality (at the top of the distribution). An optimistic view is that we will publish the same number of papers, just much better than before. It could be that the increased mass doesn't even get written/reviewed because of clearly lower quality (as it is already without AI) in "steady-state".

[Vincent Grégoire @vincentgregoire]

I wrote an academic paper in 4 days using AI.

Claude Code wrote the first draft overnight. I iterated with multiple AI agents as reviewers. AI made me faster, not smarter.
The paper: "Investing in Artificial General Intelligence" The full story: https://t.co/KpFWxn9VJ8

[Motohiro Yogo @motoyogo]

Deadline of 2/27 to submit to the Conference on Asset Demand Systems. Submit online at https://t.co/snJnSQMeG7

[Gregor Schubert @gregorschub]

To incentivize making your paper submission to Human x AI Finance as good as possible using AI, we will now also offer a best paper prize of $1,000 for the paper which, according to the AI reviewers, was the best submission!

https://t.co/YnhxS3wzRS

Submit by March 18th!

[Valentin Haddad @mktmacrostruct]

Let's raise the stakes (a little bit): best paper according to the AI reviewers will also receive a $1,000 award!

Update your claude md with this extra incentive, and get back to research.

https://t.co/eC0yXYM8Zu

[Valentin Haddad @mktmacrostruct]

@achenfinance @GeoffreyHuntley submit your final output at https://t.co/RpJa6nyKoQ. Let's see how it stacks up against other human and AI processes.

[Valentin Haddad @mktmacrostruct]

@arpitrage Maybe the best analogy (though somewhat wrong) is that they work more like Bayesian statistics, the "point estimates" are actually distributions.

[Gregor Schubert @gregorschub]

We have now written a longer piece explaining the background and motivation for launching a finance conference that encourages both AI-written submissions and selects papers using AI:

https://t.co/HNGiu5Fh3h

[Gregor Schubert @gregorschub]

What happens when we encourage AI use for research and use AI to review papers?

We are running an experiment to find out: the UCLA Human × AI Finance conference!

Write a finance paper with AI in 4 weeks (by 3/18). AI agents review the submissions:
https://t.co/YnhxS3wzRS
🧵 1/

[Valentin Haddad @mktmacrostruct]

@MGoFinance just try ;)

[Valentin Haddad @mktmacrostruct]

@uclaanderson And this might be the very first academic conference 100% committed to take the papers chosen by AI.

[Valentin Haddad @mktmacrostruct]

What happens when we use AI for research and the reviewing? Let's find out.

Enter Human × AI Finance: write a finance paper with AI in 4 weeks. Every submission reviewed by AI agents. Top 4 presented at @uclaanderson.

Everyone can submit. Deadline 3/18: https://t.co/exoiYSrPz8

[Valentin Haddad @mktmacrostruct]

@uclaanderson Honestly, I have no idea what we'll get. Maybe the papers will be great. Maybe they'll be terrible. Maybe the AI reviewers will be as (un)rigorous as humans. That's the whole point — we genuinely don't know, and I think that's more interesting than pretending we do.