  Recent progress in deep learning, a special form of machine learning, has led
to remarkable capabilities machines can now be endowed with: they can read and
understand free flowing text, reason and bargain with human counterparts,
translate texts between languages, learn how to take decisions to maximize
certain outcomes, etc. Today, machines have revolutionized the detection of
cancer, the prediction of protein structures, the design of drugs, the control
of nuclear fusion reactors etc. Although these capabilities are still in their
infancy, it seems clear that their continued refinement and application will
result in a technological impact on nearly all social and economic areas of
human activity, the likes of which we have not seen before. In this article, I
will share my view as to how AI will likely impact asset management in general
and I will provide a mental framework that will equip readers with a simple
criterion to assess whether and to what degree a given fund really exploits
deep learning and whether a large disruption risk from deep learning exist.
