With the emergence of ChatGPT, large language models (LLMs) have captured the zeitgeist, and the future opportunities and pitfalls they imply for finance and investment management are enormous. For a small elite of high-tech investment managers, LLMs provide another systematic tile in an ever-expanding mosaic. But for most, they represent the starting whistle of a tech arms race many had hoped to avoid.

ChatGPT and other large language models (LLMs) may someday automate many investment management and finance industry tasks. While that day is not here yet, LLMs are still useful additions to the analyst’s toolkit.

So, based on what we have learned about the new, dark art of prompt engineering, how can quant and fundamental analysts apply LLMs like ChatGPT? How effective a copilot can these technologies be?