AI Managed Household Portfolios: A Preliminary Report

Bruce I. Carlin, Ryan Israelsen and Christopher F. Wazzan

No 35153, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: How does AI manage household stock portfolios? We collect a prospective, daily time-series of stock recommendations using several LLM's and study AI's investment style. AI recommends undiversified portfolios that positively load on momentum, large companies, and low book-to-market firms. AI primarily recommends stocks based on how much media attention firms receive. Using multiple versions of queries and requests, we find that buy-and-hold and actively managed AI portfolios do not appear to earn statistically-significant abnormal returns based on the methodology of Daniel et al (1997).

JEL-codes: G11 G12 G14 (search for similar items in EconPapers)
Date: 2026-04
Note: AP CF
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