John Templeton on the limits of computer models in the investment process

Despite the development of neural networks, expert systems, and other forms of exotic anthromorphic computer systems, it is unlikely that the component of human wisdom will be replaced in the investment process. Machines can be used to process hard data, but not human qualities such as greed, fear, or creativity. If we reflect on the fact that companies are really groups of people who manage assets and work with each other to create wealth; that they are intimately affected by other complex groups, politicians, local citizens, belligerent militarists, and so on; then it is clear that machines cannot adequately capture the complexity of these human conditions.

~ John Templeton, Looking Forward: The Next Forty Years, 1993, pp. 8-9