About this paper
Investor's Last Exam evaluates financial agents on end-to-end equity research using frozen evidence, expert criteria, and dependency graphs, revealing that top models excel at research but fail at forecasting and investment judgments.
Financial agents must form forecasts and investment judgments from decision-time evidence, with predictions evaluated against subsequent outcomes. Existing benchmarks assess financial knowledge, research workflows, or forecasting, but evaluating the full research process requires a strictly frozen information set and professional evaluation criteria. We introduce Investor's Last Exam (ILE), an equity-research benchmark led by experienced buy-side investors and fund managers. Its three components are a versioned financial database spanning 3.43 million document versions and nine source categories, supplemented by structured market data, with validated timestamps governing retrieval and…
financial dependency graphsversioned financial databaseforecast accuracysimulated investment performanceevidence-assumption-judgment chain
- Upvotes
- 13
- Authors
- 10
- Published
- Oct 28, 2026
Summary and abstract excerpt via Hugging Face Papers ↗ · arXiv.
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Investor's Last Exam: Can AI Agents Do Equity Investment Without Seeing the Future? was first seen on Hugging Face · Daily papers on Oct 30, 2026. Since then it has appeared in 39 checks on 4 different days. Its best position was #18 of 30, reached on Nov 2, 11:28 UTC. It dropped off the list after Nov 2, 13:28 UTC.