Klarman said Trump's protectionist stance against automation and globalization will lead to market inefficiencies. He also said the increase in passive investm

Klarman said Trump's protectionist stance against automation and globalization will lead to market inefficiencies. He also said the increase in passive investment relying on the efficient markets hypothesis (EMH) will eventually lead to mispricings and inefficiencies that can be taken advantage of by active investors such as himself. Those two things have nothing to do with the automation of execution trading and market-making. So he is not claiming that automating the execution trading and market-making done by banks in highly liquid markets (equities in OP) will lead to more inefficiency.