Warren Buffett is quoted as saying that "just because the market is mostly efficient, that doesn't mean it is always efficient". As we well know, humans have many cognitive biases which cause markets to sometimes be inefficient (value continuously outperforming glamour as one example).

The question is, if in the future there are less human portfolio managers and more "robot" portfolio managers that rely on advances in artificial intelligence, will we still have the same inefficiencies? Obviously robots aren't going to have the same cognitive errors that humans exhibit, so will that cause many market inefficiencies uncovered by behavioral finance to disappear?