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Will artificial intelligence (AI) become mainstream?

Friday, December 23, 2022 at 9:52 AM

Castle Point Fund Management

Jamie Young

Artificial intelligence (AI) and chatbots are becoming increasingly popular in industries ranging from customer service to healthcare to finance. These technologies enable businesses to automate and streamline their operations to serve their customers faster and more efficiently.

Chatbots in particular use natural language processing to allow users to interact with chatbots using conversational language, making them more user-friendly and intuitive.

One of the hottest chatbots these days is ChatGPT. It uses large-scale language models trained by OpenAI to generate human-like responses to user input. ChatGPT is unique in that it allows you to continue conversations based on previous interactions, making conversations more natural and fluid.

OpenAI is an artificial intelligence laboratory. The company conducts research in the field of AI with the goal of promoting and developing friendly AI in ways that benefit humanity as a whole.

In this article, I’ll share two finance-related questions I posed to ChatGPT, as well as another quirky example. Then consider what this means for the future.

Question: Could you write a short essay on behavioral investing?

response: Behavioral Investing is an approach to investing that takes into account the psychological and emotional factors that can influence an investor’s decision making. We recognize that people are not always rational and can be subject to a variety of biases and emotions, including overconfidence, collective behavior, and loss aversion.

Unlike traditional investing, which is based on rational decision-making assumptions, behavioral investing seeks to identify and overcome these biases in order to make more informed and profitable investment decisions.

One of the key insights of behavioral investing is that we are not always good at making decisions based on probability or statistics. For example, people tend to overestimate the importance of recent events and underestimate the impact of long-term trends. may lead to unreasonable decisions, such as

Behavioral investment also recognizes that people are influenced by the opinions and actions of others, often leading to collective action. For example, seeing others doing the same thing can make people more likely to invest in a particular stock, even if that investment doesn’t make sense from a fundamental standpoint.

To overcome these biases, behavioral investors may use a variety of techniques, such as setting investment goals, making plans, and sticking to them. They may also try to diversify their portfolios and avoid overreacting to short-term events.

In conclusion, behavioral investing is a valuable approach to investing that helps investors make more informed and profitable decisions by recognizing and overcoming psychological and emotional biases. .

Question: Write a debate on modern monetary theory between Howard Marks and Jim Cramer.


Moderator: Welcome to tonight’s debate on modern monetary theory, featuring Howard Marks, co-founder of Oaktree Capital Management, and Jim Cramer, host of CNBC’s “Mad Money.” Tonight’s topic is whether modern monetary theory is a viable approach to managing the economy.

Howard Marks: Good evening Jim. I look forward to an interesting discussion on this important topic.

Jim Cramer: Hello Howard. I am excited to be here and share my thoughts on modern monetary theory.

Moderator: To begin, could you briefly explain your position on modern monetary theory?

Howard Marks: Of course we start. In my view, modern monetary theory is a flawed and dangerous approach to managing the economy. It is based on the idea that governments can print unlimited amounts of money to pay for their spending without causing inflation or other ill effects. This is simply not true. History has proven that excessive money printing causes inflation and economic problems such as asset bubbles and financial instability.

Jim Cramer: I disagree, Howard. Modern monetary theory is a valuable tool for managing the economy in certain situations. We recognize that the traditional rules of economics do not always apply, especially in times of crisis. For example, in a recession, when interest rates are already at or near zero, governments use modern monetary theory to print money and use it to fund public projects or provide relief to individuals and businesses. can be used to stimulate the economy. This will help accelerate economic growth and prevent further recessions.

Howard Marks: But that’s it, Jim. Printing money and using it to fund public works projects and relief supplies could boost the economy in the short term, but it is not a sustainable solution. It will lead to inflation and devalue people’s savings and purchasing power. It also creates an asset bubble as it creates an incentive for people to invest. Assets that are less susceptible to inflation, such as real estate and stocks. This could lead to financial instability and make the economy more vulnerable to future shocks.

Jim Cramer: Howard, I understand your point, but I think you underestimate the government’s ability to manage inflation and financial stability. Modern monetary theory is not only about printing money, but also using other tools such as interest rates and regulations to prevent inflation and asset bubbles from becoming a problem. In fact, many proponents of modern monetary theory argue that economic stability can actually be improved by allowing governments to respond more flexibly to changing economic conditions.

Howard Marks: Jim, I get what you’re saying, but I still think modern monetary theory is a dangerous approach. but this is not always the case. Governments are subject to the same prejudices and emotions as individuals and can make mistakes that have serious economic consequences. It is better to stick to proven economic principles, such as sound fiscal management and monetary policy, than to rely on unproven theories that may do more harm than good.

Jim Cramer: Howard, I understand your concerns, but I think modern monetary theory is a worthy addition to your economic policy toolkit. It gives you a different perspective on how to manage the economy and helps you avoid the mistakes of the past. It’s not a complete theory and should be used with caution, but I believe it can be a valuable tool in the right circumstances.

Moderator: Thank you for your lively and informative discussion on Modern Monetary Theory.It is clear that there are strong arguments on both sides, and the decision

This was a request from one user to take more left fields:

How can you not be impressed by something you can write so well in just a few seconds?

where does this lead? ChatGPT is currently being “trained” through 2021, so it can’t incorporate recent events yet, but the impact is still huge.

  • education – How do teachers distinguish between student homework and AI work?
  • content production – How do we distinguish between human-written and AI-written?
  • coding – AI can help you debug programming code, what does this mean for your future work?

You may be pondering the obvious question – how much of this article actually did I write compared to ChatGPT? However, as this article shows, it may not be so easy to determine this in the future.

See ChatGPT. Optimizing Dialogu’s language modele Try it at (openai.com).

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