Quote:
Originally Posted by Slava
Nah. I’ve paid for and tried out AI for a chunk of my job, and it was not useful. It’s amusing, because people think it’s perfect and have it all sorted. In reality though, it’s not there yet. The investment recommendations looked great on the backtest, but when the systems were live they were brutal. That’s not to suggest that it’ll never happen (I’m not that naive), it’s just that it’s not there yet.
And investing in particular is a little different. I can see the obvious application in terms of quants and formulaic investing. But investing isn’t a science. You can’t just boil down everything to formulas and screens to get an edge (and certainly not a lasting one). And that leads to another issue for AI; if all the AI is looking for the same edge, it gets arbitraged away even faster and there’s no edge.
|
It’s also amusing because people say “I used AI” as though every AI is the same and if you’ve used one you’ve used them all. Who is saying it’s perfect?
As I said, right now it depends a lot on the training, oversight and inputs. But you’re kidding yourself if you don’t think there’s an AI out there that can either do your job better than you can or is being trained to do exactly that, and will reach a point within very short order where the quality of inputs doesn’t matter. The next step in your career is managing the AI that does your job, until it doesn’t need you to manage it. It’s a sad reality, but it is one. You’re living with your head in the sand if you’re laughing at your Roomba thinking you can’t easily be replaced.
For the AI systems we’re talking about (without any idea of what you used), the more they’re used the more they learn. Everything they do right teaches them what’s right, everything they do wrong teaches them what’s wrong.
Anyways, that’s far enough down the AI rabbit hole. The point is that “handle this yourself” is not
exceedingly terrible advice, it’s the opposite. Within five years at current progress people with be laughing at people who still use financial advisors. Your only hope is government intervention.