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Quote of the week:
“Most of the returns in stocks are concentrated in sharp bursts beginning in periods of great pessimism or fear.” – Bill Miller
Exploring the implications of “transformative” AI
In a recent essay, Max Roser, of Our World in Data, makes a compelling argument that the introduction of “transformative” artificial intelligence will be as consequential to humanity as the agricultural revolution 10,000 years ago—and the industrial revolution of the late 1700s. The big question, of course, is whether or not this is a good thing for society. I agree with Max here—while AI will potentially enable profound deflationary forces and efficiencies across industries, the risks of unleashing complex AI systems are hard to predict. “All major technological innovations lead to a range of positive and negative consequences,” Max writes. “For AI, the spectrum of possible outcomes – from the most negative to the most positive – is extraordinarily wide.” He continues:
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Warren Buffett, David Tepper, and the “lifestyle of hunter gatherers”
Frederik Gieschen wrote a smart piece this week about the day-to-day lifestyles of notable investors, including Buffett, Lynch, Tepper, Soros, and others. In particular, Frederik’s essay examines how these investors balance the intensity of navigating day-to-day market volatility with the requisite patience that’s necessary to succeed over the long-term. I enjoyed Frederik’s comparison of value investors to the lifestyle of hunter gatherers, which he describes as “consecutive days of light to moderate physical activity, occasional days of strenuous exertion being followed by relatively easy days of rest and relaxation.” He continues:
A few more links I enjoyed:
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