Could this be the beginning of the end [predictability of market direction]

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tradez
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Could this be the beginning of the end [predictability of market direction]

Post by tradez »

We've seen the markets grow consistently since their inception, but are we now entering a new stage in world development; technology so advanced, AI that is making human work redundant, blockchain... Is there an argument that the future may be so different to the past that we cannot assume markets will move the same way? Could they stagnate for the next 10 years, could they even decline?

I am by no means a conspiracy theorist however I thought this could be an interesting topic to discuss, as a lot rests on the equity markets for a lot of us.
Leesbro63
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Re: Could this be the beginning of the end

Post by Leesbro63 »

Could be. But that's always been the case. Warren Buffett reminds us that he started investing on the day Paris fell during WW2. And that the headline news everyday since has basically been bad. I do agree that our debt-to-GDP and it's outlook does make it seem really different this time.
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winterfan
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Re: Could this be the beginning of the end

Post by winterfan »

I can't worry about these kinds of things. Haven't people been saying this forever? Besides, I don't think it's a very actionable subject. What's the alternative?
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Re: Could this be the beginning of the end

Post by Marseille07 »

tradez wrote: Fri Jan 27, 2023 10:25 am We've seen the markets grow consistently since their inception, but are we now entering a new stage in world development; technology so advanced, AI that is making human work redundant, blockchain... Is there an argument that the future may be so different to the past that we cannot assume markets will move the same way? Could they stagnate for the next 10 years, could they even decline?

I am by no means a conspiracy theorist however I thought this could be an interesting topic to discuss, as a lot rests on the equity markets for a lot of us.
Human work won't be redundant as we create new jobs. Now, some jobs go away such as the telephone operators.
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Re: Could this be the beginning of the end

Post by nisiprius »

We've seen the markets grow consistently since their inception
No, they haven't. I can't address that directly unless you define, numerically, what you mean by "consistent."

It could always be the beginning of the end. Ends happen, and all of them have beginnings.

"Could they stagnate for the next 10 years, could they even decline?" Gosh, yes. The US stock market had an average return of -0.99%, i.e. lost money, from 2000-2009. So that's ten years.

From 1966 through 1982 it averaged +6.72% which doesn't sound bad until to realize that included the last period of high inflation, and it had a real return of -0.07%, i.e. it failed to beat inflation. That's seventeen years.

Japan's stock market declined from 1990 to 2008 and still isn't back to even. So that's over thirty years.

The question is whether knowing that this could be "the beginning of the end" is actionable information.

I would add that yes, there is a good case to be made for the idea that the second half of the twentiety century were an anomaly, exceptionally good for the US stock market, and shouldn't be taken as any kind of "normal."
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SmileyFace
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Re: Could this be the beginning of the end

Post by SmileyFace »

I double checked the date of the post to make sure it wasn't 1999 or 2000. It reminded me of the statements made a lot back then.
People have been making these kind of "Things will be different" going forward statements adding flavors of FUD and/or exuberance for decades. Industrial Era is probably when it started actually.
Things are always changing. I know ChatGTP has everyone excited in the news the last few weeks - I assume this is where you are coming from currently.
NiceUnparticularMan
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Re: Could this be the beginning of the end

Post by NiceUnparticularMan »

It is a truism the longer into the future you try to predict human societies, including economies and financial systems, the more you are getting into science fiction.

So--oh well?

To the extent this is actionable, I do like broadly-diversified stock index funds for longer investment horizons because I think that is the most robust low-cost approach to trying to track wherever future economies may head. But most robust doesn't mean bulletproof. It is just to me the best idea available in light of the fundamental uncertainties of the future.
Ollie123
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Re: Could this be the beginning of the end

Post by Ollie123 »

If we're near the end I think it is more on the scale of human history as opposed to the next 10 years. AI works very well for a handful of small designed "test tasks" that AI developers like to throw at it. When it screws up, it tends to do so in comically terrible ways to the point that a toddler could do better. Are we on the verge of being able to automate more things than we could 30 years ago? Sure, but this is always true. The only difference is that those tasks are now marginally more cerebral than before. If you're worried about changes tomorrow, remember that voice recognition is probably one of the easiest and most obvious applications for AI technology and we still have the same trash dysfunctional "Press 1 or say pharmacy" "You said <Farmer John>. Farmer John doesn't work here. Goodbye" technology we had 20 years ago.

Every tech bro and their brother now has a startup to "Build AI solutions for XYZ" but at least in my area these are generally cumbersome solutions with miserable sensitivity/specificity that almost invariably simply do...not...work. Like, at all. They're awful. It sounds scary and futuristic, but outside a handful of applications it is more marketing than substance at this point.

I'm personally far more worried about the tech industry collapsing under its own weight than I am about the takeover of AI. Programmers getting paid comical sums to cobble together code they found online and only half-understand to produce solutions that work okay 5% of the time, not at all the rest of the time, cost only moderately less than an employee to keep up and irritate the heck out of everyone who has to rely on them. Its all to keep the short-con going just long enough to trick the big players into paying them to stop existing. It won't spell the end of civilization, but I do think we're going to see corrections at some point. Startup funding will be harder to come by. Some of big tech is basically the new tobacco industry and will be hit with regulations, disdain from the general public, etc. though exactly what that looks like in the markets I can't say.

Long story short, I'm not losing sleep over this.
Last edited by Ollie123 on Fri Jan 27, 2023 11:00 am, edited 2 times in total.
homebuyer6426
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Re: Could this be the beginning of the end

Post by homebuyer6426 »

People will continue to store and exchange wealth. They will continue to need things that make life possible and want things that make life enjoyable. They will continue to organize and devise systems for achieving their goals more efficiently. This has been happening forever and will continue to happen.
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Re: Could this be the beginning of the end

Post by nisiprius »

“You will allow,” said Mr Foster, as soon as they were again in motion, “that the wild man of the woods could not transport himself over two hundred miles of forest, with as much facility as one of these vehicles transports you and me through the heart of this cultivated country.”

“I am certain,” said Mr Escot, “that a wild man can travel an immense distance without fatigue; but what is the advantage of locomotion? The wild man is happy in one spot, and there he remains: the civilised man is wretched in every place he happens to be in, and then congratulates himself on being accommodated with a machine, that will whirl him to another, where he will be just as miserable as ever.”
--T. L. Peacock, Headlong Hall, 1837. The technological marvel is a horse-drawn mail coach.
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NiceUnparticularMan
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Re: Could this be the beginning of the end

Post by NiceUnparticularMan »

homebuyer6426 wrote: Fri Jan 27, 2023 10:54 am People will continue to store and exchange wealth. They will continue to need things that make life possible and want things that make life enjoyable. They will continue to organize and devise systems for achieving their goals more efficiently. This has been happening forever and will continue to happen.
I agree with all this, but I think one possibility that is regrettably consistent with all that is that risk-free real rates of returns will go persistently negative even over long periods of time.

Meaning there are practical reasons why nominal rates can't stay too much below zero for too long. Those reasons do not really apply to real rates, and under plausible economic assumptions you can get substantial and persistent negative real rates.
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Re: Could this be the beginning of the end

Post by rockstar »

It’s all good. Stop watching the news. You’ll be much happier.
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Re: Could this be the beginning of the end

Post by SashaWalpole »

The thing i'm concerned about are demographics. We're entering an age where most people in the rich countries of the world will be old (inverted population pyramids). We've never really experienced that before in human history. The only thing we really have to go off of is Japan in recent decades, and they've had a stagnant stock market despite having the benefit of being able to sell products to the relatively young population of the USA. What happens when S. Korea, Taiwan, China, Europe, and Canada all join them in being nations of old people? What happens when the US eventually joins that group? I don't know.
strummer6969
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Re: Could this be the beginning of the end

Post by strummer6969 »

Even if more humans will be redundant due to technology, won't the owners (shareholders) of companies that make these technologies stand to benefit?
Firefly80
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Re: Could this be the beginning of the end

Post by Firefly80 »

Every End has a Beginning, when it Ends it’s hard to say when it Began however the End may lead to a new Beginning.
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Re: Could this be the beginning of the end

Post by secondopinion »

tradez wrote: Fri Jan 27, 2023 10:25 am We've seen the markets grow consistently since their inception, but are we now entering a new stage in world development; technology so advanced, AI that is making human work redundant, blockchain... Is there an argument that the future may be so different to the past that we cannot assume markets will move the same way? Could they stagnate for the next 10 years, could they even decline?

I am by no means a conspiracy theorist however I thought this could be an interesting topic to discuss, as a lot rests on the equity markets for a lot of us.
AI has made promises and has broken them since it was first developed (I know because I actually studied the history as a graduate student). It is getting better, but as before promises will continue to be made and broken.

It is no different than the gasoline engine, the cotton gin, the pulley, and all of the inventions that reduced need of manpower; yet, we are still employed doing something else. Jobs can be lost but jobs get created; we just end up with more ability to do things.

This will have hardly anything to do with the markets.
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Re: Could this be the beginning of the end

Post by srt7 »

I'll just continue investing in total world market index funds. I trust the judgement and skills of the powers that be to make me money as their greed knows no bounds. :D
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Re: Could this be the beginning of the end

Post by Stinky »

rockstar wrote: Fri Jan 27, 2023 11:35 am It’s all good. Stop watching the news. You’ll be much happier.
Exactly correct.

The best thing I’ve done in retirement is to avoid the cable news channels.
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Re: Could this be the beginning of the end

Post by firebirdparts »

If that doesn’t do it for you, supplement testosterone. That gives you an irrational sense of well-being.
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H-Town
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Re: Could this be the beginning of the end

Post by H-Town »

tradez wrote: Fri Jan 27, 2023 10:25 am We've seen the markets grow consistently since their inception, but are we now entering a new stage in world development; technology so advanced, AI that is making human work redundant, blockchain... Is there an argument that the future may be so different to the past that we cannot assume markets will move the same way? Could they stagnate for the next 10 years, could they even decline?

I am by no means a conspiracy theorist however I thought this could be an interesting topic to discuss, as a lot rests on the equity markets for a lot of us.
buckle up and enjoy the ride. it's not fun if you already know what the future holds.
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MorgansRun
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Re: Could this be the beginning of the end

Post by MorgansRun »

Stinky wrote: Fri Jan 27, 2023 12:39 pm
rockstar wrote: Fri Jan 27, 2023 11:35 am It’s all good. Stop watching the news. You’ll be much happier.
Exactly correct.

The best thing I’ve done in retirement is to avoid the cable news channels.
I'm trying to stop going to news websites whose main goal are clicks...there are more of those than you think. I've been thinking about subscriptions to the Atlantic, the Economist, etc...more long-form type news/information.
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Re: Could this be the beginning of the end

Post by bottlecap »

No. Technology used to increase productivity is good for economic growth. Economic growth is good for markets. It's also good for people. Fearing otherwise is common, even in academia, but is a fear based on a misunderstanding of how the world works.

Now, markets may still stagnate for 10+ years. But will be despite technology rather than because of it.

JT
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burritoLover
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Re: Could this be the beginning of the end

Post by burritoLover »

There will be a need for a bunch of human coders to fix all the AI bugs that pop up.
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Re: Could this be the beginning of the end

Post by GP813 »

AI is going to enable more economic activity for example more content creation, faster processing and interpretation of data, easier to create platforms for people to build communities and marketplaces. Maybe equities don't perfectly capture all this new economic activity but I'm willing to bet they do a better job than most anything else.
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Re: Could this be the beginning of the end

Post by Logan Roy »

burritoLover wrote: Fri Jan 27, 2023 12:53 pm There will be a need for a bunch of human coders to fix all the AI bugs that pop up.
A Bank of England (I think) report forecast technology like ChatGPT replacing 15 million UK jobs in coming years. You're not going to need 15 million new coders fixing bugs.
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Re: Could this be the beginning of the end

Post by rockstar »

MorgansRun wrote: Fri Jan 27, 2023 12:47 pm
Stinky wrote: Fri Jan 27, 2023 12:39 pm
rockstar wrote: Fri Jan 27, 2023 11:35 am It’s all good. Stop watching the news. You’ll be much happier.
Exactly correct.

The best thing I’ve done in retirement is to avoid the cable news channels.
I'm trying to stop going to news websites whose main goal are clicks...there are more of those than you think. I've been thinking about subscriptions to the Atlantic, the Economist, etc...more long-form type news/information.
My library has the Economist on overdrive. I read it Monday mornings. No reason to pay for it. The Atlantic hasn’t been good for a while now. You can try Vanity or the New Yorker. They’re still pretty good.
Logan Roy
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Re: Could this be the beginning of the end

Post by Logan Roy »

tradez wrote: Fri Jan 27, 2023 10:25 am We've seen the markets grow consistently since their inception, but are we now entering a new stage in world development; technology so advanced, AI that is making human work redundant, blockchain... Is there an argument that the future may be so different to the past that we cannot assume markets will move the same way? Could they stagnate for the next 10 years, could they even decline?

I am by no means a conspiracy theorist however I thought this could be an interesting topic to discuss, as a lot rests on the equity markets for a lot of us.
Yes. I think it's inevitable. Ultimately (some economists, at least, believe), markets cannot grow faster than the economies that support them forever. If developed world growth is stuck at 2%, we should probably expect returns on stocks to go towards 1% real, and on bonds, 1% nominal. Assuming inflation is around 1%.

On top of which, Machine Learning becomes the brains of organisations, which makes them highly competitive, with no real advantage. So you get 'perfect competition'. Exceptional profits disappear. There are no dividends. No buybacks. Businesses generate exactly enough to maintain perfect competition and pay wages. This has always been the goal of free markets: profit destruction. It's what Buffett and Munger are principally thinking about with their investments.

And, Machine Learning handles more trading, more analysis, ultimately more capital allocation. And because ML systems can continuously improve, markets become *extremely* efficient. So where's the 'risk premium'? Whatever you invest in, so long as you're reasonably diversified, is going to return about the same. And demand for anything that returns more than cash is going to push returns down to levels equivalent to cash. No more boom and bust. Three reasons (imo) it's absolutely inevitable market returns go towards 0-2% over the next 50(?) years. I think markets will need to double or quadruple before that, on multiples expansion at least. And as Bridgewater seem to think, there'll probably a bit more growth from EM before we get there.
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Re: Could this be the beginning of the end

Post by burritoLover »

Logan Roy wrote: Fri Jan 27, 2023 1:07 pm
burritoLover wrote: Fri Jan 27, 2023 12:53 pm There will be a need for a bunch of human coders to fix all the AI bugs that pop up.
A Bank of England (I think) report forecast technology like ChatGPT replacing 15 million UK jobs in coming years. You're not going to need 15 million new coders fixing bugs.
So there's 30 million jobs in the UK currently - so half of all jobs will be replaced by ChatGPT? lol.
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Re: Could this be the beginning of the end

Post by TinyHouse »

rockstar wrote: Fri Jan 27, 2023 11:35 am It’s all good. Stop watching the news. You’ll be much happier.
And better informed! :sharebeer
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Re: Could this be the beginning of the end

Post by TheHiker »

The world is very different from what it was 100 years ago which was very different from 200 years ago.
It will be very different 100 years from now.
My great grandfather was a peasant, grandfather worked in a factory, father had a business, I type on a computer all day producing nothing material whatsoever. My job will become obsolete one day too.
At some point in history Egyptian pyramid builders were all out of work, but the world did not end.
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Re: Could this be the beginning of the end

Post by mas »

tradez wrote: Fri Jan 27, 2023 10:25 am Is there an argument that the future may be so different to the past that we cannot assume markets will move the same way? Could they stagnate for the next 10 years, could they even decline?
Think of all the people put out of work by the electric motor.
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Re: Could this be the beginning of the end

Post by jebmke »

If humans go extinct, what happens to my tax loss carry forward?
Don't trust me, look it up. https://www.irs.gov/forms-instructions-and-publications
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Re: Could this be the beginning of the end

Post by rockstar »

TinyHouse wrote: Fri Jan 27, 2023 1:36 pm
rockstar wrote: Fri Jan 27, 2023 11:35 am It’s all good. Stop watching the news. You’ll be much happier.
And better informed! :sharebeer
They’re pretty bad in general. Not much value add. But you do get to hear co-workers talking nonsense. The Titanic did sink.
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Re: Could this be the beginning of the end

Post by Logan Roy »

burritoLover wrote: Fri Jan 27, 2023 1:27 pm
Logan Roy wrote: Fri Jan 27, 2023 1:07 pm
burritoLover wrote: Fri Jan 27, 2023 12:53 pm There will be a need for a bunch of human coders to fix all the AI bugs that pop up.
A Bank of England (I think) report forecast technology like ChatGPT replacing 15 million UK jobs in coming years. You're not going to need 15 million new coders fixing bugs.
So there's 30 million jobs in the UK currently - so half of all jobs will be replaced by ChatGPT? lol.
It will certainly replace you, if your job is proofreading. lmao
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Re: Could this be the beginning of the end

Post by Apathizer »

tradez wrote: Fri Jan 27, 2023 10:25 am We've seen the markets grow consistently since their inception, but are we now entering a new stage in world development; technology so advanced, AI that is making human work redundant, blockchain... Is there an argument that the future may be so different to the past that we cannot assume markets will move the same way? Could they stagnate for the next 10 years, could they even decline?

I am by no means a conspiracy theorist however I thought this could be an interesting topic to discuss, as a lot rests on the equity markets for a lot of us.
I'm curious how you think the highlighted issues are related to markets. Blockchain/crypto is speculative, so we don't know where it might lead; maybe nothing. As human labor becomes less necessary, what makes you think this would adversely affect markets? I don't see how it would. It could adversely affect some sectors and companies, while possibly benefiting others, but I doubt the overall affects will diminish returns.

Markets are fundamentally just a massive information processing system. Some sectors and companies might stagnate while others flourish. I'm not nearly so confident to think I can predict what will do well, so I hold everything.
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Re: Could this be the beginning of the end

Post by burritoLover »

Logan Roy wrote: Fri Jan 27, 2023 1:52 pm
burritoLover wrote: Fri Jan 27, 2023 1:27 pm
Logan Roy wrote: Fri Jan 27, 2023 1:07 pm
burritoLover wrote: Fri Jan 27, 2023 12:53 pm There will be a need for a bunch of human coders to fix all the AI bugs that pop up.
A Bank of England (I think) report forecast technology like ChatGPT replacing 15 million UK jobs in coming years. You're not going to need 15 million new coders fixing bugs.
So there's 30 million jobs in the UK currently - so half of all jobs will be replaced by ChatGPT? lol.
It will certainly replace you, if your job is proofreading. lmao
so 15 million is not half of 30?
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Re: Could this be the beginning of the end

Post by LittleMaggieMae »

This kind of question always makes me think back to my high school years - and my love of old time movie stars.
I had quite the crush on Clark Gable (as in Gone with the Wind) and a newly met High School friend who gave me the Gone with the Wind book to read. The beginning of a beautiful friendship. :)

And here is what I hear in my head in Clark Gable's voice (not sure if this was said in the Movie - but it was in the book):

“What most people don't seem to realize is that there is just as much money to be made out of the wreckage of a civilization as from the upbuilding of one." -Rhett Butler
Margaret Mitchell Gone with the Wind


There's also the fact that the way that new tech and new knowledge don't change EVERYTHING overnight - it takes years or decades.

The thing to do is to keep learning/paying attention to what's going on in the world (and I don't mean the part of the world that you can see from your back porch or from your condo/office on the 21st floor of a highrise building. )

The thing to do is to be flexible and realize that your goals/plans often change over time.
Last edited by LittleMaggieMae on Fri Jan 27, 2023 2:02 pm, edited 1 time in total.
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Re: Could this be the beginning of the end

Post by rob »

Bah... The core of tech does not change as quickly as the wrapper and marketing tell you.

Humans are more likely to remove themselves from the planet by other methods (not able to say on this board).
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Re: Could this be the beginning of the end

Post by HawkeyePierce »

ChatGPT is an over-confident pattern matcher and the blockchain continues to be absolutely pointless.

Yawn.
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Re: Could this be the beginning of the end

Post by Logan Roy »

burritoLover wrote: Fri Jan 27, 2023 1:55 pm
Logan Roy wrote: Fri Jan 27, 2023 1:52 pm
burritoLover wrote: Fri Jan 27, 2023 1:27 pm
Logan Roy wrote: Fri Jan 27, 2023 1:07 pm
burritoLover wrote: Fri Jan 27, 2023 12:53 pm There will be a need for a bunch of human coders to fix all the AI bugs that pop up.
A Bank of England (I think) report forecast technology like ChatGPT replacing 15 million UK jobs in coming years. You're not going to need 15 million new coders fixing bugs.
So there's 30 million jobs in the UK currently - so half of all jobs will be replaced by ChatGPT? lol.
It will certainly replace you, if your job is proofreading. lmao
so 15 million is not half of 30?
It depends how pedantic we're being.. And that's not the bit I was taking issue with.

Bank of England's chief economist forecast 15 million jobs being at risk. World Economic Forum forecast 85 million by 2025. But yes, automation replaced about 98% of agricultural work. This wave of automation will be more about white collar jobs.
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Re: Could this be the beginning of the end

Post by rockstar »

HawkeyePierce wrote: Fri Jan 27, 2023 2:04 pm ChatGPT is an over-confident pattern matcher and the blockchain continues to be absolutely pointless.

Yawn.
I haven’t played around with ChatGPT, but I do modeling as my day job. The tech keeps getting better.

Blockchain is nothing more than a big old ledger being passed around. I don’t get the hype.
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Re: Could this be the beginning of the end

Post by RoadThunder »

Ollie123 wrote: Fri Jan 27, 2023 10:53 am If we're near the end I think it is more on the scale of human history as opposed to the next 10 years. AI works very well for a handful of small designed "test tasks" that AI developers like to throw at it. When it screws up, it tends to do so in comically terrible ways to the point that a toddler could do better. Are we on the verge of being able to automate more things than we could 30 years ago? Sure, but this is always true. The only difference is that those tasks are now marginally more cerebral than before. If you're worried about changes tomorrow, remember that voice recognition is probably one of the easiest and most obvious applications for AI technology and we still have the same trash dysfunctional "Press 1 or say pharmacy" "You said <Farmer John>. Farmer John doesn't work here. Goodbye" technology we had 20 years ago.

Every tech bro and their brother now has a startup to "Build AI solutions for XYZ" but at least in my area these are generally cumbersome solutions with miserable sensitivity/specificity that almost invariably simply do...not...work. Like, at all. They're awful. It sounds scary and futuristic, but outside a handful of applications it is more marketing than substance at this point.

I'm personally far more worried about the tech industry collapsing under its own weight than I am about the takeover of AI. Programmers getting paid comical sums to cobble together code they found online and only half-understand to produce solutions that work okay 5% of the time, not at all the rest of the time, cost only moderately less than an employee to keep up and irritate the heck out of everyone who has to rely on them. Its all to keep the short-con going just long enough to trick the big players into paying them to stop existing. It won't spell the end of civilization, but I do think we're going to see corrections at some point. Startup funding will be harder to come by. Some of big tech is basically the new tobacco industry and will be hit with regulations, disdain from the general public, etc. though exactly what that looks like in the markets I can't say.

Long story short, I'm not losing sleep over this.
Best post of 2023 to date.
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burritoLover
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Re: Could this be the beginning of the end

Post by burritoLover »

Logan Roy wrote: Fri Jan 27, 2023 2:05 pm
burritoLover wrote: Fri Jan 27, 2023 1:55 pm
Logan Roy wrote: Fri Jan 27, 2023 1:52 pm
burritoLover wrote: Fri Jan 27, 2023 1:27 pm
Logan Roy wrote: Fri Jan 27, 2023 1:07 pm

A Bank of England (I think) report forecast technology like ChatGPT replacing 15 million UK jobs in coming years. You're not going to need 15 million new coders fixing bugs.
So there's 30 million jobs in the UK currently - so half of all jobs will be replaced by ChatGPT? lol.
It will certainly replace you, if your job is proofreading. lmao
so 15 million is not half of 30?
It depends how pedantic we're being.. And that's not the bit I was taking issue with.

Bank of England's chief economist forecast 15 million jobs being at risk. World Economic Forum forecast 85 million by 2025. But yes, automation replaced about 98% of agricultural work. This wave of automation will be more about white collar jobs.
Then the original statement had no meaning - "coming years" could mean the next few or 30 or 100. Without that qualifier, one can only assume that it means the next few years.
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Re: Could this be the beginning of the end

Post by DoTheMath »

It is certainly possible that we are on the verge of one or more technologies (AI, quantum computing, fusion, ...) in the near to medium term radically changing how our economic systems work. It's impossible to know when, how, or what these might be.

The genius of the capitalist form of economics is that it is a self-organizing and flexible system that can adapt to all manner of new circumstances. I don't see a compelling reason to see that the coming years will be any different in this respect*. Within capitalism, of course, various companies and people will come out as winners and losers. The winners are hard to know (and may not even exist yet). This is why Mr. Bogle and his acolytes advocate for owning a slice of every pie.


* The transformative potential of some of these technologies could be huge, but are they really more radical than mass electrification, or the computer, or the internet? Maybe, maybe not. Capitalism has adapted to all these and more. It will probably absorb whatever comes next. If it doesn't? It's hard to see what I could do in that case and it'll take decades to play out. I figure I might as well not worry about it as an investor (as a human and an employee, it might be a different situation).
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ROIGuy
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Re: Could this be the beginning of the end

Post by ROIGuy »

Stinky wrote: Fri Jan 27, 2023 12:39 pm
rockstar wrote: Fri Jan 27, 2023 11:35 am It’s all good. Stop watching the news. You’ll be much happier.
Exactly correct.

The best thing I’ve done in retirement is to avoid the cable news channels.
+1
One of the worst things ever created was 24 hours news.
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Re: Could this be the beginning of the end [predictability of market direction]

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