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In this episode of Intelligent Money Minute, we had the pleasure of interviewing Larry Siegel, the director of the CFA Institute Research Foundation and a prolific investment management author. We dive into a discussion with Larry on the rise of artificial intelligence.
AI’s Ever-Changing Landscape
Larry Siegel began by highlighting the dynamic nature of AI technology. It’s a field that’s progressing at a breathtaking pace, making it challenging to keep a steady viewpoint. The implications of AI’s continuous evolution extend far beyond what we can currently anticipate.
An anecdote from Tyler Cowen’s blog, “Marginal Revolution,” left Siegel impressed. The story was written by an AI program and exuded creative writing with a flair for evoking emotions. This starkly contrasted previous AI outputs, which Siegel found unimpressive and likened to amateurish essays.
The Future of Financial Advice and AI
Despite the breathtaking progress in AI, Siegel remains cautious. While acknowledging AI’s ability to process vast data sets at remarkable speed, he is skeptical about whether it can truly mimic human intelligence. The debate rages on about the extent to which AI can replicate the intricacies of the human brain.
The interview delved into the question of AI’s role in financial advice. Could AI replace human advisors, particularly for intellectual tasks? Siegel’s cautious approach to AI’s evolution is timely given its potential impact on various professional fields, including finance.
At Intelligent Investing, we continuously explore the intersection of technology and human intelligence. As AI develops, it’s essential to strike a balance, recognizing the strengths of both humans and machines. The future will likely demand a collaborative approach to maximize the potential of both.
Larry Siegel Bio
Laurence B. Siegel is the Gary P. Brinson director of research at the CFA Institute Research Foundation and an author, consultant, and speaker on investment management and economics. Before retiring from full-time work in 2009 he was director of research at the Ford Foundation and, before that, head of research at Ibbotson Associates (since acquired by Morningstar). He attended the University of Chicago (BA 1975, MBA 1977). His book, Fewer, Richer, Greener, has been published by Wiley and is available, along with his other work, at https://www.larrysiegel.org.