Ken Griffin

Like the market lost almost a quarter of its value.

So I sort of think, just to sort of say like the market looks past all this, misses the fact that when the market chooses to change its mind, the correction can be extraordinarily quick and extraordinarily painful.

I mean, in 87, we didn't have a catalyst.

Now, in 08, clearly you had the continued erosion of the capital-based banking system due to the housing market turmoil.

But even the massive financial losses in 08, in the scheme of life, had very little forewarning.

So I think it's very important that when you're in the money management business, you put your risk management hat on.

You keep in mind that no matter how exuberant the market may be at any moment in time, when you're late in that cycle, that cycle can shift in the blink of an eye.

AI is clearly having a moment in the sun today.

And the AI community is going to have to demonstrate its ability to deliver literally trillions of dollars of value.

And, you know, I as an American hope that that comes to pass, but there are reasons that we should all be just a bit concerned about the speed with which this change will happen.

I mean, it's a simple, here's a simple framework.

When they invented the personal computer, okay, did we think the world was gonna change in a profound way?

Of course we did.

But it's taken 50 years to play out.

We're still very much in the middle of the journey.

AI today, large language models in particular, have been in existence for a few years.

I think there's a real chance that when we think about the forms of,

AI that are alluded to by many of the market's leaders today, that their dream for the future may not take three to five years to play out.

It could be 20 years.

It could be 30 years.