Morgan Housel

What's interesting about the nuclear era, too, is that if you go back to the 1950s, the peak of nuclear optimism, when the vision back then all over the world was that every town big and small in the world would have its own small little fleets of nuclear reactors and that

The fossil fuel era, at least for power plants, was over.

That nuclear was going to take over everything.

That was the vision back then.

It obviously didn't come to fruition, at least as the optimists saw, because it's dangerous.

And so as soon as it started growing, governments all over the world said, you have this amazing, powerful technology, but it's dangerous.

So we are at a minimum going to regulate it into the ground, if not outright ban it, as Germany and Austria have done.

And so is that analogy for AI?

It's like, if the optimists are right, and it actually is a tool to put half of white collar workers out of business, what government is going to say, good for you, congratulations, guys.

Thanks for destroying.

So they're not going to let that happen.

It's the same way that they did with nuclear.

I don't know if it's a perfect analogy, but the more disruptive a technology is going to be, there's a paradox where the higher the odds, it's just going to be regulated out.

And so, but what's different about AI too, is like how dispersed it can get globally.

If the US regulators regulate everything, but there's one model in China that could just spread out all over the world and everyone can use it.

So it's hard to like put it back in the box relative to other technologies.

In the morning session, Bill did a great job of talking about AI's impact on the market.

I think largely it's a continuation of what's happened over the last 30 years, which is if you go back before 30 years ago, the edge that you could find in investing if you wanted an edge was informational.

So you have stories of Warren Buffett in the 1960s going into the library in Omaha and reading every page in the Moody's manual so that he could find cheap stocks.

That doesn't work anymore.