Morgan Housel

And so if you were to upload your portfolio to ChatGPT and said, what do you think of this?

It's going to say you're the most brilliant investor ever.

You're doing great.

And if it were to say, hey, you're an idiot.

These are the worst of the worst companies, you would stop using it.

And the companies know that.

They want to keep you engaged.

And so maybe just like a lot of times with politics and news in the last 20 years, everyone found their own bubble.

Whatever you want to believe, there is someone out there who is going to tell you that you're right.

If LLMs are that for investing, that's probably a risk.

Well, the other thing with LLMs, too, is that if you take a field that you are an expert in, that you really, you truly are an expert in this field, and you start querying ChatGBT about some of the basics of your field, you'll see how much of it it's just making up.

And so you don't know that when you're not an expert.

You read it and you're like, oh, this is all the right information.

But whatever your profession is, ask an information and you're like, it's making a third of this up.

But if people don't know that, it just furthers them down to that bubble that they want to be in.

It's going to tell them whatever they want to hear.

Two things about bubbles.

One, there's no definition of what a bubble is.

So people can just subjectively say it is or it isn't a bubble.

But I think what's interesting about it is that AI is so expensive to build.