Paul Schroder

And people are worried about their jobs and their roles and their future.

And we should all be very thoughtful about that through an ethical lens and thinking about society.

But if you've got a job and you're getting paid and you're not sure what's happening for your job with AI,

at least it's a strong and good thing that your super is investing in AI.

So in a way, it's kind of like a natural hedge.

You've got a bet on that AI is going to make money in your super fund and you've got your job and you're worried about what AI might mean in your job.

And so I would much rather, and I am a member of Australian Super, but nobody quite knows what's going to happen with AI.

But what I know is

The old adage that having all your eggs in one basket is bad.

So the idea that you're invested in tech markets, especially in the US, and making money out of it at the same time as you're a bit worried about it, that's a better situation than being just, I've got to worry about my job here in Australia.

Well, it's a significant proportion of the portfolio because these AI companies represent about 38% of the US stock market and they've been very high-performing funds.

So it's in the multi-billions of dollars, Alan.

I think it's a really – we don't think it will need to replace staff, by the way, because we've got 2,200 employees and we're growing rapidly, so it might impact the speed of growth of employment, but we don't think of it in the way you just described.

The second thing is I think it's important to distinguish between tasks and roles.

There's no doubt that some tasks will no longer need to be done

by people but they'll be replaced by other higher value tasks is is our is our core hypothesis but if you think about through your working life there's a lot of things you don't have to do now that you once had to do so that those things will there will be many tasks removed there definitely will be many tasks that we removed how we're coming at us through two two two primary lenses

Lots and lots of companies talk about user cases for AI.

I prefer to think about the central case for AI.

And the central case for AI is that AI should be able to help us solve the problem that you and I talked about at the beginning of this podcast, which is people want to be well set up for retirement and they want to move into retirement very smoothly.

They want to be able to retire on Friday and be on Monday and