Paul Schroder

optimally set up with the right portfolio, drawing down the right amount, having made provision for their later life, connecting the age pension with the Australian super pension and have done some estate planning.

Now, I'm very optimistic that the combination of a great fund like Australian super plus AI will make that so much easier, probably no need for human interaction, very smooth, much more secure, brilliant.

On the other hand, when it comes to investment decision-making, already Claude is letting us say, here's what this company said in all of its annual reports over the last 14 years.

Here's the thing that changed.

Here's the thing that rose.

And our assessment is this is the thing the company is trying to hide from you.

And that's produced in moments.

Well, no, no, no, no, no, no.

Well, actually, the way I'd really talk about that is if you were stupid, you'd have it replace human beings.

But if you were smart, you would say, no, if I replace the human beings, then I'll end up with nobody with any experience in understanding discounted cash flows and how to understand a balance sheet.

And when it comes to it, I won't have any senior people

to make the most important calls that have to be human informed.

And so stupid companies will use AI just to get rid of people.

Smart companies will say, what pipeline of skills and capabilities and talents will I need for this to be a very successful, very sustainable operation?

I think that's a very hard thing to understand.

And it does make a very big difference between blue collar and white collar work.

So we're going to need many more electricians than we do today and we haven't got anywhere near enough electricians.

There's definitely the case that a fair bit of white-collar knowledge work tasks will no longer be required and they'll be done much faster by other people.

But there's quite a...

Look, I don't want to be an optimist or a pessimist on this.