Will GPT and AI Solve Everything?
04/02/23 • 62 min
As the release of ChatGPT has become a popular topic there is a lot of discussion and speculation on what it can do and what it will do in the future. While the ML, AI, and tech industry is head over heals for a model it seems many other groups are also being swept up in the over excitement including finance (Bloomberg GPT). While GPT is ground breaking with the chat interface it can't do everything, it will never be able to do everything, and it shouldn't do everything. There seems to be a lack of discussion around the morals, ethics, and how people work (physically, emotionally, and behaviorally). AI and other tools should assist humans to increase efficiency not try to replace them.
Some topics I cover in this episode is why do humans write, how do humans find value and meaning, what does GPT do, dangers of common thing, governmental impacts, freedoms, the disconnect from the common man, and of course how this will impact quantitative finance.
As the release of ChatGPT has become a popular topic there is a lot of discussion and speculation on what it can do and what it will do in the future. While the ML, AI, and tech industry is head over heals for a model it seems many other groups are also being swept up in the over excitement including finance (Bloomberg GPT). While GPT is ground breaking with the chat interface it can't do everything, it will never be able to do everything, and it shouldn't do everything. There seems to be a lack of discussion around the morals, ethics, and how people work (physically, emotionally, and behaviorally). AI and other tools should assist humans to increase efficiency not try to replace them.
Some topics I cover in this episode is why do humans write, how do humans find value and meaning, what does GPT do, dangers of common thing, governmental impacts, freedoms, the disconnect from the common man, and of course how this will impact quantitative finance.
Previous Episode
The One (Quant) That Got Away
As I am building a risk management department I am also building the smaller teams within which include model development, model validation, enterprise risk management, and governance. Two of the most critical people are those who lead model development and model validation. Finding technically competent quants is hard enough but requiring they can be a leader, mentor, and teacher is nearly impossible. From my personal work I have found one such person who would have done amazing at either development or validation. They are an industry expert in credit risk and modeling, can do all the work on their own when required, and are great at teaching (they have taught me much of what I know in credit risk). After months of discussions and waiting for the bonus season to come at the big banks, they finally got a long over due promotion. They will make more money than I can pay them, do not have to learn any new languages (python), and have great job stability. While I was sad I couldn't get them to work for me I completely understand their decision and would have made the same one. We are still great friends and stay in touch regardless of this decision.
Next Episode
Quantitative Valuations Expert: David Shimko
I had a blast chatting with David Shimko. We discussed a range of topics from his new book that he is working on that covers a more modern approach to valuation to education and training of new quants. Some interesting topics covered are around the CAPM and options pricing.
Simpler Option Pricing (David Shimko):
https://youtu.be/uYnYWucILBc
Dan Stefanica's Primer on Linear Algebra (affiliate link):
https://amzn.to/3JIL9pD
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https://www.FancyQuantNation.com
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https://www.linkedin.com/in/dimitri-bianco
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