A Quote by Warren Stephens
It's difficult to make your clients understand that there are certain days that the market will go up or down 2%, and it's basically driven by algorithms talking to algorithms. There's no real rhyme or reason for that. So it's difficult. We just try to preach long-term investing and staying the course.
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As algorithms push humans out of the job market, wealth and power might become concentrated in the hands of the tiny elite that owns the all-powerful algorithms, creating unprecedented social and political inequality. Alternatively, the algorithms might themselves become the owners.
There's a belief that whatever it is I'm looking for is out there, but I have a really difficult time finding it. Search algorithms alone are falling short in being able to provide real context around information.
The problem with Google is you have 360 degrees of omnidirectional information on a linear basis, but the algorithms for irony and ambiguity are not there. And those are the algorithms of wisdom.
In the stock market (as in much of life), the beginning of wisdom is admitting your ignorance. One of the many things you cannot know about stocks is exactly when they will up or go down. Over the long term, stocks generally rise at a nice pace. History shows they double in value every seven years or so. But in the short term, stocks are just plain wild. Over periods of days, weeks and months, no one has any idea what they will do. Still, nearly all investors think they are smart enough to divine such short-term movements. This hubris frequently gets them into trouble.
Being branded to some subset of your fans is important when it comes to creating films and characters they're not familiar with. It's enormously difficult to market to a global audience, and it's becoming more difficult. A brand matters to parents, whereas kids are largely driven by their urgent reaction to the product. In the future, where there are going to be choices that have to be made by parents because it will be prohibitively expensive to access everything, those will be driven partially by brand.
Data dominates. If you've chosen the right data structures and organized things well, the algorithms will almost always be self-evident. Data structures, not algorithms, are central to programming.
When Spotify launched in the U.S. in 2011, it relied on simple usage-based algorithms to connect users and music, a process known as 'collaborative filtering.' These algorithms were more often annoying than useful.
Once you see the problems that algorithms can introduce, people can be quick to want to throw them away altogether and think the situation would be resolved by sticking to human decisions until the algorithms are better.
Whenever a text-book is written of real educational worth, you may be quite certain that some reviewer will say that it will be difficult to teach from it. Of course it will be difficult to teach from it. It it were easy, the book ought to be burned.
These algorithms, which I'll call public relevance algorithms, are-by the very same mathematical procedures-producing and certifying knowledge. The algorithmic assessment of information, then, represents a particular knowledge logic, one built on specific presumptions about what knowledge is and how one should identify its most relevant components. That we are now turning to algorithms to identify what we need to know is as momentous as having relied on credentialed experts, the scientific method, common sense, or the word of God.
If we try to prohibit encryption or discourage it or make it more difficult to use, we're going to suffer the consequences that will be far reaching and very difficult to reverse, and we seem to have realized that in the wake of the September 11th attacks. To the extent there is any reason to be hopeful, perhaps that's where we'll end up here.
In deep learning, the algorithms we use now are versions of the algorithms we were developing in the 1980s, the 1990s. People were very optimistic about them, but it turns out they didn't work too well.
The most self-disciplined people in the world aren't born with it, but at one point they start to think differently about self discipline. Easy, short-term choices lead to different long-term consequences. Difficult short-term choices lead to easy long-term consequences. What we thought was the easy way led to a much more difficult life. I think that motivation is sort of like a unicorn that people chance like a magic pill that will make them suddenly want to work hard. It's not out there.
Of course, there are days when you're not feeling your best and you still have to stand up there and it can be difficult. But those days pass and you move on.
Being captive to quarterly earnings isn't consistent with long-term value creation. This pressure and the short term focus of equity markets make it difficult for a public company to invest for long-term success, and tend to force company leaders to sacrifice long-term results to protect current earnings.
As long as you enjoy investing, you'll be willing to do the homework and stay in the game. That's why I try to make the show so entertaining, because if you aren't interested, you'll either miss the opportunity to make money in the market or not pay enough attention and end up losing your shirt.
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