https://www.bloomberg.com/news/articles/2017-06-20/robots-are-eating-money-managers-lunch

The group that pushed most heavily the false narrative of "not enough American coders" getting replaced by code generated by American and foreign coders!

I can't wait to see all of them say "The company has a fiduciary responsibility to shareholders to do what is best for the bottom line" so I recommend you replace me.

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You do not talk to me like that! I work too hard to deal with this stuff! I work too hard! I'm an important member of the CSFMB! I drive a Dodge Stratus!

So what happens when there are no more human lunches for computers to eat? Does it just become computers sparring against each other "let the best code win"? How even does that work?

And what does this mean for wealth inequality?

I know you're a fan of this type of stuff, I wonder if you're as optimistic of the future it will create.

That would be so far in the future it may not even be imaginable at this point.
Societies will have to change but eventually wealth inequality really won't be an issue. You'll be able to live an amazing life for very cheap.

At least in our lifetimes, it will create more problems than it will solve.

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You do not talk to me like that! I work too hard to deal with this stuff! I work too hard! I'm an important member of the CSFMB! I drive a Dodge Stratus!

I don't know if it will be outside of our lifetimes. There are going to be accelerating returns on this because the machines are learning and helping. I would expect to see a human level AI in the next 15-20 years. After that all bets are off. I don't know if we can comprehend what that will mean for us.

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Why are only 14 percent of black CPS 11th-graders proficient in English?

True human level AI is a long way away. We can't even come close to dog level AI and besides a few exceptions on this board, humans are many levels of magnitude smarter than dogs.

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You do not talk to me like that! I work too hard to deal with this stuff! I work too hard! I'm an important member of the CSFMB! I drive a Dodge Stratus!

Orders of magnitude.

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Elections have consequences.

The guys running active mutual funds are getting what they deserve. They always charged too much, and they can't beat an index fund. Vanguard figured that out in the 70's. We already saw the disappearance of floor based trading, and money has been shifting rapidly to passive investing. I wonder what happens when it's just computers trading with each other?

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Hawaii (fuck) You

Traders won't have jobs that they work until 2-3pm and then do coke?

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Elections have consequences.

RPB probably has some good stories. From what I've heard, those guys were legendary for their gambling, drug habits, and hookers. And yes, much of it before dinner time.

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Hawaii (fuck) You

I worked on the floor at CBoT in the mid 90's.. Pretty sure I saw people doing coke on the floor.

Then off to Alcox[sp?]

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Elections have consequences.

Feel free to share more than that. I was always most interested in how these guys lived on the edge financially, winning and losing fortunes often in the same day. But I heard there was plenty of money to be spent on women and drugs by the winners of the futures lottery.

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Hawaii (fuck) You

heck, I'd argue John Bogle and his firm (Vanguard) did more to destroy money management as a profession than computers. If you follow his astute advise you would be putting your money into S&P 500 Index Funds, which by their nature are passively managed. You never beat the market, but you also never under-perform. You can reasonably expect 8% return while only spending 0.05% as your expense ratio for the fund.

Most actively managed funds will under-perform the market and even if your fund over-performs, the expense ratio may be so high that you still fall behind the index fund. At one point I wanted to go into finance, but I read Bogle's book and realized that the days of actively managed funds were numbered.

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“When I walked in this morning, and saw the flag was at half mast, I thought 'alright another bureaucrat ate it.'" - Ron Swanson

John Bogle's book should be required reading when setting up a 401k. He founded Vanguard on those principles and I have been a loyal investor of their index funds since I entered the workforce.

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“When I walked in this morning, and saw the flag was at half mast, I thought 'alright another bureaucrat ate it.'" - Ron Swanson

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I have been educated as a stock picker with fundamental financial analysis, and I only use Index funds for my retirement portfolio and children's college money. Active managers cannot consistently beat the market especially when factoring in fees. And even "skilled" managers with a great track record tend to fall off over time. Thus it is hard to pick a good manager in advance.

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Hawaii (fuck) You

Watched a guy lose, I can't remember exactly, something like 30 Million in 30 minutes..Idiot was short corn on a transition day and there is no limit on those days at closing to get it settled. Was warned for weeks but didn't act. The grain floor took him, and some other people, to the cleaners. Sad. I don't have a lot of the social stories and I was just a cog in the machine and was under only there for a short time.

Love Vanguard. I'm probably 85% in with them for my 401k.

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Indeed. They are the gold standard in offering low cost funds for long term holdings. You can't go wrong with their index offerings.

For folks that are so inclined, be sure to spread your investments across different market cap slices (small, mid, large) and a decent percentage in first world global funds. I would avoid going all in on the S&P 500 especially with it being increasingly overweighted by the FAANG stocks.

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Hawaii (fuck) You

I'm still going to be working another 30-35 years. I'm all small cap/higher risk right now.

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If you were going to play the down and out stuff, then value, small cap, and Europe would be the way to go. When you have a 15 year plus time horizon, then there is no reason to play short term moves. Higher risk is the way to go.

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Hawaii (fuck) You

Jealous?

Lawyers and doctors too:

https://www.technologyreview.com/s/6008 ... r-you-now/

http://time.com/money/4387657/donotpay- ... rk-london/

on the coding side, the sea change/paradigm shift from difficult to grok/implement and bug-riddled object-oriented coding to readily grokked and more easily implemented sans bugs functional programming will accelerate the pace of all software development in the coming years.

The guys who traded grains (wheat, corn, beans, etc) successfully had a great life. I remember once being asked by a trader if I would hire his son for a summer intern job, and I asked the trader if his son was looking for full-time or part-time. Without hesitation, he said "full-time -- 9:30 to 1:15" (which were the trading hours for corn).

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We had to stick sround til 2 sometimes.