By Ronald W. Rogé, MS, CFP®
Chairman & CEO
“I am sorry Dave. I am afraid I can’t do that,” HAL calmly says to Dr. David Bowman who is locked out of his spaceship, in the movie 2001: A Space Odyssey (1968).
If you have been watching or listening to the news media these past few weeks you have probably witnessed a lot of discussion about Artificial Intelligence (AI) or it’s synonym, Large Language Models (LLM). These discussions are all about the benefits and fears of AI running wild and taking over mankind.
What exactly is AI? AI represents a class of deep learning architectures called transformer networks. A transformer model is a neural network that learns context and meaning by tracking their relationships.
So, I decided to take it for a test drive. I opened an account with ChatGPT, and asked it to perform the following task:
“Prepare an article for my clients explaining the fear of missing out (FOMO) on stock market returns vs. the fear of losing money (FOLM) in the stock market.”
Follow the link below to see what was delivered in less than a minute by ChatGPT. The only edits I made was to bold the paragraph headings. I then sent it over to our Marketing Manager to make a more readable format, but the content that was produced by AI from the above prompt has not been altered.
Right now, AI is in its infancy and providing useful services and saving a considerable amount of time in doing research and presenting the requested information. There is legitimate concern for misusing AI to perform nefarious operations. However, it will take some time for the industry and government to regulate this exciting technology. If you read the history of new technology and its effect on job elimination and the economy, you will realize that AI will work its way into the fabric of society just like other transformative technologies of the past.
R.W. Rogé & Company, Inc. is an independent, fee-only financial planning and investment management firm serving clients locally and virtually across the country, with Long Island, New York, Beverly, Massachusetts, and Naples, Florida office locations. R.W. Rogé & Company, Inc. was founded on a “client first” culture and proudly commits to acting in your best interest as a fiduciary, since 1986. We help clients Plan, Achieve, and Live® the life they want since 1986. To learn more about how we do this, click here.