Exchange Invest Weekend 2856: AI Special Edition
All AI but 100% human content! exploring disruption in VC, an end to immigration, how the EU lost the AI plot & more…
Exchange Invest is a unique information resource combining the day’s stories in a newsletter for investors in exchanges/financial markets infrastructure.
Exchange Invest was founded by former exchange CEO and author of the first bestselling book of fintech (“Capital Market Revolution!” FT 1999) Patrick L Young. Monday through Friday our daily paid subscriber email discusses the business of bourses of all kinds across the world.
On this day in 1914, Merrill Lynch & Co. was founded when Charles E. Merrill opened Charles E. Merrill & Co. for business at 7 Wall Street in New York City.
IN BIGWORLD
From Exchange Invest 2853: Wednesday, January 3rd:
Many happy returns to FTSE!
Yesterday (January 2nd) marked the 40th anniversary of the FTSE 100 being introduced. The index rather revolutionised perceptions of the London market and I can well remember in the late 1980s watching it on SEAQ when it was calculated every minute!
Many happy returns to all the original FTSE crew, including the FTSE pater familias Mark Makepeace!
IPO-VID LIVESTREAM
NEXT WEEK TUESDAY: Season 22: Episode 01
IPO-VID Livestream 127
Tuesday, January 9th, 1700 UK, 1800 CET, 1200 EST
“IPO-VID Annual Review — 2023 in Revolution, Part 1”
Join us for our annual review of the year with content from:
Simon O’Brien, Les Male, Bruce Goldberg, Alina Aldambergen, Craig Pirrong, Monica Singer, Tim Worstall, Jeffrey Kutler, Albert Menkveld, Jennifer Ilkiw, Collin Formosa, James Block, Bob Pisani, Jim Oliff, Alex Lamb, Rainer Zitelmann, Philip Roscoe, Jeff Carter, Paul Constantinou, Pat Kenny, Gedon Hertshton
Discussing their thoughts on where the “Capital Market Revolution!” goes next, beginning the 25th anniversary year of the original book’s publication!
Watch the stream on:
IPO-VID LIVESTREAM PODCAST
In IPO-VID podcast episode 123, Patrick Young was joined by our former IPO-VID guest, renowned Father of Financial Futures and distinguished Chevalier de la Legion d’Honneur, Richard L Sandor.
Take time to listen to Prof. Richard as he imparts profound insights, recounts remarkable experiences, and shares his expertise in trading, finance, and the realms of capital markets and investments.
Now available from multiple different podcast sources:
EI Website Spotify Google Podcasts Apple Podcast
EI WEEKLY PODCAST
There Is Another FCA Tinker
Overworked Swedes
And Calls To Break Up London Stock Exchange Group
The Exchange Invest Weekly Podcast 226
VICTORY OR DEATH
20 years on from the first fintech bestseller “Capital Market Revolution!”… “Victory Or Death” is a must-read book for anyone interested in the intersection of Blockchain, Cryptocurrency and FinTech as part of the whole future of finance.
*Paid link, as an Amazon Associate, Exchange Invest earns from qualifying purchases.
FINANCE BOOK OF THE WEEK
In response to reader’s queries, we have added a book of the week column to the EI weekend edition — interesting books pertaining to exchanges and markets, investment et al.
— Anybody can sign up for EI Weekend for free at ExchangeInvest.com incidentally.
This week’s book was written by the first Editor of The Journal of Portfolio Management Peter L. Bernstein.
*Paid link, as an Amazon Associate, Exchange Invest earns from qualifying purchases.
“Against the Gods: The Remarkable Story of Risk” is a comprehensive history of man’s efforts to understand risk and probability, beginning with early gamblers in ancient Greece up to modern chaos theory. Bernstein explains how the notion of bringing risk under control is one of the central ideas that distinguishes modern times from the distant past. He demonstrates that understanding risk underlies everything from game theory to bridge-building to winemaking.
Suggestions welcome if you would like to nominate a book for us to cover!
Our next Book of the week will be unveiled Saturday in the EI Weekend Edition.
& don’t forget if you want all the news on the bourse business sent daily to your Inbox subscribe to Exchange Invest — via Exchange Invest.com — it’s only $349 per annum to join “The Exchange of Information.”
BITCARNAGE
Happy news for FTX creditors, liquidators are saying payments could be as high as 90% while in the open market Bloomberg reports FTX Claims Reach 73 Cents On The Dollar On Claims Market Platform. It’s certainly a long way from the dark days of a year ago when all seemed lost.
How can we summarize the year in crypto 2023?
It’s quite a sting in the tail but the distributed truth reported by Bloomberg appears to be that crime pays: Ousted Binance Founder CZ’s Fortune Grew By $25 Billion In 2023.
If you enjoyed this excerpt you may be interested to know that you can read Bitcarnage every day in Exchange Invest.
Alternatively, if you want to follow Bitcarnage — the daily update on happenings in the world of crypto and digital assets, then you can find Bitcarnage as a standalone on Substack.
MACRO THOUGHTS
Chamath Palihapitiya Says Venture Capitalists Also Face Disruption From AI — And Startup Founders Stand To Benefit
Yahoo Finance
PLY: A fascinating upheaval is at hand. Then again with tools from low code / no code et al, there is a chasm emerging between trad analogue with spreadsheet mentality startups and their digital from birth cousins…
QV My discussion in “Victory or Death” about being a member of the “BALD” generation — “Born analogue Living Digital” and thus having an interesting approach overlapping the pure digital natives…
OF INTEREST
As always, a review of interesting reading to provoke thoughts and consideration… Not sure we agree with much of it….but it’s thought-provoking!
The Problem With AI Apocalypticism
Spiked
Will We Worship The AI?
The Spectator
HAL 9000 And The EU AI Act
IAPP
The Modern World Is Slowly Leaving The Backwards EU Behind
Telegraph
“There are three huge flaws in the EU’s approach to regulation. First, the regime is far too proscriptive. It attempts to set down rules for how AI models can be created, laying down not just outcomes, but also the techniques that can be used. It assumes that a few officials in Brussels know more than the software engineers building new systems, a claim that is patently absurd.
Next, it is far too punitive, with fines of up to 7pc of global turnover for any breaches of rules that are often hard to comprehend to start with. The result? Lawyers could be in charge of the whole process (not usually a recipe for rapid innovation) and small companies, which typically do the most ground-breaking work, will be kept out of the industry.
Finally, it is far too early. We have little idea what AI will be capable of yet, which industries will be impacted, or how it will develop. It would be far better to let it flourish, see how it works out, and then set limits once we know what it can do.”
Will AI Cause Unemployment?
Cato at Liberty Blog
How AI, Biometrics And Facial Recognition At Airports Could Make Long Queues, Especially At Check-In And Security, A Thing Of The Past
South China Morning Post
PLY: Of course the green killjoys might have stopped us flying by 2040 as part of their “cure” for climate change.
AI And The End Of Immigration
The Spectator
“The more I stared at the robot cleaner, doing its job tirelessly, effortlessly, and 24/7, the more I realised I was staring at a future that almost everyone seems to deny. And that future is a world where, instead of desperately needing more workers to make up for low birth rates, ageing populations, and all that, we are going to need far fewer workers. Fewer people in general. And definitely fewer migrant workers.”
PLY: Highly apposite, unemployment may be an issue for those unable / unwilling to reskill while the opportunities abound in every sector but the need for simple domestic chores and other ‘starter’ jobs for unskilled migrant workers are endangered.
LAST WORD
…If you want to stay abreast of the world of exchanges then please Subscribe to our Daily Newsletter — free 30 day trial.
Or Subscribe to our EI Weekend newsletter in Substack — it’s free.
You can also check out the “Reflections From Young’s Pyramid”, it illustrates the relative value of exchanges around the world.
Or the “ICE Cost of Borrowing 2020–2022” An Interest Rate Comparison, which illustrates the end of the funny money era of QE and how interest rates have already had a major lurch up from their previous region of zero to, even negative, levels.
At the least can you like this article, or leave us a comment, we welcome your feedback.
If you enjoy our multimedia, then please Like / Subscribe to our video channel: IPO-VID In Patrick’s Opinion.
The future continues in the water cooler of the bourse business…
- Patrick
