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Speaker 1: Welcome to Fear and Greed Q and A, where we

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Speaker 1: ask an answer questions about business, investing, economics, politics, and more.

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Speaker 1: I'm Sean Alma and good morning to two of you.

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Speaker 1: Michael Thompson, Good morning, Hello, Sean, Adam Lane, Good morning,

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Speaker 1: Hello Sean. Today, in keeping with our new Sunday format,

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Speaker 1: I have five Questions view. I gave this to an

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Speaker 1: audience of economists in the last couple of weeks. I

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Speaker 1: was by their responses. Now, Michael, when you do search

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Speaker 1: as in online search, online search? Okay, no, when you're

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Speaker 1: actually looking for the kids underwear? Of course, it's online search.

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Speaker 1: Tell me, Michael, do you use Google Search?

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Speaker 2: They start, yes, Yes, I use Google Search.

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Speaker 1: Do you use Google Search?

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Speaker 3: I do?

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Speaker 1: Excellent. When the results pop up, Michael, and there's an

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Speaker 1: AI answer, yeap. Do you look at that and then

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Speaker 1: scroll down and go to a primary source? Do you

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Speaker 1: look at that and just say, oh, that'll do? On

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Speaker 1: with it? You're a man of that wants the right answer, Yes,

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Speaker 1: go on.

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Speaker 2: It depends on what I'm looking for, right If I'm

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Speaker 2: if I am looking up, say what times the high

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Speaker 2: tide in canned or something, then I will just take

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Speaker 2: the AI answer. At the odd Well, no, but I

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Speaker 2: mean I do, I know, but I look up kind

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Speaker 2: of I was trying to give a very generic area.

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Speaker 2: I mean, it's more I'm looking usually a lot more

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Speaker 2: specifically than that. But when I'm looking up tired times,

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Speaker 2: the AI answer will do the trick. I don't need

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Speaker 2: to actually scroll down to Willie Weather or weather zone

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Speaker 2: or any of those ones down there to see it

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Speaker 2: in more detail. But if it's actually something that requires

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Speaker 2: a little bit more of under more of an understanding,

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Speaker 2: I actually do then scroll down and go to the

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Speaker 2: primary source, just to make sure that it has been

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Speaker 2: interpreted correctly by AI, probably because a paragraph isn't going

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Speaker 2: to be enough information for me.

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Speaker 3: Adam same question almost always, you know, you get the

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Speaker 3: summary and then little arrow down. When you want more

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Speaker 3: of a summary, always click that, of course, and then yeah,

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Speaker 3: usually I'll go to one of the sources in that

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Speaker 3: first page to follow it up. Yeah.

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Speaker 1: So more than fifty percent, probably six percent of the US

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Speaker 1: fifercent globally are now in the no click or zero

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Speaker 1: click zone. WHOA, So when it comes up as an answer,

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Speaker 1: they don't go any further, And regularly I don't go

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Speaker 1: any further especially if it's something you want to confirm.

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Speaker 1: Did you know twelve months ago, Pew Research, a Pew

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Speaker 1: Research center, We're talking serious researchers, put out a paper

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Speaker 1: which said that one in five responses to Google searchers

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Speaker 1: were provided AI answers. That is so out of date

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Speaker 1: now because I don't know what the number is, but

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Speaker 1: it's at least fifty percent.

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Speaker 3: From twenty to fifty twelve months more amazing more.

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Speaker 1: But what's amazing is the no click, zero click, So

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Speaker 1: more than half the people don't actually look any further.

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Speaker 2: What on earth is that going to mean for the

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Speaker 2: websites that normally be visiting the advertising attached to all

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Speaker 2: of this.

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Speaker 3: That is extreme creators of the content.

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Speaker 1: And it's growth. That's why Google has done such a

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Speaker 1: good job to shift from search terms to AI. And

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Speaker 1: what if you're an so I was giving this talk

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Speaker 1: to a bunch of economists, right, And what if you're

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Speaker 1: an economists wanting to get your content out there? People

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Speaker 1: aren't going to click on your website, So traffic is

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Speaker 1: no longer your currency. It's actually can the search within

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Speaker 1: the AI pick up what you're saying and then demonstrate

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Speaker 1: the source.

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Speaker 3: It's very very challenging tell me even know if they are, Yeah, like,

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Speaker 3: do you get attributed for your content? So for example, Sean,

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Speaker 3: you're a newsletter every weekday right on the Fear and

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Speaker 3: Greed website. But AI could just take that and our

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Speaker 3: website could never know.

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Speaker 1: So often depending on I mean, there are kind of

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Speaker 1: three big large language models in English speaking, well, the

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Speaker 1: top ten large language models are Chinese, believe it or not.

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Speaker 1: But the big three so Claude, Gemini and Chat GPT,

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Speaker 1: and you sort of some it better for some things,

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Speaker 1: better than for other things, et cetera. When you go

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Speaker 1: to search. Now, so I started with do you use

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Speaker 1: Google Search? How often do you go to a large

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Speaker 1: language model directly.

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Speaker 2: As I opened up chat GPT to do your search? Yes, okay,

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Speaker 2: I reckon it's for me. It's probably still relatively low.

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Speaker 2: It would be maybe ten percent of searchers that I do.

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Speaker 2: And I suspect I'm atypical in this because I still

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Speaker 2: have a little bit of hesitation and wariness around the

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Speaker 2: environmental impact of using something that does potentially put more

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Speaker 2: of a strain on the electricity required for it. When

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Speaker 2: I could get a really basic answer just by going

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Speaker 2: traditional paths through Google rather than asking chat GPT to

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Speaker 2: go away, think about it and come back with a

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Speaker 2: well constructed answer.

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Speaker 3: Adam, Yeah, I'm the same the same reasons. To me,

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Speaker 3: It's like can I walk to the shop so or

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Speaker 3: do I really need to drive a semi trailer to

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Speaker 3: get up there? You know, it's just I really need

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Speaker 3: it for these purposes. You know, I almost I would

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Speaker 3: say zero, have I done that?

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Speaker 1: So I reckon I'd be seventy five percent Chat GPT

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Speaker 1: the free Oh wow, even for search totally for search. Wow,

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Speaker 1: it is just so much jeez.

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Speaker 3: So that's your default now?

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Speaker 1: So on my phone, yeah, when I want to search something,

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Speaker 1: I actually moved the tile from like my fifth screen

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Speaker 1: onto my first screen screen last fortnight so that it

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Speaker 1: was easier to access. Wow. And I think I'm you

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Speaker 1: say you're atypical, Michael. I think the world is certainly

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Speaker 1: shifting towards that. Okay, next question, When you do do

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Speaker 1: it and you get an AI response, do you believe it? Michael?

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Speaker 2: Is this when I'm doing say Google Search or within

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Speaker 2: chat GPT or either either generally yes, if it is

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Speaker 2: not something that feels like it's too open to misinterpretation,

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Speaker 2: or that it might have used data that was from

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Speaker 2: a poor source. For instance, Like, if I'm not asking

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Speaker 2: too much of it, I'm generally inclined to believe it.

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Speaker 2: If I'm asking a lot and asking kind of really

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Speaker 2: detailed information that I know would normally be quite tricky

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Speaker 2: to find, then I'll be a little bit more skeptical,

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Speaker 2: and I'd probably just read it with a with a

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Speaker 2: slightly more skeptical or cynical eye.

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Speaker 3: Adam, No, I don't because I've been brutally known, because

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Speaker 3: I've been brutally scarred on two front Shawn. One is

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Speaker 3: bike repair, very very poor source of information and guidance

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Speaker 3: on bike repair. And two is numbers. It's really bad

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Speaker 3: at numbers, right. Third one is if you're asking it

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Speaker 3: to give you an opinion on something, so you've got

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Speaker 3: to be very skeptical to believe it at all. So No,

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Speaker 3: I've been so scarred on bike prepare and numbers. No,

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Speaker 3: don't believe it.

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Speaker 1: See, I actually disagreeund numbers. I think on numbers it

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Speaker 1: is getting better and better. So you know, we've been

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Speaker 1: probably true playing with AI for fear and greed, and

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Speaker 1: it is amazing how it can do a fantastic market

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Speaker 1: report gets the numbers right. So long as he's doing it.

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Speaker 1: You know, after the market closes you ask it will

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Speaker 1: interest rates rise? You know, one plus one doesn't always

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Speaker 1: equal to in an AI world. Sometimes at equals one

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Speaker 1: point nine, sometimes it equals two point one. But I

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Speaker 1: actually think on numbers it actually works really really well. Anyway.

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Speaker 1: That pretty much brings it to the end of the

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Speaker 1: little AI chat. How you use it? I reckon buy

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Speaker 1: the end of this year, you won't be using Google

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Speaker 1: much at all.

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Speaker 2: I lost amount of the questions that I thought we

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Speaker 2: could have been a question seven, We could have been

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Speaker 2: a question three. It really took us on a bit

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Speaker 2: of a mystery tour, then magical mystery tour.

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Speaker 3: That isn't the point. How much has changed, right, And

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Speaker 3: so I be in my mature years, right, I know

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Speaker 3: changed to me now it'll never be this slow again.

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Speaker 3: It's only going to get quicker, right. But AI, I think,

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Speaker 3: has made that even more true, and it's probably quickened

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Speaker 3: the pace.

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Speaker 1: I think about AI. It can tell you how to

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Speaker 1: keep up. Social media couldn't tell you how to keep

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Speaker 1: up you just so, what's this instance? Snap? What if

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Speaker 1: you're not sure you ask it and it tells you Adam.

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Speaker 1: Thank you very much.

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Speaker 3: Thank you, Sean.

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Speaker 1: Michael, thank you very much.

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Speaker 2: Thanks Sean.

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Speaker 1: If you've got a question you'd like us to tackle,

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Speaker 1: send it through on LinkedIn or at fear and Greed

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Speaker 1: dot com dot au. I'm Sean Almer, and this is

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Speaker 1: Fear and Greek Q and a