Speaker 1: Kyorda, Welcome to Shared Lunch. I'm Sonya. Today we have
Speaker 1: a special episode we will talk about AI and investing.
Speaker 1: We have a new feature coming to Chairs's called Search
Speaker 1: AI and we'll talk more about it in this episode.
Speaker 1: But before we get started, here's some important information.
Speaker 2: Investing involves risk you might lose the money you start with.
Speaker 2: We recommend talking to a licensed financial advisor. We also
Speaker 2: recommend reading product disclosure documents before deciding to invest. Everything
Speaker 2: you're about to see and here is current at the
Speaker 2: time of recording.
Speaker 3: Today.
Speaker 1: We're joined by Richard Clark, who is one of the
Speaker 1: co founders of chairs EA's, and Luke Petett, who is
Speaker 1: the founder and CEO of Telescope. We are talking about AI,
Speaker 1: which is a hot topic right now and something that's
Speaker 1: really of interest to us as we are launching a
Speaker 1: new tool here at chairs EA's called AI Search, and
Speaker 1: so we want to talk about that, but also just
Speaker 1: get a to to talk about AI with two people
Speaker 1: who are deep in that world. So let's kick off
Speaker 1: the conversation. So first, maybe we'll start with you, Richard.
Speaker 1: Can you tell us a bit about.
Speaker 3: You and how you come to be joining us combo today.
Speaker 4: Yeah, sure. So I'm one of the technical co founders
Speaker 4: of Chaza's and you know, came to Chazas after a
Speaker 4: long time in the tech industry. And I think the
Speaker 4: fascinating thing for me about AI has it has always
Speaker 4: been really interesting, you know, the idea of computers doing everything,
Speaker 4: you know, being just like people in some ways. You know,
Speaker 4: it's science fiction everywhere, and so that was always a
Speaker 4: thing that was fascinating to me. I tried to, you know,
Speaker 4: make things ever since I started programming, you know, make
Speaker 4: little companions or whatever, and they were all very good.
Speaker 4: But you know, in the last few years, we've just
Speaker 4: seen this incredible sea change, and it has been so
Speaker 4: so interesting to see something that's gone from like nothing
Speaker 4: to science fiction to to you know, really right there
Speaker 4: on your computer, able to play with it. And you know,
Speaker 4: my so my recent history with that has just been
Speaker 4: really engaging with these new changes, building tools, chatting with
Speaker 4: people like Louk here, and really trying to understand how
Speaker 4: this is going to impact everything and how we can
Speaker 4: use these things to do really really interesting stuff.
Speaker 5: And how about you, Lot, Yeah, I mean, well, first
Speaker 5: of all, you Sion founder of Telescope.
Speaker 6: So I'm definitely trying to keep up with AI.
Speaker 5: It's it's wild, as Richard pointed out, like it's it's
Speaker 5: just moving so quick. It is even for someone well
Speaker 5: and truly involved in the industry and as an engineer,
Speaker 5: you know, it's sort of I feel like I understand
Speaker 5: the fundamentals, but it is. It is crazy how quick
Speaker 5: things are moving. And it certainly appeals. I mean, the
Speaker 5: idea that you can just have a system make intelligent
Speaker 5: choices with like kind of you know, unusual conditions.
Speaker 6: It's so human.
Speaker 5: It feels so human the way it works, and it
Speaker 5: actually has shifted my thinking around how we see humans.
Speaker 5: You know, I kind of feel like some sort of
Speaker 5: finely tuned model that's had all these experiences through my
Speaker 5: life as well.
Speaker 3: You mentioned, you know, you're from Telescope.
Speaker 1: For anyone who's never heard of telescope, do you want
Speaker 1: to just give us the oneliner of what telescope is.
Speaker 6: Yeah.
Speaker 5: So we're generative aur company based in Australia, a small team,
Speaker 5: but we're growing. We're working with brokers and publishers and
Speaker 5: sort of FinTechs all across the world on solving problems
Speaker 5: to do with capital markets and finance and most of
Speaker 5: those problems we found to do with I guess, the
Speaker 5: overwhelming nature of capital markets, of investing, of the choices
Speaker 5: we have when it comes to investing, and just offering
Speaker 5: co pilots or AI tools to help navigate that journey
Speaker 5: when it comes to making a decision or thinking about
Speaker 5: you know, a single stock or looking looking for something
Speaker 5: maybe that matters to you, and just providing more information
Speaker 5: to those investors.
Speaker 3: Yeah.
Speaker 1: So now if we want to kind of take a
Speaker 1: step back and we're just talking about things that for
Speaker 1: anyone who's not finger on the pulse or they're just
Speaker 1: kind of reading the headlines hearing what's going on, if
Speaker 1: we can help fill in a few of those gaps,
Speaker 1: can you just tell us, like, maybe what's what's been
Speaker 1: happening that's driving this real kick kind of into another.
Speaker 4: Gear from where we've been sitting at Shares's And you know,
Speaker 4: my own personal interest, I think probably three to four
Speaker 4: years ago, largely with a technology called GPT two, which
Speaker 4: was you know, the very you're probably aware of GPT four.
Speaker 4: You might have heard that stuff on the headlines chat
Speaker 4: GPT and stuff like that, but GPT two is an
Speaker 4: earlier version of this and when it turned up. It
Speaker 4: was very interesting. It's it was nothing like what we're
Speaker 4: able to see today, but it had those hints. And
Speaker 4: now with GPD four and some of the more recent
Speaker 4: things both from Google and Anthropic and other companies involved
Speaker 4: in this space, is actually it's doing really interesting stuff constantly,
Speaker 4: consistently bringing new and interesting perspectives or creating new opportunities.
Speaker 4: And I think this is the point where it's like,
Speaker 4: you really have to be paying attention to this thing
Speaker 4: as an organization because the potential is enormous and we
Speaker 4: just don't know what we can and can't do with it.
Speaker 4: We're still very much finding out.
Speaker 6: I'd love to explain how it works as well.
Speaker 3: Oh give there to go, don't hold back.
Speaker 5: I was thinking about this morning, and it's very hard
Speaker 5: to articulate sometimes these complex systems in simple ways. But
Speaker 5: you know this, Just think about a simple sentence, like
Speaker 5: this morning, I grabbed my surfboard and I caught an epic.
Speaker 5: You know, I'm going to say most likely to say wave.
Speaker 5: And we experienced this kind of auto predict on our phones.
Speaker 5: And so if you think about a sentence and a conversation,
Speaker 5: you know it follows a certain number of patterns, and
Speaker 5: there's probability and mathematics involved in what's most likely to
Speaker 5: be that final word, But maybe it was actually I
Speaker 5: caught an epic fish, and so what's the probability of
Speaker 5: me saying that?
Speaker 6: And it's probably very low.
Speaker 5: But then what open AI did in the beginning was
Speaker 5: they actually just went, you know what, let's take auto
Speaker 5: predict and let's put it through a large cluster of
Speaker 5: computing units of GPUs, and let's look at all of
Speaker 5: those relationships on a time series and almost think of
Speaker 5: it like in three D space, so like visualize the
Speaker 5: three D space of language, and so you think about
Speaker 5: these kind of relationships between words, but then you start
Speaker 5: to think of those in a multi dimensional manner, so
Speaker 5: you start to think about relationships between paragraphs and the
Speaker 5: question that's been asked, And that's really all that did,
Speaker 5: and it's kind of fascinating that maybe this is all
Speaker 5: intelligence really is.
Speaker 1: Yeah, I've used it to try and you know, create
Speaker 1: meal plans for my you know, one and a half
Speaker 1: year old.
Speaker 3: You know, when I was like and just like stuff
Speaker 3: that I'm like.
Speaker 1: Please help me, you know, and then when you think of,
Speaker 1: you know, what, what mission we're on here, which is like,
Speaker 1: we're trying to create more empowerment for people when it
Speaker 1: comes to money and some of the things that you
Speaker 1: guys have talked about about what is possible here?
Speaker 3: Were AI or where we're at?
Speaker 1: Where AI like, am really interested to, you know, get
Speaker 1: your thoughts on how do you see this kind of
Speaker 1: playing out for people when it comes to money or investing.
Speaker 5: The irony is if this video ends up on YouTube,
Speaker 5: it's probably going to be part of the future model
Speaker 5: training that's going to help build the model. So maybe
Speaker 5: maybe we have our moment to share our ideas personally,
Speaker 5: I think if you think about the best investors of
Speaker 5: all time, like Munger and Buffet and Howard, you know,
Speaker 5: Howard markson all the long list of value investors, the
Speaker 5: ones that actually study financial markets and history and a
Speaker 5: multifaceted approach to investing.
Speaker 6: They've spent a.
Speaker 5: Good part of like thirty forty in Monger's case, maybe
Speaker 5: seventy years of their life. I think Manger famously read
Speaker 5: for thirty eight hours a week. He would allocate two
Speaker 5: hours a week to meetings. So let's just presume he
Speaker 5: spent seventy years of his investing career reading you know,
Speaker 5: all sorts of literature, and not just annual filings and
Speaker 5: SEC filings, but physics and you know, politics, history. I've
Speaker 5: calculated that it's around about two billion words that Manger
Speaker 5: has possibly consumed two to ten billion words in his
Speaker 5: lifetime jet And then the question is that how much
Speaker 5: does he recall? You know, that's forming his knowledge base,
Speaker 5: but he's trained himself to know on that content. And
Speaker 5: I think so there's no First of all, there's no
Speaker 5: denying that the compound knowledge that AI models are going
Speaker 5: through already, the intelligence that they're building on, is growing
Speaker 5: at a large rate, and it will outperform somebody like
Speaker 5: Manga or Buffett or whoever. And so I think the
Speaker 5: opportunity in capital markets when it comes to an investing
Speaker 5: is really interesting because maybe it levels the playing field.
Speaker 6: If we have access to these models.
Speaker 5: And they become super intelligent, and we just know how
Speaker 5: to use them in the right way, and they're available publicly,
Speaker 5: they're not privately run by Hedge Fund in New York,
Speaker 5: maybe that kind of makes the markets more efficient and
Speaker 5: makes them probably more fair. If a balance sheet comes
Speaker 5: out on the stop market and you have something that
Speaker 5: can read it and understand it because you can't, maybe
Speaker 5: you know what to do, and so yeah, I think
Speaker 5: maybe it creates more opportunity for abundance when it comes
Speaker 5: to investing. That's my view on maybe where it could
Speaker 5: go for ten ten years, and I'm an optimist. I'd
Speaker 5: like to hope that it won't be held by you know,
Speaker 5: concentrated powers and on Wall Street.
Speaker 6: That's my view.
Speaker 4: I would love to read thirty eight hours a week.
Speaker 4: That's I love reading, and that sounds great, but you know, yeah,
Speaker 4: but the other reflection that I have, and I think
Speaker 4: is very key to us here at share These, is
Speaker 4: that it's so much about wealth, is personal to you,
Speaker 4: to your your family, your situation, all of these things.
Speaker 4: And until a technology like AI turns up and is
Speaker 4: able to take all of that context into account as
Speaker 4: it provides you within science and take the information that's
Speaker 4: been given. You know, maybe you're a particle physicist. You
Speaker 4: don't need somebody to give you baby words on the
Speaker 4: nature of particle physics, but you're trying to evaluate a
Speaker 4: company that's working in that field, and you don't understand
Speaker 4: the financial terms. You know, it's something that can understand
Speaker 4: what you know, what you don't. The gaps that you
Speaker 4: have in your understanding and what's relevant for you really
Speaker 4: changes the picture in my view, because people can really
Speaker 4: leverage the opportunities that they have personally and solve the
Speaker 4: problems that they have personally and apply their personal values.
Speaker 4: You know, get these tools. And I think we've talked
Speaker 4: about this several times, the idea that AI at the
Speaker 4: moment anyway, we're kind of anticipating and acting in a
Speaker 4: copilot role. It's sitting there at like a friend, a buddy.
Speaker 4: It's help us understand. It's not making decisions for us,
Speaker 4: it's helping us understand the things that are important to us.
Speaker 4: And when that happens, it just feels like it's really
Speaker 4: really magical and really really useful. You know, Sonya's heard
Speaker 4: me say this many many times. People need to be
Speaker 4: building an intuition about these tools and how they work,
Speaker 4: like you can't use them half as effectively. You know,
Speaker 4: almost all of our listeners who've heard anything about this stuff,
Speaker 4: will I have heard equal amounts of like, wow, this
Speaker 4: is amazing at massive hype and also oh hallucinations, they lie,
Speaker 4: they make stuff up, they do all that, and the
Speaker 4: trekkers you get way better outcomes if you invest the
Speaker 4: time to understand the strengths and weaknesses, you know, spend
Speaker 4: some time playing with them. It doesn't really matter whether
Speaker 4: you're doing serious work stuff or whether you're just toying around.
Speaker 5: And if you tried the audio feature within chat GPT,
Speaker 5: so you just have it on in your car and
Speaker 5: talk to it.
Speaker 6: That's fascinating. I've done it with my kids. So I
Speaker 6: picked them up from school.
Speaker 5: We've got three kids, and just take a moment to
Speaker 5: explain my kids' ages, their names, and their interests. And
Speaker 5: then I ask chat GPT to go around the car
Speaker 5: one by one and ask them an interesting question that
Speaker 5: they have to answer, and it becomes a homework task.
Speaker 5: And I just drive and I let this AI agent
Speaker 5: take over the conversation in the car and they love it.
Speaker 6: It's fascinating.
Speaker 3: I love it. It's like your own little family podcast.
Speaker 6: Yeah.
Speaker 5: Well, remember the feeling when we had an Encyclopedia Britannica
Speaker 5: or those you know, or even a map of the world.
Speaker 5: I mean it's the same experience for them, just at
Speaker 5: a much deeper level.
Speaker 3: Yeah. Great. Like so talking about getting stuck.
Speaker 1: In you know, one thing I think of is like,
Speaker 1: sometimes the problems don't change, it's just the solutions. All
Speaker 1: the ways we might solve those problems become different as
Speaker 1: different technologies and things like that. And you know, one
Speaker 1: thing we are launching soon is and working with Telescope
Speaker 1: to launch that is the AI search. And you know,
Speaker 1: one of the problems that exists and one of the
Speaker 1: you know, if people are investing, one of the top
Speaker 1: questions is well, what should I.
Speaker 3: Invest in or how should I think about this? And
Speaker 3: what do I need to know?
Speaker 1: And want to get more and build their knowledge around
Speaker 1: investing and build their confidence in that space. So we're
Speaker 1: launching this in New Zealand. But maybe Richard, do you
Speaker 1: want to give us a bit of a insight into
Speaker 1: what AI search is?
Speaker 5: Yeah?
Speaker 4: Yeah, yeah, So AI search for us is, you know,
Speaker 4: we call the problem discovery. How do you find the
Speaker 4: thing that you're actually interested in, whether you know it
Speaker 4: you know well or not. And AI search is a
Speaker 4: new take on this. It's the idea that you can
Speaker 4: kind of give us a concept. You can search on
Speaker 4: a concept or an idea what change in the world
Speaker 4: might be true and then how would that impact what
Speaker 4: you might look to invest in or what you might
Speaker 4: look to think about.
Speaker 5: I think the initial problem we were solving at Telescope,
Speaker 5: even prior to working with Chasi's, was that scenario playing
Speaker 5: a situation, a theme, or an event or something that
Speaker 5: was personal that mattered to you, and you know, stepping
Speaker 5: through I guess the butterfly effect if you've heard that
Speaker 5: term before, but the cause and effects, and then the
Speaker 5: cause and effect. So going through this process of conducting
Speaker 5: second third order thinking, which is an interesting topic, but
Speaker 5: actually just relying on the one point seven trillion parameters
Speaker 5: that open ai has in their knowledge base to rationally
Speaker 5: just search for stocks based on that theme, so not
Speaker 5: only unpack the idea that you had, but also just
Speaker 5: to rationally pick the stocks that match the idea. And
Speaker 5: so I think, like then, just what's really interesting about
Speaker 5: it is that it changes the way you then interact
Speaker 5: in the real world because you suddenly realize you have
Speaker 5: this tool available. So, for example, we had a user
Speaker 5: go to take their EV to the mechanic and they said, oh,
Speaker 5: the tires have a bit of wear on them, but
Speaker 5: nothing unusual due to it being an EV and having evware,
Speaker 5: And it's like, what do you mean by evwear? And
Speaker 5: you put that into Chasi's ai search and it actually
Speaker 5: explains like, well, they get twenty to twenty five percent
Speaker 5: more wear on their tires because the car's heavier and
Speaker 5: they have more talqu and so actually, like what's an
Speaker 5: interesting side effect of the electrification of vehicles is that
Speaker 5: now there's the tire companies that are starting to benefit
Speaker 5: in their revenues growing. So that's an interesting idea that
Speaker 5: you probably wouldn't have traditionally been able to just search.
Speaker 5: And so I think going into the Chasias app and
Speaker 5: just throwing in these ideas throughout the experience you have
Speaker 5: in your career or you know, at home, and just
Speaker 5: thinking about the products you use and the services you
Speaker 5: use in a different way and being able to search
Speaker 5: for those like you can you can put in you know,
Speaker 5: maybe just something that an ETF doesn't already cover, Like
Speaker 5: what about just female CEOs like that. Unfortunately it's not
Speaker 5: an ETF, it's not an investment product, but perhaps that's
Speaker 5: just something you want to invest in or search for
Speaker 5: and then choose the single stocks that you actually believe in.
Speaker 1: It's so like the opportunity I think and just helping
Speaker 1: people build context, you know. Unfortunately, there's not a use
Speaker 1: or no answer, you know, to any of the world
Speaker 1: of investing. But I think what is really fascinating as
Speaker 1: the more you can kind of understand the richness around
Speaker 1: your decisions or the assumptions or the context, and so
Speaker 1: can kind of maybe recognize some connections that you hadn't
Speaker 1: more like most immediately made. Being able to explore and
Speaker 1: you know, build that knowledge base or show some of
Speaker 1: that logic or flesh those things out is super exciting
Speaker 1: and I think can't wait for this to launch and
Speaker 1: also to get feedback from our investors or around you know,
Speaker 1: how this is helping them searching and get more interested
Speaker 1: and building a portfolio that's right for them. I think
Speaker 1: we've come to the end of our time now, and
Speaker 1: I think just so grateful to have you guys here
Speaker 1: and sharing your insights and what's been a really fascinating
Speaker 1: conversation and shared some cool tools that people can use
Speaker 1: to get stuck in that. Yeah, just did just want
Speaker 1: to say thanks heats for sharing.
Speaker 5: Thank you