I Asked the OpenAI Chatbot for Investment Advice. The Result Is Unbelievable! (ChatGPT 3.5)
OpenAI is a former Elon Musk-headed company and last week OpenAI released a new version of its AI chatbot called ChatGPT and the new AI-powered engine has been making headlines as ChatGPT's capabilities are truly mind-blowing! For instance, the ChatGPT robot can solve difficult math problems, write poems about almost anything or write scripts for TV shows, ChatGPT can write new lines of code or more generally ChatGPT is able to engage in human-like conversations about a wide range of topics, demonstrating big improvements to Artificial Intelligence chatbots seen even a few years ago.
Now what I’ve done is I started a conversation with the AI chatbot and asked for investment advice. I asked ChatGPT seven questions in total, starting with some very basic questions about investing and then gradually I asked more and more nuanced investing questions to truly challenge the AI algorithm. So what kind of answers did the AI engine give me and how do I rate its investment recommendations, this will be the topic of this video.
Alright, so let’s jump right into it. I started the conversation with a very light question and pretended to be new to investing. So I asked the OpenAI chatbot where someone new to investing should start his educational investing journey and here’s the response I received: …
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Future versions of the Open AI chatbot will likely be able to access real-time data. So will this have a lasting impact on the investing landscape? Will computers replace humans in the world of investing? Personally, I don’t think so. At least not in the near and medium term. There are already lots of AI-driven investment strategies out there, so-called quant funds try to do exactly that as they try to choose securities based on numerical data compiled through quantitative analysis. Fortunately, investing isn’t actually that simple. Investing is more art than science and investors must develop not only a good quantitative understanding of a business but more importantly a qualitative understanding of the company, its risks and future optionalities. You usually have to follow a company for a longer period of time, to truly develop this qualitative understanding. As Pat Dorsey has said, "Quantitative data is efficiently priced, qualitative insight is not."
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DISCLAIMER:
The content provided on this channel should be considered an educational resource and should not be construed as individualized investment advice, nor as a recommendation to buy or sell specific securities. The stocks and funds discussed on this channel are examples only and may not be appropriate for your individual circumstances.
Before making any financial or investment decisions, I recommend you consult a financial planner or advisor to take into account your personal investment objectives, financial situation, and individual needs.
In no event shall René Sellmann be liable to any viewer for any damages of any kind arising out of the use of any content published on this channel, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages.
I hope you enjoyed the content!
