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