Major Firm Announces It’s Replacing Its Employees with A.I.

originally posted by: MyHappyDogShiner

...But we have to agree on something...

... and there's the kicker lol.

a reply to: Bone75

I would love to be able to LOL right along with you, but it really isn't very funny at all.

a reply to: Bone75

I just moved another 2000$ into BlackRock2000. Playing with numbers is fun lol, lets hope it pays off. Thanks for the tip sofi!

originally posted by: MyHappyDogShiner
a reply to: Bone75

I would love to be able to LOL right along with you, but it really isn't very funny at all.

The thing is, I think that deep down we all do agree... at least on what kind of world we want to live in and what we want for all of humanity... and we'll get there I promise.

But in the meantime, laugh while you still can because things are going to get alot worse before they get better.

a reply to: Bone75

Just think?, if all or most of the work was done by mindless droning machines, how difficult it would be to regard anyone's jealously criticizing those who supposedly don't work hard enough for what they have.

A.I. could be the key to the evolution of the human race to a more just world and freer societies.

If we wanted a war we could just send robots to a hardened enclosure to nuke the piss outta each other...

...What reason would there be for even that type of war, if everything was done for us?...

originally posted by: worldstarcountry
a reply to: Bone75

I just moved another 2000$ into BlackRock2000. Playing with numbers is fun lol, lets hope it pays off. Thanks for the tip sofi!

Getting your stock tips from a commie on a conspiracy theory website?

Yeah you'll be begging for change in five years.

This is interesting times man.
SKYNET!!!!!

Can't wait til people replaced by robots.

originally posted by: Bone75

originally posted by: butcherguy
I have some money in Black Rock.
This isn't the first time that I thought that I should move it.

Why? You're probably about to make a fortune. Isn't that why you invested... so you could make more money without having to work for it?

You are right.
If I had any scruples, I would have pulled the money out of there before.

a reply to: Bone75

The tip is a news report on the cost savings and revenue increasing actions by the fund in question. Your reply would have made more sense if sofi was the one that just spoke it without any substantial sources.

But I would not have known about this had she not posted it, so yea, it should work. Besides it has been doing well YTD thus far. In any case, it only makes up 12% of my portfolio anyways, so whats the harm? Well, its gonna get beefed up a bit more now I guess.

a reply to: soficrow

I'm afraid I couldn't paste a link to the first item in the SOURCES below, sorry. However, it strikes me as sound background on Black Rock, pulled from a Google search.

$5.1 TRILLION under management, of which $30 BILLION is managed by 13% of Fund Managers.

So, $30 / $5,100= roughly .6% of Assets managed by 13% of Fund Managers. Is my maths right here?

A second source, further below, identifies 40 'Fund Managers' being effected. So, the current total being 40 / .13 = 308. I'm sure you can work out the 40 being fired are managing, on average, $750M each, while the remaining 268 seem to be managing $19Bn each.

If my numbers are right this smacks of Black Rock Bulls***.

It"s right to fear automation being handled badly. The first sign of which is seeing it used as a cover story for inept management.


SOURCES

2016 BlackRock
Investment management company
BlackRock, Inc. is an American global investment management corporation based in New York City. Founded in 1988, initially as a risk management and fixed income institutional asset manager, BlackRock ... Wikipedia
Stock price: BLK (NYSE) US$383.51 +0.47 (+0.12%)
31 Mar, 16:02 GMT-4 - Disclaimer
Assets under management: 5.1 trillion USD (2016)
CEO: Laurence D. Fink (1988–)
Headquarters: New York City, New York, United States
Founded: 1988
Revenue: 10.95 billion USD (2016)
Subsidiaries: FutureAdvisor, BlackRock Group LTD, more
Founders: Laurence D. Fink, Robert S. Kapito

fortune.com...

a reply to: Doxanoxa

Im just looking at this specifically


That year gain follows two years of negatives, which is why it looks so high. Thats also why the three year average is only %6-%7 . It has done really well since Trump was elected. I was looking to what to pick up last September, and started by finding the funds that did terrible or had negative gains (loss) over the year. I did that obviously because the prices were better, and clearly would rebound with strong gains over the next year. See how that works??

Buy on the way down, not when it starts to rally! Either way, I am certain this index will do well for the next year or two, so it stays for me.

Again, this is only part of my investment direction, and urge everyone to be well diversified.

a reply to: marg6043


Can you tax robots? Then they can pay for the socialism we will be forced into.

a reply to: worldstarcountry

I'm sure your stock pick is a good 'un.

I think the $30Bn / 13% story is a spin to cover both the inept management that put the 40 heads in place, and to put Black Rock in a good light when it comes to cutting costs.

Industry wide (see second SOURCE, "fortune") the forecast is 10% with nearly half coming out of money management. 'Money Management' is a pure numbers game, so this is to be expected.

As is apparent from the Sources, above, Black Rock works on a wafer margin : $11Bn / $5.1TN - so around .2% (if my maths is right) commission. So the have blow the horn when they do cut cost, just to stay in the game.

'AI' is a vague term at best. What doesn't seem to be forecast any place is the net job losses. All the forecasts talk about job losses as a result of AI, but none forecast new jobs created as a result of AI. There will inevitably be jobs created.

The risk to Black Rock in making such a bold statement is they create 40 new jobs in the IT department to sustain an automation program which offers no advantage, but is just keeping them up with the game.

a reply to: Doxanoxa

I think many people just have different opinions on what they believe is the definition of AI vs what is scientifically accepted as AI.

I feel like the average person believes that AI absolutely has to be this conscious, self-aware entity that can sit there and have conversations about topics, explain how it feels about such topics, and even demonstrate emotions about said topics while conveying its own opinions.

In the science realm the explanation seems a bit more simple. The ability of a program to analyze so many variables, identify patterns and trends, and then take action (read as make decisions) with all that information towards a goal.

In this case, the program watches the market, and maybe a bit of social media and identifies patterns and trends with regard to share prices and shareholder behavior (what is bought and sold, when, for how long etc. etc..) and then takes the appropriate actions towards the programmed goal (infinite dividends!!!!)

That is considered AI for most of the scientific community, but civilians will hear no such thing! It is not AI unless it can convey its emotions to you about what it has done as well as understand the significance of the consequences of what it just did!

So then where lies the true, majority accepted definition of AI ??

a reply to: worldstarcountry

I totally agree there is no common definition of AI. Mainly we think 'Blade Runner' at first, and only 'Heating Timer' about the fourth time round the loop!

The predictions of us being 50 to 100 years away from anything remotely of a ' Blade Runner' level / depth of AI. Between then and now we will experience increasingly smart machines. Trading strategies, for example, will continue to be validated by a people control however intricate there mechanical construction / execution.

'People buy from People' I'm told and I think is true. I wonder if the fundamental constraint on Artificial Intelligence is the prospect of 'Artifical Accountability', EG. should Black Rock returns go negative who would carry the can? R2D2 whiring in the corner, or the manager who bought it?

Definitions of AI are long-term vague and short-term threatening. "Some thing that takes your job away" at worst or "something that makes your life better" at best. We seem to keep missing the new jobs / things that make your life worse side of the equation.

My penny worth: We will keep on redefining AI as automation grows because, as ultimate controllers of AI, we will keep redefining our own role, and place, in the world.

Imagine the activity there would be in here if the title read: Ford to replace all employees with Chinese sweat shop children

a reply to: worldstarcountry

Why? Just because Black Rock is going AI doesn't mean their 2000 fund will pay you any more or less dividends. You are moving money into companies offered in the fund, not Black Rock. The people that will make increased profits from this are Black Rock executives and people that invest in Black Rock stock specifically.

originally posted by: rickymouse
So, in the near future, where are we going to earn money to buy the products AI makes or the services it provides? How can you invest money in this if you aren't making any money to invest?

Technology is beginning to be one of the worst thing that was invented. When working an office job, everything is at your fingertips, at least when you had to go file things you moved around and it was healthier. Oh wait, those desk jobs can easily be done by AI. No worry these people can now be at home and broke.

Because AI is going to prove there was never a need for money and that it was the human being's nasty attitude that supported the illusion of credit debt money, who are so attached to credit debt money they will cause a mass human extinction before they will part with it.

Unless AI is stopped now and humans let go and finally act right towards each other. Notice all the terrorist attacks have been committed every where but where major AI creation is and resides and all the political division. Everyone is losing their mind because they know their end is near. You would think everyone would be nicer knowing they are but most are acting crueler or more depressed or just losing it as they cling to the last remnants of how it was or is before AI takes over.

Cling to the good Lord Jesus Christ is all I can say.

originally posted by: worldstarcountry
Your reply would have made more sense if sofi was the one that just spoke it without any substantial sources.

Well not that its important, but when you responded to me with "thanks for the tip sofi" I thought it was a typo and you were calling me a softy.

When they replace my job with AI, good luck to those that don't like taking the stairs.

I will be going off into the woods.