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artificial intelligence taking jobs Dire Concern At Milken

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Artificial intelligence taking jobs has been the topic of much debate on several levels. Financial markets have perhaps been most impacted by computer automation over the past decade, spawning tremendous efficiency. But computer automation and artificial intelligence intelligence taking jobs has also been an issue. Concerns for high paying job loss in the banking industry as well as other C Suite jobs have been expressed alongside low skill workers. At the Milken Institute Conference in Beverly Hills, CA a group of automated hedge fund leaders weighed in on the topic.


Why The Founder Of A 35 Billion Hedge Fund Is "Very Worried"

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David Siegel is worried, very worried as a matter of fact. The co-founder of Two Sigma, the 35 billion hedge fund said at the Milken Institute Global Conference that he's "very worried" that machines could soon replace a large amount of the workforce. "Most people in the bulk of the job market are not involved in super-high-value jobs. They are doing routine work and tasks and it's precisely these tasks that computers are going to be better at doing" Siegel said. A perfect example of this is on display in many Mcdonald's restaurants now as a result of some states raising the minimum wage.


Two Sigma Says Artificial Intelligence Lacks Smarts

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David Siegel, a quantitative hedge fund pioneer, issued a warning to investors: Artificial intelligence lacks common sense. Siegel, who has used AI to build his Two Sigma Investments into a 37 billion hedge fund firm, said algorithms are limited by the scant amount of training data available to instruct them on how to differentiate objects in images. "Artificial intelligence today doesn't have anything that resembles common sense, and common sense is a key feature of intelligence," Siegel, 55, said at the Bloomberg Markets Most Influential Summit on Wednesday. Hedge funds are embracing a form of AI called machine learning years after Two Sigma deployed the technology and as stock and bond pickers struggle to outperform markets. Highbridge Capital Management, Bridgewater Associates and Point72 Asset Management are among firms trying to profit from machine-learning algorithms, which automatically find patterns in large batches of financial data to inform investment calls.


two-sigma-s-siegel-says-artificial-intelligence-lacks-smarts

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David Siegel, a quantitative hedge fund pioneer, issued a warning to investors: Artificial intelligence lacks common sense. Siegel, who has used AI to build his Two Sigma Investments into a 37 billion hedge fund firm, said algorithms are limited by the scant amount of training data available to instruct them on how to identify everything from objects in images to trading opportunities. Hedge funds are embracing a form of AI called machine learning years after Two Sigma deployed the technology and as stock and bond pickers struggle to outperform markets. A unit of the firm, called Two Sigma Ventures, seeks to invest in companies focused on data science, machine learning, artificial intelligence and advanced hardware.


What People Can Teach Machines

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Machine learning and artificial intelligence are going to transform investing… but not today. The view in large swaths of the investment community is that machine learning is about to revolutionize trading and investments. The stark reality does not live up to the hype. Machine learning – or the idea that machines can recognize patterns in data and capitalize on them – is a concept that seems tailor made to the data-intensive world of investing. Unfortunately, many practitioners are applying machine learning in ways that are not sustainable or just plain wrong.