So I can think back to in the late ’80s using Strat-O-Matic baseball cards-I don’t know if you know what they are-but programming them into computers to try to calculate the way to create the best baseball lineup and use that in fantasy-baseball-type situations. So, even as a kid or whatever, I was certainly interested in translating and predicting things using some mix of my thinking and technology. So I think to answer that, let me take a step back for a second and give you a little bit of my background because it all kind of comes together in a way to connect these different pieces. What’s the difference between all of these things, and how do they relate to each other at a firm like Bridgewater? So Bridgewater does machine learning and systematic strategies and quantitative trading strategies and AI and things like that. So I guess just to begin with, maybe you could lay the scene, and going back to Joe’s point in the intro, we are used to hearing these terms. And this was all before ChatGPT really became a thing and everyone started talking about AI at every single conference and earnings call and so on.Ĭhapter 1: Greg’s Background and Involvement in AI And two, you brought up artificial intelligence as a major point of interest for Bridgewater. So number one, you said that markets had further to fall, which turned out to be correct. And you said two things that stuck out in retrospect. So I actually revisited our conversation from last year.
So, Greg, thank you so much for coming back on Odd Lots. I’m very pleased to say we are going to be speaking once again with Greg Jensen, the co-chief investment officer at Bridgewater Associates. And we’re going to get into the differences between all those technologies. Someone who is at a firm that has a lot of experience using machine learning and AI of different types. This is someone we’ve actually spoken to about AI before. Well, I’m glad you mentioned that, because today we really do have the perfect guest. But it feels like because of the excitement around a few specific consumer-facing products that have been unveiled over the last six months and the way they’ve captured people’s attention, suddenly there’s a lot of interest in how are companies using this tech to do something? And machine learning, tech, algebra, algorithms, it’s all existed for a long time, quantitative investing. I think you pointed out recently that the Kroger CEO mentioned AI like eight times on the earnings call.
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You hear people bring up AI almost as a synonym for just software at this point. Well, I also feel like there’s a tendency nowadays for people to talk about artificial intelligence in a sort of abstract manner. It’s kind of exciting and maybe there’s some new way of these super-advanced digital brains that can beat the market, etc. It was like, “We’re going to have ChatGPT pick the stocks for us.” And, you know, I get it. I mean, I think there’s a new CHAT ETF I saw an ad for. There is also a lot of excitement about using AI to invest. Joe, I think it’s fair to say there is a lot of excitement about investing in AI. Hello, and welcome to another episode of the Odd Lots podcast.
Note: This transcript has been edited for readability.
They also talk about how the tightening has played out over the past year, what we got wrong and what we learned, and our outlook from here, including what we see as a stubbornly higher-inflation environment and overly optimistic market pricing. Greg Jensen joins Bloomberg’s Odd Lots podcast hosts Joe Weisenthal and Tracy Alloway to discuss artificial intelligence, Greg’s background in it, the history of AI, how we are using AI at Bridgewater by drawing on the strengths and controlling against the weaknesses of different approaches, and how AI could change the economy and the future of work.
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