The Dead Economy Theory: https://news.ycombinator.com/item?id=48324712
"The underlying purpose of AI is to allow wealth to access skill while removing from the skilled the ability to access wealth". (comment on the discussion above: https://news.ycombinator.com/item?id=48334069)
This has been the definition of finance for hundreds of years. I don't know why it comes across here like this is a new phenomenon.
One can study economics for 1000s of hours. Not spend a single hour on psychology, or economic history. And then obtain a bachelors (or even masters) degree in economics.
This, while it's crystal clear that markets aren't always fair. Playfields tilted. Buyers & sellers ill-informed, or not free in their decisions. Small investors can't touch instruments in institutional investors' toolbox. Historic mistakes are made again & again.
And psychological effects matter. Markets have a 'sentiment' (bull vs bear), investors fomo driving buy/sell frenzies, etc.
So is it any surprise that valuations are irrational? Let's face it: stock markets are a casino, filled with gullible fools & deep-pocketed crazies. Oh yes, some sane ones in there too.
I expect Cory to have skepticism about technology that can be exploited for dystopian purposes, but calling AI "the world's money-losingest technology" is out of touch. If AI can support/replace some intellectual work, it'll be revolutionary, and that's what the investment bet is about.
I get that the blog post is making a separate point about Musk's companies but it's dissapointing to see mistakes like this in Cory's thinking
Edit: the article that the author is commenting on is IMO much better than the linked commentary. There's not much to it
Is it because he isn't actually using the technology for work on a day-to-day basis like a lot of us?