Jump to content

Recommended Posts

Big picture: this will have more impact than anyone is discussing at the moment.

6. "60 Minutes" warning: AI could take 40% of jobs

1547112859578.jpg

Kai-Fu Lee talks to Scott Pelley. (CBS News)

40% of the world’s jobs could be done by machines as soon as 15 years from now, one of the world’s foremost experts on artificial intelligence, venture capitalist Kai-Fu Lee, tells Scott Pelley on the coming edition of "60 Minutes":

  • "AI will increasingly replace repetitive jobs, not just for blue collar work, but a lot of white collar work."
  • "Chauffeurs, truck drivers — anyone who does driving for a living — their jobs will be disrupted ... in the 15-25 year time frame."

"Many jobs that seem a little bit complex — chef, waiter, a lot of things — will [also] become automated," Lee continues.

  • "I believe [AI] is going to change the world more than anything in the history of mankind. More than electricity."
  • See a clip.

I asked Axios future editor Steve LeVine how we should think about this.

  • "Mike, yes this is credible," Steve emails. "It's the baseline consensus."
  • "The question then becomes can our societies train and retrain these workers — often in entirely different professions — fast enough to prevent a Gilded Age-style worker crisis."
  • "Since we have barely begun even talking about this, there are doubts and profound worries."

Share this post


Link to post
Share on other sites

BetMGM Michigan $200 Free Offer - Launching Friday (1/22)

BetMGM Michigan Sports Betting
Michigan online sports betting is launching on Friday, January 22, 2021. Pre-register at BetMGM Sportsbook & Casino and get a free $200 bonus at their online sportsbook & casino with no deposit necessary.

Claim $200 at BetMGM Michigan Now

Interesting.

Vanguard Won’t Let Investors Trade These Popular—but Controversial—Products

Quote

Starting January 22, customers won’t be able to purchase so-called leveraged or inverse products via Vanguard’s brokerage platform, the firm said in a release this past week. That cuts out roughly 400 such securities and funds currently offered on that platform.

The move by the world’s second-largest money manager by assets comes as these complex products gain traction among investors and increased scrutiny from regulators because of the risks involved. Leveraged funds magnify gains--or losses--of an index while inverse products seek to produce the opposite performance of an index.

 

Quote

Vanguard said in its release that it is taking action because the products are “generally incompatible with a buy-and-hold strategy.” The firm hasn’t offered leveraged or inverse products of its own. Brokerage customers who bought such financial instruments before the deadline can continue to own them, sell the products or transfer them to a different institution.

 

Share this post


Link to post
Share on other sites
38 minutes ago, Deleterious said:

I guess I'm an old scrooge, but I agree with them.  I can't read the entire article, but I picked up bits and pieces here and there.  I think they are talking about the 2 and 3X ETFs you can trade to short banks, indexes, volatility, etc.

They ARE NOT buy and hold investments, they are for short term trading only - or should be. The decay will kill you if you hold them long term in the wrong direction.  They will rip your face off if you are caught in some of the recent volatility we have recently witnessed.

Dissecting Leveraged ETF Returns - Investopedia

What You Need To Know About The Decay Of Leveraged ETFs

Share this post


Link to post
Share on other sites

Here's a little funny since I'm in here.

The Boss and I are going on a vacation in March.  Last March we went to Oregon (Portland area).  If you have ever been to Oregon in March, you will know it is cold, wet, windy, and overcast - at least most of the time we were there.  We were all over the state.  Incredible scenery, incredible area, and ****ing pot stores all over the place (legal there).

On Thursday we went to a lighthouse on the coast and froze our ***es off.  That night The Boss tells me - "if you ever dream up another vacation it damn well better be on a warm ****ing beach."  Direct quote.

Soooooooooooooo, this year it will be Clearwater Beach Florida.  That's a ****ing beach dear!

I gave her the plane tickets for Christmas figuring we could plan the trip before we go in March.  The second thing on the "to do" list (the first being on a ****ing beach) is going to Lakeland to a spring training game.  We have the hotel lined up, the day of the game we want to go to, and a few activities around the Clearwater Beach area.  Sounds like a good time.

In passing I told her, you know, between my bond ladder from Operation **** The Banks, and my CHANGE JARS I probably have enough money to cover most of this trip.  To which, she said "take you change to the bank."

WHAT?  Go through that BS again?  Really?

So I talked her into taking it.  This should be good.  I have 90 lbs of change (I weighed it over the weekend).  Let's see how long this goes on until she gets pissed at them and turns into me.  :-)

Share this post


Link to post
Share on other sites
1 hour ago, screwball said:

Here's a little funny since I'm in here.

The Boss and I are going on a vacation in March.  Last March we went to Oregon (Portland area).  If you have ever been to Oregon in March, you will know it is cold, wet, windy, and overcast - at least most of the time we were there.  We were all over the state.  Incredible scenery, incredible area, and ****ing pot stores all over the place (legal there).

On Thursday we went to a lighthouse on the coast and froze our ***es off.  That night The Boss tells me - "if you ever dream up another vacation it damn well better be on a warm ****ing beach."  Direct quote.

Soooooooooooooo, this year it will be Clearwater Beach Florida.  That's a ****ing beach dear!

I gave her the plane tickets for Christmas figuring we could plan the trip before we go in March.  The second thing on the "to do" list (the first being on a ****ing beach) is going to Lakeland to a spring training game.  We have the hotel lined up, the day of the game we want to go to, and a few activities around the Clearwater Beach area.  Sounds like a good time.

In passing I told her, you know, between my bond ladder from Operation **** The Banks, and my CHANGE JARS I probably have enough money to cover most of this trip.  To which, she said "take you change to the bank."

WHAT?  Go through that BS again?  Really?

So I talked her into taking it.  This should be good.  I have 90 lbs of change (I weighed it over the weekend).  Let's see how long this goes on until she gets pissed at them and turns into me.  ?

Pack a jacket just in case it may be Fla but it still gets cold. One of the coldest games (outside of opening month here) was a Spring Training game in Clearwater. Beautiful day, but once the sun went down, the decision to wear shorts to the ballgame was not one of our brightest 

Share this post


Link to post
Share on other sites

Noted on the cold weather.  The temps at that time are borderline so we could have nice weather, or not so nice.  I know it's a crap shoot but we don't care.  Thanks for the reminder just the same.

Do we want video of the beach or one of us going off on the swine banks?  :-)

**** the banks.  I hate banks.

Share this post


Link to post
Share on other sites

Anytime an employee asks me about investing I will go buy them Bogles book.  The Little Book of Common Sense Investing.  

I also made sure my niece received a copy for her high school graduation.  

Share this post


Link to post
Share on other sites
1 hour ago, Deleterious said:

I also made sure my niece received a copy for her high school graduation.  

Del is the fun uncle in the family. ?

It is a good idea though.  

Share this post


Link to post
Share on other sites

On Bogle, and I think this is a great point, and piece of history.

John Bogle’s Bombshell Gift to Americans

Short article so I'll just post it;

Quote

 

The legendary John Bogle passed away yesterday in Bryn Mawr, Pennsylvania. He was 89. Bogle was the founder of Vanguard Group. In announcing his death, Vanguard said that Bogle “introduced the first index mutual fund for investors and, in the face of skeptics, stood behind the concept until it gained widespread acceptance; and he drove down costs across the mutual fund industry by ceaselessly campaigning in the interests of investors.”

We’ll always remember Bogle for the courage he demonstrated on April 23, 2013 when he appeared on the PBS program Frontline. Bogle dropped the bombshell that Wall Street has attempted to hide for half a century: If you work for 50 years and receive the typical long-term return of 7 percent on your 401(k) plan and your fees are 2 percent, almost two-thirds of your account will go to Wall Street.

Bogle explained the math to Frontline’s Martin Smith:

Bogle: What happens in the fund business is the magic of compound returns is overwhelmed by the tyranny of compounding costs. It’s a mathematical fact. There’s no getting around it. The fact that we don’t look at it— too bad for us.

Smith: What I have a hard time understanding is that 2 percent fee that I might pay to an actively managed mutual fund is going to really have a great impact on my future retirement savings.

Bogle: Well, you have to rely on somebody to get out a compound interest table and look at the impact over an investment lifetime. Do you really want to invest in a system where you put up 100 percent of the capital, you the mutual fund shareholder, you take 100 percent of the risk and you get 30 percent of the return?

You can check the math yourself. Access a compounding calculator on line. Input an account with a $100,000 balance and compound it at 7 percent for 50 years. That gives you a balance of $3,278,041.36. Now change the calculation to a 5 percent return (reduced by the 2 percent annual fee) for the same $100,000 over the same 50 years. That delivers a return of $1,211,938.32. That’s a difference of $2,066,103.04 – the same 63 percent reduction in value that Smith’s example showed.

If you don’t know the amount of fees that you’re paying on the mutual funds in your 401(k) plan, 403(b) plan, IRA or other retirement vehicle, you may be putting your ability to retire with adequate income and dignity at risk.

 

NO!  Tell us it ain't so.

Share this post


Link to post
Share on other sites

I got an alert yesterday to check the messages in my Treasury Direct account.  It's my 1099 for my bond ladder known as "Operation **** The Banks."  From July 7th, when I started, until the end of 2018, I made $372.12 on money that just sat in my ZERO interest bearing bank account.  That would be ~$744.24 annually. 

smiley-163510__340.jpg

 

Share this post


Link to post
Share on other sites
25 minutes ago, screwball said:

I got an alert yesterday to check the messages in my Treasury Direct account.  It's my 1099 for my bond ladder known as "Operation **** The Banks."  From July 7th, when I started, until the end of 2018, I made $372.12 on money that just sat in my ZERO interest bearing bank account.  That would be ~$744.24 annually. 

smiley-163510__340.jpg

 

I have been doing something similar the past year.  Yesterday, I got a letter from my bank saying my balance is too low and I am going to lose my "Premiere" account if I don't put more money in.  What is Premiere about .01% interest?   

Share this post


Link to post
Share on other sites
18 minutes ago, tiger337 said:

I have been doing something similar the past year.  Yesterday, I got a letter from my bank saying my balance is too low and I am going to lose my "Premiere" account if I don't put more money in.  What is Premiere about .01% interest?   

I suppose it depends on the bank.  Mine has checking & savings.  The savings account pays .01 percent and the checking pays .00.  I have a checking account.  I don't get charged any fees for checks or a monthly charge if I keep over 5 grand in there.  People who keep less than 5 grand get whacked from 8 to 11 bucks a month fees depending on the balance. The above 5 grand account is the "premiere" but they use a different name.

They are all swine bred from the same smelly swine.

Share this post


Link to post
Share on other sites
19 minutes ago, screwball said:

I suppose it depends on the bank.  Mine has checking & savings.  The savings account pays .01 percent and the checking pays .00.  I have a checking account.  I don't get charged any fees for checks or a monthly charge if I keep over 5 grand in there.  People who keep less than 5 grand get whacked from 8 to 11 bucks a month fees depending on the balance. The above 5 grand account is the "premiere" but they use a different name.

They are all swine bred from the same smelly swine.

Actually, I do have a checking account, not savings.  It could be I would have to pay more fees if I don't add money, although the letter didn't say that.  Either way, I am pretty certain the amount of interest I get from the bonds will far exceed the fees.   

Share this post


Link to post
Share on other sites
On 1/14/2019 at 12:31 PM, screwball said:

Here's a little funny since I'm in here.

The Boss and I are going on a vacation in March.  Last March we went to Oregon (Portland area).  If you have ever been to Oregon in March, you will know it is cold, wet, windy, and overcast - at least most of the time we were there.  We were all over the state.  Incredible scenery, incredible area, and ****ing pot stores all over the place (legal there).

On Thursday we went to a lighthouse on the coast and froze our ***es off.  That night The Boss tells me - "if you ever dream up another vacation it damn well better be on a warm ****ing beach."  Direct quote.

Soooooooooooooo, this year it will be Clearwater Beach Florida.  That's a ****ing beach dear!

I gave her the plane tickets for Christmas figuring we could plan the trip before we go in March.  The second thing on the "to do" list (the first being on a ****ing beach) is going to Lakeland to a spring training game.  We have the hotel lined up, the day of the game we want to go to, and a few activities around the Clearwater Beach area.  Sounds like a good time.

In passing I told her, you know, between my bond ladder from Operation **** The Banks, and my CHANGE JARS I probably have enough money to cover most of this trip.  To which, she said "take you change to the bank."

WHAT?  Go through that BS again?  Really?

So I talked her into taking it.  This should be good.  I have 90 lbs of change (I weighed it over the weekend).  Let's see how long this goes on until she gets pissed at them and turns into me.  :-)

Not sure how far away you will be, but try the Clear Sky cafe for dinner one night.  Right off the beach down past the Hilton.  Get the paella if you are so inclined.  One of the best dishes I ever had, but it MAY have been because I was about 4-5 beers in when I had it.  Good drinks, small place and I enjoyed the food every time we go.

Share this post


Link to post
Share on other sites
2 minutes ago, John_Brian_K said:

Not sure how far away you will be, but try the Clear Sky cafe for dinner one night.  Right off the beach down past the Hilton.  Get the Piaya if you are so inclined.  One of the best dishes I ever had, but it MAY have been because I was about 4-5 beers in when I had it.  Good drinks, small place and I enjoyed the food every time we go.

Just checked their menus...looks like they may not offer it anymore.  Bummer.  It was a great dish IMO.

Share this post


Link to post
Share on other sites
4 hours ago, John_Brian_K said:

Not sure how far away you will be, but try the Clear Sky cafe for dinner one night.  Right off the beach down past the Hilton.  Get the paella if you are so inclined.  One of the best dishes I ever had, but it MAY have been because I was about 4-5 beers in when I had it.  Good drinks, small place and I enjoyed the food every time we go.

We are not far away. I have been scouting places and that is on my list.  So many things we want to do, so little time.  It looks like there is a place somewhere with a bunch of simulators.  I want to go there. I'm scared of heights (no planes), but **** on wheels.  Gotta try the race cars.  We're going to do a booze cruise too.

There is a trolley you can use to get around best I can tell.  Day pass is only like 10 bucks.  We're not even getting a car except for the day we go to Lakeland.

I have a countdown clock ticking on my phone.

  • Like 1

Share this post


Link to post
Share on other sites

And thanks JBK.  I appreciate any tips for that area.  This is one of our bucket list things; we are so pumped.  I just hope we get lucky on the weather.  That's always a crapshoot.

  • Like 1

Share this post


Link to post
Share on other sites
On 1/25/2019 at 1:47 PM, screwball said:

I suppose it depends on the bank.  Mine has checking & savings.  The savings account pays .01 percent and the checking pays .00.  I have a checking account.  I don't get charged any fees for checks or a monthly charge if I keep over 5 grand in there.  People who keep less than 5 grand get whacked from 8 to 11 bucks a month fees depending on the balance. The above 5 grand account is the "premiere" but they use a different name.

They are all swine bred from the same smelly swine.

Wow, glad I use a credit union.  No minimum and no fees at all on my checking.  

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


Michigan Sports Betting Offer

Michigan is launching online sports betting and casino apps on Friday, January 22, 2021. These top Michigan sportsbooks have pre-launch bonus offers. No deposit is required. Terms and conditions apply.

BetRivers Michigan - If you sign up at BetRivers Michigan now, you will receive $50 in free bets to use one their online sportsbook & casino

Click Here to claim $50 at BetRivers Michigan For Signing Up Now

FanDuel Michigan - If you register now before FanDuel launches in January, you will receive $100 to use at their sportsbook app & online casino.

Click Here to claim $100 at FanDuel Michigan For Registering Now

BetMGM Michigan - If you sign up early at BetMGM Michigan before launch, you will receive $200 in free bets to use at their online casino & sportsbook

Click Here to claim $200 at BetRivers Michigan For Signing Up Early

   


×
×
  • Create New...