A.I. Check

Universidad

SVaz said:

I don’t want to outsource my thinking, thank you very much. 

I would like nothing more than to outsource boring tasks that don't, for me, have applications in other areas, honestly. I'm not saying the current generation of AI is the tool for the job, but I sure wouldn't object to outsourcing my thinking on several matters, and finance is no exception. Come to think of it, there are a lot of IFAs on the forum catching strays with this line of thinking.

phlebas192

GenX0212 said:

Like asking the bloke in the pub who has an opinion on everything but actually knows very little?.....it's not quite as bad as that analogy but we have a saying in technology circles "sh*t in, sh*t out"

I'm old enough that we used the more polite term: garbage in, garbage out. But it's worse than that since using the analogy the bloke in the pub isn't some random bore spouting random (possibly correct, possibly wrong) "facts" but someone who is constantly trying to reinforce everything you already think and subjugates facts for whatever reinforces your existing beliefs.

FWIW, we are seeing an increasing number of internet articles that are being written by AI. These artciles are then being used to train future iterations of the AI models. The main scare stories about AI are that they will somehow wipe out humanity (despite no one being able to put forward a concrete mechanism as to how they could achieve this) but the real risk is that a majority of people will end up believing the garbage they excrete.

barnstar2077

I have had Copilot mess up maths problems that a computer should be able to do with ease.  Really basic errors, like forgetting to add annual growth when I have asked it to add annual growth onto a lump sum over a ten year period etc.

michaels

Perhaps you should ask chatgpt if it could summarise its T&C regarding what use will be made of the data you share with it and whether it makes sense to upload financial information...

This afternoon I wanted to model what the impact of the tax threshold freeze would be on a fixed real terms income such as a DB or annuity in 2025 money terms.

I had to tell it twice that its answer was wrong before it got something that looked half way correct, the first time I told it it was wrong it tried to gently explain to me why I was wrong and only the second time did it grudgingly admit I had a point.  Of course what I should have done is use excel myself, it wasn't a complicated problem and then I would have been certain (or more certain anyway) of the modelled result.

[If you are interested, if you retire in 24/25 with a real gross index linked income of 50,270 your post tax would have been 42,730 but by 31/32 in 2025 money terms it would only be 40,480, a real decrease of just over 5% assuming, 3.5% pa inflation - equivalent to the basic rate of income tax being increased from 20% to 26%]

ader42

The other week Google’s AI couldn’t even give correct facts about RyanAir luggage allowances when a friend of mine asked it - the information it gave was horrendously out of date - a simple look on the RyanAir website proved it - how anyone with a brain cell would trust AI for anything that mattered is well beyond me.   

michaels

ader42 said:

The other week Google’s AI couldn’t even give correct facts about RyanAir luggage allowances when a friend of mine asked it - the information it gave was horrendously out of date - a simple look on the RyanAir website proved it - how anyone with a brain cell would trust AI for anything that mattered is well beyond me.   

I believe they do state that it uses information up to a cut of date so by design does not have the latest info.

cfw1994

sgx2000 said:

Has anyone else done the same as me?

I suddenly thought.. 'I will put all my financial details into Chat GPT and Gemini. (
Everything Cash,  ISA's, Pensions, Premium Bonds etc
What my risk level, age, etc
My thoughts / plans etc etc etc

And then asked it for the most logical way to use my assets in retirement.

The results were really reassuring.

I suppose my next step is to input my retirement spreadsheet and ask both to check the calculations, formula'a etc

Has anyone else done this or am I just a little nerdy?

I did something similar & was also fairly surprised at how well it responded, explaining its reasoning.
& yes, it broadly confirmed my thinking 🤷‍♂️

I do agree that using any AI alone would be utter madness, but use it as a tool to ‘check your workings’ and see if it highlights anything you might have missed makes good sense 🤓

Don’t take it as gospel, ask for sources if you want, but like many tools, it can be useful 👍
In much the same way, prior to stepping off the hamster wheel almost five years ago, I used a few spreadsheets to check if they violently disagreed with my hand-crafted one.  They didn’t, & we haven’t regretted a second of the time spent since 🙏

Not sure how well it would handle my spreadsheet, but you go right ahead & give it a whirl - nothing to lose (aside from the crazy amount of energy every single AI question uses up 😳)

FatherAbraham

sgx2000 said:

Has anyone else done this or am I just a little nerdy?

Hallo SGX2000,

I was thinking more gullible then nerdy.

Best regards, 
FA

4500_Donavan

Just a reminder to everyone not to enter any personally identifiable information into these AI models. Otherwise, you are making it publicly accessible on the Internet and leave yourself open to fraudsters. 

sgx2000

FatherAbraham said:

sgx2000 said:

Has anyone else done this or am I just a little nerdy?

Hallo SGX2000,

I was thinking more gullible then nerdy.

Best regards, 
FA

Lol
You will have to explain that one...
Why gullible??

It checked my already 'thought through' ideas and helped to confirm them.
And suggested a few other ideas.

It is not necessarily 'positive re-enforcement' if it is just correct...

I suppose if you just treat it as i you are asking another person their opinion...
People get things wrong, but so does A.I.

I would guess that if you asked 10 different people their opinions, probably nine of them would have no idea what they are talking about.. lol