The interesting thing about AI is that the returns are so uncertain. You could imagine a world where AI is transformative and these investments are the best ever made, or you could imagine a world where the returns never come and it's the biggest misallocation of capital in history.
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Occasionally, the market does something so stupid it takes your breath away. The trick is to make sure you're there to take advantage of it — and that requires doing almost nothing most of the time, which is psychologically brutal for people who feel they're paid to act.
Peter Lynch — One Up on Wall Street
A world model is an internal mental simulation constructed by an AI system that represents the physics, spatial relationships, geometry, and dynamics of the real world.
Michael Spencer
Most people think of risk as the probability of losing money. But the real risk is the permanent impairment of capital — a temporary price decline is not a loss unless you sell. The investor who confuses volatility with risk will systematically sell at exactly the wrong moment.
Seth Klarman — Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor