Social Leverage Palooza, the Status Trap, Strong Opinions, Loosely Held, and the Dangers of AI

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Why pursuing status will never bring true happiness

As generative AI captivates Startupland, startups will do what they have always done: integrate new technology to build transformative businesses. Incumbents have seized the moment with Microsoft, Adobe, & others integrating generative AI into their products quickest. In response, startups must develop moats to stake out their market. What are these moats? At the moment, capital & technical expertise create competitive advantage. Models require millions of dollars & technical expertise to deploy: document chunking, vectorization, prompt-tuning or plugins for better accuracy & breadth.

As a wrap up to our Work Life series, we want to share a preview of another podcast we love: Prof G hosted by Scott Galloway. His interview, "Scott Galloway on: the Impact of Work on Mental Health, the Role of Luck in Success, and How Much is Enough," kicked off this latest series. Scott's show combines business insight and analysis with life and career advice, and we're big fans. In this episode of Prof G, Scott shares his view on the "Future of Work"— from recruiting, to mentorship, to building teams. He touches on the role nepotism plays in the future of recruiting, to securing a job post-college, and team organization in the workplace. You can hear more episodes of the Prof G podcast here.

Listen to this episode from Panic with Friends - Howard Lindzon on Spotify. I’m excited to have my good friend Barry Ritholtz back on the show. Barry is the Chairman and CIO of Rithotz Wealth Management, an author, a newspaper columnist, and the host of the Bloomberg Podcast Masters in Business. He also runs a blog called The Big Picture, along with Josh Brown and Michael Batnick. I had Josh Brown on a few weeks ago, so I really wanted to bring Barry on to further the discussion. And who better to discuss the recent banking crisis than the guy who wrote the book on the Great Financial Crisis? (Bailout Nation). We cover how the market drives the narrative, and Barry shares his insight on a COVID-induced ‘reset’, the Fed, inflation, and how it all might play out moving forward. Enjoy! Guest - Barry Ritholtz, Chairman and CIO at Ritholtz Wealth Management Where to Find Barry: RWM Big Picture Masters in Business iTunes Twitter howardlindzon.com, ritholtz.com, ritholtzwealth.com, bloomberg.com/podcasts/series/master-in-business Twitter: @howardlindzon, @ritholtz, @RitholtzWealth, @PanicwFriends, @knutjensen #fintech #invest #investment #venturecapital #stockmarket #finance Show Notes: Introduction. (00:38) Welcome Barry (07:07) Strong opinions (09:15) Market actions drive narratives (12:28) Narrative fallacy & hindsight bias (14:02) Asset allocation (16:00) COVID reset (19:35) GFC v. banking crisis (23:56) What caused the bank run (26:28) VC’s becoming price takers (28:05) Interest rates & Inflation (30:53) The Moody’s tax (33:56) What else Barry’s excited about (35:38) Barry’s favorite podcast guests (37:15) VC’s shotgun approach (43:32) Private v. Public markets (47:06) Consistency leads to long-term performance (47:49) Wealth mobility in the US (48:55) Barry’s other favorite podcast guest (50:25) Shows Barry’s watching (53:30) Closing thoughts. (57:08)

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