Cognitive
Regular Member
- Mar 11, 2015
- 401
- 222
Wanted to ask you guys if there is a need on the market for a complex answers generator (the Quora style answers)?
Obviously, this "generator" will use AI (GPT-3 type of AI).
Check this sample:
Actual Quora question: Are Wall Street bankers and investors all greedy, stuck up, and arrogant jerks, like the way films portray them?
Our AI answer (674 words):
Obviously, this "generator" will use AI (GPT-3 type of AI).
Check this sample:
Actual Quora question: Are Wall Street bankers and investors all greedy, stuck up, and arrogant jerks, like the way films portray them?
Our AI answer (674 words):
No. The reality is much more complex. Here are five reasons why you shouldn't hate these people.
1. They're just doing their jobs
Wall Street has a reputation for being ruthless and cutthroat. But that's not exactly true. In fact, most financial professionals have to adhere to strict ethical codes when trading stocks. These include rules against insider trading (trading on information they know before it becomes public), market manipulation, or violating federal securities laws. And, of course, there's always the possibility of getting caught in an illegal action. If you think about it, the vast majority of us would probably do pretty unethical things from time-to-time if we didn't have any moral guidelines.
2. Financial markets aren't as complicated as they seem
For example, let's say you buy shares of Facebook Inc., a stock that trades over $50 per share. You see news reports saying Facebook might be worth as little as $10 per share in two years. What should you do? Should you sell off your shares now, or wait until after Facebook announces its results next week? Or maybe you've heard that Google Inc. could become the second largest social media company behind Facebook within six months. Should you invest in Google right away, or hold out for another year? This isn't rocket science. We all have to make decisions every day with incomplete data and unknown factors. That's what makes finance so exciting — you never know how prices will move until you act!
3. Financial markets can help ordinary folks get ahead
You may read stories about traders making huge amounts of money while other companies go under. That's because the average trader at an investment bank only gets paid around 1 percent of the profit he or she helps generate. Meanwhile, many small businesses fail simply because they don't have enough capital to sustain growth. So why does this happen? It happens because banks won't lend money to a business owner based solely on his or her income. Instead, they want proof that the person has assets that can back up his or her claim that he'll repay loans in full. Think of it this way: Would you lend your neighbor $100,000 without collateral? Probably not, but that's essentially what lenders do. A lot of small businesses are forced into bankruptcy court because they couldn't borrow money in order to grow. On the flip side, some large corporations have gotten rich by investing in smaller firms that were struggling.
4. Some people really are sleazy
It's easy to hate someone who pulls scams on others. However, the truth is that many people working in finance are honest hardworking individuals. They work long hours, often with less pay than their counterparts elsewhere in society. Plus, they also face lots of pressure from managers and clients to produce profits. Sometimes, the stress can lead to unethical behavior. Still, you'd be surprised how few actual frauds occur on Wall Street compared to other industries. According to a recent study published by the FBI, only 0.005 percent of employees at major brokerage houses committed corporate fraud between 1991 and 2010. Compare that to health care providers where fraud occurs as frequently as one percent of patients' bills.
5. Wall Street plays a vital role in our economy
The world runs on money. Banks create trillions of dollars of new credit each month. Then those dollars are lent to consumers and businesses. Without Wall Street, economies wouldn't grow. Sure, some people on Wall Street take advantage of the system. But even Bernie Madoff, whose Ponzi scheme cost investors billions of dollars, was actually helping the rest of the country immensely. He had a team of analysts and brokers who worked tirelessly to find good investments. Had they not done the research and analysis, no one would have invested in Madoff's "fund." As a result, countless lives were changed forever, and millions of Americans lost their life savings.
So yes, there are plenty of bad apples on Wall Street, but the real problem lies elsewhere.