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More jobs to be lost to automation--this time in financial asset mgmt
Posted on 3/29/17 at 10:36 am
Posted on 3/29/17 at 10:36 am
BlackRock, one of the largest asset management firms, has found its stock-picking unit to lag behind rivals.
So it has decided to let several people go and let the computers pick stocks to trade.
LINK
Futurist Joel Arthur Barker said that when the paradigm shifts, everything resets to zero. And in the labor market (as well as retail), we're seeing them.
So it has decided to let several people go and let the computers pick stocks to trade.
LINK
Futurist Joel Arthur Barker said that when the paradigm shifts, everything resets to zero. And in the labor market (as well as retail), we're seeing them.
Posted on 3/29/17 at 10:39 am to Quidam65
Shame that the buggy manufactiring industry didn't survive the horseless carriage.
Posted on 3/29/17 at 10:40 am to Quidam65
Its called Robo and Blackrock isn't the only one who will soon be using.
Posted on 3/29/17 at 10:55 am to Quidam65
Robots ARE more trustworthy to pick stocks. Human stock pickers are mostly either glorified drug pushers or TV bookies.
Posted on 3/29/17 at 10:56 am to Count Chocula
quote:Blackrock has increasingly employed robo-investing in its ETFs. The change here is toward hybridization of their custom services. Human investors, especially high premium hedge fund managers, have underperformed for several years. Blackrock will lay off its poorer performers, and use robo-advisors to make its top advisors more efficient.
Its called Robo and Blackrock isn't the only one who will soon be using.
Posted on 3/29/17 at 11:01 am to NC_Tigah
"Seems to me main benefit of robot stock pickers is to underperform the indexes more cheaply than humans." -Greg Ip
Posted on 3/29/17 at 11:03 am to Quidam65
(no message)
This post was edited on 1/10/21 at 7:30 pm
Posted on 3/29/17 at 11:05 am to The Baker
quote:
Then find a job in automation.
Survival of the fittest or survival of the most adaptable?
at some point, probably not in our lifetimes, people will realize that the idea that everybody needs a job to "pull their weight in society" is an archaic concept.
Posted on 3/29/17 at 11:05 am to Quidam65
Happening with some of the entry level Big Law jobs too- document review and the like are being filled through a combination of outsourcing and automation.
It's going to be a serious issue in 10-20 years when its white collar folks being replaced by machines and not factory workers or miners.
UBI might be an eventuality but its going to be hard on the US from a psychological standpoint.
It's going to be a serious issue in 10-20 years when its white collar folks being replaced by machines and not factory workers or miners.
UBI might be an eventuality but its going to be hard on the US from a psychological standpoint.
This post was edited on 3/29/17 at 11:06 am
Posted on 3/29/17 at 11:06 am to Machine
(no message)
This post was edited on 1/10/21 at 7:30 pm
Posted on 3/29/17 at 11:06 am to Quidam65
If they all are run by robots, at some point the AI becomes smart enough across the board that there's no more advantage, right?
Or am I overthinking this?
Or am I overthinking this?
Posted on 3/29/17 at 11:07 am to blueboy
quote:
Robots ARE more trustworthy to pick stocks. Human stock pickers are mostly either glorified drug pushers or TV bookies.
A large part of it is sales- convincing clients to buy in on a product or let you churn their portfolio to generate fees.
Posted on 3/29/17 at 11:08 am to The Baker
quote:
Robots are essentially slaves and will perform anything we need.
until the uprising
Posted on 3/29/17 at 11:08 am to Quidam65
damn, imagine when they make a paralegal robot, the poli board will all lose their jobs!
Posted on 3/29/17 at 11:11 am to Machine
quote:
at some point, probably not in our lifetimes, people will realize that the idea that everybody needs a job to "pull their weight in society" is an archaic concept.
You have to realize that the people who parrot this feel they are special and everyone else should be like them. Automation is the way of the future. And the future is cutting staff to skeleton crews.
Posted on 3/29/17 at 11:13 am to 90proofprofessional
quote:
"Seems to me main benefit of robot stock pickers is to underperform the indexes more cheaply than humans." -Greg Ip
Posted on 3/29/17 at 11:16 am to Quidam65
quote:
BlackRock, one of the largest asset management firms, has found its stock-picking unit to lag behind rivals.
So it has decided to let several people go and let the computers pick stocks to trade.
LINK
Futurist Joel Arthur Barker said that when the paradigm shifts, everything resets to zero. And in the labor market (as well as retail), we're seeing them.
Hell I've been saying this for years, it's algorithms running on super computers trading on market movements up and down. The dude wearing a tie behind the desk at Edward Jones is a salesman who will ascertain your risk aversion, make some investment suggestions and give the computer that info.
Posted on 3/29/17 at 11:19 am to montanagator
quote:
Happening with some of the entry level Big Law jobs too- document review and the like are being filled through a combination of outsourcing and automation.
It's going to be a serious issue in 10-20 years when its white collar folks being replaced by machines and not factory workers or miners.
UBI might be an eventuality but its going to be hard on the US from a psychological standpoint.
Now you're starting to catch on, it's the same thing with mass immigration, the people who don't care about mass immigration, whether legal or illegal, are the people who don't think their jobs are at risk.
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