Munger and Buffett talk about machine intelligence, AI, computers and related at the 2018 Berkshire conference – below is one dialogue on the topic
Also from 2018 BRK Conference coverage
ValueWalk's Raul Panganiban interviews JP Lee, Product Managers at VanEck, and discusses the video gaming industry. Q4 2020 hedge fund letters, conferences and more The following is a computer generated transcript and may contain some errors. Interview With VanEck's JP Lee ValueWalk's ValueTalks ·
Hi Warren, Hi Charlie thank you for everything. I'm David Kingo global manager in Shanghai. I've been here for eight years. This is for many us the Olympics. You are my champion team. So my question is that fast-growing machine. Halogens how do you see the new competition (of machines) impact the capital allocation. Productivity in the future for Charlie. What is the first principle of capital allocation front inaudible or economic interest points of view? Thank you. Well, two questions.
Machine intelligence I'm afraid the only intelligence I have as proof is being provided by something that's not a machine and I don't think I'm going to learn machine intelligence. If you ask me how to beat the game or go with my own intelligence I couldn't do it. And I think it's too old for me to learn computer science generally. I think that the machine intelligence has worked. After all the machine now can beat the best human player go. B
ut I think there's more hype in that field than it is probable and cheap and so I don't think the world is going to change that much by machine intelligence some but not hugely. And what was the other question? What was machine intelligence was getting a capital allocation?
Oh yeah that's such a general question. Generally speaking we're always trying to get the best to get something that's worth buying and the human mind rejects that. If you're in academia, you could come in and make one declare three cents at the opening of the semester and you're dying to do for the rest of your time.
So we will want to find some formula. It's what I call physics envy. These people want the world to be like physics but the world isn't like physics outside of physics. And that false precision just does nothing but get you in trouble. So I would I would say you got to master the general ideas and you've got other work to improve your judgment slowly. All the rest of us had and I don't think most individuals have much hope of individual gain from machine intelligence.
I don't think that I'm impressed with machines goal or something of the shorter or even when the chess or whatever it may be I don't really think they'd bring much to the table regarding capital allocation or investing. And I maybe I'm missing something entirely and maybe I'm just blind to what's out there. You're raising a lot of very remunerative for earning Twaddell.