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Why do traders in investment banks feel their jobs are immune from AI, etc?

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Re: Why do traders in investment banks feel their jobs are immune from AI, etc?

#51

> "Would you trust purchasing a house from a seller, without meeting/talking to them, or a single person before and throughout the purchase?" You mean I can get an unbiased look at a house in peace, compare the numbers, look at the plans, measure the humidity and do my due diligence without a sales person breathing down my neck? Hell yea. I'd pay premium for that.

[deleted]

Re: Why do traders in investment banks feel their jobs are immune from AI, etc?

#52

> "Would you trust purchasing a house from a seller, without meeting/talking to them, or a single person before and throughout the purchase?" You mean I can get an unbiased look at a house in peace, compare the numbers, look at the plans, measure the humidity and do my due diligence without a sales person breathing down my neck? Hell yea. I'd pay premium for that.

This is the classical hn bias. Normal people would like to talk to humans. Hn users would rather get info, plans, etc from houses and eventually buy them and sign the contract using a REST API with a node.js client..

Re: Why do traders in investment banks feel their jobs are immune from AI, etc?

#53

> "Would you trust purchasing a house from a seller, without meeting/talking to them, or a single person before and throughout the purchase?" You mean I can get an unbiased look at a house in peace, compare the numbers, look at the plans, measure the humidity and do my due diligence without a sales person breathing down my neck? Hell yea. I'd pay premium for that.

This is the classical hn bias. Normal people would like to talk to humans. Hn users would rather get info, plans, etc from houses and eventually buy them and sign the contract using a REST API with a node.js client..

Kind of defeats the analogy though.

Re: Why do traders in investment banks feel their jobs are immune from AI, etc?

#54

> "Would you trust purchasing a house from a seller, without meeting/talking to them, or a single person before and throughout the purchase?" You mean I can get an unbiased look at a house in peace, compare the numbers, look at the plans, measure the humidity and do my due diligence without a sales person breathing down my neck? Hell yea. I'd pay premium for that.

This is the classical hn bias. Normal people would like to talk to humans. Hn users would rather get info, plans, etc from houses and eventually buy them and sign the contract using a REST API with a node.js client..

Exactly lots of people want the experience of the salesman in picking a house, information on the neighbours and what its like to leave there & why the previous person is getting rid of it.

The HN bias is a bit like the salesman is the inefficient part disincentivized to help you and trying to rip you off.

Re: Why do traders in investment banks feel their jobs are immune from AI, etc?

#55

> "Would you trust purchasing a house from a seller, without meeting/talking to them, or a single person before and throughout the purchase?" You mean I can get an unbiased look at a house in peace, compare the numbers, look at the plans, measure the humidity and do my due diligence without a sales person breathing down my neck? Hell yea. I'd pay premium for that.

This is the classical hn bias. Normal people would like to talk to humans. Hn users would rather get info, plans, etc from houses and eventually buy them and sign the contract using a REST API with a node.js client..

Judging by the way estate agents (realtors in the US) are viewed in the UK I don't think anybody likes dealing with them. I suspect most people would rather learn JavaScript, Node and a REST API rather than have to deal with them.

Re: Why do traders in investment banks feel their jobs are immune from AI, etc?

#56

For around eight years my primary job function was to put investment bank traders out of a job, by automating what they did. There were still humans in charge of the algorithms, but they moved more towards Python programmers than market traders. Many of the "old-style" traders bitched about what we did, and most moved jobs to banks that were less advanced. (I was in the interest rates line; typical trade size is $10M…

I am curious about how the old-style traders actually did their jobs. Did they base their trading decisions on data or instinct?

Re: Why do traders in investment banks feel their jobs are immune from AI, etc?

#58

Earlier quoted context omitted.

This is the classical hn bias. Normal people would like to talk to humans. Hn users would rather get info, plans, etc from houses and eventually buy them and sign the contract using a REST API with a node.js client..

Judging by the way estate agents (realtors in the US) are viewed in the UK I don't think anybody likes dealing with them. I suspect most people would rather learn JavaScript, Node and a REST API rather than have to deal with them.

a real estate agent can never be as shitty as javascript. (few things have the potential to get there)

Re: Why do traders in investment banks feel their jobs are immune from AI, etc?

#59

> "Would you trust purchasing a house from a seller, without meeting/talking to them, or a single person before and throughout the purchase?" You mean I can get an unbiased look at a house in peace, compare the numbers, look at the plans, measure the humidity and do my due diligence without a sales person breathing down my neck? Hell yea. I'd pay premium for that.

This is the classical hn bias. Normal people would like to talk to humans. Hn users would rather get info, plans, etc from houses and eventually buy them and sign the contract using a REST API with a node.js client..

That's a rational buyer...what do you think the bank does? They run the numbers to see if the person qualifies, has great credit, etc...do you think they care how your day is going? Lol...

Re: Why do traders in investment banks feel their jobs are immune from AI, etc?

#60

> "Would you trust purchasing a house from a seller, without meeting/talking to them, or a single person before and throughout the purchase?" You mean I can get an unbiased look at a house in peace, compare the numbers, look at the plans, measure the humidity and do my due diligence without a sales person breathing down my neck? Hell yea. I'd pay premium for that.

> > > "Would you trust purchasing a house from a seller, without meeting/talking to them, or a single person before and throughout the purchase?"

> You mean I can get an unbiased look at a house in peace, compare the numbers, look at the plans, measure the humidity and do my due diligence without a sales person breathing down my neck?

No, I don't think anyone means that. They mean purchase the house.

You can't go into a company and get them to show you their sales pipeline and their staff's performance evaluations before you (potentially) invest. If you want to do these things, you need to make a series of smaller deals first.

Human beings can be fluid, can enter into non-disclosure agreements and make these kinds of bespoke deals, while a web-based transaction form with a buy-it-now button cannot.

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