Evolution or Extinction?

Lunch with a friend from Sydney, here in Vienna. Possible only because Orville and Wilbur Wright completed the first powered flight in history in 1903. 

Railroads, air conditioning, cars, dishwashers, the internet, and smartphones also trace back to the creativity of individuals who saw a new world. A world entirely from the one people had known until then. 

Artificial intelligence, too, is the result of utopian visions for the future that were turned into reality.

No one asked us whether we wanted this world. But that is how technological leaps have always worked. Would the world have been better if the atomic bomb had never been invented? One major threat less. Human ingenuity, unfortunately, is unpredictable.

And now the genie is out of the bottle.

Soon, we will hear voices in this country calling for bans and restrictions around AI. But there is no turning back. Around the world, companies will use AI to increase their productivity. Those who fall behind will struggle to survive in the global marketplace.

Anyone who is not startled by the challenges ahead has not been paying close attention. We all need to become more adaptable and learn how to work with these new tools.

Stocks and bonds are being put to test as well. Who benefits, and who loses? Will AI change demand and competition? Do business models need to be reconsidered?

Subtle nuance.

It is not enough to ask these questions once and come up with one possible answer. They need to be asked again and again. But beware: in the age of AI, precise wording matters. The consequences of the answers can be far-reaching.

It is good that the Gutmann investment strategy is broadly diversified. And it is good that our clients can speak with us personally. 

We analyze data, but we also understand subtle nuance. That is more necessary than ever. 

Fortune hunters may bet on only one possible future. We prefer to prepare together with you for a wide range of possible outcomes