David Siegel is worried, very worried as a matter of fact. The co-founder of Two Sigma, the $35 billion hedge fund said at the Milken Institute Global Conference that he's "very worried" that machines could soon replace a large amount of the workforce.
"Most people in the bulk of the job market are not involved in super-high-value jobs. They are doing routine work and tasks and it's precisely these tasks that computers are going to be better at doing" Siegel said.
A perfect example of this is on display in many Mcdonald's restaurants now as a result of some states raising the minimum wage. You now will find touch screens to place your order and pay instead of dealing with a person.
Of course, Mr. Siegel knows a bit about how powerful a role computers could play in the economy, as his New York based firm is regarded as one of the most sophisticated firms that use technology in order help it make money (i.e. high frequency trading).
A few other people chimed in on the matter as well. Steve Cohen, of SAC fame, agreed that artificial intelligence is "coming but not here yet", and it will be "a while" before technology displaces humans. David Harding, founder of $30 billion London based Winton Capital commented that artificial intelligence "won't completely change the whole field. It won't replace distressed-credit arbitrage or something like that."
While AI may not replace distressed credit arbitrage right away, one look at the floor of the NYSE during trading hours indicates that it may not be far off.
via http://ift.tt/1W6Vxe2 Tyler Durden