The ChatGPT Idiot

ChatGPT is a powerful tool, but like any tool, it can be dangerous in the wrong hands.  

Recently, I needed to cut a concrete wall in my house. A friend lent me a saw designed for the job. It weighed about fifty pounds, and the cut had to be made above my head. After several shaky attempts, I realized I was out of my depth.  

So, I called my friend Al, a mason from the 1970s, who’s still in great shape. Within twenty minutes, he’d finished the cut cleanly and safely. As he worked, he explained how to install a lintel to support the opening above it. Watching him, I understood something important: the same tool that could have hurt me was effortless in the hands of someone who knew what they were doing.  In addition, the job was now done the right way.  Something I would never have realized on my own accord.  

Artificial intelligence works the same way. In capable hands, it’s an incredible asset. In untrained ones, it breeds overconfidence and that can lead to disastrous outcomes. People now believe they’re lawyers, doctors, or financial advisors after a few conversations with a chatbot.  

For comparison, think about YouTube. It’s far from perfect, but it moves at a human pace. It teaches, step by step, often showing the mistakes and how to fix them. ChatGPT, by contrast, gives you fast, confident answers and confidence can be misleading. Computers don’t understand human confusion or error. Experienced professionals do as they have gone through the learning curve themselves at some point.  

^{Michael Connon is a Senior Financial Advisor with Assante Capital Management Ltd. The opinions expressed are those of the author and not necessarily those of Assante Capital Management Ltd. Please contact him at (905) 771 - 5200 or visit https://tmfg.ca/  to discuss your circumstances prior to acting on the information above. Assante Capital Management Ltd. is a Member of the Canadian Investor Protection Fund and the Canadian. Investment Regulatory Organization}