Issue #1

I am reasonably rational about it. I am continually exploring new technologies and approaches that may help Noviscient as we work on disrupting asset management. However, there is always a first principles perspective that asks whether it really creates value for us and our customers.

My framework for assessment and decision-making is "value creation." And while "value" can be hard to define, it is reasonably straightforward if you think hard enough about it.

Recently, we have seen waves of innovations that promise to change the world but then revert to the mean (as in, deliver way less than promised):

• blockchain, cryptocurrencies, the metaverse and so on

• AI and neural-net-based deep learning

• more recently, Generative AI (LLMs, etc)

These are all characterised by the magical thinking that these "innovations" will somehow create a lot of value, without having done the hard work of defining what value and how it will be created.

This would be not so bad, except these "innovations" attract a circus of promoters that use this magical thinking, the cover of the thing's technical complexity, and the ubiquity of social media to way over-resource the thing.

This over-resourcing can be naive (hopium) but also more malicious (rug pulls, hyping valuations, etc.)

Anyway, the point I am trying to make in a very desultory fashion is for everyone to think about whether they are part of a value-creating enterprise (in any form) or a value-transferring enterprise.

(and anyway, I write these posts mostly to clarify my own thinking)