I Just Lost My Job (AI Changes Everything)

In episode 311: AI is stealing our jobs, TikTok CEO went to Capital Hill, dividends have a competitor with cash, and Canadian Pacific had it's merger approved.

00:00 Preview
01:50 M1 Sponsorship
02:41 AI is stealing our jobs
15:56 Stock portfolio update
22:20 TikTok Before Congress
32:15 Dividends have competition

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About Joseph Carlson:

I am not a professional investor and have never claimed to be. I'm an amateur investor sharing my experience of what I've learned, where I have had success, and where I've had failures. I share my thoughts on investing and performance with transparency. My approach and goal to investing is to buy high-quality long-term investments in world-class businesses that I call "compounders". I view my investments as businesses, not as stocks. Before creating content on YouTube full time I worked as a senior-level programmer for 8 years. Over the years as a programmer, I compounded my knowledge of development. I take the same iterative learning approach to my study of investing. I study investing as a craft in the continual pursuit of being better. I will make mistakes in investment decisions from time to time. Results are not guaranteed. Please do not blindly follow me into any investments, and make sure your portfolio and investments are built around your specific income, risk tolerance, personality, and timeline, and overall circumstances.

[JosephCarlsonShow]

The impact of AI is already being felt - this post on reddit was sad. Are you concerned about your current job in regards to it being automated away with AI?

[woeliewoeliewoelie]

He missed the reddit poster's point. In terms of economics, efficiency and growth, AI might be a good thing. It might even create more jobs, sure. The point of the reddit post is that this AI is taking jobs that human beings LIKE to do. Of course everyone would want agriculture to be more efficient. Coding to become more efficient... But what we might not want is creative jobs to be replaced by AI. Because that's something that we enjoy doing. Imagine a world where AI does all creative tasks better than human beings. It's impressive perhaps but it doesn't sound like a very good development for the well being of creative individuals. AI might be good for economy but bad for the mental health of human beings in the future. I think that's the fear here.

[wtzfekk]

Buying a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. Hence what are the best stocks to buy now or put on a watchlist? I’ve been trying to grow my portfolio of $160K for sometime now, my major challenge is not knowing the best entry and exit strategies ... I would greatly appreciate any suggestions

[takenote]

This is a very scary time we are living in, this is the first time in human history a father cannot tell his children how to prepare for their future.

[patriciacarlos]

I feel sad that even though I am investing, I don't have the brain power to dig through how each company is doing, is this a good time to buy stocks or not, my reserve of $450K is laying waste to inflation and I don't know what to do at this point tbh, I need solid data on market trajectory

[collegedegree]

The jobs that are safest are plumbers, electricians, and CEO’s.

I’m becoming a CEO…

[jacobprice]

AI represents a paradigm shift that sets it apart from the Industrial Revolution and other historical mass automation movements. The key distinction lies in its aim to emulate and generalize human intelligence, which is unprecedented in the annals of innovation. As AI surpasses human capabilities in an increasingly diverse array of tasks, we face the likelihood of a significant reduction in job availability across various sectors in the near term, and nearly every sector in the long term. These jobs will not be replaced. This increased proficiency will lead to widespread job displacement, as machines prove more efficient and cost-effective than their human counterparts in every regard.

[BringTheRains]

Senator: We care about our children.
Also the US: School shootings, thoughts and prayers.

Yeah. I take their words seriously.

[JamesBrown-hsyz]

Lost on this is that China bans all our tech. Facebook, Google, Twitter, Snapchat and Reddit are already banned in China, so why do we allow TikTok in our country??

[Lucsy]

At my workplace (E-Commerce software company) my team and other colleagues (Frontend Developers and Designers) are talking about AI now almost every day and it's frightening to see the advancements made daily. Our company is also talking about implementing and utilizing AI since Chat GPT and I'm sure our jobs aren't safe for the next couple of years. The question is how our jobs evolve to be relevant in the future as well

[kenotenshi]

As a white guy living in China right now, I see several things: 1. People are crazily addicted to Douyin, to the point I see them hitting the walls while walking and watching their phones. They even scroll on the app while driving their motorcycles. 2. The Chinese government is extremely strict with kids education and media / video games addiction. They recently banned video gaming for minors (below 18). They also drastically changed the way how children are sort of forced into after school activities by the parents.;3. As a regulated country with central authority, everything that can reach the people in anyways is being curated for a “better society”. There are pros and cons to the freedom of speech / free access to information. In the US, the CEO of TikTok needs to deal with a too open market, in China he needs to deal with a very close market with tons of rules and regulations. I personally don’t blame him. I think parents are more to blame for letting their kids out of control. In China, parents are always behind the kids. Totally different parenting style.

[LawdDemRangz]

Comparing China to the US is difficult for a lot of reasons that most Americans nowadays aren't comfortable with. One of the more glaring ones is ethnonationalism: right or wrong, China puts the Chinese first. You can argue that their way of governance is brutal by American standards, and you'd be right, but they simply don't see it that way. They do not see freedom or speech, movement, association, or even the concept of freedom itself, the same way that westerners do. They do not envy an open and multicultural society like ours, and thus do not feel any sense of responsibility for the wellbeing of anyone that they sell clearly toxic products to. If there was incontrovertible, knock-down evidence that tiktok turned its user's levels of product consumption up to 11, you can be sure that the Chinese would be first in line to satisfy that craving with endless, cheap goods. In the end, if you don't want your kids watching this crap, take away their access to it. An American politician trying to make a case to a Chinese businessman that his products are harmful is like a cow trying to convince a butcher that vegetarianism is the way to go.

[LuKiSCraft]

But China already has banned If anything, this is just leveling the field. I don't think the CCP would risk kicking out AAPL and TSLA just for some 'protest' about the TikTok ban. That would have even more massive implications for their economy than it would for ours.

P.S. TSLA has 40% of vehicle production in China, whereas AAPL has 90% of iPhone production ;)

[RetireandGo]

Thank you for discussing this Joeseph.
I am focusing growth on Microsoft Google Apple Nvidia AMD Tesla and Amazon to prepare for the AI disruption.

Also building my Dividend portfolio to provide emergency income

[kindke]

AI cannot replace art, it is a supplement, AI cannot generate an image that is in the mind of the artist. Also with these AI generation pictures you cannot get specific things.

[lonestarsapperd]

I am one of those on that list you provided and I agree it’s likely happen. However, I do not think it’s a necessarily a good thing. Looking at agriculture that was previously mentioned we are nearly net neutral in imports vs exports now at $177 billion in net agriculture exports vs $171 billion in net agriculture imports. It won’t be long until this a net negative trade imbalance just like all other goods. The equipment and automation has made farmers produce far more in quantity with less manpower but it’s increasingly more difficult for the farmers to actually turn a profit than before. Hence, why there aren’t many people pursuing agriculture these days. Many people are now 3 and 4 times removed from the farm now and valuable knowledge is being lost. When folks left the farm there was the white collar service industry to turn to and now that industry is under attack. It real sure where people will turn to next. Perhaps, something will open up but we are flirting with danger here. I have no idea what will pursue afterwards but it is a heavy risk gamble imo. Just my .02 worth.

[themomaw]

My prediction is that you vastly underestimate how much this is going to affect employment. Sure, in the past, there was other jobs for people to move into. That isn't the case this time. Because it's not a case of machines supplanting a human's capacity to do brute force labor, it's a case of intellect and creativity being replaced. All of the jobs that you named are going to disappear. It is impossible to employ a human at tens of thousands of dollars per year, to do something that a piece of software can do for literally pennies. HUGE swaths of the multiple industries wiped out, within 5 years. Generative AI is the end of current society and economics.

[therealgigamosh]

I get what you are saying with the automation allowing people to move to new jobs, but in this case I think you are underestimating the power of AI. While with agriculture and other blue collar jobs being automated it allowed for people to pursue more white collar jobs, AI is now automating those white collar jobs. The difference before was there was somewhere to pivot. As time goes on and there are more things being automated there are less and less places to pivot. You might say just go to the next thing, but eventually there is no next thing. What do you do when all your needs and wants can be met automatically? People will struggle to demonstrate value. Strange to think of this as a problem I know, but this is the problem we will be facing and we are approaching this inevitability rapidly.

[rambogoham]

at 15:45 did you look at the labor participation rate for the country you showed? regarding the unemployment rate?

[paolom]

could you show us the tracking of your monthly dividends? It would be interesting to see how dividends changed after your 2023 portfolio update