What Happens When Everyone Has Institutional Investing Tools?

Artificial intelligence is rapidly transforming investing, wealth management, and the global economy — but what happens to human judgment when information becomes instantly accessible?Ram Ahluwalia hosted me as a guest this week and in this conversation we discuss:• how AI compresses the time between information and decision-making• why human judgment still matters in investing• the collapse of traditional institutional advantages• how technology historically reshapes financial markets• why AI may expand entrepreneurship instead of eliminating work• the future of portfolio management, investing, and financial intelligenceThe discussion explores the evolution from the fax-machine era of Wall Street to AI-native investing tools, the limits of artificial intelligence, and the role of intuition and conviction.Topics include:AI investingHuman judgment vs AIThe future of wealth managementInstitutional investingInformation asymmetryStock market investingEntrepreneurship and AIPortfolio managementThe future of workTechnology and economic progressSubscribe for weekly conversations and essays on AI, economics, technology, Bitcoin, energy, markets, and long-term human progress.Subscribe to my Substack for more in depth analyses of these topics: https://robertdewey3.substack.com/Thank you very much to our sponsors:Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7GTimestamps:00:00 Why Americans Became So Pessimistic About the Future03:25 Ken Griffin’s AI Warning to Wall Street05:15 Why There Will Never Be a Shortage of Problems to Solve06:20 What AI Is Good At — And What It Isn’t07:35 “AI Doesn’t Think. It Simulates Thought.”08:30 Sponsor: Foundation Passport Prime09:05 Why AI May Expand Entrepreneurship10:40 How AI Is Transforming Investing and Wealth Management12:00 How Institutional Investing Became Democratized14:15 AI Is Compressing Institutional Advantages16:10 Why Human Judgment Still Matters in Investing17:00 What Happens When Everyone Has Institutional Information?19:15 The New Scarce Asset: Time and Attention21:00 Can AI Capture Most Investment Alpha?22:00 Why Non-Consensus Investing Will Never Disappear24:20 Why Too Much Capital Destroys Alpha24:45 The Limits of AI and the Importance of Human Intuition