The World Just Changed, Chat GPT for Funds

Hello. Hello. Welcome on, people. Good to see y'all here today. We are going to talk about some crazy stuff. So number one is how the world has just changed with AI and AI bots. I want to use it specifically for funds, how you can use products like ChatGPT for funds. This thing has transformed the world. If you guys haven't heard about this, where have you been the last month? But we're going to talk about use cases, how this all works. and all that kind of stuff on today's live call. So welcome in. I've got a few people in the waiting room. I'm gonna let them in real quick. Um, welcome in, y'all. Um, we're gonna go like this. Okay, so people that are in our academy, you guys can come in live here. Um, this is, uh, also being streamed to YouTube as well. So you guys are on YouTube and want to join on the live call, take questions live from this group on there, um, you guys just have to be members of the academy in there. So you go down below, you guys can join, and you're all in there. So first off, let's talk about ChatGPT and what's going on there, which is pretty crazy. I'm gonna share my screen real quick and kind of show you some of the use cases of this. Now, this is a— let's see. Bam! Share my screen. Boom! Okay, here's our channel. Alright. So if you guys haven't used this, the first time I used this, I spent probably an hour, hour and a half in one session. I was enthralled with it. I mean, it's just crazy. What proxy this— and this is the first iteration of these true AI bots. It's bugged me for the last like 3 years. All these companies that come out and are like, hey, our AI bot, we have an AI automated sequence that does— and it's like, dude, it's not AI. That's just code. It's just like fancy code. It's not true artificial intelligence. And finally today we actually have a few products out there that are true artificial intelligence. They're actually truly writing things that are unique. And things that have never been, never happened before. And it's learning. So this is ChatGPT is from OpenAI. And by the way, it's all open source, a company that's owned by Elon Musk, a bunch of other people. And anyways, it's pretty, it's pretty darn cool. So this is what I did. Like for one of my chats, I did this one. I did write me a poem for my, my wife Lauren, the mother of our son Jonah. And it wrote me actually, you know what, let's just do it right now. I'll do a new chat. I'm going to say Write me a poem for my wife Lauren. Okay, it's gonna write me. It sits here and thinks about it for a second, and it'll write me a poem for my wife Lauren. Now, as it writes this, you'll kind of see you can come down here below and tweak it. So I can come in and tweak. If you guys— I'm just giving you a brief intro to ChatGPT. You guys can go do this yourself, but it's pretty fun. So you come down here and like say like, make it, you know, make it a Make it shorter and it'll take kind of the same thing, but it'll just shorten it up. Bam. I can add, hey, like, add, like, you know, talk about our son Jonah. Anyways, it's really interesting. You can and you got to tweak it. You got to be. And it's funny, I was listening to a couple of guys talk about this. They're saying that the economy is going to change. So start to use— this is like a really dumb example for like writing something, but think about how this affects if you are writing code, writing legal documents. Watch this. Write me a legal— let's see, let's, let's say, let's write me a tenant and landlord agreement. For a property in Miami, Florida. And please use— well, let's just do that. Let's just leave it like that and I'll tweak it later. How do you spell Florida, man? What the heck? Ah, there we go. You guys try to spell in front of people live. I don't want to see it. I want to see it happen. Okay, everyone's about, oh, you can't spell correctly. You know what? It's hard to do it on a live stream. Okay, it's hard to spell things correctly. All right, all right, let's see. Let's see if it does it. Sometimes it doesn't do it, sometimes it does. Let's see. I haven't tried Florida before, so it should— it's going to write me out a full agreement and it's going to write it for with the state of Florida's laws. Specifically, let's write like term of lease. You can put all this stuff, and then I can go in below and say, okay, the property is 123 North State Street or whatever, and it'll go pop it in. Okay, so you can write legal agreements. Freaking crazy. Potentially, right, you could write your LPA, your PPM, your documents for your fund could be written right here. Hey, write me an LPA and PPM for this type of fund in this type of state. with these laws and it'll write it for you. Freaking insane. This displaces lawyers. Now, what we've seen, I've done so much, at least currently, it'll do like 80% of the work, right? So this will do, you know, if you had a lawyer in a rental agreement, like this will do 80 to 90% of the work, the template. And then usually you'll need a lawyer still to come and just check things. But again, 80 to 90% of the work is done right here, which is freaking insane. I literally spent 2 hours on this the first time I used it. It was so crazy. So you think about this with funds, right? I'm going to stop this. It's going to keep going. Oh, there we go. Okay, so let's just add a quick— and I can say add more, add less. I'm going to do a new chat. The stuff it displays is you can do code. You can say build me JavaScript code for XYZ purpose and it'll build you the code. There are people right now building apps like iOS app, all this kind of stuff. using softwares and services like ChatGPT and AIs like this that'll write the whole software for you. So think about coders, lawyers. I mean, you could go across the board. They have other AIs that are really good at video editing. So they come in, they edit your whole videos. For me, write me— I'll come in here. Write me an ad for Fund Launch Live 2023. Like, look at this. It's writing me an ad for Fun Launch Live, which is just so crazy. So I can come in here. It does like 90% of the work, and then I can come in here and just tweak a few different things. And boom, bada bing, I've got an ad for Fun Launch Live. And by the way, Fun Launch Live is going to be freaking insane. We have actually— we are way ahead of schedule for selling tickets, which is— we are We are selling tickets. So last year we sold— it was 1,000 people we sold. We actually ended up selling over some. We sold 1,200 tickets and we sold out of that event, even oversold the event. This event we're doing 2,500 people, so more than double our previous event. We are 10% faster pace of ticket sales this time around than we were last year. As far as percentage of tickets sold, we're 10% ahead of last year. And last year we sold out 3 weeks before and oversold the event by like— 100, 200 tickets. Okay, freaking crazy, first off. But this anyway is kind of cool, right? So you come in here. Now, some of these, they have limitations and you can go find other ones online that don't. You could say like, hey, write me an algorithm that accurately predicts the S&P 500. Like what? Now on this one, it'll say I can't give financial advice, but it just does that because they put parameters on it. Like it would actually go write you a code for predicting and buying and selling the S&P 500. You can say, give me, give me, me a summary of Apple's quarterly report, something like that. Maybe I got to write that a little bit different. Oh, see, it said it's only going to 2021. Okay, that's good to know. Um, let's see, give me a summary of the last 5 years of Netflix's stock and explain it to me like I'm 5 years old. Let's see, I've seen people do this for like research on different stocks and equity positions. Maybe I said it was too simple. Um, so over the last 5 years, it's generally gone up in value. This means if someone bought a stock— so it's really simple, right? So I said 5 years old, so maybe it's really too simple. All right, maybe, uh, let's see if, uh, let's see if I can go a little bit older. Anyways, I've seen some guys on here use it and they say, you know, maybe like I'm 15 years old. How about that? Okay, subscribers, general growth. So interesting. So again, now it's funny, I listen to some guys talking about this, the economy they believe will change. I mean, this is world— this is like change the world. Like my business partner, he's like, I just spent the whole weekend over New Year's, all I did was just watch videos on AI and how to use it, how to optimize what we're doing with it. I mean, I think the whole world has just changed with this and it's pretty wild of what you can— and the economy will turn into not can you code, but can you dictate an AI to code correctly for you? Can you dictate exactly what you want? That's going to be the next skill set that you need, not just learning how to code, but learning how to dictate the code that is right for whatever you're trying to build. Kind of interesting, right? Now, there's different AIs. This is just one, is ChatGPT. But there's other ones. There's ones that do video editing. You pop in all your videos and it edits a whole movie for you. Like, hey, edit me a highlight video of my last year in 30 seconds using this song. It'll go in and do the whole thing. There's other ones that they're coming out with that are doing pitch deck designs for your guys' pitch decks. You could use through an AI software, you could do your legal documents. I mean, a lot of the stuff you do in a fund can hopefully over the next year can be done through AI, which is so freaking cool. And side note, we're actually working with a couple of companies right now to actually build this in for our people and give you guys all the exact things you need for an AI to build all your stuff, which is so cool, and connect to a blockchain and do— we're actually working on a ton of cool softwares right now and cool tools for you guys as fund managers to use, whether you're syndicating capital, raising capital, whatever it is, to make it so easy. Now, for our case, an AI is not going to go pitch investors, right? It's not going to close investors. There's still that element that you need to be the asset manager. But this is a massive tool that can supplement you with what you're doing, which is just crazy. And the best thing about this, it's true AI, so it's getting smarter every single day. This thing's getting smarter and smarter. I think it's version— somebody can correct me— I think it's version 3 or 4 comes out in a few weeks, and it's going to be like 10 times more data. than the versions prior. And so anyways, this thing is getting bigger. This is according to ChatGPT, kind of their next round of stuff, which is just— it's just crazy. So I'm actually curious, any other use cases you guys have used? Type in the chat if you guys have any of the use cases that you guys have used for this. Actually, we can type some fun stuff in here. We've done ad copy. I've done write me a script to sell. Like, we have the ugly— I have a hedge fund right now, the Ugly Unicorn Fund. I like, you know, write me, let's see, write me a script to, I don't know, pitch investors on investing in the ugly unicorn. I don't know if it'll, maybe not pull. I'll just say a crypto hedge fund. Let's see. I don't know, I haven't done this before. We're just testing this out. Let's see if it works. I mean, it's not that bad, you know what I mean? Okay, so kind of, you know, kind of basic, but so you can come down. I mean, I gave it kind of a basic— again, dictating, right? Dictating is so important for this. So try this. Hold on, I'm gonna try another one. I'm gonna say, um, uh, write me Um, an outline for a pitch deck. Write me up. Let's see, I'm gonna say it a different way. Write me a pitch deck. I'm gonna space those out. Deck outline to pitch an investor to invest into a crypto hedge fund. Let's just see. Let's just see. I'm just, I'm just trying stuff out. Okay, kind of cool, right? Kind of gives like the headlines of each topic. Okay, so introduction, market opportunity, investment strategy, you know, kind of giving you a template of what to use, right? Um, I don't know. And then you can come down here and you can say, okay, you know, let's go a little bit deeper, like, um, what market opportunity Let's see, what would you write for a market opportunity in cryptocurrency? Then you kind of ask it like sub-questions of each side, right? That's it. So yeah, kind of cool. The total market cap has grown significantly in recent years. Expect to continue to grow like Anyways, I mean, it's kind of cool, right? Like, anyways, start— if you like, let your brain go for a minute on the use cases for this. So we did a whole company-wide training, uh, 2, 3 weeks ago. I got in front of my whole company. I was like, dude, I was like, everyone, you guys need to— today, tomorrow, I want you to block out an hour to 2 hours and really go home, watch YouTube videos, whatever it is. We need to understand how to use AIs like this in your everyday workspace. Like, hey, I need to respond to a customer about this, a refund policy or a ticket sale, whatever we're doing. I need to answer a certain question for somebody. Figure out how this can optimize your job. And it's actually pretty cool. Some of our sales guys have come in here and like, hey, write me a sales script. Or even better, it'll write you a sales script. But we already kind of did that. You can say like, How would you answer an objection if someone says they need to talk to their spouse first when selling something? And I know my English isn't perfect. Okay. You know, everyone's like, oh, the grammar or whatever. Okay. I know it's hard to freaking spell stuff and have proper grammar when you're talking to You know, hundreds of people live here. All right. It's completely understandable if someone wants to discuss a major decision with their spouse for making purchases. One way to address the objection is to ask if there's a specific concern the individual would like to discuss with their spouse. Address any concern they may have. You might also suggest setting up a call or video call with the spouse so they can both be part of the discussion. Okay. Kind of interesting. We had one— we did it with our team that like it wrote out like a script. Answer an objection. Give me a sales script to answer an objection for someone that needs to talk to their spouse first. See if it gives me an actual script here. Yeah. Anyways, not too bad, huh? Yeah, it's kind of cool. Like, if this thing was selling me on it, it's like, oh, that's pretty good. I wonder— you just wonder, like, how much of these things will take over. Anyways, I know we're spending a ton of time on this, but I think it's crazy. I think the world just changed. I think this is the new economy, the speed in which you can launch tech products, you can write code, the speed in which you can write legal contracts. The speed in which you can write sales copy, pitch decks, that you can answer questions to customers. You can, you can have it scrape the web. Hey, scrape the web for the top 10 trending products on Amazon. And you guys can go find the trending topics and things on Amazon and you can go like list them. Like, it's, it's so crazy. Write me a script, write me a copy, write me copy for this page. Help me like write the code for an HTML or whatever it is for my website. And it can build me a website. Like, and we are just at the beginning. Like, this is like day 0 of this. They gained— I think ChatGPT gained 1 million subscribers in the first 7 days. I think actually might have been the first 5 days. Fastest company to do that ever. I believe Instagram or Facebook was like a year. Instagram was like 8 months. Like all these other companies, it did it in 5 days. Fastest tech product ever to reach 1 million people. You cannot ignore this. This is something that is like taking over the world, and it's something that we like need to drastically pay attention to for funds specifically. I mean, this can help— this could eliminate a ton of like analysts, people that are going to do research on companies or look at P&L. Like, it's obviously learning as well. So you just think of the use cases and how many jobs this displaces, and then you got to start thinking like, well, what jobs are we going to need in the future? How many less jobs, or maybe more jobs, would be created from this? Or more optimization, more companies, more efficiency will be created. Because of bots like this. It makes you kind of think a lot. Anybody have a comment? I'm curious if people drop in the chat, like, any comments on use cases, things that— how this changed. Like, my mind has been spinning about this for a couple weeks now. Sorry, you probably can't hear me. My mic's back here. My mic— like, uh, it's— I mean, this, this is, uh, it's pretty wild. Um, I mean, pulling reports, pulling financial data, pulling, you know, whatever you would use in your fund, uh, pitch deck designs. You can pull legal documents. Or have it write addendums, have it like— it's just— and it's just getting better and better and better every day. And then you couple this. So I gave a talk at Funnel Launch Live. You guys have seen that talk. I talked about the next phase, and one of those things was AI. And I talked about a few other things. Blockchain technology, transportation is being revolutionized right now with self-flying cars. You have 5G and high-speed internet around the whole world with Starlink and other things like that. Talked about, if you guys like, 3D printing is going off the rails right now. You can 3D print clothing, so you could 3D print a custom suit. I mean, there's— they call it the convergence of all these technologies. And so what happens in the past, like, you know, you watch the Jetsons, like, man, why don't we have— like, what happened to the flying cars? That's like the phrase they always use in Silicon Valley. What happened to the flying cars? And what's funny is, and there are self-driving cars, whatever it is, and it's Oftentimes, they've seen if they get, like, for self-driving cars, for instance, or drone technology, they have the hardware, like, it works. Self-driving cars work. The data, though, doesn't transfer fast enough between, like, internet speeds aren't fast enough for a car to maneuver and navigate itself. And the AI that's going to self-drive that car, the software behind it isn't fast enough to process all the information. However, When you start to mesh these together, when you have high-speed 5G internet around the world and getting faster and faster, you couple that with AI, you couple that with hardware, all of a sudden you have a huge breakthrough in technology and you have multiple. And that's the reason we're seeing it. They're talking— actually, one of the great books is The Future Is Faster Than You Think. If you guys haven't read that book, fantastic book. The Future Is Faster Than You Think. They go through about 100 startups for each one of these and what they're doing and how they're building this. But they keep saying that we have this convergence of tech. technology happening right now, um, where not just one single technology is taking off, but you have 7, 8, 10 technologies that are taking off. And what they're doing is they're working together. And the reason they're taking off together is because they need one another to be able to launch. You couldn't— in a vacuum, you couldn't launch any one of these, but they're working together. And all of these, they have— they go through actually 10 specific emerging technologies, uh, over the next decade that are insane. One of them's aging. If you guys saw, they're called— oh, you guys help me remember this. Is it Altos Labs? Altos Labs? They raised a— anyway, somebody can look it up for me. They raised a $2 billion seed round. $2 billion seed round. This is earlier last year. Largest seed round ever because they had apparently reportedly figured out a way to extend the life of this one worm that the average lifespan is like, I think it was like, don't quote me on this, let's just say for an example, like 20 days. They changed some of the genomes in it and it started to live for 3, 4, 5 months. They did the same thing with mice. So, there's these mice that were living for whatever the time period was, like a month at a time. They changed and they actually reversed, they didn't reverse, but they froze the aging of the cells. I guess your cells reproduce and they age as they reproduce over time. they stop the aging. And so the goal of— I think it's, I believe it's Altos Labs, a $2 billion seed round. I think it might be, I think it's $2.1 or anyway, somewhere around $2 billion— is they want to extend human life to 150 years, 200 years. And all these billionaires are like, yeah, let's do it. And they're using all these converging technologies all in there. Anyways, pretty cool. So Yeah, it's, it's pretty wild. Uh, so just, just these— it's— you can't sleep on this. Um, the entrepreneurs who are gonna make the most money, I believe, in the next decade to 2 decades are gonna be the ones, just like the previous 2 decades, right, that have found— that were early adopters of technologies, found out how to find practical use cases for them, and went after it and did it. And, uh, I mean, this is a huge— and especially in the fund world, to maybe you don't have to be the entrepreneur, but you can be an investor in the entrepreneur. is a pretty cool time to be alive. And I'm not just saying for VCs, I'm talking hedge funds, I'm talking private equity, I'm talking debt funds. What we just showed with ChatGPT, it affects all of us. You could come in here and write a whole new way of gathering. And some of these, I don't know if ChatGPT does it, some of them go and scrape data for you. So, you can say, hey, pull me all the foreclosures in Colorado. that have happened in the last 60 days. Pull me all the data. It'll go and find the data on county records, pull all of it for you. Oh, and also, if you can find the email and phone number of the owner or whatever, pull that as well. They go and scrape, it'll go scrape all the data you'd ever want. And then all of a sudden, you can go, okay. And maybe, hopefully, down the road, they have AI calling, hey, you know what? AI, go call up all of these 1,000 homes and ask them, If they would like to sell their home, do seller financing, and if they want to, they can set up an appointment here. Debt fund, dude, you go and do that. You find people that are in hard positions, you can give them loans. How freaking insane is that? That's like 2 months of work for 5 analysts to do that. You could have an AI do it in a couple minutes. I mean, this transforms every piece of our lives. And I'm still pulling my brain around. If you can tell, I'm pulling my brain around of how, like, what are the use cases right now that I can use and do this for? Anyway, it's kind of cool. A couple questions in here from the group. How will affect education and creative or critical thinking in that generation? Oh, it's crazy. So teachers, if you look up online, teachers are having a huge discussion about this, that any, any like big university teachers, because I can go into here. Just watch this. If you're in high school, let's say I'm in high school right now and I've got an essay due tomorrow. Write me an essay in high school language, you know, high or high school vocabulary level, level about, I don't know, the Roman Empire. It'll write me an essay in a high school vocabulary, and it's unique. This is not plagiarism. You can't run this through. It's not. It's unique. It's a unique. It's like it's freaking insane. And so, I mean, this destroys like I mean education as we know. And actually, do we want? Do we even need to teach our kids how to write an essay anymore? Does that even matter? Like, does it really matter to teach our kids cursive anymore? Probably. I don't— in my opinion, probably not. You don't need to learn cursive. And the next phase of that, like, do you need to actually learn how to write an essay? And what's— and then also I can add like, do MLA formatting and cite works. It'll do it. It'll go cite all the stuff. Like, also include works cited and do it in MLA format, and it'll re— I believe it'll redo it. Let's see, it'll redo the whole essay but also have a works cited in MLA format. Like, this just changes education like crazy across the board. And the real discussion now is, well, a lot of teachers are like, we should ban it or whatever. It's like, really? Like, you're gonna ban— like, it's inevitable. It's here. It's not like it's going away. We almost need to adopt it or assimilate. With this, because all students you're teaching anyways are going to use this in all their classes and courses going on. It's, it's pretty wild. I'm concerned whether we'll— we— there will be copyright issues if it's pulling from public and perhaps copyright content. Is it different enough to not violate? Yes, I just mentioned that this is— they're truly unique. These are not plagiarism. It's not plagiarism. It's unique. It's written. It's just like— it's like just like if me or you wrote it. There's— and there's the page right there, works cited at the end, you know. And then you can say like, hey, make it longer, make it 2,000 words. You can like add on it, right? You can keep, keep adding. But I mean, it's pretty— it's pretty— it's, it's weird. We're using ChatGPT for all of our copy, real estate descriptions, job descriptions, project summaries. It's fun to take something boring and make it into Shakespearean or rhythmic sonnet. That's pretty cool, Wade. That's awesome. I love it. Have your AI call my AI. Yeah, exactly. So this is fun, especially for fun. So writing your— at least right now, writing pitch deck copy, even legal. I know I'm talking to a bunch of lawyers and they're going back and forth about it, but I don't know if we're ready yet for all the legal stuff. Simple contracts, though. A renter's agreement, easy. Simple LOI. If you're issuing LOIs or term sheets, like at least give you the template and then you can go fill in the gaps. It's, it's pretty, and I, and I, I mean, it's just getting smarter, exponentially smarter. And so, I mean, it's, it's pretty, and now one, one peop— some people, so Elon Musk is one of the owners of OpenAI. A lot of people are theorizing that he bought OpenAI or he bought Twitter to plug into OpenAI. Kind of interesting, right? So you'd buy one of the biggest platforms of data ever. Twitter and you feed it into your AI, I'm talking true AI, like OpenAI, and it can go learn through all the tweets and even messages, all the data that Twitter has, and go learn how humans interact. And anyways, that's kind of interesting, right? If you're Elon Musk, that's playing chess, not checkers. And I don't know, that's just me. I'm just theorizing. We have no background of that, if that's true or not. Kind of interesting, right? Yeah. If you take it to the nth degree now, so let me take you to the crazy zone here. So I gave this talk at Funnel Launch Live, but if you— so think about how this affects transportation, right? If you had self-driving cars that just drove around all day and picked you up and dropped you off like Uber, but there was no driver. So the cars apparently are used, they're actually driven about 5% of the time. They're owned. 5%. So, if you take the math, it's about like you could have 1/20th of the cars in existence and still be able to transport everyone just the same as today. 1/20th. So, you talk about car makers and automakers, right? They can make 1/20th of the cars, and we'd still have the same. We'd only need the same supply. So, demand goes way down for cars. Additionally, Metropolitan areas, uh, if you don't have to park a car, there's no parking. About 1/3 of metropolitan areas are designated for parking purposes. 1/3. I'm talking LA, I'm talking, I'm talking New York. It's about 1/3 is designated for— and now, sorry, metropolitan— this is, sorry, this is getting the conversation I've already mentioned into self, like, flying cars. So drones. So there's all these companies, I'll pull them up right now. Lyft just invested $300 million— or sorry, Uber, $300 million into flying cars. I'm not kidding. I'm pulling it up right now. You guys don't believe me. I know you don't. Uber Elevate. Have you guys seen these? Here you go. Boom. There's Uber Elevate. They've invested hundreds of millions of dollars into this. There's about 100 startups right now going after these. If you eliminate parking garages and even roads, you have about 1/3 of your metropolitan areas can be used for other purposes. People can live in different locations because transportation is so much easier. And the only reason this is happening right now is because of convergence technology. You have convergence of 5G, of AI, of blockchain, of all these different things. coming together, you can finally have flying cars. Like, what happened to the flying cars? Here they are. There's a ton of startups doing this right now. It's pretty, it's pretty crazy. The future is, is faster than you think. It's pretty fun. Okay, that was good. A good go right there. Let me pull up some other— I don't know if we have other comments on here. Let me pull them up. Let's see. Okay, let's see. Can I find the best way to create a fund? Yeah, if you want to create a fund, just below we have a link. You guys can— we have a free course and other paid courses. Some of the people live on here, you guys will see, we can bring them on live if they're in our group as well. Wow. Which fund is more profitable, a quant fund or a macro fund? Both can be very profitable. Just depends on how you're running it. Yeah, you can write scripts for your YouTube channel. Anyways, that's pretty cool. All right, let me go back to Zoom here. I know it's pretty fun. Okay, so anyways, there's a little deep dive, something to think about. Y'all are awesome. I'm gonna end the livestream for the group. If people that are on the Academy, you guys can stay on for a few minutes. We'll talk for a few more minutes.