Be The Bank S5 Ep10 - A.I. and Perfunctory Tasks
On episode 10 of season 5, Justin Bogard and Richard Thornton go into discussions about using A.I. in business!
Key Takeaways:
Resources and links discussed
About the Host
Justin Bogard – Note Investor specializing in performing Residential Real Estate Debt. He finds deals and acquires them for his own portfolio as well as educates investors while walking them through the process of owning a Real Estate Note!
Connect with the Host:
Be The Bank S5 Ep10 - A.I. and Perfunctory Tasks
On episode 10 of season 5, Justin Bogard and Richard Thornton go into discussions about using A.I. in business!
Key Takeaways:
Resources and links discussed
About the Host
Justin Bogard – Note Investor specializing in performing Residential Real Estate Debt. He finds deals and acquires them for his own portfolio as well as educates investors while walking them through the process of owning a Real Estate Note!
Connect with the Host:
Interested in real estate. How about wealth? Well, they go hand in hand. And here you'll learn all about it. Welcome to Be the Bank, a podcast where we discuss and debate the topics centered around real estate investing. Your host, Justin Bogart, shares insights into investing in real estate to create real wealth and passive income for you and your family. He'll share stories of real estate investments done right, walk you through the process of owning a real estate note, and most importantly, educate you so you can be the bank. The bank. This is be the bank brought to you by American note buyers. Now, here's your host, Justin Bogard.
Justin Bogard:It is episode number 10 of Season five, brought to you by American No Fires. I'm your host, Justin Bogard. Today we're actually gonna be talking a little bit about, well, mostly about artificial intelligence and how it relates to the real estate industry. So stay tuned. Hey, Richard. What's up, dude?
Richard Thornton:Hey, uh, I, I not had to notice, take notice of our little spinning, uh, logo there. You know, it could be a, a great segue for us in that, uh, could be that in the very near future we will have that little logo designed by ai.
Justin Bogard:That's true. We could taken over the world. Terminator. You see what Terminator movies?
Richard Thornton:I don't think that's the case, but, uh, what's, what's indie like today?
Justin Bogard:Uh, actually that's really nice. The last two days, I believe it's, it's been 75 plus sunny, uh, not much wind, which is nice. Even for golfing. It's nice For golfing. We did have about 3, 3, 4 days of like, cloudy, rainy weather before that. But, yeah, looks good. How about you?
Richard Thornton:We just cannot, I mean, you're gonna hear me, uh, whining in, in a month or two about how hot it is or something like that, but this has gotta be the longest winter that Northern California has ever had. It just kind of never goes away. It, it, uh, it rained again last night. Not a lot, but it just keeps raining and it's kind of cold and blustery and just, you know, I've got a vest on the house here and it's just not very fun outside.
Justin Bogard:Is it snow or hasn't been snowing?
Richard Thornton:It's not snow
Speaker 4:<laugh>.
Richard Thornton:It's not that ni not nice.
Justin Bogard:So, yeah, if it's like, you don't want it to be cold, you want it to be like really cold.
Richard Thornton:Yeah, it's may, I mean, my God, it's May 10th. Come on, gimme a break. It's gotta be, you know, birds have gotta be chirping and flowers have gotta be coming out and
Justin Bogard:It's like, make up your mind. Either make it like snowy weather that we can have fun in, or make it really warm weather that we can enjoy the outside. Like either way, don't be in the middle. Be on the, the two, you know, outskirts.
Richard Thornton:That's right. And down here in the low end, you know, we're, we're all getting ready for what they're calling the big melt out of the Sierra. I mean, they've got over 700 inches of snow that's gonna be melting and coming down these rivers. And, uh, wow, you
Justin Bogard:Mentioned that before. That's just hard to fathom. Yeah, that much snow.
Richard Thornton:700 inches. That's just amazing. Actually, it was seven 50 or something like that. I can't remember. But uh,
Justin Bogard:Still anything over a hundred inches seems like a lot. Right.
Richard Thornton:Uh, that's a, that's a boatload of snow as far as I'm concerned.
Justin Bogard:That's a, that's accurate description there. Boat load, boat load.<laugh> no more. The metrics is now boatload, like a boatload of money. Boatload of snow
Richard Thornton:Scientific. Yes.
Justin Bogard:Yeah. Literally you take one boat and you fill it full of snow. That's a boat load of snow. That's
Richard Thornton:A boat load.
Justin Bogard:That's right. I didn't say what size boat.
Richard Thornton:Huh?
Justin Bogard:I It'd be a yacht. A super yacht. Yeah. Anyways, what, what is new with you? Anything new going on with you? I feel like I haven't talked to you for a couple days.
Richard Thornton:I know, guys, you know, uh, well, I think as, as you may know, I'm, I'm busy designing, uh, drip campaigns and doing all sorts of, uh, fun things like that for American note buyers. And we've got some videos that were taken online and, uh, we're, you know, we're going to at least have the, um, the, uh, look of being professional, if you can believe that.
Justin Bogard:I like it. Yeah. Are you in gida going somewhere soon to, uh, another state?
Richard Thornton:We are going to Utah, uh, that's
Justin Bogard:Right. Utah.
Richard Thornton:There's a, a charity that, uh, she likes to donate time to anyway, called Best Friends. It's a, it's a huge animal sanctuary and you can go up there and donate time. And so she will be doing that and I will be working for the most part. And we will be taking a few, um, probably a few hikes and things like that. It's, it's a gorgeous country up there. I don't know if you've been to Canna or,
Justin Bogard:No, I haven't
Richard Thornton:Any place like that, but, uh, yeah, it's, I mean, I suggest you take a kids, sometimes you wanna go to Arches National Park or something's, um, it's very nice.
Justin Bogard:I've heard of that. Mm-hmm.<affirmative>. So she's going there to see best friends and you just don't want a best friend. Is that, is that what
Richard Thornton:She's, you know, I'm just not as much of an animal lover. I will donate a little bit of time, but
Justin Bogard:Do you wear fur like<laugh>? Yeah. Animal hater then? Not animal lover.<laugh>. Yeah. Have you ever had any pets?
Richard Thornton:Uh, yes. I, we had, um, my kids had three cats at one point. Oh
Justin Bogard:Gosh. At the same time.
Richard Thornton:Jupiter, Mars, and Pluto. And Pluto was the rent and very small. So
Justin Bogard:<laugh>, that dwarf, that's the name.
Richard Thornton:That's right.
Justin Bogard:Like the Dort planet.
Richard Thornton:That's right.
Justin Bogard:That's funny. I had, uh, when I grew up, I had my sister would get a cat that's so two cats during my kind of lifetime in the house with my parents. And then when I got out on my own, it took me a while, but I eventually got a dog. So I've had, uh, I have two dogs.
Richard Thornton:Mm-hmm.<affirmative>, well, we currently have a dog, but, um,
Justin Bogard:Oh, that's right. Yeah. I hear that thing Yiping every now and then.
Richard Thornton:That's right. It's more, more gita's dog than my dog. I, I, I don't dislike animals, I'm just, I just don't get a warm and fuzzy, so,
Justin Bogard:Okay. I feel sneeze coming on. So if I look, look away, you know, what's going on. Yes.
Richard Thornton:You, you are, you are feeling, you're sounding better, uh, coming off your head cold, but you're still not a hundred percent there.
Justin Bogard:No, it's kind of annoying. It's like you feel like, okay, I'm back to normal, but you don't sound the same, you know, and you still have a little bit of, uh, I have a little bit of cough and every now and then, it's just annoying stuff, you know? It's like I can still function, you know, like, like I did before I got sick, but yeah. Just annoying. So if I sound a little different guys, I apologize, listener. That's
Richard Thornton:Right. Well, no, we, we, we still know it's, you
Justin Bogard:Still know it's me. It's not somebody else.
Richard Thornton:So what do we have hot for hot topics today?
Justin Bogard:I dunno about hot topics, but I think it's something that's been talked about and we haven't really discussed this, um, together. So it's kind of fun. This is why I like to do this podcast, is I like to bring up subject matter that we really haven't talked about or dive deep into because we get a more, you know, natural, uh, real conversation about it. And ai, artificial intelligence is something that has been coming up quite often this past year. I can't pin a date on exactly when this got introduced to the entire business market to use, but chat, uh, G P T is that, I believe that's, it's called mm-hmm.<affirmative>. They, they have been a, uh, topic of conversation, like on Facebook and other social media accounts, which is where I heard it. My local group, uh, called c they have been talking about it the last time we had a, a big leadership meeting mm-hmm.<affirmative>. And they were just saying how they, it's pretty interesting. Like, you know, you take it for what it's worth, right? You, you first or have reservations about a computer trying to maybe write things for you or trying to do tasks for you. You kind of, you don't, don't trust the process, but when you dive, when you dive a little bit deeper into it, you can see it, it does add a lot of value to things that are more like mundane tasks and stuff. So I guess, you know, to fast forward to the punchline, my my thought is, you know, why, why not try and use it? You know, if it can save you some, some man hours or save you some headache of doing some repetitive tasks, well, why not do it?
Richard Thornton:Yeah. Well, I think it will be certainly help us, uh, write our emails and things like that. Matter of fact, Microsoft is already, uh, starting to incorporate it into Outlook. Um, I haven't seen that rollout yet, but I've, I've been told they are are doing that. I don't know if you're using the, um, the advanced writing feature. That's an outlook right now. But you can, if you, if you start to, uh, type in, uh, something, it will suggest what you're going to say. And all I'll need you to do is hit the tab button and it'll write the rest of the sentence for you. I'm, I'm already getting that.
Justin Bogard:Yeah. Okay. It's like a predictive text
Richard Thornton:A little bit. Yeah. So if you've got some phrase that is used, uh, over, like, I would just like you to know blank as soon as you put in, I would, it, it fills in and I would like you to know and blah, blah, blah. So that's short stuff, but it's going to be longer, um, uh, versions of that. That's, that's a very simple, simple way that it's,
Justin Bogard:Yeah. Yeah. I can see that adding stuff. I mean, ev everything we do that saves us a mouse click or a keystroke like throughout the day, it really does add up. And it, and it helps reduce your errors, I think. Right. Just common, common administrative errors that we all make and Right. It's annoying. Like we all, well, especially me, I'll talk, say for me, I, I dislike doing things repetitive. Right. I like to just do them once and get them over with. I feel like it's such a drain on my, on my resources in my life. If I have to redo something, like if I have to go over and like, uh, repaint something that I repainted or, you know, just, just things like that in life. I, I just don't like it. So if, if that's what it can do for me, I'm, I'm definitely all in.
Richard Thornton:Yeah. And something that's, this is a little bit off target, but I didn't realize it existed as well as it does. And it's actually been improving, I think over the last six months. Um, is the dictation feature in Outlook. Mm-hmm.<affirmative>, uh, if you use Outlook, I mean, you can just hit the little microphone in the upper right hand corner, uh, and dictate your email and you can write an email pretty quickly, uh, that way. And I've been using that a lot. And I'm not the speediest of typist. Um, and, uh, you can save yourself a lot of time by dictating your emails.
Justin Bogard:Yeah. I, I hadn't used that when the products first. Cuz I have an, I have an iPhone. You have an iPhone as well. Mm-hmm.<affirmative> and they've had that microphone feature for your texting and, and whatever for a long time. And I, I didn't use it for the longest time because I didn't really think it would work. I thought I'd have to go back over it. But you're right, it has gotten, definitely gotten better as far as technology and really understanding your voice and your dialect and your tone and your, you know, how, how you speak and enunciate. It really does do a good job of understanding what you're saying. So I have been using it a lot more lately with that. I haven't used it an outlook that much. Cause I think, I guess I'm so used to typing with my fingers mm-hmm.<affirmative>, um, cause I'm a pretty fast typer. And so I think that's just second nature to me. But yeah, I I I, I definitely see it, it adding value.
Richard Thornton:Yeah. So I think that the AI is going slowly creep into, um, the note business in our end of the world more and more like that. The, uh, two days ago, the CEO of IBM, um, made the announcement. I don't know if you caught it, but, uh, he said that they were going to slow down, uh, back office hiring. So they're going to lo uh, lose people through attrition rather than lay people off. Yeah. And basically anything that you could consider to be back office, hr, um, filling out documents that are repetitive. Um, yeah. And that might translate for us to be mortgage notes. Uh, you know, the actual note, the quick claim deed, anything like that, um, will become perfunctory where we can just say, and this is going to, I think there's several companies that are going to implement this as opposed to the actual, say counties because a lot of, uh, governments are, um, behind, uh, in this type of thing. But let's say one of the two different vendors we use, we've got a, that we would have draft, uh, some of our docs. Uh, we might be able to go to their website and say, please draft a quick claim deed for, uh, Lexington County, uh, in Illinois. Um, and, uh, delivered to me. And, you know, 20 seconds later we get the whole thing, uh, filled out. Having just given them, uh, that, uh, little bit of knowledge and the address, uh, blah blah, blah. And boom, it's done. And nobody touched it from a b, c company. It was just automatically generated.
Justin Bogard:Yeah. Luckily, one of our vendors that we're using right now, they, they do that. So they use, they use that, um, AI to kind of read, read text, and just basically scrape the data that you need to provide and then they fill in the blank according to that specific state county. Uh, so yeah. That, that stuff was already working and it does work pretty well. You know, you have to still have somebody go over and just verify a QC check on it to make sure that it's accurate. Right. Cause it can't, it can't make assumptions that are not correct. Right. And that, that's where the human element can come in and do a quality check on it. So.
Richard Thornton:Right. And so one of my, uh, networking groups is full of a lot of, uh, since, since I am older and the requirements, well, I am all this gray hair, um,
Justin Bogard:That was white.
Richard Thornton:Yeah, that's right. White hair. That too. Uh, even worse, the, the requirement is that you have to have been a CEO or in business for at least 15 uh, years, um, on your own. And so it's an older crowd is what I'm, what I'm trying to say. And a lot of them are lawyers. And the, the hubub there is, is that a lot of the, uh, easier sets of docks, mortgages, things like that, that are standardized Yeah. Will all be done by ai, that basically they're gonna lose a lot of their backend, lower end staff. Uh, they won't be required at all to do anything like that.
Justin Bogard:Yeah. They have different levels of staff, right. They have paralegals, they have just data entry people and stuff. So Yeah. It's, it's, I, I can see that being that that job market obviously losing, um, losing employment opportunities for them. But it's just, you know, I think it just comes down to us, you know, evolution, our, our race and intelligence. Right. We need to, people just need to focus on, you know, something that they want to excel in and just kind of be better at it and be more of a master craftsman as far as, uh, instead of like, just a, just a layman, you know, just Right. Just a very simple, the the simple data, the simple tasks are probably gonna go away a lot sooner. And so you need to really specialize in something.
Richard Thornton:Yeah. And, and, uh, there again, I think, um, I'm not quite sure how this is gonna work, but they, they being the, the larger group seemed to, um, believe in this and that they're, they're saying that the, the more simple, uh, easier accounting functions will also be taken over. Um, I'm not quite sure how that's gonna work cuz there's a lot of numbers involved, but, uh, they seem to think that that was the case. Yeah.
Justin Bogard:And there's always gonna be a human element that has to be a part of this, you know, a quality control check cuz you can't just trust the information that comes out. You, you, you basically have, let's just call it like a 95% accuracy on it mm-hmm.<affirmative>, whatever that accuracy is gonna be. Mm-hmm.<affirmative>. And a lot of times it might be a hundred percent accurate, but there is the chance that it might not be. So it still needs that human element just to go through and just give it a quality look. Be like, yep. That's, that didn't work out too well.
Richard Thornton:Right. No, something I think we're gonna have to, to be concerned about, uh, more and more so in what we're doing is probably fraud. You know, I mean, a couple of our, our compatriots have, uh, bought bogus notes, things that look perfectly, you know, legal and are well done and documented and oops, you find out that no, they, they weren't. So that's something we're gonna have to, um, be mindful of. I think more, well
Justin Bogard:Let's, let's talk about that a little bit more cuz that's, that's a good subject matter to kind of lead in from this. And I definitely can see that being potential mm-hmm.<affirmative>, but the remedy always to that is you gotta use a title company.
Richard Thornton:Right?
Justin Bogard:The title company's gonna verify that seller and or buyer, they're gonna get their license, they're gonna get their company docs. I mean, that's, that's what we do when we buy things outside of a title company. We mm-hmm.<affirmative>, we are betting that buyer or seller and saying, Hey, look, you know, are you able to sign on the behalf of your company? Right. Can you prove it to us? Show us your articles and corporations show us, you know, that your, your state, uh, secretary of State is you have a legal entity that's that's, uh, legal and operating right now. So yeah, you're definitely right. That stuff is gonna be more prominent, but the person that's on the other end is gonna have to be more diligent about, you know, discovering all that.
Richard Thornton:Right. Now, what's going to counteract that? And again, this is gonna be, oh, this is gonna be a, a slow rolling. It's not gonna be like, right. You know, I mean, just because Henry Ford or whoever started, uh, building cars, uh, on an assembly line didn't mean that everybody gave up their horses right away. Right? Mm-hmm.<affirmative>, I mean, it took years for to, to not have horses in the, in, in the street. But one of the things that's gonna counteract and probably radically change, which we have both heard about, uh, the title, uh, field is blockchain. I mean, once you get a good blockchain, um, on a property, there's no reason to have even to have to run title. It is what it is. And as long as you've got it, you're there. So, and that's something people will be easily able to pull up on their own.
Justin Bogard:Yep. There'll be definitely strengths to it. And there'll be some, some, let's just say, uh, criminal minded that may be too strong a word, criminal minded folks that will try to be the axiom of it.
Richard Thornton:Right. Right. So, I mean, let's face it, we're, we're in the more mom and pop, um, end of the market. Yeah. But I wouldn't be surprised if more of the, uh, uh, portfolio analysis, uh, the people who get, uh, tapes of several
Justin Bogard:Notes
Richard Thornton:At once or anything like that, those will now be done. That underwriting will be done. Seconds.
Justin Bogard:Yeah. It's, it's already already being implemented. How so right now, as, as we speak, I mean, I think, I don't know if you were in a conversation when we were together at our mastermind not too long ago, but that, that was the topic of conversation is that, look, I I am very efficient now because I can implement these AI things that just make these, these tasks that usually take forever. They're just done in just instant. Right. An instant, you know, running analysis on a data tape very quickly, filtering it down to, to having a yes or no answer. Yes. Move forward or no, don't move forward<laugh>.
Richard Thornton:Right. And I mean, you put in your basic criteria. Yeah. And that's the one of the things that, uh, is very different obviously on analyzing, analyzing on a portfolio basis, um, as opposed to what we do. They're not really looking for a long hold. They wanna know what their spread is over X amount of time and if it meets this criteria, uh, and because they know they're gonna sell it in six months,
Justin Bogard:It's a numbers game. Yeah. Right? Yeah. They have, they have to go off of bulk quantity or else the model doesn't work. Right. Right. They're not a onesie twosie buyer. Right. They can't get, you know, what we call getting intimate with the details of a note and actually comb through, you know, hours of information and to make a really good decision. No, you just play off the numbers, you know, just like buying seconds, you gotta buy 10 of them before two or three of them will just be a big boom for you. It's like, you know, it's, it's, it's, it's uh, not a crapshoot, but it's like, it's an intelligent gamble.
Richard Thornton:Right. Right. So I think we're gonna see, um, some big changes, uh, in our market, uh, based on that. Again, it's not gonna happen right away. It's gonna slowly fade, fade in. No,
Justin Bogard:Yeah. It, it's, we're probably gonna, we're gonna look back 10 years from now and be like, man, this is what we did 10 years ago to, to buy a note. Just like the guys that have been doing it well before us look back 20 years and gonna be like, I was in the courthouse, Justin, and I was, I was grabbing the, the hand stamped recorded document and reading it to make sure I had the, like it would take them weeks to get stuff, you know, closed and it takes us, you know, days.
Richard Thornton:Yeah. So to your point, when I started, uh, with another partner, uh, my mortgage firm, Washington Capital years ago, we had a West coast office and an East coast office. We had a, uh, I was based out here in San Francisco and my partner was, was, uh, in DC and we'd do a deal, uh, we're, you know, financing a large apartment complex, something like that. Yeah. And we'd have a hundred page documents and the only way we could all review'em was via fax machine. Jesus. So we had two fax machines,<laugh> in my little office. My God. And these things
Justin Bogard:Would
Richard Thornton:Crank my God. And they had that, uh, the big thing was went, it went from that, um, that terrible sort of, uh, paper that had the gray, uh, slimy print on it. Yeah. Uh, and you could actually use real, uh, real, uh, paper. That was a, a big thing. Um, but yeah, you had to sit there and read every document and some of these documents would take an hour or two hours to print out before you could even review'em. And then you had to make your corrections, then you had to fax'em back. Then you had to get corrections back that then you had to fax'em back. I mean, my god.
Justin Bogard:Yeah. I can see that being a pain. Yeah. Thank God for a fact. Otherwise you had to be in the mail, you'd lose That's right. Five days before
Richard Thornton:That it was the mail. Let's try just
Justin Bogard:The mail. That's right. So it could take, it took me half a year to do that deal, you know, just to correct all those mistakes.
Richard Thornton:Well, it, it, it did. And I, so I won't go down this rabbit hole too far, but I, I think you may have known that I've done a whole bunch of reading lately on, uh, the country's, uh, fathers. Right. So I read up on, uh, Washington, uh, Hamilton, Monroe, all these guys, and what you, what you realize is you read, uh, these biographies, it took them months to get anything done. Yeah. You know, they, they, Franklin had to write so-and-so and it took, uh, he had to write it in the mail and it took the, it took it three weeks to get there and then a month to get back and<laugh> Oh my God.<laugh>.
Justin Bogard:Yeah. We're, we're spoiled compared to them. Right? Yeah. Yeah,
Richard Thornton:Yeah. Yeah. Um, so we are definitely, I think entering, uh, a whole new world or just as an iPhone revolutionized, uh, communications and is still revolutionizing,
Justin Bogard:Um, right. Yeah.
Richard Thornton:Um,
Justin Bogard:20 years later. Right.
Richard Thornton:And the other thing, uh, again, not to get too far a field here, but I dunno if you noticed, but Google just announced, um, they are pushing everybody towards away from passcodes and passwords and towards, uh, facial ID and, and things like that.
Justin Bogard:I didn't know that. No.
Richard Thornton:Yeah. They, they just, I think Monday of this week, they sent out something that said, guys, if you can, we'd really like you to do to sign in just on your phone and we'll do it totally by facial identification. Mm-hmm.<affirmative>, um, the whole, they, they, they formed an alliance with Apple and everybody else and now have a, a common ground for doing that and then wanna get rid of passwords. Yeah. And that's sort of the next big thing that, uh, is gonna affect what we're doing.
Justin Bogard:Yep. That sounds like that's the next safest option, you know, cause somebody can get your password and going through two-factor authentication makes it, you know, even more cumbersome for the user to get into their account. Cause that's what we do, right. We have to have a password, we have to have a two-factor authentication of either, you know, a text code or a token or some sort of, um, you know, auto-generated 32nd, um, killed code, you know, to where it disappears and generates a new one. Like Yeah. It's, it becomes pretty annoying being a user on some of that stuff. Right?
Richard Thornton:Yeah, exactly. I mean, it's
Justin Bogard:How we have to protect ourselves. Otherwise someone can just get into your accounting, someone get into your banking stuff. It's just, it's scary. It's like you can lose
Richard Thornton:Everybody
Justin Bogard:Your business overnight.
Richard Thornton:Every guy that I know, when I say computer people who are running companies that, that do tech support and things of that, they all say basically you gotta have multifactor authentication. Yep. If you don't, you are just laying yourself bare.
Justin Bogard:Yep. Um, exactly. Yeah.
Richard Thornton:So if this is the next best step, and as you say, it's a pain in the butt because, uh, you know, I got two story house, I'm downstairs working. Oops. My phone is upstairs and I've got a<laugh>. Yeah.
Justin Bogard:It's, but you know, this is why we have, um, internet of things, right. We got watches, we got different things that tether to our phone that we can also authenticate, you know, right. On our person if our phone isn't nearby either. But yeah. It's, our phone is, is like a necessary personal computer.
Richard Thornton:Just about, yeah. Just about
Justin Bogard:So way, way it's gonna be.
Richard Thornton:So I'm trying to think of what else, you know, it's going to effect besides the back office.
Justin Bogard:Well, I mean, just think about anything like running run mortgage brokers need it to run the analytics of somebody that's, you know, getting a loan. You know, realtors are gonna need it to run analytics, you know, for comparative analysis on homes. Like there's, there's just, there's a, anything that you can think of, the AI is going to help immensely on it. Uh, but I think it's gonna take a good long while for people to accept it, to get it refined for find, find u appropriate uses for it. Cause it's not gonna work for everything. Right. I've seen a guy on YouTube that tried to have AI write him a, um, a solo rift, right? Yeah. Say, Hey, I want a, you know, a really cool solo with, um, you know, I forget what type of theme's like with a fifties feel with, uh, you know, starting in, in E major or whatever. And he, he was just going through trying to be specific and the AI wrote out a solo for it. Right. And he played the solo verbatim as to the speed and the cadence and the notes and how, how to hold them and everything that the AI said to do. And it didn't sound that good, but it was just trying to prove a point that, you know, there are some things that you, you just a human mind, uh, that AI cannot duplicate the human mind. Right. Uh, at least yet maybe, maybe in ai, you know, in emotional intelligence could mind with artificial intelligence. Maybe that might, might be the way to do it, but yeah. It's just funny how some, some things that just won't work right now and a lot of things it will.
Richard Thornton:Right. Very, very much so. Gida my, as you know, my significant other, uh, is a professor and she said she's, um, slowly pulling back from being a, a true college professor and getting more into the teaching of, of teachers, of instructors Yeah. Teaching them how to, so professional development. And she's very glad because most of her colleagues are scared to death about chat J P T and having students write papers in two seconds, you know, about X, y, Z.
Justin Bogard:Um, yeah. Cuz how can you prove, can prove that they didn't do it? How can you prove that they did do it?
Richard Thornton:They have some software that's that's getting there. That'll do it to a degree, but, you know, for the most part, uh, you could push a button. One of the guys that I, uh, talked to actually, who is a lawyer in his writing legal briefs, he's using it in his office and he says, yeah, I'll, um, I'll go to chat g p t, I'll have it right my first draft. Um, and then I'll just sort of paraphrase that and yeah, it gets me nine, nine tenths of the way they're Yeah,
Justin Bogard:That's great. Yeah.
Richard Thornton:That's great for that purpose. Yeah. But for a student writing a paper
Justin Bogard:Yeah. Just like they should, in that
Richard Thornton:Case, you're not gonna be able to ch to
Justin Bogard:Yeah. It's just like they shouldn't have, you know, elementary students shouldn't be allowed to use calculators. Right. They need to do everything the long way to figure out how to actually, you know, do it without the machine. Yeah. Uh, but yeah, I, I definitely, yeah, I'm sure there's gonna be some sort of way to hopefully police that with, you know, uh, people getting education, but Yeah, once you're an adult and you're in your business, it's like, well now I, I know how to do it, but, you know, I really need, speed is, speed is the only way to make money. Right. You gotta be fast, you gotta be instant, you gotta be, uh, you gotta be at the right, right place at the right time too. Right.
Richard Thornton:So, uh, it's very interesting to me. The times are changing, uh, on this very quickly. Um,
Justin Bogard:Yeah. Technology seems to be getting faster. Like the, the frequency at which the next thing happens gets faster, which makes the next thing come to us even faster. So it, it's kind of neat to see like whenever the industrial boom happened, like, what was that, like the thirties or forties or whatever, and then all of a sudden, you know, fast forwarder day be like, oh my God, we got, we got so much quicker just in the two thousands and 2023. Like, look where we were in 2000. Yeah. Look where we are now. It's just like, wow. I, I thought that was cool back then. And now look at us now we're like, we're a future, you know? Yeah.
Richard Thornton:<laugh>. So you've probably read as have I, but I think it's worth mentioning that, uh, the industry, uh, indicates or has done stats on this and, and by whatever criteria they use, I don't know what it what that is, but they, they're saying that it took, uh, 50 years for television to get fully integrated into society from the day as it first came out as a black and white TV to when it was fully integrated, not flat TVs or mm-hmm.<affirmative>, but just when it was acceptable and most people had a TV and la da da, it took 10 years for the iPhone to be fully integrated Yeah. In society before most people had Yeah. You know, an iPhone and, or some sort of
Justin Bogard:Yeah. That's, that's, that's the extreme culture difference from that timeframe to this timeframe. Like we, we embrace technology now. Even even people that, you know, are, are well past their retirement age. They, they, they embrace technology because they're just like, this is actually kind of nice, you know?
Richard Thornton:Yeah, yeah, yeah. And as you, uh, probably, well, I'll step back. So as you know, we like to to travel a lot and we'll go throughout Southeast Asia and think that, and we'll see people who, to put it nicely, just aren't dressed very nice, you know, and they're, they're selling, you know, um, food, food, uh, their food vendors on the, the street or something like that, and they're obviously not making a whole bunch of money. And while they're sitting there selling their beans or whatever, they open up their cell phone.<laugh>.
Justin Bogard:Right. It's so odd.<laugh>.
Richard Thornton:Yeah. They're talking to, to whomever.
Justin Bogard:<laugh>. Yeah. They got a thousand dollars cell phone, they're holding in their hands, but yet, you know, they can't, they can really afford food.
Richard Thornton:Well, you know, in and in fact, you know, when, when, uh, apple buys back your iPhone, they turn around and sell it at a profit there.
Justin Bogard:That's true. Yeah.
Richard Thornton:Yeah. And or there're just a lot of of phones that are, that we don't see here That's true. That are aren't quite as functional. Yeah. They don't have as many bells and whistles, but they're perfectly good cell phones. Yeah. And you can buy'em for 10 bucks or whatever it is. Yeah.
Justin Bogard:That's probably why, uh, you know, everyone's seen Apple's revenue sheet for each quarter and just like scratching your head, like you make how much a profit.
Richard Thornton:That's right.<laugh> in
Justin Bogard:A quarter.
Richard Thornton:Yeah. Really. Right, right, right.
Justin Bogard:Wow. Wow. Right.<laugh>. All right, Richard, that's all the time we got. Thanks for wrapping with me. This AI conversation and the fraud was kind of fun today. So this was episode number 10, brought to you by American Note Buyers. Justin Bogar, this is Richard Thornton, and we will see you guys on episode number 11. All
Richard Thornton:Right. Bye-bye. Yep.
Narrator:Thanks for listening to Be The Bank. We hope you learned something from today's show. If you enjoyed this episode, please rate and review us. Plus check out our channel on YouTube and follow us on Facebook and Twitter at Be The Bank and on Instagram at Be the Bank podcast, be The Bank is sponsored by American Note Buyers. Thanks again for listening.