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 intelligence

The 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 investing
Human judgment vs AI
The future of wealth management
Institutional investing
Information asymmetry
Stock market investing
Entrepreneurship and AI
Portfolio management
The future of work
Technology and economic progress

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Timestamps:
00:00 Why Americans Became So Pessimistic About the Future
03:25 Ken Griffin’s AI Warning to Wall Street
05:15 Why There Will Never Be a Shortage of Problems to Solve
06:20 What AI Is Good At — And What It Isn’t
07:35 “AI Doesn’t Think. It Simulates Thought.”
08:30 Sponsor: Foundation Passport Prime
09:05 Why AI May Expand Entrepreneurship
10:40 How AI Is Transforming Investing and Wealth Management
12:00 How Institutional Investing Became Democratized
14:15 AI Is Compressing Institutional Advantages
16:10 Why Human Judgment Still Matters in Investing
17:00 What Happens When Everyone Has Institutional Information?
19:15 The New Scarce Asset: Time and Attention
21:00 Can AI Capture Most Investment Alpha?
22:00 Why Non-Consensus Investing Will Never Disappear
24:20 Why Too Much Capital Destroys Alpha
24:45 The Limits of AI and the Importance of Human Intuition