title
Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading | Lex Fridman Podcast #159

description
Richard Craib is the founder of Numerai, a crowd-sourced, AI-run stock trading system. Please support this podcast by checking out our sponsors: - Audible: https://audible.com/lex to get $9.95 a month for 6 months - Tryolabs: https://tryolabs.com/lex - Blinkist: https://blinkist.com/lex and use code LEX to get 25% off premium - Athletic Greens: https://athleticgreens.com/lex and use code LEX to get 1 month of fish oil EPISODE LINKS: Richard's Twitter: https://twitter.com/richardcraib Numerai's Twitter: https://twitter.com/numerai Numerai's Website: https://numer.ai PODCAST INFO: Podcast website: https://lexfridman.com/podcast Apple Podcasts: https://apple.co/2lwqZIr Spotify: https://spoti.fi/2nEwCF8 RSS: https://lexfridman.com/feed/podcast/ Full episodes playlist: https://www.youtube.com/playlist?list=PLrAXtmErZgOdP_8GztsuKi9nrraNbKKp4 Clips playlist: https://www.youtube.com/playlist?list=PLrAXtmErZgOeciFP3CBCIEElOJeitOr41 OUTLINE: 0:00 - Introduction 2:28 - WallStreetBets and GameStop saga 16:41 - Evil shorting and chill shorting 18:47 - Hedge funds 24:20 - Vlad 31:16 - Numerai 58:32 - Futre of AI in stock trading 1:04:11 - Numerai data 1:07:53 - Is stock trading gambling or investing? 1:11:48 - What is money? 1:15:05 - Cryptocurrency 1:18:22 - Dogecoin 1:22:52 - Advice for startups 1:38:43 - Book recommendations 1:40:45 - Advice for young people 1:44:46 - Meaning of life SOCIAL: - Twitter: https://twitter.com/lexfridman - LinkedIn: https://www.linkedin.com/in/lexfridman - Facebook: https://www.facebook.com/LexFridmanPage - Instagram: https://www.instagram.com/lexfridman - Medium: https://medium.com/@lexfridman - Reddit: https://reddit.com/r/lexfridman - Support on Patreon: https://www.patreon.com/lexfridman

detail
{'title': 'Richard Craib: WallStreetBets, Numerai, and the Future of Stock Trading | Lex Fridman Podcast #159', 'heatmap': [{'end': 5014.438, 'start': 4943.021, 'weight': 1}], 'summary': "Richard craib discusses numerai, a crowdsourced ai hedge fund, wallstreetbets' impact on stock trading, gamestop saga, ai's influence, blockchain staking, and the transformative potential of finance in the lex fridman podcast #159.", 'chapters': [{'end': 69.482, 'segs': [{'end': 25.732, 'src': 'embed', 'start': 0.129, 'weight': 0, 'content': [{'end': 7.717, 'text': 'The following is a conversation with Richard Krabe, founder of Numerae, which is a crowdsourced hedge fund,', 'start': 0.129, 'duration': 7.588}, {'end': 13.703, 'text': 'very much in the spirit of Wall Street Bets, but where the trading is done not directly by humans,', 'start': 7.717, 'duration': 5.986}, {'end': 17.707, 'text': 'but by artificial intelligence systems submitted by those humans.', 'start': 13.703, 'duration': 4.004}, {'end': 25.732, 'text': "It's a fascinating and extremely difficult machine learning competition where the incentives of everybody is aligned.", 'start': 18.448, 'duration': 7.284}], 'summary': 'Numerae is a crowdsourced hedge fund using ai for trading, aligned incentives.', 'duration': 25.603, 'max_score': 0.129, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es129.jpg'}, {'end': 80.509, 'src': 'embed', 'start': 51.889, 'weight': 3, 'content': [{'end': 57.953, 'text': 'Quick mention of our sponsors Audible Audiobooks, Trial Labs, Machine Learning Company,', 'start': 51.889, 'duration': 6.064}, {'end': 64.278, 'text': 'Blinkist app that summarizes books and Athletic Greens all in one nutrition drink.', 'start': 57.953, 'duration': 6.325}, {'end': 68.241, 'text': 'Click the sponsor links to get a discount and to support this podcast.', 'start': 64.837, 'duration': 3.404}, {'end': 69.482, 'text': 'As a side note,', 'start': 68.761, 'duration': 0.721}, {'end': 80.509, 'text': 'let me say that this whole set of events around GameStop and Wall Street Bets has been really inspiring to me as a demonstration that a distributed system,', 'start': 69.482, 'duration': 11.027}], 'summary': 'Podcast sponsors include audible, trial labs, blinkist, and athletic greens. mentions gamestop and wall street bets.', 'duration': 28.62, 'max_score': 51.889, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es51889.jpg'}], 'start': 0.129, 'title': 'Crowdsourced ai hedge fund', 'summary': 'Discusses numerae, a crowdsourced hedge fund driven by ai trading systems and organized anonymous data, aiming to revolutionize stock trading and money management, and briefly mentions podcast sponsors.', 'chapters': [{'end': 69.482, 'start': 0.129, 'title': 'Crowdsourced ai hedge fund', 'summary': 'Discusses the concept of numerae, a crowdsourced hedge fund driven by ai trading systems, aligned incentives, and freely available organized anonymous data, aiming to revolutionize stock trading and money management. it also briefly mentions the sponsors of the podcast.', 'duration': 69.353, 'highlights': ['The concept of Numerae as a crowdsourced hedge fund driven by AI trading systems has the potential to revolutionize stock trading and money management by empowering individuals with advanced machine learning tools.', 'The data for Numerae is organized and made freely available, fostering transparency and accessibility for interested individuals.', 'The incentives of Numerae are aligned, creating a collaborative environment for the development and utilization of AI trading systems.', 'The podcast briefly mentions its sponsors: Audible Audiobooks, Trial Labs, Blinkist app, and Athletic Greens, offering discounts and support for the podcast.']}], 'duration': 69.353, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es129.jpg', 'highlights': ['The concept of Numerae as a crowdsourced hedge fund driven by AI trading systems has the potential to revolutionize stock trading and money management by empowering individuals with advanced machine learning tools.', 'The data for Numerae is organized and made freely available, fostering transparency and accessibility for interested individuals.', 'The incentives of Numerae are aligned, creating a collaborative environment for the development and utilization of AI trading systems.', 'The podcast briefly mentions its sponsors: Audible Audiobooks, Trial Labs, Blinkist app, and Athletic Greens, offering discounts and support for the podcast.']}, {'end': 952.266, 'segs': [{'end': 123.964, 'src': 'embed', 'start': 69.482, 'weight': 0, 'content': [{'end': 80.509, 'text': 'let me say that this whole set of events around GameStop and Wall Street Bets has been really inspiring to me as a demonstration that a distributed system,', 'start': 69.482, 'duration': 11.027}, {'end': 92.837, 'text': 'a large number of regular people, are able to coordinate and collaborate in taking on the elite centralized power structures,', 'start': 80.509, 'duration': 12.328}, {'end': 94.979, 'text': 'especially when those elites are misbehaving.', 'start': 92.837, 'duration': 2.142}, {'end': 100.322, 'text': 'I believe that power, in as many cases as possible, should be distributed.', 'start': 96.28, 'duration': 4.042}, {'end': 108.167, 'text': 'And in this case, the internet, as it is for many cases, is the fundamental enabler of that power.', 'start': 100.963, 'duration': 7.204}, {'end': 113.27, 'text': 'And at the core, what the internet in its distributed nature represents is freedom.', 'start': 108.767, 'duration': 4.503}, {'end': 121.582, 'text': 'Of course, the thing about freedom is it enables chaos or progress, or sometimes both.', 'start': 114.01, 'duration': 7.572}, {'end': 123.964, 'text': "And that's kind of the point of the thing.", 'start': 122.503, 'duration': 1.461}], 'summary': 'Gamestop-wall street bets events show power of distributed coordination and collaboration against centralized structures, enabled by internet freedom.', 'duration': 54.482, 'max_score': 69.482, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es69482.jpg'}, {'end': 198.584, 'src': 'embed', 'start': 170.58, 'weight': 6, 'content': [{'end': 174.703, 'text': "And it's also connected with my company, which we can talk about.", 'start': 170.58, 'duration': 4.123}, {'end': 177.085, 'text': 'But what I liked about it is like.', 'start': 174.763, 'duration': 2.322}, {'end': 188.234, 'text': 'I like decentralized coordination and looking at the mechanisms that these are WallStreetBets users use to hype each other up, to get excited,', 'start': 177.085, 'duration': 11.149}, {'end': 190.797, 'text': "to prove that they bought the stock and they're holding.", 'start': 188.234, 'duration': 2.563}, {'end': 198.584, 'text': 'um and and then also to see that how big of an impact that that decentralized coordination had.', 'start': 191.597, 'duration': 6.987}], 'summary': 'Decentralized coordination by wallstreetbets users had a big impact on stock hype.', 'duration': 28.004, 'max_score': 170.58, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es170580.jpg'}, {'end': 438.925, 'src': 'embed', 'start': 409.94, 'weight': 4, 'content': [{'end': 413.74, 'text': 'It had been shorted more than its own float, I believe.', 'start': 409.94, 'duration': 3.8}, {'end': 423.392, 'text': 'And so they figured out that if they all bought this bad stock, they could short squeeze some hedge funds,', 'start': 414.981, 'duration': 8.411}, {'end': 427.635, 'text': 'and those hedge funds would have to capitulate and buy the stock at really really high prices.', 'start': 423.392, 'duration': 4.243}, {'end': 431.619, 'text': 'And we should say that shorted means that these are a bunch of people.', 'start': 428.416, 'duration': 3.203}, {'end': 438.925, 'text': "When you short a stock, you're betting on the on the you're predicting that the stock is going to go down and then you will make money if it does.", 'start': 432.259, 'duration': 6.666}], 'summary': 'Retail investors coordinated to short squeeze hedge funds, causing them to buy the stock at high prices.', 'duration': 28.985, 'max_score': 409.94, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es409940.jpg'}, {'end': 530.515, 'src': 'embed', 'start': 500.93, 'weight': 3, 'content': [{'end': 505.354, 'text': "If someone's already shorted a stock and you can make them short squeeze, it's actually a positive sum game.", 'start': 500.93, 'duration': 4.424}, {'end': 511.819, 'text': 'So yes, some Redditors will make a lot of money, some will lose a lot, but actually the whole group will make money.', 'start': 505.954, 'duration': 5.865}, {'end': 517.943, 'text': "And that's really why it was such a clever thing for them to do.", 'start': 512.559, 'duration': 5.384}, {'end': 522.788, 'text': 'And coupled with the fact that shorting I mean maybe you can push back,', 'start': 518.245, 'duration': 4.543}, {'end': 530.515, 'text': "but to me always from an outsider's perspective seemed I hope I'm not using too strong of a word, but it seemed almost unethical.", 'start': 522.788, 'duration': 7.727}], 'summary': 'Short squeeze can benefit redditors and group financially, viewed as clever move.', 'duration': 29.585, 'max_score': 500.93, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es500930.jpg'}, {'end': 637.601, 'src': 'embed', 'start': 602.874, 'weight': 5, 'content': [{'end': 606.355, 'text': "And here's the crowd, the people that are standing up and rising up.", 'start': 602.874, 'duration': 3.481}, {'end': 614.417, 'text': "So it's not just that they were able to collaborate on Wall Street Bets to sort of effectively make money for themselves.", 'start': 606.375, 'duration': 8.042}, {'end': 622.905, 'text': "It's also that this is like, a symbol of the people getting together and fighting the centralized elites, the powerful.", 'start': 614.878, 'duration': 8.027}, {'end': 628.13, 'text': "I don't know what your thoughts are about that in general.", 'start': 623.405, 'duration': 4.725}, {'end': 637.601, 'text': "At this stage, it feels like that's really exciting that People have power, just like regular people have power.", 'start': 628.651, 'duration': 8.95}], 'summary': 'People collaborating on wall street bets to make money and fight against centralized elites, symbolizes regular people having power.', 'duration': 34.727, 'max_score': 602.874, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es602874.jpg'}], 'start': 69.482, 'title': "Gamestop saga and reddit's wallstreetbets", 'summary': "Illustrates the decentralized coordination in the gamestop and wall street bets saga, emphasizing the impact of regular people taking on centralized power structures, and the power of reddit's wallstreetbets in orchestrating the gamestop short squeeze, symbolizing a fight against powerful hedge funds and showcasing the unpredictability of freedom, with potential implications for large-scale distributed systems.", 'chapters': [{'end': 245.933, 'start': 69.482, 'title': 'Gamestop saga and distributed coordination', 'summary': 'Highlights the inspiring distributed coordination of regular people taking on centralized power structures, particularly in the gamestop and wall street bets saga, showcasing the impact of decentralized collaboration and the unpredictability of freedom, with potential implications for large-scale distributed systems.', 'duration': 176.451, 'highlights': ['Regular people coordinating to take on elite centralized power structures in the GameStop and Wall Street Bets saga, showcasing the impact of decentralized collaboration and the unpredictability of freedom.', 'The decentralized coordination and collaboration among WallStreetBets users had a significant impact, demonstrating the power of distributed systems.', 'The unpredictability and chaos enabled by freedom, with the potential for emergent behavior in large-scale distributed systems.']}, {'end': 952.266, 'start': 246.593, 'title': "Reddit's wallstreetbets and gamestop drama", 'summary': "Discusses the power of reddit's wallstreetbets in orchestrating the gamestop short squeeze, where a decentralized community rallied to buy a heavily shorted stock, causing a surge in its price, leading to a positive sum game and symbolizing a fight against powerful hedge funds.", 'duration': 705.673, 'highlights': ["Reddit's WallStreetBets orchestrated the GameStop short squeeze, causing a surge in the stock price and a positive sum game. The community's collaboration led to a massive surge in GameStop's stock price, resulting in a positive sum game where some Redditors made a lot of money, symbolizing a fight against powerful hedge funds.", "The surge in GameStop's stock price was due to its high short interest, leading to a short squeeze on hedge funds. GameStop's high short interest prompted the community to buy the stock, causing a short squeeze on hedge funds and forcing them to buy at high prices, resulting in a surge in the stock price.", "The chapter delves into the ethical implications and power dynamics of the WallStreetBets community's actions. It delves into the ethical implications and power dynamics of the community's actions, portraying it as a symbol of the people rising up against powerful hedge funds.", 'The discussion highlights the potential impact of decentralized communities on financial markets and political discourse in the future. It discusses the potential impact of decentralized communities, such as WallStreetBets, on financial markets and political discourse, emphasizing the early stage of this phenomenon and the potential for manipulation and chaos.']}], 'duration': 882.784, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es69482.jpg', 'highlights': ['Regular people coordinating to take on elite centralized power structures in the GameStop and Wall Street Bets saga, showcasing the impact of decentralized collaboration and the unpredictability of freedom.', 'The decentralized coordination and collaboration among WallStreetBets users had a significant impact, demonstrating the power of distributed systems.', 'The unpredictability and chaos enabled by freedom, with the potential for emergent behavior in large-scale distributed systems.', "Reddit's WallStreetBets orchestrated the GameStop short squeeze, causing a surge in the stock price and a positive sum game. The community's collaboration led to a massive surge in GameStop's stock price, resulting in a positive sum game where some Redditors made a lot of money, symbolizing a fight against powerful hedge funds.", "The surge in GameStop's stock price was due to its high short interest, leading to a short squeeze on hedge funds. GameStop's high short interest prompted the community to buy the stock, causing a short squeeze on hedge funds and forcing them to buy at high prices, resulting in a surge in the stock price.", "The chapter delves into the ethical implications and power dynamics of the WallStreetBets community's actions. It delves into the ethical implications and power dynamics of the community's actions, portraying it as a symbol of the people rising up against powerful hedge funds.", 'The discussion highlights the potential impact of decentralized communities on financial markets and political discourse in the future. It discusses the potential impact of decentralized communities, such as WallStreetBets, on financial markets and political discourse, emphasizing the early stage of this phenomenon and the potential for manipulation and chaos.']}, {'end': 1443.494, 'segs': [{'end': 1024.291, 'src': 'embed', 'start': 995.068, 'weight': 1, 'content': [{'end': 998.349, 'text': 'Like these funds put a lot into one or two names.', 'start': 995.068, 'duration': 3.281}, {'end': 1000.95, 'text': 'And so it was very, very badly risk managed.', 'start': 998.669, 'duration': 2.281}, {'end': 1004.551, 'text': 'Do you think shorting is?', 'start': 1001.81, 'duration': 2.741}, {'end': 1007.472, 'text': 'can you speak at a high level just for your own as a person??', 'start': 1004.551, 'duration': 2.921}, {'end': 1009.572, 'text': 'Is it good for the world??', 'start': 1008.012, 'duration': 1.56}, {'end': 1011.213, 'text': 'Is it good for markets??', 'start': 1010.113, 'duration': 1.1}, {'end': 1019.25, 'text': 'I do think that the two kinds of shorting evil shorting and chill shorting.', 'start': 1012.268, 'duration': 6.982}, {'end': 1024.291, 'text': 'Evil shorting is what Melvin Capital was doing.', 'start': 1021.011, 'duration': 3.28}], 'summary': "Funds poorly risk-managed, focused on shorting, particularly 'evil shorting' by melvin capital.", 'duration': 29.223, 'max_score': 995.068, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es995068.jpg'}, {'end': 1174.136, 'src': 'embed', 'start': 1149.776, 'weight': 3, 'content': [{'end': 1158.984, 'text': "But that said, Robinhood was, in a centralized way, applied its power to restrict trading on the stocks that we're referring to.", 'start': 1149.776, 'duration': 9.208}, {'end': 1163.587, 'text': 'Do you have a thought on actually like the things that happened?', 'start': 1159.004, 'duration': 4.583}, {'end': 1170.213, 'text': "I don't know how much you were paying attention to sort of the shadiness around the whole thing.", 'start': 1163.968, 'duration': 6.245}, {'end': 1172.474, 'text': 'Do you think it was forced to do it??', 'start': 1170.893, 'duration': 1.581}, {'end': 1174.136, 'text': 'Or was there something shady going on??', 'start': 1172.494, 'duration': 1.642}], 'summary': 'Robinhood restricted trading on certain stocks, prompting questions about shadiness and potential coercion.', 'duration': 24.36, 'max_score': 1149.776, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es1149776.jpg'}, {'end': 1218.937, 'src': 'embed', 'start': 1195.044, 'weight': 2, 'content': [{'end': 1203.952, 'text': "What happens when there are short squeezes, even if they're in a few stocks, they affect kind of all the other shorts too.", 'start': 1195.044, 'duration': 8.908}, {'end': 1208.175, 'text': 'And suddenly brokers are saying things like, you need to put up more collateral.', 'start': 1204.432, 'duration': 3.743}, {'end': 1213.23, 'text': "So we had a short It wasn't GameStop, luckily.", 'start': 1208.776, 'duration': 4.454}, {'end': 1214.332, 'text': 'It was BlackBerry.', 'start': 1213.25, 'duration': 1.082}, {'end': 1216.715, 'text': 'And it went up like 100% in a day.', 'start': 1215.173, 'duration': 1.542}, {'end': 1218.056, 'text': 'It was one of these meme stocks.', 'start': 1216.735, 'duration': 1.321}, {'end': 1218.937, 'text': 'Super bad company.', 'start': 1218.156, 'duration': 0.781}], 'summary': "Short squeezes impact stock market, causing collateral demands and surges in stock prices, exemplified by blackberry's 100% surge as a meme stock.", 'duration': 23.893, 'max_score': 1195.044, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es1195044.jpg'}, {'end': 1399.286, 'src': 'embed', 'start': 1373.507, 'weight': 0, 'content': [{'end': 1378.752, 'text': 'I mean ultimately so okay, first of all, Wall Street Bets itself is a kind of distributed hedge fund.', 'start': 1373.507, 'duration': 5.245}, {'end': 1380.934, 'text': 'Numerize is a kind of hedge fund.', 'start': 1379.392, 'duration': 1.542}, {'end': 1383.976, 'text': 'So hedge funds is a very broad category.', 'start': 1381.534, 'duration': 2.442}, {'end': 1388.359, 'text': 'I mean if some of those were destroyed, would that be good for the world?', 'start': 1384.056, 'duration': 4.303}, {'end': 1395.184, 'text': 'Or would there be, coupled with the destroying, the evil shorting?', 'start': 1389.039, 'duration': 6.145}, {'end': 1399.286, 'text': 'would there be just a lot of pain in terms of investment in good companies? Yeah,', 'start': 1395.184, 'duration': 4.102}], 'summary': 'Wall street bets and numerize are distributed hedge funds. the impact of destroying hedge funds on the world is uncertain.', 'duration': 25.779, 'max_score': 1373.507, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es1373507.jpg'}], 'start': 955.648, 'title': 'Wall street bets, shorting, and market impact', 'summary': 'Explores the impact of wall street bets, the risks of shorting, and recent events of short squeezes like gamestop and amc, causing collateral requirements to rise and potentially influencing hedge fund deleveraging.', 'chapters': [{'end': 1193.162, 'start': 955.648, 'title': 'Wall street bets and shorting', 'summary': 'Discusses the impact of decentralized entities like wall street bets, the risks associated with shorting, and the potential positive impact of shorting on market dynamics, with a focus on the recent events of short squeezes and trading restrictions.', 'duration': 237.514, 'highlights': ['Decentralized entities like Wall Street Bets are gaining power and are likely to continue searching for opportunities, posing a potential threat to established powers in government and finance.', 'Shorting, especially when poorly risk managed, can have dangerous implications for the market, as evidenced by the situation with Melvin Capital and the meme stocks.', 'Shorting can be used strategically to balance market exposure, such as shorting to allow for larger long positions in companies believed in, like Tesla, and potentially accelerating progress in certain sectors like renewable energy.', 'The restriction of trading on certain stocks by centralized platforms like Robinhood raises questions about the fairness and transparency of such actions, and leads to speculation about potential shady dealings and the impact on hedge funds.']}, {'end': 1443.494, 'start': 1195.044, 'title': 'Impact of meme stocks and short squeezes', 'summary': 'Discusses the impact of meme stocks and short squeezes, such as gamestop and amc, causing collateral requirements to rise, potential hedge fund deleveraging, and the broader role of hedge funds in the economy.', 'duration': 248.45, 'highlights': ['GameStop, AMC, and Blackberry experienced significant increase in stock prices due to memetic momentum on Reddit, leading to high short interest and potential short squeezes. These meme stocks, driven by memetic momentum on Reddit, experienced substantial stock price increases, resulting in high short interest and the potential for short squeezes.', 'Rising stock prices of meme stocks led to increased collateral requirements for short positions, potentially causing hedge fund deleveraging. The surge in stock prices of meme stocks resulted in heightened collateral requirements for short positions, potentially leading to hedge fund deleveraging.', "Hedge funds play a significant role in the economy by providing liquidity in stocks and enabling venture capitalists to invest in new technology. Hedge funds are essential for providing liquidity in stocks, which in turn facilitates venture capitalists' investments in new technology, highlighting their broader role in the economy."]}], 'duration': 487.846, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es955648.jpg', 'highlights': ['Decentralized entities like Wall Street Bets pose a potential threat to established powers in government and finance.', 'Shorting, especially when poorly risk managed, can have dangerous implications for the market, as evidenced by the situation with Melvin Capital and the meme stocks.', 'Rising stock prices of meme stocks led to increased collateral requirements for short positions, potentially causing hedge fund deleveraging.', 'The restriction of trading on certain stocks by centralized platforms like Robinhood raises questions about the fairness and transparency of such actions, and leads to speculation about potential shady dealings and the impact on hedge funds.']}, {'end': 2535.65, 'segs': [{'end': 1472.789, 'src': 'embed', 'start': 1444.575, 'weight': 0, 'content': [{'end': 1449.4, 'text': 'I believe we could maybe get away with only having an AI hedge fund.', 'start': 1444.575, 'duration': 4.825}, {'end': 1457.967, 'text': "But we don't necessarily need these evil billions type hedge funds that make the media and try to kill companies.", 'start': 1451.642, 'duration': 6.325}, {'end': 1459.849, 'text': 'But we definitely need hedge funds.', 'start': 1458.688, 'duration': 1.161}, {'end': 1472.789, 'text': 'Maybe from your perspective, because you run such an organization and Vlad, the CEO of Robinhood, sort of had to make decisions really quickly,', 'start': 1460.242, 'duration': 12.547}], 'summary': 'Ai hedge fund could be sufficient, no need for evil billions type hedge funds, hedge funds are necessary.', 'duration': 28.214, 'max_score': 1444.575, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es1444575.jpg'}, {'end': 1756.902, 'src': 'embed', 'start': 1729.96, 'weight': 2, 'content': [{'end': 1736.908, 'text': "And there's something about the realness that Elon has that it feels like CEOs should have, and Vlad had that opportunity.", 'start': 1729.96, 'duration': 6.948}, {'end': 1739.674, 'text': 'I think Mark Zuckerberg had that too when he was younger.', 'start': 1737.253, 'duration': 2.421}, {'end': 1742.776, 'text': 'Younger And somebody said, you got to be more professional, man.', 'start': 1739.934, 'duration': 2.842}, {'end': 1746.097, 'text': "You can't say, you know, lol to an interview.", 'start': 1742.816, 'duration': 3.281}, {'end': 1751.179, 'text': 'Uh, and then suddenly he became like this distant person that was hot.', 'start': 1746.117, 'duration': 5.062}, {'end': 1756.902, 'text': "I'd like, you'd rather have him make mistakes, but be honest than be like professional and never make mistakes.", 'start': 1751.239, 'duration': 5.663}], 'summary': 'Ceos should prioritize realness over professionalism, as demonstrated by elon musk and mark zuckerberg when they were younger.', 'duration': 26.942, 'max_score': 1729.96, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es1729960.jpg'}, {'end': 1901.547, 'src': 'embed', 'start': 1869.846, 'weight': 3, 'content': [{'end': 1870.647, 'text': 'They just get tired.', 'start': 1869.846, 'duration': 0.801}, {'end': 1872.949, 'text': 'Yeah They get tired of..', 'start': 1871.007, 'duration': 1.942}, {'end': 1873.489, 'text': 'Not being real.', 'start': 1872.949, 'duration': 0.54}, {'end': 1876.011, 'text': 'Of not being real, which is sad.', 'start': 1873.789, 'duration': 2.222}, {'end': 1878.813, 'text': "So let's talk about Numerai, which is an incredible..", 'start': 1876.492, 'duration': 2.321}, {'end': 1885.982, 'text': 'company system idea, I think, but good place to start.', 'start': 1880, 'duration': 5.982}, {'end': 1894.625, 'text': 'What is Numerai and how does it work? So Numerai is the first hedge fund that gives away all of its data.', 'start': 1887.102, 'duration': 7.523}, {'end': 1901.547, 'text': "So this is like probably the last thing a hedge fund would do, right? Why would we give away a data? It's like giving away your edge.", 'start': 1895.245, 'duration': 6.302}], 'summary': 'Numerai is the first hedge fund that gives away all its data, a unique concept.', 'duration': 31.701, 'max_score': 1869.846, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es1869846.jpg'}, {'end': 2254.987, 'src': 'embed', 'start': 2227.698, 'weight': 4, 'content': [{'end': 2231.279, 'text': "So we're trying to make sure that we always have the best possible model.", 'start': 2227.698, 'duration': 3.581}, {'end': 2236.721, 'text': 'As new machine learning libraries come out, new techniques come out, they get automatically synthesized.', 'start': 2231.459, 'duration': 5.262}, {'end': 2243.203, 'text': "Like if there's a great paper on supervised learning, someone on Numerai will figure out how to use it on Numerai's data.", 'start': 2236.761, 'duration': 6.442}, {'end': 2249.045, 'text': 'And is there an ensemble of models going on?', 'start': 2243.623, 'duration': 5.422}, {'end': 2250.225, 'text': 'or is it always?', 'start': 2249.045, 'duration': 1.18}, {'end': 2254.987, 'text': 'or is it more towards, kind of like one or two or three, like best performing models?', 'start': 2250.225, 'duration': 4.762}], 'summary': 'Constantly updating models with new techniques and libraries for best performance.', 'duration': 27.289, 'max_score': 2227.698, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es2227698.jpg'}, {'end': 2302.559, 'src': 'embed', 'start': 2275.412, 'weight': 5, 'content': [{'end': 2281.936, 'text': 'And so we can take the stake weighted predictions from all our users add those together, average those together.', 'start': 2275.412, 'duration': 6.524}, {'end': 2286.921, 'text': "And that's a much better model than any one model in the sum,", 'start': 2282.337, 'duration': 4.584}, {'end': 2291.165, 'text': 'because ensembling a lot of models together is kind of the key thing you need to do in investing to.', 'start': 2286.921, 'duration': 4.244}, {'end': 2296.877, 'text': "Yeah, so you're putting there's a kind of duality from the user.", 'start': 2292.455, 'duration': 4.422}, {'end': 2302.559, 'text': "from the perspective of a machine learning engineer where you're, it's both a competition, just a really interesting,", 'start': 2296.877, 'duration': 5.682}], 'summary': 'Ensemble stake weighted predictions from users for better investment models.', 'duration': 27.147, 'max_score': 2275.412, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es2275412.jpg'}, {'end': 2521.537, 'src': 'embed', 'start': 2494.66, 'weight': 6, 'content': [{'end': 2498.603, 'text': "And that's actually this counterintuitive thing you have to do with machine learning on financial data.", 'start': 2494.66, 'duration': 3.943}, {'end': 2504.166, 'text': 'So reducing your exposure would help you generalize the things that are..', 'start': 2498.743, 'duration': 5.423}, {'end': 2504.647, 'text': 'So, basically,', 'start': 2504.166, 'duration': 0.481}, {'end': 2514.573, 'text': 'financial data has a large amount of patterns that appeared in the past and also a large amount of patterns that have not appeared in the past.', 'start': 2504.647, 'duration': 9.926}, {'end': 2521.537, 'text': 'And so in that sense, you have to reduce the exposure to red lights, to the color red.', 'start': 2515.213, 'duration': 6.324}], 'summary': 'Reducing exposure in financial data helps generalize patterns and minimize risk.', 'duration': 26.877, 'max_score': 2494.66, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es2494660.jpg'}], 'start': 1444.575, 'title': 'Influence of ai and elon musk in hedge funds', 'summary': "Explores the potential of ai hedge funds, challenges faced by ceos like vlad, elon musk's influence on american business, and the approach of algorithmic investing including model ensembling and feature exposure reduction.", 'chapters': [{'end': 1544.84, 'start': 1444.575, 'title': 'Ai hedge funds and ceo decision making', 'summary': 'Discusses the potential of ai hedge funds and the challenges faced by vlad, the ceo of robinhood, in making rapid decisions and handling interactions with elon musk, highlighting the need for hedge funds and the complexities of ceo decision-making in the digital age.', 'duration': 100.265, 'highlights': ['The potential of AI hedge funds is discussed, suggesting an alternative to traditional hedge funds (evil billions type) while emphasizing the necessity of hedge funds.', 'Challenges faced by Vlad, the CEO of Robinhood, in making quick decisions and handling interactions with Elon Musk are highlighted, indicating the complexities of CEO decision-making in the digital era.', 'The discussion of transparency and power dynamics in CEO decision-making, including the dilemma of revealing information and handling external pressures, is brought up.', "The mention of Vlad's conversation with Elon Musk on Clubhouse and the potential impact on his decision-making process is noted, indicating the influence of high-profile interactions on business leadership.", "The humorous reference to Elon Musk's potential journalistic recognition and the lighthearted tone of the conversation is highlighted, providing insight into the informal nature of the dialogue."]}, {'end': 2227.158, 'start': 1544.84, 'title': "Elon musk's influence on american business", 'summary': "Discusses elon musk's influence on american business, the realness of ceos, the potential of being real and honest in business, and an overview of numerai, the first hedge fund that gives away all of its data, and how it works.", 'duration': 682.318, 'highlights': ["Elon Musk's influence on American business and the realness of CEOs Elon Musk's influence on American business, the realness of CEOs, and the potential of being real and honest in business are discussed.", 'Discussion on Numerai, the first hedge fund that gives away all of its data, and how it works An overview of Numerai, the first hedge fund that gives away all of its data, and how it works, including obfuscation of data, time series data, and the variety of underlying data.']}, {'end': 2535.65, 'start': 2227.698, 'title': 'Algorithmic investing and model ensembling', 'summary': 'Discusses the approach of automatically synthesizing new machine learning techniques for algorithmic investing, the method of ensembling stake-weighted predictions to create a superior model, and the counterintuitive strategy of reducing exposure to certain features in financial data for better generalization.', 'duration': 307.952, 'highlights': ['Automatically synthesizing new machine learning techniques for algorithmic investing New machine learning libraries and techniques are automatically synthesized to improve the model, ensuring the best possible performance.', 'Ensembling stake-weighted predictions to create a superior model The method of ensembling stake-weighted predictions from users is used to create a superior model, with the weight of predictions determined by the amount of cryptocurrency users stake, demonstrating the alignment of interests and the effectiveness of ensembling in investing.', "Counterintuitive strategy of reducing exposure to certain features in financial data for better generalization In financial data, it's important to reduce exposure to certain features, even if they seem beneficial, to improve generalization, indicating the counterintuitive nature of machine learning in financial data analysis."]}], 'duration': 1091.075, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es1444575.jpg', 'highlights': ['The potential of AI hedge funds as an alternative to traditional hedge funds is emphasized.', 'Challenges faced by Vlad, the CEO of Robinhood, in making quick decisions and handling interactions with Elon Musk are highlighted.', "Elon Musk's influence on American business and the realness of CEOs are discussed.", 'Numerai, the first hedge fund that gives away all of its data, and how it works, including obfuscation of data, time series data, and the variety of underlying data, is explained.', 'New machine learning libraries and techniques are automatically synthesized to improve the model for algorithmic investing.', 'The method of ensembling stake-weighted predictions from users is used to create a superior model in algorithmic investing.', "In financial data, it's important to reduce exposure to certain features, even if they seem beneficial, to improve generalization."]}, {'end': 3621.813, 'segs': [{'end': 2563.754, 'src': 'embed', 'start': 2536.112, 'weight': 0, 'content': [{'end': 2546.864, 'text': "Yeah well, if you do make yourself super exposed to one or two features, you can have a lot of volatility when you're playing Numerai.", 'start': 2536.112, 'duration': 10.752}, {'end': 2552.79, 'text': 'You could maybe very rapidly rise to be high if you were getting lucky.', 'start': 2547.124, 'duration': 5.666}, {'end': 2555.912, 'text': "Yes And that's a bit like the stock market.", 'start': 2553.15, 'duration': 2.762}, {'end': 2563.754, 'text': 'Sure, take on massive risk exposure, put all your money into one stock, and you might make 100%.', 'start': 2556.352, 'duration': 7.402}], 'summary': 'Playing numerai can lead to rapid rise in performance like stock market risk exposure.', 'duration': 27.642, 'max_score': 2536.112, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es2536112.jpg'}, {'end': 2625.981, 'src': 'embed', 'start': 2594.373, 'weight': 1, 'content': [{'end': 2594.714, 'text': "let's see.", 'start': 2594.373, 'duration': 0.341}, {'end': 2598.736, 'text': "there's like a million questions, but like first one is how do I get started?", 'start': 2594.714, 'duration': 4.022}, {'end': 2602.62, 'text': 'Well, you can go to numuru.ai.', 'start': 2599.778, 'duration': 2.842}, {'end': 2603.561, 'text': 'sign up.', 'start': 2602.62, 'duration': 0.941}, {'end': 2604.422, 'text': 'download the data.', 'start': 2603.561, 'duration': 0.861}, {'end': 2609.066, 'text': 'And the data is pretty small.', 'start': 2605.943, 'duration': 3.123}, {'end': 2619.094, 'text': "In the data pack you download, there's like an example script, Python script, that just builds a XGBoost model very quickly from the data.", 'start': 2610.167, 'duration': 8.927}, {'end': 2625.981, 'text': 'And so in a very short time, you can have an example model.', 'start': 2620.918, 'duration': 5.063}], 'summary': 'Get started by signing up at numuru.ai, download small data pack, and use example python script to build xgboost model.', 'duration': 31.608, 'max_score': 2594.373, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es2594373.jpg'}, {'end': 2767.92, 'src': 'embed', 'start': 2744.126, 'weight': 3, 'content': [{'end': 2750.592, 'text': 'You can start without staking, and many users might try for months without staking anything at all,', 'start': 2744.126, 'duration': 6.466}, {'end': 2755.997, 'text': 'to see if their model works on the real-life data and is not overfit.', 'start': 2750.592, 'duration': 5.405}, {'end': 2761.859, 'text': 'But then you can get Numerare in many different ways.', 'start': 2757.117, 'duration': 4.742}, {'end': 2767.92, 'text': 'You can buy some on Coinbase, you can buy some on Uniswap, you can buy some on Binance.', 'start': 2761.979, 'duration': 5.941}], 'summary': 'Users can start without staking, then acquire numerare through coinbase, uniswap, or binance.', 'duration': 23.794, 'max_score': 2744.126, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es2744126.jpg'}, {'end': 3041.543, 'src': 'embed', 'start': 3014.949, 'weight': 6, 'content': [{'end': 3020.691, 'text': "But what's cool with Numerize, the out of sample is the real life stock market.", 'start': 3014.949, 'duration': 5.742}, {'end': 3023.092, 'text': "We don't even know.", 'start': 3021.411, 'duration': 1.681}, {'end': 3025.133, 'text': "We don't know the answer to the problem.", 'start': 3023.592, 'duration': 1.541}, {'end': 3026.253, 'text': "You'll have to find out live.", 'start': 3025.153, 'duration': 1.1}, {'end': 3038.341, 'text': "And so we've had users who've submitted every week for four years because it's kind of..", 'start': 3028.454, 'duration': 9.887}, {'end': 3041.543, 'text': "We say it's the hardest data science problem on the planet right?", 'start': 3038.341, 'duration': 3.202}], 'summary': 'Numerize tests users with real-life stock market data, posing a challenging data science problem.', 'duration': 26.594, 'max_score': 3014.949, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es3014949.jpg'}, {'end': 3239.064, 'src': 'embed', 'start': 3206.223, 'weight': 7, 'content': [{'end': 3219.59, 'text': "There's an unlimited possible number of models, right? And so by having it be open, we can at least search that space.", 'start': 3206.223, 'duration': 13.367}, {'end': 3227.657, 'text': 'zooming back out into the philosophical, you said that Numerai is very much like Wall Street Bets.', 'start': 3220.733, 'duration': 6.924}, {'end': 3232.38, 'text': "Is there, I think it'd be interesting to dig in why you think so.", 'start': 3227.817, 'duration': 4.563}, {'end': 3239.064, 'text': "I think you're speaking to the distributed nature of the two and the power of the people nature of the two.", 'start': 3232.52, 'duration': 6.544}], 'summary': 'Numerai allows unlimited models for open search, likened to wall street bets.', 'duration': 32.841, 'max_score': 3206.223, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es3206223.jpg'}, {'end': 3368.341, 'src': 'embed', 'start': 3337.496, 'weight': 9, 'content': [{'end': 3339.217, 'text': "They're trusting the blockchain right?", 'start': 3337.496, 'duration': 1.721}, {'end': 3341.759, 'text': 'So the incentives.', 'start': 3340.058, 'duration': 1.701}, {'end': 3347.183, 'text': "like you say, it's about making these perfect incentives so that you can have coordination to solve one problem.", 'start': 3341.759, 'duration': 5.424}, {'end': 3360.373, 'text': 'And nowadays I sleep easy because I have less money in my own hedge fund than our users are staking on their models.', 'start': 3348.003, 'duration': 12.37}, {'end': 3361.214, 'text': "That's powerful.", 'start': 3360.613, 'duration': 0.601}, {'end': 3368.341, 'text': "In some sense, from a human psychology perspective, it's fascinating that the Wall Street bets worked at all right?", 'start': 3361.778, 'duration': 6.563}], 'summary': 'Blockchain trust, powerful incentives, user stakes surpass hedge fund, wall street bets impact.', 'duration': 30.845, 'max_score': 3337.496, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es3337496.jpg'}, {'end': 3433.461, 'src': 'embed', 'start': 3409.232, 'weight': 2, 'content': [{'end': 3420.596, 'text': "And so this I mean you're making me realize from like a profoundly philosophical aspect. Numerai staking is a really clean way to solve this problem.", 'start': 3409.232, 'duration': 11.364}, {'end': 3422.237, 'text': "It's a really beautiful way.", 'start': 3421.297, 'duration': 0.94}, {'end': 3426.899, 'text': 'Of course, it only with Numerai currently works for a very particular problem.', 'start': 3422.277, 'duration': 4.622}, {'end': 3431.52, 'text': "Not for human interaction on the internet, but that's fascinating.", 'start': 3427.799, 'duration': 3.721}, {'end': 3433.461, 'text': "Yeah, there's nothing to stop people.", 'start': 3431.54, 'duration': 1.921}], 'summary': 'Numerai staking is a clean solution for a particular problem.', 'duration': 24.229, 'max_score': 3409.232, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es3409232.jpg'}], 'start': 2536.112, 'title': 'Numerai and blockchain staking', 'summary': 'Covers strategies for participating in the numerai competition, emphasizing the importance of avoiding high volatility, unique aspects of numerai, including its open model and community-driven approach, and the concept of staking as a solution to trust issues in a blockchain-based platform.', 'chapters': [{'end': 2796.395, 'start': 2536.112, 'title': 'Participating in numerai competition', 'summary': 'Highlights the strategies for participating in the numerai competition, emphasizing the importance of avoiding high volatility, providing guidance on getting started, model submission, and obtaining numerare cryptocurrency.', 'duration': 260.283, 'highlights': ['The best users aim to stay high for as long as possible in the Numerai competition to avoid volatility and achieve sustained success. Users are advised to focus on long-term success rather than short-term gains to avoid volatility in Numerai competition.', 'Participants can get started in the Numerai competition by signing up on numuru.ai, downloading the data pack, and quickly building an example model using a provided Python script. Getting started involves signing up on numuru.ai, downloading the data pack, and using a provided Python script to build an example model, which can be done in a short time.', "Models in the Numerai competition are not submitted; only predictions are given, allowing users to retain the code and intellectual property of their models. In Numerai competition, models are not submitted; only predictions are given to retain the code and intellectual property of the models, ensuring users' ownership.", 'Obtaining Numerare cryptocurrency, NMR, is possible through various platforms like Coinbase, Uniswap, and Binance, enabling users to participate in the competition. Numerare cryptocurrency, NMR, can be obtained from platforms like Coinbase, Uniswap, and Binance, providing users with the means to participate in the Numerai competition.']}, {'end': 3261.474, 'start': 2796.816, 'title': 'Numerai: machine learning and cryptocurrency', 'summary': 'Highlights the unique aspects of numerai, a platform that allows users to participate in a machine learning problem with real-life stock market implications, emphasizing its open model, community-driven approach, and the challenges of non-stationary time series data.', 'duration': 464.658, 'highlights': ["Numerai offers a unique model where users can't buy the cryptocurrency, and if they perform poorly, their cryptocurrency is destroyed, but it is not coming to Numerai, aligning interests and creating a tension-free environment.", 'The platform emphasizes a community-driven approach, providing interesting scripts and ideas while requiring a substantial amount of compute, and it is primarily a machine learning problem.', 'Numerai attracts a community of machine learning and AI enthusiasts with a focus on finance as a fascinating problem space rather than traditional finance-minded individuals, making it distinct from other platforms like Kaggle competitions.', 'The platform poses the hardest data science problem, using real-life stock market data, with billions of dollars at stake and no intentional inefficiencies, making it a challenging and high-stakes endeavor.', 'Numerai is unique in its focus on non-stationary time series data, where there are no guarantees that the out-of-sample distributions will conform to the training data, and users have an unlimited possible number of models to explore.']}, {'end': 3621.813, 'start': 3261.474, 'title': 'Blockchain staking for trust', 'summary': "Discusses the concept of staking as a solution to trust issues in a blockchain-based platform, with an emphasis on numerai's approach and its potential for broader applications, while highlighting the power of incentives and the implications for online interactions.", 'duration': 360.339, 'highlights': ["Numerai's staking system was introduced to address trust issues arising from multiple accounts and random models, resulting in a lack of credibility, and it encouraged users to stake their accounts, thereby creating a negative incentive for creating bot accounts. Numerai's staking system effectively addressed the trust issue, leading to a decrease in the creation of bot accounts.", 'The concept of staking in blockchain provides a powerful incentive structure, where users trust the blockchain rather than the platform, creating a unique way to address trust and coordination problems. The staking mechanism leverages the power of incentives, leading to a more coordinated and trustworthy system.', "The potential application of Numerai's staking model beyond financial investment, such as in online platforms like Reddit, is highlighted as a means to address the problem of anonymity and the lack of accountability in online interactions. The discussion presents the potential for broader application of staking models in online platforms for addressing the problem of anonymity."]}], 'duration': 1085.701, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es2536112.jpg', 'highlights': ['Numerai competition emphasizes long-term success to avoid volatility.', 'Getting started in Numerai competition involves signing up, downloading data, and building a model.', 'Numerai competition allows users to retain the code and intellectual property of their models.', 'Obtaining Numerare cryptocurrency, NMR, is possible through various platforms like Coinbase, Uniswap, and Binance.', 'Numerai aligns interests by destroying cryptocurrency for poor performance, creating a tension-free environment.', 'Numerai attracts a community of machine learning and AI enthusiasts with a focus on finance.', 'Numerai poses the hardest data science problem using real-life stock market data with high stakes.', 'Numerai focuses on non-stationary time series data, allowing users an unlimited number of models to explore.', "Numerai's staking system effectively addressed trust issues and decreased the creation of bot accounts.", 'Staking in blockchain provides a powerful incentive structure, addressing trust and coordination problems.', "Numerai's staking model has potential applications beyond financial investment, such as in online platforms like Reddit."]}, {'end': 4697.822, 'segs': [{'end': 3726.86, 'src': 'embed', 'start': 3701.188, 'weight': 1, 'content': [{'end': 3715.076, 'text': 'You can imagine in different dimensions to where it encapsulates all the things that where you could include kind of human to human communication that was available for like to buy GameStop,', 'start': 3701.188, 'duration': 13.888}, {'end': 3715.536, 'text': 'for example.', 'start': 3715.076, 'duration': 0.46}, {'end': 3717.359, 'text': 'on Wall Street Bets.', 'start': 3716.197, 'duration': 1.162}, {'end': 3726.86, 'text': 'So maybe, as a step back, can you speak to what is Numerize Signals and what are the different data sets that are involved?', 'start': 3717.68, 'duration': 9.18}], 'summary': 'Numerize signals includes human communication data for gamestop on wall street bets.', 'duration': 25.672, 'max_score': 3701.188, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es3701188.jpg'}, {'end': 3782.567, 'src': 'embed', 'start': 3755.711, 'weight': 2, 'content': [{'end': 3761.914, 'text': "And that's why it's particularly valuable because it's going to be signals.", 'start': 3755.711, 'duration': 6.203}, {'end': 3766.716, 'text': "You're only rewarded for signals that are orthogonal to our core signal.", 'start': 3762.274, 'duration': 4.442}, {'end': 3769.838, 'text': 'So you have to be doing something uncorrelated.', 'start': 3767.596, 'duration': 2.242}, {'end': 3774.441, 'text': 'And so strange alternative data tends to have that property.', 'start': 3770.178, 'duration': 4.263}, {'end': 3782.567, 'text': "There isn't too many other signals that are correlated with what's happening on Wall Street Bets.", 'start': 3775.022, 'duration': 7.545}], 'summary': 'Alternative data valuable for uncorrelated signals on wall street bets.', 'duration': 26.856, 'max_score': 3755.711, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es3755711.jpg'}, {'end': 3902.721, 'src': 'embed', 'start': 3851.495, 'weight': 0, 'content': [{'end': 3861.28, 'text': "So on the signal side, what's the vision? This long term, what do you see that becoming? So we want to manage all the money in the world.", 'start': 3851.495, 'duration': 9.785}, {'end': 3862.94, 'text': "That's Numerai's mission.", 'start': 3861.76, 'duration': 1.18}, {'end': 3869.103, 'text': 'And to get that, we need to have all the data and have all of the talent.', 'start': 3864.021, 'duration': 5.082}, {'end': 3871.731, 'text': "Like. there's no way.", 'start': 3870.25, 'duration': 1.481}, {'end': 3876.753, 'text': 'first principles if you had really good modeling and really good data that you would lose right?', 'start': 3871.731, 'duration': 5.022}, {'end': 3881.015, 'text': "It's just a question of how much do you need to get really good?", 'start': 3877.874, 'duration': 3.141}, {'end': 3884.637, 'text': 'So Numerai already has some really nice data that we give out.', 'start': 3881.575, 'duration': 3.062}, {'end': 3886.258, 'text': 'This year, we are..', 'start': 3885.277, 'duration': 0.981}, {'end': 3888.259, 'text': '10x-ing that.', 'start': 3887.759, 'duration': 0.5}, {'end': 3894.889, 'text': "And I actually think we'll 10x the amount of data we have on Numerite every year for at least the next 10 years.", 'start': 3888.46, 'duration': 6.429}, {'end': 3898.655, 'text': "Wow So it's going to get very big, the data we give out.", 'start': 3895.31, 'duration': 3.345}, {'end': 3902.721, 'text': 'And signals is more data.', 'start': 3899.256, 'duration': 3.465}], 'summary': 'Numerai plans to 10x the amount of data given out annually for the next 10 years to achieve its mission of managing all the money in the world.', 'duration': 51.226, 'max_score': 3851.495, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es3851495.jpg'}, {'end': 4527.276, 'src': 'embed', 'start': 4496.085, 'weight': 5, 'content': [{'end': 4497.246, 'text': 'Finance is empowering.', 'start': 4496.085, 'duration': 1.161}, {'end': 4501.067, 'text': 'We sometimes forget this, but yeah, it enables innovation.', 'start': 4498.066, 'duration': 3.001}, {'end': 4505.508, 'text': 'It enables big risk takers and bold builders that ultimately make this world better.', 'start': 4501.087, 'duration': 4.421}, {'end': 4507.149, 'text': 'You said you were early..', 'start': 4506.188, 'duration': 0.961}, {'end': 4509.61, 'text': 'in on cryptocurrency.', 'start': 4508.209, 'duration': 1.401}, {'end': 4518.013, 'text': 'Can you give your high level overview of just your thoughts about the past, present and future of cryptocurrency? Yeah.', 'start': 4509.85, 'duration': 8.163}, {'end': 4523.755, 'text': 'So my friends told me about Bitcoin and I was interested in equities a lot.', 'start': 4518.033, 'duration': 5.722}, {'end': 4527.276, 'text': 'And I was like, well, it has no net present value.', 'start': 4523.795, 'duration': 3.481}], 'summary': "Finance empowers innovation and risk-taking. discussing past, present, and future of cryptocurrency, considering bitcoin's lack of net present value.", 'duration': 31.191, 'max_score': 4496.085, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es4496085.jpg'}, {'end': 4599.495, 'src': 'embed', 'start': 4570.31, 'weight': 6, 'content': [{'end': 4573.573, 'text': 'Like smart contracts and all that kind of stuff.', 'start': 4570.31, 'duration': 3.263}, {'end': 4574.954, 'text': 'Exactly, yeah.', 'start': 4574.294, 'duration': 0.66}, {'end': 4578.838, 'text': 'And even spoke about different constructions you could have.', 'start': 4574.994, 'duration': 3.844}, {'end': 4581.54, 'text': "Yeah, that's the cool dance between Bitcoin and Ethereum.", 'start': 4578.918, 'duration': 2.622}, {'end': 4583.301, 'text': "It's in the space of ideas.", 'start': 4582.04, 'duration': 1.261}, {'end': 4584.603, 'text': 'It feels so young.', 'start': 4583.321, 'duration': 1.282}, {'end': 4589.907, 'text': 'I wonder what cryptocurrencies will look like in the future.', 'start': 4585.523, 'duration': 4.384}, {'end': 4595.452, 'text': 'Like if Bitcoin or Ethereum 2.0 or some version will stick around or any of those things.', 'start': 4589.947, 'duration': 5.505}, {'end': 4599.495, 'text': "Who's going to win out, or if there's even a concept of winning out at all?", 'start': 4595.932, 'duration': 3.563}], 'summary': "Discussion on bitcoin and ethereum's future and potential impact on cryptocurrencies.", 'duration': 29.185, 'max_score': 4570.31, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es4570310.jpg'}], 'start': 3621.833, 'title': 'Numerai signals and financial insights', 'summary': "Discusses the potential dangers of human-driven trading on wall street bets, the valuable contributions of numerai signals, numerai's vision to manage all the world's money, and insights into finance, cryptocurrency, and the transformative potential of finance.", 'chapters': [{'end': 3851.475, 'start': 3621.833, 'title': 'Numerai signals and wall street bets', 'summary': 'Discusses the potential dangers of human-driven trading on wall street bets and the valuable contributions of numerai signals in providing uncorrelated data for predictions, including a user-generated sentiment signal from wall street bets. it also highlights the importance of uncorrelated signals and the potential for expanding data sources.', 'duration': 229.642, 'highlights': ['Numerai Signals provide uncorrelated data for predictions, including a user-generated sentiment signal from Wall Street Bets. The user from India created a signal scraped from Wall Street Bets, which is now one of the thousands of signals used at Numerai.', 'The chapter discusses the potential dangers of human-driven trading on Wall Street Bets. The discussion highlights the dangers of human-driven trading on Wall Street Bets and emphasizes the need for uncorrelated signals in the market.', 'The importance of uncorrelated signals is emphasized, as users are only rewarded for signals that are orthogonal to the core signal. The chapter stresses the value of uncorrelated signals and how they are particularly valuable for predictions, as users are rewarded for providing signals that are uncorrelated with the core signal.', 'The potential for expanding data sources is discussed, including the possibility of including human-to-human communication data from Wall Street Bets in the predictions. The discussion explores the potential for expanding data sources to include human-to-human communication from platforms like Wall Street Bets, providing a broader and more comprehensive view of the market.']}, {'end': 4278.425, 'start': 3851.495, 'title': "Numerai's vision and data expansion", 'summary': "Discusses numerai's mission to manage all the world's money, their plan to 10x the amount of data given out annually, and the potential for individuals to contribute signals for faster situations over a seven-day time horizon.", 'duration': 426.93, 'highlights': ["Numerai's mission is to manage all the money in the world, which involves acquiring all the data and talent. Numerai's long-term vision is to manage all the money in the world by obtaining all the necessary data and talent.", 'Numerai plans to 10x the amount of data given out annually for at least the next 10 years. Numerai aims to increase the amount of data given out by 10 times every year for the next decade.', 'Individuals can contribute signals for faster situations over a seven-day time horizon on Numerai. People can generate signals for faster situations with a seven-day time horizon on Numerai, allowing for quicker data processing and modeling.']}, {'end': 4697.822, 'start': 4280.706, 'title': 'Finance and cryptocurrency insights', 'summary': 'Delves into the role of finance in empowering innovation and the future of cryptocurrency, with a focus on ethereum and zcash, as well as the evolving concept of money and the transformative potential of finance, particularly in relation to taking out loans.', 'duration': 417.116, 'highlights': ['Finance empowers innovation and risk-taking, making the world better, and enables bringing the future forward through loans and derivatives. Finance is a powerful tool enabling innovation and risk-taking, ultimately improving the world. Loans and derivatives play a significant role in bringing the future forward.', "The chapter explores the evolving concept of money and its transformation, especially in relation to cryptocurrency, including Ethereum's potential to change the world with smart contracts. The concept of money, especially in the context of cryptocurrency like Ethereum, is discussed, highlighting its potential to revolutionize with smart contracts.", 'Insights into the past, present, and future of cryptocurrency, with a focus on Ethereum and Zcash, as well as the evolving concept of money and the transformative potential of finance, particularly in relation to taking out loans. The discussion covers the past, present, and future of cryptocurrency, with an emphasis on Ethereum and Zcash. It also delves into the evolving concept of money and the transformative potential of finance, particularly concerning taking out loans.']}], 'duration': 1075.989, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es3621833.jpg', 'highlights': ['Numerai aims to 10x the amount of data given out annually for at least the next 10 years.', 'The potential for expanding data sources is discussed, including the possibility of including human-to-human communication data from Wall Street Bets in the predictions.', 'Numerai Signals provide uncorrelated data for predictions, including a user-generated sentiment signal from Wall Street Bets.', 'The importance of uncorrelated signals is emphasized, as users are only rewarded for signals that are orthogonal to the core signal.', "Numerai's mission is to manage all the money in the world, which involves acquiring all the data and talent.", 'Finance empowers innovation and risk-taking, making the world better, and enables bringing the future forward through loans and derivatives.', "The chapter explores the evolving concept of money and its transformation, especially in relation to cryptocurrency, including Ethereum's potential to change the world with smart contracts."]}, {'end': 6586.911, 'segs': [{'end': 4743.385, 'src': 'embed', 'start': 4720.097, 'weight': 0, 'content': [{'end': 4727.36, 'text': "Or on a more serious note, what are your thoughts on the recent success of Dogecoin, where you've spoken to sort of the..", 'start': 4720.097, 'duration': 7.263}, {'end': 4737.623, 'text': 'the meme stocks, the memetics of the whole thing, that it feels like the joke can become the reality.', 'start': 4728.16, 'duration': 9.463}, {'end': 4742.084, 'text': 'Like the meme, the joke has power in this world.', 'start': 4738.203, 'duration': 3.881}, {'end': 4743.385, 'text': "It's fascinating.", 'start': 4742.445, 'duration': 0.94}], 'summary': "Dogecoin's recent success reflects the power of memes in the financial world.", 'duration': 23.288, 'max_score': 4720.097, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es4720097.jpg'}, {'end': 5014.438, 'src': 'heatmap', 'start': 4943.021, 'weight': 1, 'content': [{'end': 4951.389, 'text': "But everyone's, you know, mostly to pull back and be like, here's real problems, let's solve them and so on, and then be able to jump back to a joke.", 'start': 4943.021, 'duration': 8.368}, {'end': 4956.853, 'text': "So it's it's ultimately, I think, I guess, a skill that we have to learn.", 'start': 4951.869, 'duration': 4.984}, {'end': 4964.319, 'text': 'But I guess your advice is to invest everything anyone listening owns into Dogecoin.', 'start': 4959.155, 'duration': 5.164}, {'end': 4966.2, 'text': "That's what I heard from this interaction.", 'start': 4964.699, 'duration': 1.501}, {'end': 4967.201, 'text': 'Yeah, exactly.', 'start': 4966.24, 'duration': 0.961}, {'end': 4969.582, 'text': 'Our hedge fund is unavailable.', 'start': 4968.281, 'duration': 1.301}, {'end': 4971.704, 'text': 'Just go straight to Dogecoin.', 'start': 4970.423, 'duration': 1.281}, {'end': 4974.486, 'text': "You're running a successful company.", 'start': 4972.444, 'duration': 2.042}, {'end': 4982.692, 'text': "It's just interesting because my mind has been in that space of potentially just being one of the millions of other entrepreneurs.", 'start': 4975.426, 'duration': 7.266}, {'end': 4984.193, 'text': "What's your..", 'start': 4983.732, 'duration': 0.461}, {'end': 4989.91, 'text': 'advice on how to build a successful startup, how to build a successful company.', 'start': 4984.914, 'duration': 4.996}, {'end': 5000.693, 'text': 'I think that one thing I do like, and it might be a particular thing about America, but there is something about playing..', 'start': 4990.609, 'duration': 10.084}, {'end': 5003.674, 'text': 'Tell people what you really want to happen in the world.', 'start': 5000.693, 'duration': 2.981}, {'end': 5005.055, 'text': "Don't stop.", 'start': 5004.034, 'duration': 1.021}, {'end': 5008.956, 'text': "It's not going to make it..", 'start': 5005.795, 'duration': 3.161}, {'end': 5014.438, 'text': "If you're asking someone to invest in your company, don't say, I think maybe one day we might make a million dollars.", 'start': 5008.956, 'duration': 5.482}], 'summary': "Learn to balance seriousness and humor. also, invest in dogecoin and be bold in stating your company's goals.", 'duration': 71.417, 'max_score': 4943.021, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es4943021.jpg'}, {'end': 5058.246, 'src': 'embed', 'start': 5032.663, 'weight': 1, 'content': [{'end': 5039.631, 'text': 'if your company becomes mediocre because no one wants to work in a mediocre company, no one wants to invest in a mediocre company.', 'start': 5032.663, 'duration': 6.968}, {'end': 5041.593, 'text': 'So you should play the real game.', 'start': 5040.111, 'duration': 1.482}, {'end': 5050.221, 'text': "And obviously this doesn't apply to all businesses, but if you play a venture backed startup kind of game, like play for keeps, play to win, go big.", 'start': 5042.193, 'duration': 8.028}, {'end': 5053.103, 'text': "And it's very hard to do that.", 'start': 5051.762, 'duration': 1.341}, {'end': 5058.246, 'text': "I've always feel like I, yeah, I start.", 'start': 5053.283, 'duration': 4.963}], 'summary': 'To succeed in a venture-backed startup, aim to play for keeps, play to win, and go big.', 'duration': 25.583, 'max_score': 5032.663, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es5032663.jpg'}, {'end': 5331.053, 'src': 'embed', 'start': 5307.488, 'weight': 2, 'content': [{'end': 5317.55, 'text': 'And if you go bold and take risks and be willing to go bankrupt with your company, as opposed to cautiously, you can really change the world.', 'start': 5307.488, 'duration': 10.062}, {'end': 5321.631, 'text': "And it's so sad for me to see all these autonomous companies, autonomous vehicle companies.", 'start': 5317.59, 'duration': 4.041}, {'end': 5326.412, 'text': "they're like really more focused about fundraising and kind of like smoke and mirrors.", 'start': 5321.631, 'duration': 4.781}, {'end': 5327.332, 'text': "They're really afraid.", 'start': 5326.432, 'duration': 0.9}, {'end': 5331.053, 'text': 'The entirety of their marketing is grounded in fear.', 'start': 5327.352, 'duration': 3.701}], 'summary': 'Taking bold risks can change the world, unlike cautious approaches. autonomous vehicle companies focus more on fundraising, using fear-based marketing.', 'duration': 23.565, 'max_score': 5307.488, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es5307488.jpg'}, {'end': 5865.953, 'src': 'embed', 'start': 5838.239, 'weight': 3, 'content': [{'end': 5840.8, 'text': "They see good talent and they're like, yeah.", 'start': 5838.239, 'duration': 2.561}, {'end': 5845.722, 'text': "And I think they're also saying it's not going to succeed quickly in some way.", 'start': 5841.341, 'duration': 4.381}, {'end': 5848.063, 'text': "They're like, this is going to take a long time.", 'start': 5845.762, 'duration': 2.301}, {'end': 5851.765, 'text': "And maybe maybe that's good to know.", 'start': 5849.264, 'duration': 2.501}, {'end': 5856.367, 'text': 'And certainly AI in trading.', 'start': 5852.785, 'duration': 3.582}, {'end': 5865.953, 'text': "that's one of the most philosophically interesting questions about artificial intelligence and the nature of money,", 'start': 5856.367, 'duration': 9.586}], 'summary': 'Identifying talent for ai in trading, expecting gradual success.', 'duration': 27.714, 'max_score': 5838.239, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es5838239.jpg'}, {'end': 6548.339, 'src': 'embed', 'start': 6514.875, 'weight': 4, 'content': [{'end': 6520.439, 'text': "And then you have to confront, there's no like quick fix cure and you're trapped at home.", 'start': 6514.875, 'duration': 5.564}, {'end': 6525.654, 'text': "So now you have this little thing that happened to you that was a reminder that you're mortal.", 'start': 6522.043, 'duration': 3.611}, {'end': 6534.486, 'text': 'And you get to carry that flag in trying to create something special in this world, right?', 'start': 6526.599, 'duration': 7.887}, {'end': 6538.37, 'text': 'Listen, this was like one of my favorite conversation,', 'start': 6534.967, 'duration': 3.403}, {'end': 6548.339, 'text': "because the way you think about this world of money and just this world in general is so clear and you're able to explain it so eloquently.", 'start': 6538.37, 'duration': 9.969}], 'summary': 'Facing mortality prompts drive to create something special in the world.', 'duration': 33.464, 'max_score': 6514.875, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es6514875.jpg'}], 'start': 4697.922, 'title': 'The influence of humor in finance and technology', 'summary': "Discusses the impact of jokes and memes, particularly in the context of dogecoin's success, the importance of sincerity and optimism in startup success, challenges in the autonomous vehicle industry, skepticism towards ai in finance, and reflections on life and ambition in the context of conversations with industry professionals.", 'chapters': [{'end': 4936.315, 'start': 4697.922, 'title': 'The power of memes and jokes in the financial world', 'summary': "Discusses the influence of jokes and memes, particularly in the context of dogecoin's success, highlighting the impact of humor on financial decisions and the potential for humorous communication to dominate human discourse in the future.", 'duration': 238.393, 'highlights': ["The influence of jokes and memes on financial decisions is discussed, particularly in the context of Dogecoin's success. The conversation delves into the impact of humor on the financial world, specifically focusing on the recent success of Dogecoin and its correlation with memes and jokes.", 'The potential for humorous communication to dominate human discourse in the future is explored, presenting a dystopian future where humor becomes the primary form of communication. The transcript touches upon a speculative future where human communication is dominated by humor, raising the possibility of a dystopian world where jokes and memes prevail as the primary means of interaction.', "The impact of jokes and memes, particularly in the context of Dogecoin's success, is compared to the influence of influential figures like Elon Musk and the rapid spread of humor on the internet. The conversation draws parallels between the influence of jokes and memes with the impact of influential figures like Elon Musk, highlighting the rapid spread of humor on the internet and its potential catalytic effect on financial trends.", 'The influence of humor on financial decisions and the potential for humorous communication to dominate human discourse in the future is emphasized, raising questions about the impact of memes on the world. The transcript emphasizes the influence of humor on financial decisions and prompts reflection on the potential dominance of humorous communication in the future, questioning whether memes will save or destroy the world.', 'The impact of jokes and memes in the financial world, as well as the potential implications of humor-dominated communication, is discussed, highlighting the complex interplay between humor and serious conversations. The conversation navigates the complex interplay between humor and serious discussions, particularly in the financial world, and presents a nuanced exploration of the potential implications of humor-dominated communication.']}, {'end': 5221.14, 'start': 4936.676, 'title': 'Startup success and optimism', 'summary': 'Discusses the importance of sincerity and optimism in building a successful startup, emphasizing the need to play for keeps and go big, with a focus on sincere optimism and boldness attracting amazing people and making the startup journey fun.', 'duration': 284.464, 'highlights': ['The importance of playing for keeps and going big in building a successful startup, urging entrepreneurs to be sincerely optimistic and bold, as it attracts amazing people and makes the startup journey fun.', 'Emphasizing the need to communicate genuine optimism about big and crazy ideas, as it can attract talented individuals and ignite a fire of hope for building something new and cool.', 'Encouragement to not tone down optimism when seeking investments or presenting company visions, as playing the real game and being sincerely optimistic is essential for success in the venture backed startup world.', 'The significance of not succumbing to toning down optimism or ambition in the pursuit of building a successful company, as mediocrity does not attract employees or investors, and playing for keeps is crucial in the venture backed startup game.', 'The impact of sincerity and optimism in attracting talent and igniting the hope of building something new and cool, creating an environment where amazing people can come together to achieve ambitious goals.']}, {'end': 5718.706, 'start': 5221.86, 'title': 'Challenges in autonomous vehicles', 'summary': 'Discusses the challenges and missed opportunities in the autonomous vehicle industry, highlighting the need for ambitious thinking and bold risk-taking, as well as the limited impact of investors in high-tech businesses.', 'duration': 496.846, 'highlights': ['The importance of ambitious thinking and bold risk-taking in autonomous vehicles The chapter emphasizes the need for ambitious thinking and bold risk-taking in the development of autonomous vehicles, as it can change the nature of human-robot interaction, transportation, robotics, AI, machine learning, and manufacturing, impacting the fabric of society, movies, and various industries.', "Limited impact of investors in high-tech businesses The transcript highlights the limited role of investors in high-tech businesses, where investors mainly offer support and encouragement, but with little to add on product development, and their influence on the trajectory of the company's thinking is minimal.", 'Interaction with investors and their influence The discussion reveals the mystery surrounding the influence of investors on the trajectory of thinking and the collective energy behind a company, highlighting the varying levels of interaction with investors and their role in providing support and encouragement.']}, {'end': 6240.4, 'start': 5718.786, 'title': 'Navigating the world of finance and ai', 'summary': "Highlights a young entrepreneur's experience meeting with the ceo of renaissance technologies, discussing the skepticism towards ai in finance, the philosophical implications of artificial intelligence in trading, and the advice for aspiring entrepreneurs and young professionals.", 'duration': 521.614, 'highlights': ["The CEO of Renaissance Technologies expressed skepticism towards AI's role in finance, contrasting the impact on self-driving cars and suggesting the noise in finance limits its application. Skepticism towards AI in finance, comparison with self-driving cars, limitation due to noise in finance", 'The discussion delved into the philosophical implications of artificial intelligence in trading and the conversion of financial interactions into datasets, presenting an intriguing prospect for the research community and enthusiasts of data science and AI. Philosophical implications of AI in trading, conversion of financial interactions into datasets, prospect for research community and data science enthusiasts', 'The entrepreneur emphasized the need for dedication and a long-term commitment when starting a company, cautioning against the mindset of quick success or temporary commitment. Emphasizing dedication and long-term commitment in entrepreneurship, caution against quick success mindset']}, {'end': 6586.911, 'start': 6240.78, 'title': 'Life, work, and reflections', 'summary': 'Explores the intersection of crypto, quant finance, and machine learning, delves into the meaning of life, touches on the impact of illness, and concludes with a reflection on mortality and ambition, all within the context of a conversation with richard crabe.', 'duration': 346.131, 'highlights': ["Richard's unique learning experience at work, where he gained knowledge in crypto, quant finance, and machine learning, due to having free time in his job.", 'The discussion about the meaning of life, mortality, and the insignificance of day-to-day activities, providing a broader perspective on existence.', 'The impact of illness, particularly COVID-19, and how it led to a new energy and ambition after a period of isolation and reflection.', "The reflection on mortality and ambition, with a focus on the liberating aspect of confronting one's mortality and the drive to create something special in the world."]}], 'duration': 1888.989, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/ziQSpuST6Es/pics/ziQSpuST6Es4697922.jpg', 'highlights': ["The impact of jokes and memes on financial decisions, particularly in the context of Dogecoin's success, is discussed, drawing parallels between influential figures like Elon Musk and the rapid spread of humor on the internet.", 'The importance of playing for keeps and going big in building a successful startup, emphasizing the need for sincere optimism and bold risk-taking to attract talent and ignite hope for achieving ambitious goals.', 'The need for ambitious thinking and bold risk-taking in the development of autonomous vehicles, highlighting the limited impact of investors in high-tech businesses and their varying levels of interaction and influence.', 'Skepticism towards AI in finance, contrasting its role with self-driving cars and emphasizing the philosophical implications of AI in trading, as well as the need for dedication and long-term commitment in entrepreneurship.', 'Reflections on unique learning experiences, the meaning of life, mortality, the impact of illness, and the drive to create something special in the world, providing a broader perspective on existence.']}], 'highlights': ["The surge in GameStop's stock price was due to its high short interest, leading to a short squeeze on hedge funds.", 'Numerai competition emphasizes long-term success to avoid volatility.', "Numerai's staking system effectively addressed trust issues and decreased the creation of bot accounts.", 'The potential for expanding data sources is discussed, including the possibility of including human-to-human communication data from Wall Street Bets in the predictions.', 'The importance of uncorrelated signals is emphasized, as users are only rewarded for signals that are orthogonal to the core signal.', 'The concept of Numerae as a crowdsourced hedge fund driven by AI trading systems has the potential to revolutionize stock trading and money management by empowering individuals with advanced machine learning tools.', 'The data for Numerae is organized and made freely available, fostering transparency and accessibility for interested individuals.', 'The incentives of Numerae are aligned, creating a collaborative environment for the development and utilization of AI trading systems.', 'Regular people coordinating to take on elite centralized power structures in the GameStop and Wall Street Bets saga, showcasing the impact of decentralized collaboration and the unpredictability of freedom.', 'The decentralized coordination and collaboration among WallStreetBets users had a significant impact, demonstrating the power of distributed systems.', 'The discussion highlights the potential impact of decentralized communities on financial markets and political discourse in the future.', "Numerai's mission is to manage all the money in the world, which involves acquiring all the data and talent.", 'Finance empowers innovation and risk-taking, making the world better, and enables bringing the future forward through loans and derivatives.', "The impact of jokes and memes on financial decisions, particularly in the context of Dogecoin's success, is discussed, drawing parallels between influential figures like Elon Musk and the rapid spread of humor on the internet."]}