010 - A.I. and Perfunctory Tasks - Be The Bank

Episode Transcript
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Narrator (00:02):
Interested in real estate.
How about wealth?
Well, they go hand in hand.
And here you'll learn all aboutit.
Welcome to Be the Bank, apodcast where we discuss and
debate the topics centeredaround real estate investing.
Your host, Justin Bogart, sharesinsights into investing in real
estate to create real wealth andpassive income for you and your

(00:24):
family.
He'll share stories of realestate investments done right,
walk you through the process ofowning a real estate note, and
most importantly, educate you soyou can be the bank.
The bank.
This is be the bank brought toyou by American note buyers.
Now, here's your host, JustinBogard.

Justin Bogard (00:46):
It is episode number 10 of Season five,
brought to you by American NoFires.
I'm your host, Justin Bogard.
Today we're actually gonna betalking a little bit about, well
, mostly about artificialintelligence and how it relates
to the real estate industry.
So stay tuned.

(01:12):
Hey, Richard.
What's up, dude?

Richard Thornton (01:14):
Hey, uh, I, I not had to notice, take notice
of our little spinning, uh, logothere.
You know, it could be a, a greatsegue for us in that, uh, could
be that in the very near futurewe will have that little logo
designed by ai.

That's true.
We could taken over the world.
Terminator.
You see what Terminator movies?

I don't think that's the case, but, uh,
what's, what's indie like today?

Uh, actually that's really nice.
The last two days, I believeit's, it's been 75 plus sunny,
uh, not much wind, which isnice.
Even for golfing.
It's nice For golfing.
We did have about 3, 3, 4 daysof like, cloudy, rainy weather
before that.

(02:04):
But, yeah, looks good.
How about you?

We just cannot, I mean, you're gonna
hear me, uh, whining in, in amonth or two about how hot it is
or something like that, but thishas gotta be the longest winter
that Northern California hasever had.
It just kind of never goes away.
It, it, uh, it rained again lastnight.
Not a lot, but it just keepsraining and it's kind of cold
and blustery and just, you know,I've got a vest on the house

(02:28):
here and it's just not very funoutside.

Is it snow or hasn't been snowing?

It's not snow

Speaker 4 (02:35):
.

It's not that ni not nice.

So, yeah, if it's like, you don't want it to be
cold, you want it to be likereally cold.

Yeah, it's may, I mean, my God, it's May
10th.
Come on, gimme a break.
It's gotta be, you know, birdshave gotta be chirping and
flowers have gotta be coming outand

It's like, make up your mind.
Either make it like snowyweather that we can have fun in,
or make it really warm weatherthat we can enjoy the outside.
Like either way, don't be in themiddle.
Be on the, the two, you know,outskirts.

That's right.
And down here in the low end,you know, we're, we're all
getting ready for what they'recalling the big melt out of the
Sierra.
I mean, they've got over 700inches of snow that's gonna be
melting and coming down theserivers.
And, uh, wow, you

Mentioned that before.
That's just hard to fathom.
Yeah, that much snow.

700 inches.
That's just amazing.
Actually, it was seven 50 orsomething like that.
I can't remember.
But uh,

Still anything over a hundred inches seems like
a lot.
Right.

Uh, that's a, that's a boatload of snow as far
as I'm concerned.

That's a, that's accurate description there.
Boat load, boat load.
no more.
The metrics is now boatload,like a boatload of money.
Boatload of snow

Scientific.
Yes.

Yeah.
Literally you take one boat andyou fill it full of snow.
That's a boat load of snow.
That's

A boat load.

That's right.
I didn't say what size boat.

Huh?

I It'd be a yacht.
A super yacht.
Yeah.
Anyways, what, what is new withyou?
Anything new going on with you?
I feel like I haven't talked toyou for a couple days.

I know, guys, you know, uh, well, I think as,
as you may know, I'm, I'm busydesigning, uh, drip campaigns
and doing all sorts of, uh, funthings like that for American
note buyers.
And we've got some videos thatwere taken online and, uh,
we're, you know, we're going toat least have the, um, the, uh,
look of being professional, ifyou can believe that.

I like it.
Yeah.
Are you in gida going somewheresoon to, uh, another state?

We are going to Utah, uh, that's

Right.
Utah.

There's a, a charity that, uh, she likes to
donate time to anyway, calledBest Friends.
It's a, it's a huge animalsanctuary and you can go up
there and donate time.
And so she will be doing thatand 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 upthere.

(04:57):
I don't know if you've been toCanna or,

No, I haven't

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.

I've heard of that.
Mm-hmm.
.
So she's going there to see bestfriends and you just don't want
a best friend.
Is that, is that what

She's, you know, I'm just not as much of an
animal lover.
I will donate a little bit oftime, but

Do you wear fur like?
Yeah.
Animal hater then?
Not animal lover.
.
Yeah.
Have you ever had any pets?

Uh, yes.
I, we had, um, my kids had threecats at one point.
Oh

Gosh.
At the same time.

Jupiter, Mars, and Pluto.
And Pluto was the rent and verysmall.
So

, that dwarf, that's the name.

That's right.

Like the Dort planet.

That's right.

That's funny.
I had, uh, when I grew up, I hadmy sister would get a cat that's
so two cats during my kind oflifetime in the house with my
parents.
And then when I got out on myown, it took me a while, but I
eventually got a dog.
So I've had, uh, I have twodogs.

Mm-hmm.
, well, wecurrently have a dog, but, um,

Oh, that's right.
Yeah.
I hear that thing Yiping everynow and then.

That's right.
It's more, more gita's dog thanmy dog.
I, I, I don't dislike animals,I'm just, I just don't get a
warm and fuzzy, so,

Okay.
I feel sneeze coming on.
So if I look, look away, youknow, what's going on.
Yes.

You, you are, you are feeling, you're sounding
better, uh, coming off your headcold, but you're still not a
hundred percent there.

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 ofcough and every now and then,
it's just annoying stuff, youknow?
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 differentguys, I apologize, listener.
That's

Right.
Well, no, we, we, we still knowit's, you

Still know it's me.
It's not somebody else.

So what do we have hot for hot topics today?

I dunno about hot topics, but I think it's
something that's been talkedabout and we haven't really
discussed this, um, together.
So it's kind of fun.
This is why I like to do thispodcast, is I like to bring up
subject matter that we reallyhaven't talked about or dive
deep into because we get a more,you know, natural, uh, real
conversation about it.
And ai, artificial intelligenceis something that has been

(07:18):
coming up quite often this pastyear.
I can't pin a date on exactlywhen this got introduced to the
entire business market to use,but chat, uh, G P T is that, I
believe that's, it's calledmm-hmm.
.
They, they have been a, uh,topic of conversation, like on
Facebook and other social mediaaccounts, which is where I heard

(07:38):
it.
My local group, uh, called cthey have been talking about it
the last time we had a, a bigleadership meeting mm-hmm.
.
And they were just saying howthey, it's pretty interesting.
Like, you know, you take it forwhat it's worth, right?
You, you first or havereservations about a computer
trying to maybe write things foryou or trying to do tasks for
you.
You kind of, you don't, don'ttrust the process, but when you

(08:01):
dive, when you dive a little bitdeeper into it, you can see it,
it does add a lot of value tothings that are more like
mundane tasks and stuff.
So I guess, you know, to fastforward to the punchline, my my
thought is, you know, why, whynot try and use it?
You know, if it can save yousome, some man hours or save you
some headache of doing somerepetitive tasks, well, why not
do it?

Yeah.
Well, I think it will becertainly help us, uh, write our
emails and things like that.
Matter of fact, Microsoft isalready, uh, starting to
incorporate it into Outlook.
Um, I haven't seen that rolloutyet, 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

(08:42):
feature.
That's an outlook right now.
But you can, if you, if youstart to, uh, type in, uh,
something, it will suggest whatyou're going to say.
And all I'll need you to do ishit the tab button and it'll
write the rest of the sentencefor you.
I'm, I'm already getting that.

Yeah.
Okay.
It's like a predictive text

A little bit.
Yeah.
So if you've got some phrasethat is used, uh, over, like, I
would just like you to knowblank as soon as you put in, I
would, it, it fills in and Iwould like you to know and blah,
blah, blah.
So that's short stuff, but it'sgoing to be longer, um, uh,
versions of that.
That's, that's a very simple,simple way that it's,

Yeah.
Yeah.
I can see that adding stuff.
I mean, ev everything we do thatsaves us a mouse click or a
keystroke like throughout theday, it really does add up.
And it, and it helps reduce yourerrors, I think.
Right.
Just common, commonadministrative errors that we
all make and Right.
It's annoying.
Like we all, well, especiallyme, I'll talk, say for me, I, I
dislike doing things repetitive.

(09:46):
Right.
I like to just do them once andget them over with.
I feel like it's such a drain onmy, on my resources in my life.
If I have to redo something,like if I have to go over and
like, uh, repaint something thatI 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 dofor me, I'm, I'm definitely all
in.

Yeah.
And something that's, this is alittle bit off target, but I
didn't realize it existed aswell as it does.
And it's actually beenimproving, I think over the last
six months.
Um, is the dictation feature inOutlook.
Mm-hmm.
, uh, if you useOutlook, I mean, you can just
hit the little microphone in theupper right hand corner, uh, and

(10:25):
dictate your email and you canwrite an email pretty quickly,
uh, that way.
And I've been using that a lot.
And I'm not the speediest oftypist.
Um, and, uh, you can saveyourself a lot of time by
dictating your emails.

Yeah.
I, I hadn't used that when theproducts first.
Cuz I have an, I have an iPhone.
You have an iPhone as well.
Mm-hmm.
and they've hadthat microphone feature for your
texting and, and whatever for along time.
And I, I didn't use it for thelongest time because I didn't
really think it would work.
I thought I'd have to go backover it.
But you're right, it has gotten,definitely gotten better as far
as technology and reallyunderstanding your voice and

(11:03):
your dialect and your tone andyour, you know, how, how you
speak and enunciate.
It really does do a good job ofunderstanding what you're
saying.
So I have been using it a lotmore lately with that.
I haven't used it an outlookthat much.
Cause I think, I guess I'm soused to typing with my fingers
mm-hmm.
, um, cause I'm apretty fast typer.
And so I think that's justsecond nature to me.

(11:23):
But yeah, I I I, I definitelysee it, it adding value.

Yeah.
So I think that the AI is goingslowly creep into, um, the note
business in our end of the worldmore and more like that.
The, uh, two days ago, the CEOof 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, backoffice hiring.

(11:50):
So they're going to lo uh, losepeople through attrition rather
than lay people off.
Yeah.
And basically anything that youcould consider to be back office
, hr, um, filling out documentsthat are repetitive.
Um, yeah.
And that might translate for usto be mortgage notes.
Uh, you know, the actual note,the quick claim deed, anything

(12:12):
like that, um, will becomeperfunctory where we can just
say, and this is going to, Ithink there's several companies
that are going to implement thisas 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 twodifferent vendors we use, we've

(12:36):
got a, that we would have draft,uh, some of our docs.
Uh, we might be able to go totheir 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 laterwe get the whole thing, uh,
filled out.

(12:57):
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 automaticallygenerated.

Yeah.
Luckily, one of our vendors thatwe'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 thedata that you need to provide
and then they fill in the blankaccording to that specific state
county.
Uh, so yeah.
That, that stuff was alreadyworking and it does work pretty
well.
You know, you have to still havesomebody go over and just verify

(13:33):
a QC check on it to make surethat it's accurate.
Right.
Cause it can't, it can't makeassumptions that are not
correct.
Right.
And that, that's where the humanelement can come in and do a
quality check on it.
So.

Right.
And so one of my, uh, networkinggroups is full of a lot of, uh,
since, since I am older and therequirements, well, I am all
this gray hair, um,

That was white.

Yeah, that's right.
White hair.
That too.
Uh, even worse, the, therequirement is that you have to
have been a CEO or in businessfor at least 15 uh, years, um,
on your own.
And so it's an older crowd iswhat I'm, what I'm trying to
say.
And a lot of them are lawyers.
And the, the hubub there is, isthat a lot of the, uh, easier

(14:16):
sets of docks, mortgages, thingslike that, that are standardized
Yeah.
Will all be done by ai, thatbasically they're gonna lose a
lot of their backend, lower endstaff.
Uh, they won't be required atall to do anything like that.

Yeah.
They have different levels ofstaff, right.
They have paralegals, they havejust data entry people and
stuff.
So Yeah.
It's, it's, I, I can see thatbeing that that job market
obviously losing, um, losingemployment opportunities for
them.
But it's just, you know, I thinkit just comes down to us, you
know, evolution, our, our raceand intelligence.

(14:52):
Right.
We need to, people just need tofocus on, you know, something
that they want to excel in andjust kind of be better at it and
be more of a master craftsman asfar as, uh, instead of like,
just a, just a layman, you know,just Right.
Just a very simple, the thesimple data, the simple tasks
are probably gonna go away a lotsooner.
And so you need to reallyspecialize in something.

Yeah.
And, and, uh, there again, Ithink, um, I'm not quite sure
how this is gonna work, butthey, they being the, the larger
group seemed to, um, believe inthis and that they're, they're
saying that the, the more simple, uh, easier accounting
functions will also be takenover.

(15:36):
Um, I'm not quite sure howthat's gonna work cuz there's a
lot of numbers involved, but,uh, they seem to think that that
was the case.
Yeah.

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 trustthe information that comes out.
You, you, you basically have,let's just call it like a 95%
accuracy on it mm-hmm.
, whatever thataccuracy is gonna be.
Mm-hmm.
.
And a lot of times it might be ahundred percent accurate, but
there is the chance that itmight not be.
So it still needs that humanelement just to go through and

(16:04):
just give it a quality look.
Be like, yep.
That's, that didn't work out toowell.

Right.
No, something I think we'regonna have to, to be concerned
about, uh, more and more so inwhat we're doing is probably
fraud.
You know, I mean, a couple ofour, our compatriots have, uh,
bought bogus notes, things thatlook perfectly, you know, legal
and are well done and documentedand oops, you find out that no,

(16:32):
they, they weren't.
So that's something we're gonnahave to, um, be mindful of.
I think more, well

Let's, let's talk about that a little bit more cuz
that's, that's a good subjectmatter to kind of lead in from
this.
And I definitely can see thatbeing potential mm-hmm.
, but the remedyalways to that is you gotta use
a title company.

Right?

The title company's gonna verify that
seller and or buyer, they'regonna get their license, they're
gonna get their company docs.
I mean, that's, that's what wedo when we buy things outside of
a title company.
We mm-hmm.
, we are bettingthat buyer or seller and saying,
Hey, look, you know, are youable to sign on the behalf of
your company?
Right.
Can you prove it to us?
Show us your articles andcorporations show us, you know,

(17:10):
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 definitelyright.
That stuff is gonna be moreprominent, but the person that's
on the other end is gonna haveto be more diligent about, you
know, discovering all that.

Right.
Now, what's going to counteractthat?
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 becauseHenry Ford or whoever started,
uh, building cars, uh, on anassembly line didn't mean that
everybody gave up their horsesright away.
Right?
Mm-hmm.
, I mean, it tookyears for to, to not have horses

(17:47):
in the, in, in the street.
But one of the things that'sgonna counteract and probably
radically change, which we haveboth heard about, uh, the title,
uh, field is blockchain.
I mean, once you get a goodblockchain, um, on a property,
there's no reason to have evento have to run title.
It is what it is.

(18:08):
And as long as you've got it,you're there.
So, and that's something peoplewill be easily able to pull up
on their own.

Yep.
There'll be definitely strengthsto it.
And there'll be some, some,let's just say, uh, criminal
minded that may be too strong aword, criminal minded folks that
will try to be the axiom of it.

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 ifmore of the, uh, uh, portfolio
analysis, uh, the people who get, uh, tapes of several

Notes

At once or anything like that, those will
now be done.
That underwriting will be done.
Seconds.

Yeah.
It's, it's already already beingimplemented.
How so right now, as, as wespeak, I mean, I think, I don't
know if you were in aconversation when we were
together at our mastermind nottoo long ago, but that, that was
the topic of conversation isthat, look, I I am very
efficient now because I canimplement these AI things that
just make these, these tasksthat usually take forever.

(19:13):
They're just done in justinstant.
Right.
An instant, you know, runninganalysis on a data tape very
quickly, filtering it down to,to having a yes or no answer.
Yes.
Move forward or no, don't moveforward.

Right.
And I mean, you put in yourbasic criteria.
Yeah.
And that's the one of the thingsthat, 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 along hold.
They wanna know what theirspread is over X amount of time
and if it meets this criteria,uh, and because they know

(19:48):
they're gonna sell it in sixmonths,

It's a numbers game.
Yeah.
Right?
Yeah.
They have, they have to go offof bulk quantity or else the
model doesn't work.
Right.
Right.
They're not a onesie twosiebuyer.
Right.
They can't get, you know, whatwe call getting intimate with
the details of a note andactually comb through, you know,
hours of information and to makea really good decision.

(20:10):
No, you just play off thenumbers, you know, just like
buying seconds, you gotta buy 10of them before two or three of
them will just be a big boom foryou.
It's like, you know, it's, it's,it's, it's uh, not a crapshoot,
but it's like, it's anintelligent gamble.

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 happenright away.
It's gonna slowly fade, fade in.
No,

Yeah.
It, it's, we're probably gonna,we're gonna look back 10 years
from now and be like, man, thisis what we did 10 years ago to,
to buy a note.
Just like the guys that havebeen doing it well before us
look back 20 years and gonna belike, I was in the courthouse,
Justin, and I was, I wasgrabbing the, the hand stamped
recorded document and reading itto make sure I had the, like it
would take them weeks to getstuff, you know, closed and it

(20:57):
takes us, you know, days.

Yeah.
So to your point, when I started, uh, with another partner, uh,
my mortgage firm, WashingtonCapital years ago, we had a West
coast office and an East coastoffice.
We had a, uh, I was based outhere in San Francisco and my
partner was, was, uh, in DC andwe'd do a deal, uh, we're, you
know, financing a largeapartment complex, something

(21:19):
like that.
Yeah.
And we'd have a hundred pagedocuments and the only way we
could all review'em was via faxmachine.
Jesus.
So we had two fax machines, in my little office.
My God.
And these things

Would

Crank my God.
And they had that, uh, the bigthing 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 usereal, uh, real, uh, paper.
That was a, a big thing.
Um, but yeah, you had to sitthere and read every document

(21:52):
and some of these documentswould take an hour or two hours
to print out before you couldeven review'em.
And then you had to make yourcorrections, then you had to fax
'em back.
Then you had to get correctionsback that then you had to fax'em
back.
I mean, my god.

Yeah.
I can see that being a pain.
Yeah.
Thank God for a fact.
Otherwise you had to be in themail, you'd lose That's right.
Five days before

That it was the mail.
Let's try just

The mail.
That's right.
So it could take, it took mehalf a year to do that deal, you
know, just to correct all thosemistakes.

Well, it, it, it did.
And I, so I won't go down thisrabbit hole too far, but I, I
think you may have known thatI've done a whole bunch of
reading lately on, uh, thecountry's, uh, fathers.
Right.
So I read up on, uh, Washington,uh, Hamilton, Monroe, all these
guys, and what you, what yourealize is you read, uh, these
biographies, it took them monthsto get anything done.

(22:42):
Yeah.
You know, they, they, Franklinhad to write so-and-so and it
took, uh, he had to write it inthe mail and it took the, it
took it three weeks to get thereand then a month to get back and
Oh my God.
.

Yeah.
We're, we're spoiled compared tothem.
Right?
Yeah.
Yeah,

Yeah.
Yeah.
Um, so we are definitely, Ithink entering, uh, a whole new
world or just as an iPhonerevolutionized, uh,
communications and is stillrevolutionizing,

Um, right.
Yeah.

Um,

20 years later.
Right.

And the other thing, uh, again, not to get too
far a field here, but I dunno ifyou noticed, but Google just
announced, um, they are pushingeverybody towards away from
passcodes and passwords andtowards, uh, facial ID and, and

(23:35):
things like that.

I didn't know that.
No.

Yeah.
They, they just, I think Mondayof this week, they sent out
something that said, guys, ifyou can, we'd really like you to
do to sign in just on your phoneand we'll do it totally by
facial identification.
Mm-hmm.
, um, the whole,they, they, they formed an
alliance with Apple andeverybody else and now have a, a
common ground for doing that andthen wanna get rid of passwords.

(24:01):
Yeah.
And that's sort of the next bigthing that, uh, is gonna affect
what we're doing.

Yep.
That sounds like that's the nextsafest option, you know, cause
somebody can get your passwordand going through two-factor
authentication makes it, youknow, even more cumbersome for
the user to get into theiraccount.
Cause that's what we do, right.
We have to have a password, wehave to have a two-factor
authentication of either, youknow, a text code or a token or

(24:27):
some sort of, um, you know,auto-generated 32nd, um, killed
code, you know, to where itdisappears and generates a new
one.
Like Yeah.
It's, it becomes pretty annoyingbeing a user on some of that
stuff.
Right?

Yeah, exactly.
I mean, it's

How we have to protect ourselves.
Otherwise someone can just getinto your accounting, someone
get into your banking stuff.
It's just, it's scary.
It's like you can lose

Everybody

Your business overnight.

Every guy that I know, when I say computer
people who are running companiesthat, that do tech support and
things of that, they all saybasically you gotta have
multifactor authentication.
Yep.
If you don't, you are justlaying yourself bare.

Yep.
Um, exactly.
Yeah.

So if this is the next best step, and as you
say, it's a pain in the buttbecause, uh, you know, I got two
story house, I'm downstairsworking.
Oops.
My phone is upstairs and I'vegot a.
Yeah.

It's, but you know, this is why we have, um,
internet of things, right.
We got watches, we got differentthings that tether to our phone
that we can also authenticate,you know, right.
On our person if our phone isn'tnearby either.
But yeah.
It's, our phone is, is like anecessary personal computer.

Just about, yeah.
Just about

So way, way it's gonna be.

So I'm trying to think of what else, you know,
it's going to effect besides theback office.

Well, I mean, just think about anything like
running run mortgage brokersneed it to run the analytics of
somebody that's, you know,getting a loan.
You know, realtors are gonnaneed it to run analytics, you
know, for comparative analysison homes.
Like there's, there's just,there's a, anything that you can
think of, the AI is going tohelp immensely on it.
Uh, but I think it's gonna takea good long while for people to

(26:08):
accept it, to get it refined forfind, find u appropriate uses
for it.
Cause it's not gonna work foreverything.
Right.
I've seen a guy on YouTube thattried to have AI write him a,
um, a solo rift, right?
Yeah.
Say, Hey, I want a, you know, areally cool solo with, um, you
know, I forget what type oftheme's like with a fifties feel

(26:30):
with, uh, you know, starting in,in E major or whatever.
And he, he was just goingthrough trying to be specific
and the AI wrote out a solo forit.
Right.
And he played the solo verbatimas to the speed and the cadence
and the notes and how, how tohold 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, thereare some things that you, you

(26:52):
just a human mind, uh, that AIcannot duplicate the human mind.
Right.
Uh, at least yet maybe, maybe inai, you know, in emotional
intelligence could mind withartificial intelligence.
Maybe that might, might be theway to do it, but yeah.
It's just funny how some, somethings that just won't work
right now and a lot of things itwill.

Right.
Very, very much so.
Gida my, as you know, mysignificant other, uh, is a
professor and she said she's,um, slowly pulling back from
being a, a true collegeprofessor and getting more into
the teaching of, of teachers, ofinstructors Yeah.
Teaching them how to, soprofessional development.

(27:29):
And she's very glad because mostof her colleagues are scared to
death about chat J P T andhaving students write papers in
two seconds, you know, about X,y, Z.

Um, yeah.
Cuz how can you prove, can provethat they didn't do it?
How can you prove that they diddo it?

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 legalbriefs, he's using it in his
office and he says, yeah, I'll,um, I'll go to chat g p t, I'll

(28:07):
have it right my first draft.
Um, and then I'll just sort ofparaphrase that and yeah, it
gets me nine, nine tenths of theway they're Yeah,

That's great.
Yeah.

That's great for that purpose.
Yeah.
But for a student writing apaper

Yeah.
Just like they should, in that

Case, you're not gonna be able to ch to

Yeah.
It's just like they shouldn'thave, you know, elementary
students shouldn't be allowed touse calculators.
Right.
They need to do everything thelong way to figure out how to
actually, you know, do itwithout the machine.
Yeah.
Uh, but yeah, I, I definitely,yeah, I'm sure there's gonna be
some sort of way to hopefullypolice that with, you know, uh,
people getting education, butYeah, once you're an adult and
you're in your business, it'slike, well now I, I know how to

(28:47):
do it, but, you know, I reallyneed, speed is, speed is the
only way to make money.
Right.
You gotta be fast, you gotta beinstant, you gotta be, uh, you
gotta be at the right, rightplace at the right time too.
Right.

So, uh, it's very interesting to me.
The times are changing, uh, onthis very quickly.
Um,

Yeah.
Technology seems to be gettingfaster.
Like the, the frequency at whichthe next thing happens gets
faster, which makes the nextthing come to us even faster.
So it, it's kind of neat to seelike whenever the industrial
boom happened, like, what wasthat, like the thirties or
forties or whatever, and thenall of a sudden, you know, fast
forwarder day be like, oh myGod, we got, we got so much

(29:27):
quicker just in the twothousands 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 backthen.
And now look at us now we'relike, we're a future, you know?
Yeah.

.
So you've probably read as haveI, but I think it's worth
mentioning that, uh, theindustry, uh, indicates or has
done stats on this and, and bywhatever criteria they use, I
don't know what it what that is,but they, they're saying that it
took, uh, 50 years fortelevision to get fully

(30:02):
integrated into society from theday as it first came out as a
black and white TV to when itwas fully integrated, not flat
TVs or mm-hmm.
, but just when itwas acceptable and most people
had a TV and la da da, it took10 years for the iPhone to be
fully integrated Yeah.
In society before most peoplehad Yeah.

(30:23):
You know, an iPhone and, or somesort of

Yeah.
That's, that's, that's theextreme culture difference from
that timeframe to thistimeframe.
Like we, we embrace technologynow.
Even even people that, you know,are, are well past their
retirement age.
They, they, they embracetechnology because they're just
like, this is actually kind ofnice, you know?

Yeah, yeah, yeah.
And as you, uh, probably, well,I'll step back.
So as you know, we like to totravel a lot and we'll go
throughout Southeast Asia andthink that, and we'll see people
who, to put it nicely, justaren't dressed very nice, you
know, and they're, they'reselling, you know, um, food,

(31:06):
food, uh, their food vendors onthe, the street or something
like that, and they're obviouslynot making a whole bunch of
money.
And while they're sitting thereselling their beans or whatever,
they open up their cell phone.
.

Right.
It's so odd.
.

Yeah.
They're talking to, to whomever.

.
Yeah.
They got a thousand dollars cellphone, they're holding in their
hands, but yet, you know, theycan't, they can really afford
food.

Well, you know, in and in fact, you know,
when, when, uh, apple buys backyour iPhone, they turn around
and sell it at a profit there.

That's true.
Yeah.

Yeah.
And or there're just a lot of ofphones that are, that we don't
see here That's true.
That are aren't quite asfunctional.
Yeah.
They don't have as many bellsand whistles, but they're
perfectly good cell phones.
Yeah.
And you can buy'em for 10 bucksor whatever it is.
Yeah.

That's probably why, uh, you know, everyone's
seen Apple's revenue sheet foreach quarter and just like
scratching your head, like youmake how much a profit.

That's right.
in

A quarter.

Yeah.
Really.
Right, right, right.

Wow.
Wow.
Right.
.
All right, Richard, that's allthe time we got.
Thanks for wrapping with me.
This AI conversation and thefraud was kind of fun today.
So this was episode number 10,brought to you by American Note
Buyers.
Justin Bogar, this is RichardThornton, and we will see you
guys on episode number 11.
All

Right.
Bye-bye.
Yep.

Narrator (32:25):
Thanks for listening to Be The Bank.
We hope you learned somethingfrom today's show.
If you enjoyed this episode,please rate and review us.
Plus check out our channel onYouTube and follow us on
Facebook and Twitter at Be TheBank and on Instagram at Be the
Bank podcast, be The Bank issponsored by American Note
Buyers.
Thanks again for listening.

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