Capitalogix

My Thoughts On ChatGPT and the AI Revolution

Last week, I shared a post about the rise of ChatGPT. To summarize ... new AI tools (like ChatGPT) are cool, but they can be a distraction if you're not focused on your actual business goals.  Likewise, those tools seem smart, but they are not smart enough to replace you. 

Below is a video containing an edited version of my contributions about using AI in business at a recent Genius Network meeting.

 

via GeniusNetwork.

With something as powerful and game-changing as AI, smart people find a way to take advantage of it (rather than finding ways to avoid or ignore it).

If you keep your head in the dirt, you'll get left behind like Blockbuster, Kodak, or RadioShack. 

With that said, one of the key things I've noticed about new tech is that there's massive churn.  You've seen it with the blockchain and cryptocurrencies.  The companies, products, and modalities that pioneer the industry aren't always the ones who make it.  I think it's because they focus on technology instead of solving their customers' real problems.

Pioneers often end up with arrows in their backs and blood on their shoes.  Too often, this causes them to give up before they achieve real and lasting success.

You don't have to rush, even if it feels like you're falling behind.  To use a surfing metaphor, you shouldn't ignore the coming waves, but you can certainly take the time to wax your board, get in the ocean, and choose which wave you want to ride. 

You can catch the little waves and take advantage of ChatGPT or Midjourney, but as a final reminder, if everyone is doing it, it's not a competitive advantage ... it's the playing field. 

Here Are Some Links For Your Weekly Reading - February 19th, 2023

Here are some of the posts that caught my eye recently. Hope you find something interesting.

 

Lighter Links:

• Listen to Understand, Not to Respond. (FlowResearchCollective)
• 9 Habits of Creative Genius. (WayneDyer)
• OverHyped and Never Delivered: A Brief History of Innovations that Weren't. (BigThink)
• Introducing the AI Mirror Test, Which Very Smart People Keep Failing. (TheVerge)
• OpenAI CEO Sam Altman Frets Over 'Potentially Scary A.I. Tools and How People of the Future Will View Us.' (Fortune)

 

Trading Links:

• Warren Buffett Just Sent a Subtle But Terrifying Signal to Investors. (MotleyFool)
• The Fed Minutes May Reveal a Steep Rise in Rates on the Horizon. (SeekingAlpha)
• The Stock Market Has Been Flipped Upside Down. (Markets)
• IMF: World Economic Outlook is Starting to Recover. (WEForum)
• The Metric that Shows Why the World's Three Biggest Economies Could Be in Serious Trouble. (MarketWatch)

 

Why Less Is Often More

The concept of “less is more” has gained popularity recently, transcending its roots in minimalism.  This idea can be observed in many areas, ranging from the resurgence of simplistic design aesthetics to the widespread popularity of decluttering guru Marie Kondo ...or in the renewed interest in Stoicism.  Minimalism has become an essential aspect of modern life, where people seek to simplify their lifestyles and focus on what truly matters.

The abundance of information and distractions vying for our attention has created a cluttered and overwhelming environment.  We can’t buy everything we see on TV, deep-dive into every interesting topic we learn about on the internet or track everything happening worldwide.  Our limited time and resources force us to choose and prioritize what truly captures our interest and deserves our attention.

In addition to the overwhelm created by the competition for our attention, it is becoming increasingly difficult to discern what is real and trustworthy because of deepfakes, intentional misinformation, and even the seemingly benign advent of AI-generated content that blurs the lines of reality.

The current state of information saturation and manipulation makes it imperative that we approach every piece of information with a healthy dose of skepticism and take the time to verify its authenticity.

Given these limitations, it’s only natural to prioritize and focus on what is relevant and meaningful to us, using our limited time and resources wisely.  The competition for attention demands that we exercise caution, discernment, and purpose in our choices.

There are two critical distinctions that impact your approach to information, as well as your sense of priority and choice of strategies and activities. 

 

The first is whether you are a Specialist or a Generalist.  It isn’t hard to imagine that these two types have pretty different reading lists, habits, and sources of happiness or fulfillment.

 

The second distinction is whether you are a Simplifier or a Multiplier (which is a concept that Dan Sullivan at Strategic Coach has written a book about).  To get to where you are, you’ve been successful at two things in your business career.  You’ve simplified things, which gave you an advantage.  And you multiplied things, which gave you an advantage.  Said a different way, as a simplifier, you took something complex for everybody else and made it simple.  And as a multiplier, you took something that was a new solution, and you had success multiplying it out in the world so that many people could get the advantage of your simplifications.

The truth is, while we all do both, we default to being primarily a Simplifier or a Multiplier. 

The best partnerships happen when you pair the two.  For example, amazing conversations happen when a simplifier says to a multiplier, “I’ve got this elegant solution ... What would you do with it?” Each has something the other doesn’t, and the combination is often exponential.

I am primarily a simplifier.  So, I tend to look for people or technologies to multiply what I produce.

I shot a video on the topic.  Click here to watch.

 

The internet and global digital economy enable you to find an audience for almost anything. 

No matter how far you niche down to find your true calling, there are likely people who are just as excited about what you do as you are. 

In an age where we’re inundated with attention-stealers and ways to spend our time, it’s helpful to remember that less can be more. 

Asking The Right Questions

There’s immense power in asking the right questions. 

Asking the right questions is often more advantageous than having the answer to the question asked.

Asking the right questions is crucial as it facilitates the discovery of appropriate answers, demonstrates progress, and creates meaningful momentum, regardless of the actual answers obtained.

I shot this short video on the power of asking the right questions.  Check it out. 

 

Asking the right questions demonstrates the power of framing, as it allows for a different interpretation and digestion of information.  Even reframing the same question can have a significant impact.  For example, “How do I compete with ChatGPT or other AIs?” vs. “How can I leverage AI to automate tasks I don’t want to do?”

In my experience, when asking someone what they want, often their response revolves around what they don’t want.  However, reframing the obstacle as the path forward makes it easier to uncover the “hidden” opportunity.

You have control over the meaning you assign to things and the emotions they evoke in you.  These distinctions are what separate feeling “sad” vs. “happy” – or “feeling like a victim” vs. “feeling in control of your destiny”.  The power to control your perception determines whether life happens “to you” or “for you”.

When faced with a problem, a mindset of “it can’t be done” can be limiting.  For better results, reframe that "problem" as a "challenge" that can be done – just not in the way it’s currently being approached.

The most important advances in society were impossible until they weren’t.  For example, imagine telling someone in the Middle Ages that you could communicate with people around the globe (in real-time) while simultaneously seeing their faces and sharing documents.  They’d try you as a witch faster than you could say, “Zoom!” 

In the technology industry, the term “Moonshot” refers to a bold and groundbreaking project that was once considered impossible (like landing on the moon).

Success is often a function of using Moonshots to set direction, asking the right questions, being willing to see things differently, and finding a way to move in the right direction while gaining capabilities and confidence.  As long as you are doing those things, the trick is to keep going until you get there.  The result is inevitable if you do those things and don’t give up.

Onwards!

Capitalogix's 23rd Anniversary

Last week I started getting “Happy Work Anniversary!” messages on LinkedIn ... and I was a bit confused because people kept mentioning 23 years. 

Twenty-three years ... That can’t be right? Can it?

For context, here’s what I looked like around that time.

 

My eldest son (who’s now married with a baby) was in middle school. I was just out of the events I described in my TEDx talk. 

However, depending on your definition, the 23rd anniversary can be true or false. Legally, the Capitalogix that exists today is distinct from the initial iteration. Additionally, the company has expanded, its direction has shifted, and what was once a one-person operation has grown into a team of over 20 individuals focused on advancing and commercializing the field of Artificial Intelligence.

It reminds me of the Ship of Theseus (also known as Theseus’ Paradox), which is a philosophical thought experiment that poses the question of whether an object that has had all of its parts replaced is still considered to be the same object. It raises issues of identity, continuity, and change over time. The concept can be applied to physical objects, living organisms, and even organizations or businesses. It challenges our understanding of what it means for something to be fundamentally the same, and if an object can remain unchanged despite undergoing significant changes over time.

The name “Capitalogix” did originate in the year 2000 ... and a surprising amount of the original North Star “purpose” still exists. Honestly, I’m surprised by how much holds up despite 20+ years of passing ... but almost all of it has needed some course correction to adjust to changing tides.  

Regardless, it’s staggering to think about how long I’ve worked in A.I. (since 1991, when it was hard to spell A.I.) and how far we’ve come. 

If I had known how difficult it was at the beginning, I probably never would have pursued it. However, knowing how difficult it is, and how challenging it is to make meaningful progress, I feel better that I did because I realize that it’s not just a competitive advantage, it’s a sustainable competitive advantage. It’s easy for people to focus on a capability, it’s another to make it industrial-grade, robust, reliable, and able to work in difficult conditions. They say that things that don’t kill you make you stronger, it’s true for people, but it’s also true for technologies.  

As we celebrate Chinese New Year, it also feels like a new beginning for Capitalogix as we chase after new possibilities and probabilities. 

We didn’t come this far — just to come this far! Onwards!

Happy Chinese New Year!

Chinese New Year happened this weekend.

So, Gong Xi Fa Cai … which translates to "Best wishes for a prosperous New Year!"

Often, Jennifer and I go to Indonesia to celebrate with Jen's family, but this time we stayed home and celebrated here. 

via Statista

On New Year's it is a lot easier to celebrate when you have a party to go to ... The trick is finding the celebration in the first place.

It's interesting to think about how many New Year celebrations there are.  In addition to Chinese New Year, Muslims have Hari Raya Idul Fitri; Jews have Rosh Hashanah; of course, there is January 1st (and many others).

Which is correct?  I think the answer is all of them.  Regardless of your chosen New Year, it provides an opportunity to celebrate, share, reflect, plan, and commit to the right actions.  If you've already fallen off the wagon of your new year's resolutions, this can be your reason to get back on them. 

As I think about it, the same principle applies to trading.  It's all a matter of perspective.

At some level, there really isn't a correct answer as to which trading style is best.  The best technique is the one that works.  Trading styles go in and out of phase, and if you get too attached to a particular technique, you can too easily get detached from profit.  As any experienced trader can tell you, edges decay, people catch on, and trends change.

As businesses increasingly adopt Artificial Intelligence, the way forward is becoming evident.  This involves utilizing AI to selectively activate and deactivate specific capabilities based on their effectiveness.

In trading or business, while no single method is guaranteed to succeed, there is always a method that can be effective.  You just have to be flexible enough to know what you want and still be willing to accept something better.

AI Tools For Your Business

Last week, I talked about the time value of time - and the benefit of quality peer groups. 

On Friday, one of those peer groups spent hours talking about the promise and peril of generative AI. While some people remained skeptical or in fear of what tools like ChatGPT made possible. 

One of the members shared an AI tool directory that I thought was worth sharing as well. It's called Futurepedia.io 

via futurepedia.io

My contribution to the discussion was brief, but it amounts to this ... Nothing you're hearing about AI should scare you. It should scream opportunity.  You don't have to rush.  AI is at the beginning of a long upwards sloping cycle of impact and capability. However, AI isn't duct tape, and for most, it's not a business ... it's a tool to help you create a bigger future that wasn't possible before.  Much like "internet" companies came and went in the late 1990s ... yet almost every company uses the internet in ways that were unimaginable at the beginning of the cycle.

People often get stuck searching for 'something' (often a singular goal or result). But, in their myopia, they miss the possibility of 'or something better.' 

In my business, I'm rarely happy to settle for less than I'm aiming for ... but I am willing to happily take the 'or something better'. Nonetheless, it is hard to see (let alone be open to) other targets or possibilities when you myopically focus on achieving the lesser (but specific) goal or target you initially chose to focus upon.

So, here is a thought to ponder ...

What is opportunity, and when does it knock? It never knocks. You can wait a whole lifetime, listening, hoping, and you will hear no knocking. None at all. You are opportunity, and you must knock on the door leading to your destiny. You prepare yourself to recognize opportunity, to pursue and seize opportunity as you develop the strength of your personality, and build a self-image with which you are able to live -- with your self-respect alive and growing. ~ Maxwell Maltz

Imagine what you believe this tipping point indicates is possible personally and professionally.

Hope that helps. 

On The Time Value Of Time

I have always believed that you can predict a lot about your future based on the quality of the people you spend the present with.

That is why I think participation in quality peer groups is critical. 

Over the years, I joined several business-leader peer groups like Strategic Coach,  Abundance 360, and Genius Network.  These groups are a great way to meet people and learn things ... and they also provide you with access to the benefits of feedback from a group of trusted advisors, perspectives you might otherwise get from a counselor, and a flow of ideas and opportunities that wouldn't have crossed your mind or your desk.  They allow participants to see, hear, and discuss things they don't usually think about, talk about, or even notice.

Peer groups are also great at bringing blind spots to your attention and connecting you to trends transforming industries and the world.

In these meetings, you often find a "nugget" in the discussion.  Sometimes it stems from what is happening in the world.  Sometimes it alerts you to potentially valuable relationships, opportunities, or gadgets.  And sometimes, the nugget comes from discussing a common problem or constraint (like the pandemic) with your peers. 

This week, several of these groups prompted me to think about time (e.g., not wanting to sell time for money, wanting to live past 100, the "strangeness" of time during the past year, etc.). 

Time is funny.  Sometimes it seems to fly by ... other times, it seems to stand still.  Dan Sullivan uses the example of 10 minutes with a dying loved one compared to holding your hand on a stove for 10 minutes.  One seems excruciatingly short, and the other seems excruciatingly long. 

zefrank via YouTube

The average life expectancy for men in the U.S. is 76.

How many amazing vacations do you have left?  How many jaw-dropping moments?  How many fantastic meals?  How many Super Bowls?

What about time with your parents or older relatives?  It's easy to forget to call or miss an important event because "life happens" – but if you realize you may have already used 95% of your in-person time with that person ... doesn't it become more special?

For contrast:

• Would you rather spend that time dwelling on a mistake?
• What about being angry at something out of your control?
• What about doing work that drains you mentally and emotionally?

In my TEDx talk, I mentioned "living like you only have a year left" and how much more "life" we got out of the last part of my dad's life. 

That is just an example, but clearly, it is worth taking the concept further. 

To start, think of some of the activities you do, places you go, experiences you have that are special and make you feel like your best self. 

• Hitting Flow-state and creating something new and exciting;
• Taking an amazing vacation and experiencing something completely new;
• Having a moment with someone you love that makes you stop and say - "Wow!"
• Making a difference in someone's day or giving back to your community;
• Experiencing peace and relaxation;
• Feeling pure joy.

It's easy to get lost and take these moments for granted when they happen, but when you think about how much time you have left ... they take a whole new meaning. 

How can you maximize the time you have left?  Fill it with the best experiences, activities, and people you can.

To start, think about different time frames:

• What activities could you commit to doing at least once a year?
• What activities could you commit to doing at least once a month?
• What activities could you commit to doing at least once a week?
• What activities could you commit to doing at least once a day?

 Make those lists ... it is a simple way to get a better return on the time value of your life.

Seriously, try it.  

Let me know how it worked for you – and what you chose! 

 

 

What Year Is It?

It is officially 2023 ...  new year – and a new set of opportunities. 

But that's only based on the Gregorian calendar. Those of you that have followed me for a while know I often go to Asia for Chinese New Year (Gong Xi Fa Cai!) ... but that's also only one of many New Years. 

While the following chart is a day late (and thus, a year out-of-date from a Gregorian perspective), it is a handy little guide for knowing what year it is. Check it out. 

Like most things, time is relative. It can seem to go fast, it can seem to go slow ... sometimes it seems like it stands still. It's a matter of perspective. As we just saw, so is the calculation of what year it is. But, so too is the perspective of what you pay attention to, what you make it mean, and what you choose to do. There's no absolute "right" – only a seemingly endless stream of choices and opportunities.

I hope you had a productive and happy 2022 – and an even better 2023. 

Onwards!

Envisioning A Bigger Future

Last week, I shared an article about creating your annual plan (and how Capitalogix does it).  This week, I want to talk more high-level about how we create a bigger future for ourselves, and next week I’ll talk about how I translate that bigger future into resolutions and actions. 

The beginning of a new year is an excellent time for a fresh start.  While it’s always the right time to take the right action, the structure of a year-end is a helpful crutch and force function. 

We look forward to what we will achieve – even though history says we rarely achieve everything we hope for.  Meanwhile, paradoxically, it is also true that we rarely achieve things we don’t hope for.  So, Hope!  It may not be a reliable strategy ... but it beats the alternative.

I’m excited about 2023.  Despite the abnormal market, the crazy headlines, and the still volatile political climate, we’re moving toward increased stability. 

Even though I expect some volatility, we have become more accustomed to handling it (and we’ve become better at transforming its strategic byproducts into strategic benefits).

On a different topic, think about how much progress we’ve made and how different the “new normal” has become.  For example, think about Zoom and remote work or how quickly our economy migrated online.  On many levels, what we are doing now seemed like science fiction, even just a few years ago.

We are living in an age of exponential technologies and exponential possibilities.

I commissioned this image from GapingVoid, to remind our team to keep shooting higher.

 

 

Resilience, resourcefulness, and a worthy goal are the foundational keys to many entrepreneurial success stories.

In the spirit of New Year’s Resolutions – I’ll add that a deliberate approach to goals is important too.

I’m a big fan of picking a Big Hairy Audacious Goal (sometimes called a “BHAG”) and taking actions that move you in that direction. 

I’m also a big fan of Strategic Coach’s Bigger Future exercise.  It is a 25-year planning exercise where you lay out your commitments and goals to yourself, your family, your career, and your legacy.  One of the keys to this is chunking high enough to name the roles, goals, and strategies you select with timeless language (meaning that the target words hold up even as you pivot and adjust your focus and actions).

While doing this, I realized that my ideal next chunk of years involves taking Capitalogix to the next level (and beyond) through collaboration, cooperation, and joint ventures. 

Once you know your long-term goal, it is relatively easy to plan the steps you need to achieve it.  Achieving smaller goals reinforces successes, builds momentum, and makes continued progress feel more likely.

Extra points if you make them SMARTs (Specific, Measurable, Attainable, Realistic, and Time-Bound). 

Actions speak louder than words, and your words can distract you. 

If your goal is to win first place at a competition, focus on the metrics of a first-place finish instead of the medal.  This makes the goal concrete and sets an internal locus of control for your victory.  This also means you don’t need to tell others about your goal too soon.  Studies show that when you announce your intention to achieve a goal in public, you decrease the likelihood of succeeding. 

It’s okay to misstep, and it’s okay to get stuck - but recognize where you are and what you’ve done ... and move forward. 

Delayed gratification happens when you want something badly, but are not able to get it right away.  The result is often anger or frustration.

Meanwhile, the mainstream media broadcasts a seemingly non-stop stream of messages screaming for immediate attention and gratification.  The result of that is not good either (for example, it can result in higher rates of obesity, drug abuse, and depression). 

Don’t be fooled.  Overnight successes are rarely actually overnight successes (for long).

It’s also important (once you’ve accomplished your goal) to set new goals. 

Over the next 25 years, there are many people I want to impact – and many goals I want to accomplish.

It hasn’t always been easy - but building Capitalogix has been an intensely rewarding passion.  It has been easier because I want what I want.  Make sure you know what you really want ... it makes getting it much easier.

I look forward to you all being a part of it as well.  Here’s to a successful 2023 and an even more successful 2048.  

Onwards!