Financial advice from ChatGPT? Let's give it a try!
I recently watched an interesting video titled How AI & LLMs are Shaping Financial Advice by MIT Professor Andrew W. Lo. In it, he discusses how LLMs could be used for tasks like analyzing financial reports and offering sound financial advice. He also touches on the challenges of oversight, trust and fiduciary duty, sharing his thoughts on how these issues might be addressed in the long run.
Right after that, YouTube suggested a news report from BBC about the Israel conflict in the Middle East, and that gave me an idea for an experiment. You see, we might be on the verge of an escalation in that conflict, and if it happens (I hope it doesn’t), I’m sure it’ll have a significant impact on the financial markets. I’m also sure that I’m not prepared for it, and that (again, if it happens) I’ll think in hindsight that I could have hedged against the real, though uncertain, possibility of escalation.
So in this experiment, I prepared a simple CoT (Chain-of-Thought) prompt to enlighten me about the possibilities ahead and advise me on what I could do. Let’s take a look at it below.
