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AI泡沫堪比2000年互联网!达利欧:AI是典型的泡沫,正接

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0:00We have a bunch of dynamics that look to me like some big pins going towards a bubble.我们有很多的动态, 在我看来,像一些大针 走向一个泡沫。
0:07It looks to me that way too.我也这么认为
0:09Okay.摆
0:10So, and you have a very great concentration of所以,你有一个非常 集中
0:17everything being bet on it.赌上一切
0:19In other words, its share of GDP, its share of wealth,换句话说,它在国内生产总值中的份额,在财富中的份额,
0:24its share of the stock market, what it means for the bond market, what it means for trade,股票市场份额,债券市场意义,贸易意义,
0:29what it means geopolitically for war, what it means for employment.战争的地缘政治意义,就业意义。
0:33There's a lot on that one thing.这件事有很多
0:41Hi, I'm Nicholas Thompson, CEO of The Atlantic, and this is The Most Interesting Thing in AI.嗨 我是Nicholas Thompson 大西洋首席执行官 这是AI里最有趣的东西
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1We have a bunch of dynamics that look to me like some big pins going towards a bubble.我们有很多的动态, 在我看来,像一些大针 走向一个泡沫。
2It looks to me that way too.我也这么认为
3Okay.摆
4So, and you have a very great concentration of所以,你有一个非常 集中
5everything being bet on it.赌上一切
6In other words, its share of GDP, its share of wealth,换句话说,它在国内生产总值中的份额,在财富中的份额,
7its share of the stock market, what it means for the bond market, what it means for trade,股票市场份额,债券市场意义,贸易意义,
8what it means geopolitically for war, what it means for employment.战争的地缘政治意义,就业意义。
9There's a lot on that one thing.这件事有很多
10Hi, I'm Nicholas Thompson, CEO of The Atlantic, and this is The Most Interesting Thing in AI.嗨 我是Nicholas Thompson 大西洋首席执行官 这是AI里最有趣的东西
11A few weeks ago, I had Azima Zahar on the show, and we talked about one of the biggest questions几周前,我让Azima Zahar上节目 我们谈了一个最大的问题
12in AI.在大赦国际中。
13Are we in a bubble?我们在泡泡吗?
14The technology is amazing, but that does not mean the economics技术是惊人的,但这并不意味着 经济学
15work.工作时
16And if you've listened to that episode, you know Azima's answer was, no, no, it's not a bubble.如果你听了那集, 你知道阿齐玛的回答是,不,不,这不是一个泡沫。
17We worked through a whole series of arguments.我们经历了一系列争论
18I kind of made the case that it is.我做了这个案子
19He batted each他打的每个
20of them back.他们回来了。
21But of course, not everybody shares Azima's views.当然,不是每个人都同意Azima的观点。
22One notable skeptic is Ray Dalio.一个值得注意的怀疑是雷·达利奥.
23He is the founder of Bridgewater, the world's largest hedge fund.他是世界上最大的对冲基金Bridgewater的创始人.
24Ray famously predicted the雷有名的预言
252008 financial crisis, which meant that as the housing bubble burst and unleashed economic chaos,2008年金融危机,这意味着随着住房泡沫的破裂和引发经济混乱,
26Bridgewater's investments actually went up in value, as they did basically every year since heBridgewater的投资额实际上上升了 和他以后的每年一样
27started the fund.启动基金。
28He left the firm last year.去年他离开了律所
29Now he shares his insights through his newsletter,现在他通过他的通讯分享他的见解
30Principled Perspectives, as well as through books like How Countries Go Broke.原则性观点,以及通过《国家如何崩溃》等书籍。
31If you want smart如果你想要聪明
32insights on markets and investing and what happens when an asset gets overvalued,了解市场和投资,以及资产被高估时会发生什么,
33Ray's a good guy to know.雷是个好人
34For the past year, he's been sounding the alarm on AI.在过去的一年里,他在AI上发出警报.
35He said,他说,
36it's a bubble, but not for the reason you'd expect.这是泡泡,但不是因为你期望的原因。
37So I sat down with Ray to hear why所以我和雷坐下来听为什么
38and how we can avoid another cycle like 2008.以及如何避免2008年这样的循环。
39And this podcast is from my team on the business side这个播客来自我的团队 在商业方面
40of the Atlantic and independent of the Atlantic's editorial staff.并独立于大西洋的编辑人员。
41Here's my conversation with Ray这是我和雷的谈话
42Dalio.大连.
43Ray Dalio, welcome to The Most Interesting Thing in AI.Ray Dalio 欢迎来到AI里最有趣的东西
44I'm excited.我很兴奋
45I'm delighted to have我很高兴
46you here.你在这里。
47The most interesting thing in AI.AI里最有趣的东西.
48That's what we're going to try to get to.即令诸众生欲得成就.
49好了,我们走 All right,
50let's just start your big theory, five forces that drive history, debt, internal politics,让我们开始你的大理论, 五种力量 驱动历史,债务,内部政治,
51world order, acts of nature, technology.世界秩序、自然行为、技术
52You describe world history with them你描述他们的世界历史
53ebbing and flowing.抽而流之.
54My first question, are we at a stage where technology, the fifth force,我的第一个问题,我们是否处于一个 技术,第五力量,
55is becoming more powerful than the other four, or is it in the same balance it's been in historically?变得比其他四个更强大, 还是在同样的平衡 它在历史上一直存在?
56Any way you cut it, they're intertwined, and I just want to touch on those, okay?不管怎么剪,它们相互交织 我只想摸摸它们,好吗?
57Please.请
58The first force is the money, debt, house spending, capital, very important in AI.第一力量是金钱,债务,房屋支出,资本,在AI中非常重要.
59Is this a bubble?这是泡泡吗?
60Is this going to work or whatever?这会成功吗?
61So that first force, where are we?那么,第一部队,我们在哪里?
62Do we have a debt bubble?我们有债务泡沫吗?
63What's going to happen?怎么办?
64Okay, that's a big force.好吧,这是一大力量。
65By the end of this conversation, every listener is going to know the answer to that.到这次谈话结束时,每个听众都会知道答案.
66That's why I wrote the book, okay?这就是我写这本书的原因,好吗?
67Because it's mechanical.因为它是机械的。
68It still is mechanical.它仍然是机械的。
69It doesn't没有
70change.变化。
71If you're holding a bond, you expect to get paid back, and if you're owing, you have to如果你持有保证金, 你期望得到还款, 如果你欠, 你必须
72pay, right?付钱,对吧?
73So that doesn't change with AI.因此,这不会改变与AI。
74I thought you were reaching into my questions,我以为你在探究我的问题
75Ray 来
76I wouldn't think of it.我不会想到的。
77Okay, number two, that force, and it's mechanical, okay?好的,第二,那股力,是机械的,好吗?
78My main point我的要点
79is that everything's mechanical.是一切的机械。
80Everything that happens has causes that make it happen,发生的一切 都有导致它发生的原因
81and if you understand the mechanics like that, then you understand how it works, and that's如果你了解这种力学, 那你就会明白它是如何工作的,这就是
82important, okay?很重要,好吗?
83AI doesn't change that, okay?AI不会改变这一点,好吗?
84It'll influence it.它会影响它。
85But the second force is但第二股力量是
86politics, okay?政治,好吗?
87Internal order.内序.
88There's a political order.有政治秩序.
89There's a social order.有社会秩序.
90The more you get to left and right and you have a conflict, okay?你越是左右夹击 你就会有冲突,好吗?
91There's a problem.有个问题
92So the first,所以第一个
93if you have a debt problem, you have a problem, okay?如果你有债务问题, 你有问题,好吗?
94These men end up being in big cycles这些人最终陷入大循环
95because there's a debt cycle.因为有一个债务周期。
96There's a political cycle, and that political cycle, as you come out有个政治循环,那个政治循环,当你出来的时候
97of the conflict and you wipe out the debt and you have a war and you now start with a fresh slate冲突结束后,你把债务一笔勾销了,你又开战了,现在你又开始新的战争
98like we did in around 1950 or after 1945, you have a fresh slate, you begin this cycle, and then the就像我们在1950年左右或1945年之后一样 你有一个新单子 你开始这个循环,然后
99debts rise relative to incomes and so on, and then the politics, and it's connected to wealth gaps,债务相对于收入,然后政治, 它与财富差距有关,
100so that's second, fourth wealth gaps and values gaps causes, as that cycle happens, it causes more因此,这是第二,第四 财富差距和价值差距 导致,因为 周期发生, 它导致更多
101disorder because there's greater polarity, populism, and so on.由于存在较大的极性,民粹主义等障碍.
102So that's second force,所以这是第二股力量,
103very much related to the first force, which is the debt money, and we're going to get to the other.非常与第一股力量有关, 也就是债务资金, 而我们将得到另一个。
104The third force is geopolitical.第三股力量是地缘政治。
105In other words, the second is how we deal with each换句话说,第二个是我们如何对待每一个
106other within the country.国内的其他人。
107The third force is how countries deal with each other.第三股力量是各国如何相互打交道。
108There's a world有一个世界
109order, and that has a big effect, right?这有很强的效果,对吧?
110And so we're going from what used to be a multilateral所以,我们从过去 一个多边
111world order that the United States created after 1945 war.美国在1945年战争后建立的世界秩序。
112It was a replica almost of democracy,这几乎是民主的复制品
113but there's the United Nations and these multilateral institutions, the world court,但还有联合国和这些多边机构 世界法院
114can you imagine that?你能想象吗?
115The world bank, the world this is, and the world's that, the world health世界银行 世界就是世界 世界就是世界卫生
116organization.组织。
117That's over, right?结束了吧?
118And so we're now coming into a more the way the world used to be,所以,我们现在 进入一个更 像过去的世界,
119which is power matters, and so that produces greater conflict.这才是权力的重中之重 从而造成更大的冲突
120So that's the third.故为第三.
121The fourth, no particular order, the fourth is acts of nature.第四,没有特定的顺序,第四是自然行为.
122We have to be aware that they've我们必须知道,他们已经
123killed more people in history, nature matters.杀了更多的人 在历史上,自然大事。
124And so acts of nature and certainly climate自然和气候
125is an issue, and probably as we come into a Super El Nino in the year ahead or two,这是一个问题,而且也许 当我们进入超级埃尔尼诺 在未来的一两年,
126we will see that matters.我们会看到这一点。
127And then the fifth force is man's inventiveness of particularly new然后第五股力量是人类对新事物的创造力
128technologies, right?技术,对不对?
129And so AI matters, but it's very much tied to these other forces,所以AI很重要,但它与这些其他力量有很大联系,
130so we can't look at it separately, right?所以我们不能分开看,对吧?
131How much money does it get money?能赚多少钱?
132Do they make money?他们赚钱吗?
133What are the political and what are the geopolitical?什么是政治,什么是地缘政治?
134I'm sure when we're talking我敢肯定,当我们说话
135about AI, we're going to talk about China.关于AI,我们要谈谈中国。
136We're going to talk about what it means in terms of我们要谈谈它的含义
137economics and war, okay?经济学和战争,好吗?
138So those five forces, and they tend to operate in a cycle所以这五支部队, 他们往往在一个循环中运作
139because the first three are very cyclical.因为前三个非常周期性。
140Yep.对
141All right.好吧,我们走。
142So it was a good answer,所以这是一个很好的答案,
143Ray, because every single sentence I wanted to respond to with another question, but let's do雷,因为每一个句子 我想回答另一个问题, 但让我们做
144this.这个
145I want you to go back in time a little bit, and then we'll get to where we are in the我希望你能回到过去一点, 然后我们就可以到达我们的位置
146debt cycle, where we're in the political cycle, how AI is going to affect it.债务周期,我们所处的政治周期,AI会如何影响它.
147So you're in Bridgewater,这么说你在布里奇沃特
148most successful hedge fund in America, and you ran it for 40 years?美国最成功的对冲基金, 而你运行了40年?
149About 40 years.约四十年.
150I一、导 言
151controlled it for 50 years, and probably I ran it.控制它50年, 可能我运行它。
152I stepped out 48 years.我离开了48年。
153But what's interesting但有什么有趣的东西
154and relevant to this conversation, you're wildly successful.与这次对话相关 你非常成功
155You were using a form of AI, and你用了一种人工智能,而且,
156obviously forms of high technology, but very much a rule-based system, as I understand it,很明显是高科技的形态, 但非常基于规则的系统,据我所知,
157from going back and reading how you set it up, saying these are the principles, these are what从回去,读你是如何设置的, 说这是原则,这是什么
158I believe, these are the rules.我相信,这是规则。
159Explain how Bridgewater used AI, and let's talk about some解释一下Bridgewater是怎么用人工智能的 让我们谈谈一些
160of the differences between that and the way AI works now.这和AI现在的工作方式不同
161The term AI began, and so the concept,AI这个词开始, 所以这个概念,
162in 1956.1956年参加.
163Of course.当然
164Okay.摆
165And it's had different forms along the lines.它有不同的形式 沿着线。
166So what I did in building所以我在建造时所做的
167Bridgewater was I would think what are my criteria for making decisions, and I would specify those.Bridgewater是我想我做决定的标准是什么,我会具体说明这些。
168I would go back and back test those, and then I would computerize those.我会回去测试这些 然后把这些电脑化
169So give me an example所以举个例子
170of a rule.规则。
171If growth measured by the initial claims for unemployment was rising, and then I如果以最初的失业要求衡量的增长在上升,那么我
172combine it with commodity prices as a daily measure of inflation, if I put those two things把它和商品价格结合起来,作为衡量通货膨胀的日常标准, 如果我把这两个东西
173together, when growth is high and inflation is rising, if I want to then be short bonds rather如果我想成为短期债券的话
174than long bonds, is that a good decision?比长期债券, 这是一个很好的决定吗?
175Right.对
176Okay.摆
177So you figure out these rules,所以你想出这些规矩
178you figure out these systems, you build it, keep going.你找出这些系统, 你建造它,继续前进。
179Okay.摆
180So I learned then about the powers于是我学到了力量
181being able to do it that way.能够做到这一点。
182The main powers are, first of all, if you have those rules,主要权力是,首先, 如果你有这些规则,
183you can apply them everywhere.你可以在任何地方应用它们。
184Like if I was thinking, what am I going to do?如果我在想,我该怎么办?
185What country哪个国家
186do I want to invest in?我想投资吗?
187What do I want to do?我该怎么办?
188When I have those criteria, I comply in everywhere,当我有那些标准, 我遵守在任何地方,
189and then also complexity can be handled in a much better way.然后再以更好的方式处理复杂性。
190Speed is in a much better way,速度是更好的方式,
191less motions entering into the decisions, so I can make much better decisions.这样我就能做出更好的决定
192And so it's more like所以,它更喜欢
193then doing the research on the criteria, programming them up, and it's like building a然后对标准进行研究, 编程,这就像建立一个
194factory that doesn't have workers.工厂没有工人。
195In other words, the old way, it seems to me, the mistaken way换句话说,老方式,在我看来, 错误的方式
196of everybody was to weigh things in their heads, where it's the working of weighing those things在每个人的脑海中 重着东西 重着那些东西
197in your heads, but then also then thinking, what are they?在你的脑海中, 但也思考,他们是什么?
198Program them, check it.编程,检查一下
199So it was like所以说
200building a computer chess game.建立计算机围棋游戏。
201In other words, it's my criteria, how would I play chess?换句话说,这是我的标准,我怎么下棋?
202And the system would be dealing with the world, and then I'm dealing with the world, and then I而系统会处理世界, 然后我处理世界,然后我
203reconcile those two things.调和这两件事
204What move would it make?它会做什么动作?
205What move would I make?我会怎么做?
206And if they were如果他们是
207different, I would say, why would that move be different?不同的,我会说,为什么这个动作是不同的?
208And I would say probably 65, 70% of我可能会说,65,70%
209the time, it's because I forgot or couldn't program that complexity.是因为我忘记或无法编程如此复杂
210And maybe a third of也许有三分之一
211the time, it's something else that then I say, oh, I better systemize that.时间,这是别的东西,然后我说, 哦,我更好的系统化。
212And over a period of time,过了一段时间
213they become one and the same.他们变得一模一样
214Because you've learned something new about commodity prices因为你对商品价格有了新的了解
215or the bond market.或债券市场。
216That's right.没错
217In other words, there's still information, there's still criteria,也就是说,还有信息,还有标准
218there's still cause effect relationships.仍然有产生效应的关系。
219And the causes happen before the effects.而诸因果前.
220So if you know those cause effect relationships, whether it's the most advanced AI or whatever所以,如果你知道这些 造成效果的关系, 不管它是最先进的AI还是什么的
221thinking, you have to understand those cause effect relationships.想想看,你必须了解这些 因果关系。
222Right.对
223So you build these所以,你建造这些
224rules, you very famously, you end up in 9% return during the stock market crash of 2008.规则,你非常有名,你最终在2008年股市暴跌期间得到9%的回报.
225You understand where things are going in ways that no one else or very few other people do.你明白事情的进行方式 其他人或很少人会这么做
226How many rules do you systematize into the Bridgewater system?你有多少规则系统进入布里奇沃特系统?
227Was it 100 rules?是100条规则吗?
228Was it琌盾
229100,000 rules?十万条?
230I would say there's a certain number of markets, and then there's a certain我会说有一定数量的市场, 然后有一个特定的
231number of rules per market that adds up to that.每个市场的规则数量 总计。
232So I would say it's hundreds, but I don't want to所以我会说是几百, 但我不想
233make it abstract.让它抽象。
234I want to bring it to, let's say, each person.我想把它带到,让我们说,每个人。
235Okay, if you went around and好吧,如果你绕过去
236you simply said, I'm going to pause, I've made a decision, you made a decision to have me on this你只是说,我要暂停, 我做了一个决定, 你做了一个决定 让我在这件事上
237show or whatever it is, and you start and you pause and you think, why did I make that decision?展示什么的,你开始,你暂停,你认为, 我为什么要做那个决定?
238What are my criteria?我的标准是什么?
239And you just spit them into your iPhone or whatever.你只是把它们吐进你的iPhone什么的。
240And you start to think你开始思考
241about that.关于那个。
242You will acquire those criteria that you're using.你会得到你使用的标准。
243And then if you do that,如果你这样做,
244you will be able to systemize your decision making process, which is certainly where we are now.你们将能够使你们的决策过程系统化,这无疑就是我们现在的状况。
245And if you do a good job and you know how to do it, you will also backtest those rules to see how如果你做一个好工作,你知道如何做到这一点, 你也会回击 这些规则,看看如何
246they would have worked in the past to help provide the better principles.他们过去本来会努力帮助提供更好的原则。
247I call these principles.我称之为这些原则。
248What are these principles that if I do this, I'm going to get a better outcome than if I do that?这些原则是什么 如果我这样做, 我会得到一个更好的结果 比如果我这样做?
249That's where we're going in AI.这就是我们要去的AI。
250So let's go back to the Bridgewater story.故复说桥水经.
251So Bridgewater所以桥水
252succeeds, succeeds, succeeds.成功,成功,成功,成功。
253You're able to anticipate when bubbles are going to burst.你可以预测泡沫何时会爆发
254You're able to anticipate what will prick the bubble, right?你能预料到什么会刺进气泡 对吧?
255Knowing there's a bubble is one知道有泡泡就有一个
256thing.东西。
257Knowing what will prick the bubble or anticipating or guessing or estimating.知道什么会刺进气泡 预测或猜测或估计
2582026,2026, (英语).
259where are we now in the cycle, particularly when it comes to the question of a tech bubble?特别是在技术泡沫问题上,我们现在处于哪个阶段?
260And then very relatedly, if we're in one, which I've heard you say, what could prick it?然后非常相关的,如果我们在一个, 我听到你说, 是什么可以刺它?
261The way I want to convey it and try to convey it in the book is what are the cause effect我想在书中传达 并尝试传达 原因是什么
262relationships?关系?
263How does the machine work?机器是怎样工作的?
264There are basics such as if the government有政府之类的基础
265has a lot of debt, how is it going to pay that debt?欠了很多债,怎么还债?
266And then if companies are taking a lot of然后如果公司采取了很多
267debt and selling capital, you have to raise capital in order to do these things.债务和出售资本,你必须筹集资本来做这些事情。
268There's还有
269mechanics.力学.
270There's a certain supply and a certain demand that enters into that.有一定供给和一定需求进入.
271So now you look back现在你回头看
272and you would say an answer to your question for me, which is a bubble question, not an AI question,你会为我回答你的问题 这是泡泡问题 不是AI问题
273because the AI can do it as well.因为人工智能也能做到
274It just has to replicate, is that throughout history,它只需要复制, 在整个历史,
275and I think it is true today, that there are miraculous inventions that come along,我认为今天是真的 有奇迹般的发明出现
276that dramatically change the way the world works.这大大改变了世界的运作方式。
277So if you look back at those and so on,所以,如果你回顾这些等等,
278there's a mechanics to that, which means that people want to invest in those things,也就是说人们想投资这些东西
279that they believe it, that there's their experience.他们相信,有他们的经验。
280Like in the 20s, first time像20年代一样,第一次
281there's electricity in houses and you have refrigerator and light, first time movies,家里有电 你还有冰箱和灯光 第一次拍电影
282first time radio, cars and airplanes and so on.第一次收音机,汽车和飞机等等。
283Everybody looks around and they say that每个人都四处看,他们说
284is obviously a thing to bet on.很明显是值得赌注的
285And then everyone wants to bet on it.然后每个人都想赌它。
286And then it becomes a thing.然后它就变成了一件事。
287But everything has a price.但一切都有代价
288And is that price too high?那价钱太高了吗?
289And then there's a need for cash.后又须现.
290So这么说
291the way they work is people will borrow money and it goes through a cycle.他们的工作方式是人们会借钱 并经历一个循环。
292So there's what companies因此,有什么样的公司
293do and there's what people do, investors do.做和有 人们做什么,投资者做什么。
294What the companies do is they say, I need to compete公司都说我要竞争
295for capital.为资本。
296I don't know whether I'm over investing or under investing.我不知道我是投资过度还是投资不足
297There's two choices,有两个选择
298because it's very unknown.因为这是非常未知的。
299There's two choices.有两种选择。
300First, I better put as much money as I possibly首先,我最好尽量多花钱
301get because I'll certainly lose if I'm not going pedal to the metal.因为如果我不踩踏金属,我一定会输的
302And then there's those who还有那些
303might over invest and nobody gets it right.可能投资过头了 没人能理解
304And it's so hard right now where you could be现在很难做到你能去的地方
305a thousand times larger with your annual run rate at the end of the year.年终年运行率是1000倍
306It's at the beginning.初标中.
307It's very hard within that range.在那个范围内很难
308That's right.没错
309It's hard.难曰.
310And therefore,因此,
311do distinguish a good technology from a good investment.将良好的技术与良好的投资区分开来。
312And people classically fail to do和人们经典的失败
313that.那个
314This is good technology.这是很好的技术。
315We don't know.我们不知道。
316Right.对
317And then they say to themselves,然后他们对自己说,
318I can borrow money or the companies can borrow money.我可以借钱 或者公司可以借钱
319There are limits to how much money you你的钱是有限的
320can borrow.可以借钱。
321And what happens is you also have another dynamic that wealth increases relative会发生的是,你还有另一种动力 财富增加相对
322to money.给钱。
323So let me put this in an example.让我举个例子。
324You can today or anytime you can make an offering.你可以今天或任何时间 做一个祭品。
325I'll raise $50 million at a billion dollar valuation.我会以十亿美元的价格筹集五千万
326I only put up $50 million,我只筹了五千万
327but all of a sudden you're worth a billion dollars.但突然间你值十亿
328That company is worth a billion dollars.那家公司值十亿美元
329It may not be worth a billion dollars, but now you have a lot of wealth.它也许不值十亿美元,但现在你有很多财富。
330And so there's a lot所以这里有很多
331wealth around.财宝围绕。
332Wealth is not money.财富不是金钱。
333You can't spend wealth.你不能花财富。
334In order to spend, you either have为了花费,你要么
335to sell wealth to get money to spend, or you have to borrow, which still means you're going to have出售财富以获得钱财 或你不得不借钱, 这仍然意味着你将拥有
336to come up with cash at some point.在某个时候拿出现金。
337Wealth is not money.财富不是金钱。
338And so when you're in that situation,所以,当你处于这种情况,
339you see very classically that that particular diet, wealth grows relative to money.你非常经典地看到, 特殊的饮食, 财富相对于金钱增长。
340And then礛
341there's a pop of the bubble, the pop of the bubble.有个泡泡,一个泡泡
342So very different from the bubble,和气泡很不一样
343the bubble increases.气泡会增加
344OK. And the question is, even what do we define as a bubble?摆 问题是,即使我们把气泡定义为什么?
345A lot of people think, well, will it pay off in the end?很多人会想,嗯,它最终会得到回报吗?
346It's not that.不是那样的。
347The end never happens.终不发生.
34825 years later is the end.25年后就结束了。
349And that's not the verdict.这不是判决
350The question is, do you have a crash问题是 你有坠机事件吗?
351or does something go down in the intervening period?或有什么事情 下在中间期?
352And that happens when they want to sell而当他们想卖的时候
353the wealth.财富。
354They have to sell the wealth.他们必须出售财富。
355Let's say, for example, if you had wealth taxes.比如说,如果你有财富税
356Right.对
357California's proposing a billionaire tax.加州提出亿万富翁税.
358Everybody has to pay it.每个人都得付钱
359They don't have the cash.他们没有现金。
360They got to pay it.他们得付钱
361Right.对
362So that's the mechanics.这就是力学。
363Or you've got to come up with the cash.或者你必须拿出现金。
364And that is what pops the bubbles.这就是气泡的产生。
365OK.摆
366So that's the dynamic.这就是动力。
367And there are a couple other things.还有几件事
368OK. Is it in strong hands or weak hands?摆 是强手还是弱手?
369In other words, the holder of that,换句话说,持有者,
370are they able to take losses and they'll go through it?他们能承受损失吗?
371Or will they be in a position where或他们将处于一个
372they get scared, they sell out, or they need the cash because all of a sudden they thought that他们害怕,他们卖掉, 或者他们需要现金,因为他们突然想到
373they were wealthy, but all of a sudden they're half as wealthy?他们很有钱,但突然间他们就一半有钱了?
374And what do they do?他们做什么的?
375Do they buy他们买吗?
376more?还要吗?
377Do they sell?他们卖吗?
378And there's that dynamic that takes place.并且有这种动态发生。
379And that's how bubbles work.这就是气泡的作用。
380OK.摆
381Fantastic.厉害
382Thank you so much.非常感谢
383It seems like we are quite close看来我们很接近了
384to a number of moments that could lead to a burst in the bubble.导致气泡爆裂
385We have potential wealth taxes我们有潜在的财富税
386that are being discussed.正在讨论中。
387Anthropic即将进入IPO.
388All that wealth is going to turn into money.所有财富都会变成金钱
389People will have to buy the stocks.人们必须购买股票。
390Well, no, it won't turn into money from the get go.嗯,不,它不会变成钱 从去。
391Right.对
392There will be a process.将有一个过程。
393Somebody's going to want to turn that into money because they want有人会想把它变成金钱,因为他们想要
394to buy that house or that apartment.买房子或公寓。
395That's right.没错
396Right.对
397So the anthropic employee will sell所以人类的员工会卖掉
398the wealth to get the money so they can buy the house or the yacht or give it to the cause.财富来赚钱 这样他们就可以买房子或游艇 或者把它交给事业
399And someone will have to get the money in order to get the money to buy the wealth.且得有人得钱,以资买财.
400They may have to他们可能不得不
401sell off their other wealth.出卖他们的其他财产。
402We don't know what's going to happen.我们不知道会发生什么。
403So you have all of those triggers.所以你有所有这些触发器。
404You do have, we saw with the Sitional Awareness Fund this past July, you have very eager investors去年7月,我们通过 特别意识基金,你确实有,你有非常热心的投资者
405who are extremely leveraged who at that moment, you know, Leopold Ashbender had to acquire a lot极富杠杆性 在那一刻,你知道,利奥波德・阿什本德 不得不获得很多
406of money to cover a bunch of bets.钱来支付一堆赌注。
407So we have a bunch of dynamics that look to me like some因此,我们有一堆动态 看起来像一些
408big pins going towards a bubble.大胸针向着一个泡沫。
409It looks to me that way too.我也这么认为
410Okay.摆
411So, and you have a very great所以,你有一个非常伟大的
412concentration of everything being bet on it.集中一切的赌注在它上。
413In other words, its share of GDP, its share of wealth,换句话说,它在国内生产总值中的份额,在财富中的份额,
414its share of the stock market, what it means for the bond market, what it means for trade,股票市场份额,债券市场意义,贸易意义,
415what it means geopolitically for war, what it means for employment.战争的地缘政治意义,就业意义。
416There's a lot on that one上面有很多东西
417thing.东西。
418Right.对
419Going back to your forces, just American political system, not at the best shape.回到你的势力, 只是美国的政治制度, 不是最好的形态。
420Internal politics don't seem great.内部政治似乎并不伟大.
421Geopolitics with China, not great.与中国的地缘政治,并不伟大.
422Potential shock to the潜在的冲击
423system with move against Taiwan.对抗台湾的系统
424She's in her 70s, wants to do it in her lifetime.她已经70多岁了,想在她的一生中做到这一点。
425Who knows谁知道呢
426what's going to happen?会发生什么事?
427Maybe it's better to do it before Trump leaves office.也许在特朗普离开办公室之前最好还是这么做.
428We don't know.我们不知道。
429Right.对
430Climate, another wild card.气候,另一个野生卡。
431You could have disasters.你可能会有灾难。
432Right.对
433So there are all kinds所以有各种各样的
434of forces that make this a perilous moment with bond prices going up.导致债券价格上升的危机时刻
435Right.对
436Like喜欢
437yields going up.产量上升。
438Yi升.
439All kinds of problems at the moment.现时种种烦恼.
440Right.对
441And a basic thing about, well, there are two questions, I think.一个基本的问题,嗯,我想有两个问题。
442Is this a bubble?这是泡泡吗?
443And I'm just saying, I create a bubble indicator that has all of these things.我只是说,我创造了一个有这些东西的泡沫指标。
444And this is a bubble measured analogous to the 2029 bubble in that order of magnitude in terms of这个气泡与2029年的气泡类似 其数量顺序是
445take that mix.拿着这个组合。
446But let's say I'm wrong.但是,让我们假设我错了。
447But is it less or more of a bubble than 2008?但是它比2008年少或更多吗?
448The 2008 was less of a bubble.2008年不是个泡沫。
449It had a big debt than 2000 in terms of that dynamic of a bubble.从泡沫的动态来看,它的债务比2000年大。
450On your bubble indicators.在你的气泡指标。
451There was a housing.有个房子
4522000 was2000年为
453a bigger bubble than 2008, which was a big bubble because of the debt.比2008年还大的泡泡 因为债台高筑
454The subject was different.问题不同。
455The subject in 2008 was, it was houses.2008年的主题是房屋。
456It was real estate.这是房地产。
457And it was structured in that way.它的结构是这样的。
458And so that was a bubble that was going to break.因此,这是一个泡沫 将要打破。
459But if you're taking the enthusiasm,但是如果你的热情,
460the whole stock market thing and everything in that, the bigger bubble was also in 2029.整个股票市场的事情和所有的事情, 更大的泡沫也是在2029年。
461But anyway, the point I'm trying to say is those conditions exist.但总之,我想说的是这些条件确实存在。
462But I think the question,但我认为问题
463when we know that and we also know that everything is one thing, everything is AI,当我们知道这一点,我们也知道 一切都是一回事,一切都是AI,
464okay, then what an individual should do is don't make my everything AI, right?好吧,那么一个人应该做的是 不要让我的一切AI,对不对?
465Whether you know,无论你知道,
466whether you want to bet for it or whether you want to bet against it, don't make one thing that is无论你想赌它,还是你想赌它, 不要做一件事,这是
467highly volatile and is leveraged and so on your one thing bet.极易挥发 被利用 以你个人的赌注
468Let me ask you a couple of sort of我问你几个问题
469questions that push against this hypothesis.与这个假设相反的问题
470So one would be Ray, we've had the situation for所以,一个是雷, 我们已经得到了的情况
471bubble for a while and we've had a bunch of exogenous shocks, right?泡泡一阵子了 我们经历了一堆外来冲击 对吧?
472We had tariffs,我们有关税,
473we've had the Iran War, we had the situation with situational awareness.我们经历了伊朗战争, 我们经历了局势意识。
474None of this has even这一切都没有 甚至
475seemed to have come close to popping the bubble.似乎已经接近泡泡。
476Like we're just going to get through the, we had碞钩и璶筁妓
477SpaceX IPO 对吧?
478We had a lot of wealth and money.我们有很多的财富和金钱。
479We're going to get through the Anthropic我们要穿过雅典人
480IPO 公开AI IPO.
481Why can't the dynamics that have sustained the economics of the last year为什么维持去年经济的动态不能
482sustain it for the next three?维持下去?
483I would ask each person who asked that question to, first of all,我要问每一个问这个问题的人,首先,
484understand the mechanics and see the charts.了解力学,看图.
485So let me give, let's say what I would say is所以,让我给, 让我们说我要说的是
486the debt bubble.债务泡沫。
487Okay.摆
488Let me start off with the bond market.让我从债券市场开始
489Okay.摆
490That's the opposite.则相反.
491There's还有
492asset and liability.资产和负债。
493The asset is the bond.资产是债券。
494The liability is the debt.负债是债务。
495Okay.摆
496And so what I would所以我会
497say is, okay, the mechanics, I want to tell you, let's say, let's start with the US government,说,好吧,机械,我想告诉你, 让我们从美国政府开始,
498but we can go beyond that.但我们可以超越这一点。
499And what we would say is the way it works is that it works the same for我们要说的是,它的工作方式是 它的工作原理一样
500the government as it works for you and I with debt, meaning you take it on, you've got to pay it back对你和我来说,政府是有效的, 意味着你承担,你必须偿还
501terms.条件。
502And the only difference is the government can print money.而唯一的区别是政府可以印钱.
503And so what happens is the way所以,会发生什么 的方式
504these come to an end is very simply two things happen, that the credit systems like the circulatory这些都结束了 只是发生了两件事 信用系统如循环系统
505system.系统。
506And what happens is if money and credit is lent and it earns more than it's cost the service如果借钱和贷款 收入比服务成本高
507that debt, then you have a healthy system.债务,然后你有一个健康的系统。
508So providing debt and leverage is good if it produces所以,提供债务和杠杆 如果它产生
509the incomes that are necessary to service that and the world goes on to a better place.为世界服务所必需的收入将进入一个更美好的地方。
510And you could see that in the numbers that I seeing how much debt service is creeping up on你可以看到,从我看到 有多少还本付息 正在逐渐增加
511spending.开支。
512When debt service increases relative to spending, like you or for the government,当债务还本付息相对于支出增加时 像你或政府一样
513that means that your ability to spend is less because you have this debt service payment也就是说,你的花费能力就更少了 因为你还本付息
514and it's like plaque in the circulatory system building up.就像是循环系统积聚的牌子
515And then that's what causes an然后这就是导致
516economic heart attack.经济心脏病发作。
517OK, that can be watched.好吧,这可以被观看。
518I'm going to go through those numbers in a second我马上去查那些数字
519for you quickly.为您快速。
520Great.不错
521OK, the second thing is there's a supply and a demand.好吧,第二件事是 有供求。
522In other words,也就是说,
523every year you have to if you're running a deficit, that means you have to sell your debt.每年都要卖掉你的债
524And that means there's a certain quantity of it and there's a certain buyers of that debt这意味着有一定数量 并且有特定的买主 债务
525and do they want to buy it.他们想买它吗?
526And so either of those two things can cause a problem.所以这两件事都会引起问题。
527And you can monitor that just like your cardiologist could monitor, you know, that你可以像心脏科医生一样 监视
528plaque building up in your.在你身上盖的牌子
529OK, so here are the numbers.好吧,这是数字。
530The United States government美国政府
531spends about seven trillion dollars a year and takes in about five trillion dollars a year.每年花费约7万亿美元,每年花费约5万亿美元.
532So its deficit of two trillion, it means it's overspending by about 40 percent.因此,它的赤字是两万亿, 这意味着它超支了大约40%。
533And it's done都结束了
534these deficits for a long time.这些赤字长期存在。
535So the amount of debt that it has is six times the amount of所以,它的债务金额 是六倍于
536money that's coming in.钱来了
537Right.对
538And not only do you have so your interest on that debt has now不仅你现在对那笔债的利息
539become half of that deficit, it's about a trillion dollars, two trillion dollars you got to sell成为一半的赤字, 它大约一万亿美元, 两万亿美元 你不得不出售
540about a trillion of that to pay the interest, the interest rate.大约一万亿美元 支付利息,利率。
541But that's the smaller number.但这个数字还比较少
542The bigger number is every year you also have to there's about 10 trillion maturing.更大的数字是每年你还必须有 大约10万亿的成熟。
543OK,罢
544that means I have to resell.这意味着我不得不转售。
545OK, now you could see that and you can project that and you can see it.OK,现在你可以看到, 你可以投影,你可以看到它。
546So it's an answer to your question on the first one.所以这是你第一个问题的答案
547It's like somebody who has had a lot of这就像一个人 谁有过很多
548they say, I haven't had a heart attack yet.他们说我还没有心脏病发作
549OK, I I'm eating and I'm having the fatting food.好吧,我正在吃,我正在吃脂肪的食物。
550I'm enjoying smoking.我很喜欢抽烟。
551I'm drinking.我在喝东西
552OK, I haven't been outside this whatever it is.好吧,我还没有出去 不管它是什么。
553Yeah.对
554And I'mи琌
555just like the doctor who was saying, OK, I can show you the plaque and you decide what you want to就像那个医生说的,好吧,我可以给你看牌匾,然后你决定你想要什么
556do.说吧
557OK, and I and I do the projections year by year of what that thing looks like.OK,我和我会做预测 逐年的 东西是什么样子。
558And I'm saying我说
559that you're likely to have a heart attack.你可能会心脏病发作
560And please don't get comfort in the fact that you请不要因为你
561haven't had a heart attack yet.还没有心脏病发作
562OK, because you can go back and do those numbers and you could see好吧,因为你可以回去 做那些数字,你可以看到
563I'm also telling you that the supply demand situation is is a problem.我也告诉你,供应需求状况是个问题.
564The demand is slipping.需求正在下降。
565OK, one third of our buying of the debt is foreigners.好吧,我们买债的三分之一是外国人。
566The biggest foreigners were China最大的外国人是中国
567and Japan.与日本的比较
568Oh, and with for various reasons, foreigners are having concerns about the amount哦,出于各种原因,外国人对金额有顾虑
569of debt and they're also having concerns about the conflict that is existing in the world.他们也担心世界上存在的冲突
570And could they be sanctioned, meaning you might not make those debt payments the way Russia was你可能不会像俄罗斯那样偿还债务
571sanctioned and and so on.制裁等等。
572Could you do that, which is weakening the foreign demand and Japan,你能这样做吗,这正在削弱 外国的需求和日本,
573for its own reason, I can't I won't digress into and other countries are thinking about我无法潜入别的国家 考虑
574and then they need that.然后他们需要这个。
575So so that becomes the dynamic.因此,这成为了动力。
576So we have a supply that's going like┮иΤ贺
577this and we have a weakening demand.这,我们有一个弱的需求。
578So we have both of those two classic problems.所以我们有两个典型的问题。
579And and I还有我
580don't believe me.别相信我
581You don't have to believe me.你没必要相信我
582I'm just putting it out there.我只是把它放出来。
583You could look at你可以看着
584the X-ray.X光线
585You could decide what you know for yourself.你可以决定自己知道什么
586Does that make sense?这有道理吗?
587Let's make an让我们做一个
588analogy, Dr. Dalia.类比,大丽亚博士。
589So one of the things that the AI optimists would say here is understand,因此,AI乐观主义者在这里说的一个事情是理解的,
590you know, you spend seven, you take in five, you know, decreasing demand to buy debt,你知道,你花了7,你收了5,你知道, 降低需求购买债务,
591you have extreme servicing costs.服务费用很高
592But we are about to enter an entirely new era where it's但我们即将进入一个全新的时代
593not that productivity will increase X percent.而不是生产率会提高X%。
594It'll increase 10 X right where we're going to它会增加10X 我们要去的地方
595be able to do things.能作诸事.
596We're going to have, you know, geniuses in a data center, right?我们将会有,你知道, 天才在一个数据中心,对不对?
597We are我们是
598going to have an entirely new world of work, and we're going to be able to sort of through将有一个全新的工作世界, 我们将可以 排序通过
599increased productivity, get our way out of it.提高生产率,让我们摆脱它。
600And in fact, the reason why this doesn't fit into而事实上,原因 这不符合
601your models is that there's never been.你的模特儿从没有过
602No, it's always happened.不,它总是发生。
603There's never been a productivity从来没有一个生产力
604and technological improvement like this.科技进步
605So that is what I would say to the doctor.所以这就是我要对医生说的。
606I would say,我会说,
607Dr. Dalia, I understand it's bad.Dalia医生,我理解很糟
608I've got plaque building up.我有牌楼了
609I understand.我理解,我懂你说什么
610I've been outside.我出去过
611I一、导 言
612am smoking cigarettes, right?抽烟,对不对?
613But there's a new treatment.却有新治.
614It's in the works.于诸业中.
615It's about to get马上就要到了
616approved by the FDA.由林业发展局核准。
617I'm good.我没事
618Right.对
619So just to the mechanics,因此,只是对机械,
620if the incomes rise by enough that it becomes easy for the government and others to pay that debt,如果收入增长到足以让政府和其他人轻松偿还债务,
621then, of course, you will have the results that you're talking about.那么,当然,你会得到你所说的结果。
622And now we're dealing with现在我们面对的是
623the actual likelihood of that and the probability of that and what has to happen and what has to实际可能性和可能性,以及必须发生和必须发生的情况
624happen when.什么时候发生?
625Okay.摆
626So first of all, one of the issues that's happening is that it creates a very因此,首先,一个正在发生的问题 就是它创造了一个非常
627large differences in wealth.财富差别很大
628Okay.摆
629And so with those differences in wealth, the question is因此,随着这些财富的差异,问题是
630that there'll be, we see how it's happening in terms of that disparity in wealth.(笑声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声(掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌声) (掌
631And we can我们可以
632expect, nobody knows exactly, but there are those who own the stocks and there's the thing we talked期待,没有人知道 确切的,但有人 谁拥有的股票 有的东西,我们谈
633about about wealth and all of that.关于财富和一切。
634And that's happening.并发生。
635And so A, the three questions are,所以,A,三个问题是,
636how does that wealth transfer take place?财富转移是如何发生的?
637The average household has, and the government debt平均住户和政府债务
638part of it is about $280,000 per household.其中一部分大约为每个家庭280 000美元。
639So how do they get that with that map?他们怎么拿到地图的?
640So you have to所以你必须
641get through, if you get the productivity miracle, which is converted into income.穿过,如果你得到 生产力奇迹,它转化为收入。
642Correct.没错
643Okay.摆
644This has got to be converted into enough income to cover that.这必须转换成足够的收入来支付。
645In the right amount of time,在正确的时间里,
646okay.还好。
647Then you have to make sure that how does the government get that for its income那你得确保政府的收入是怎样得到的
648or others get it?还是别人知道?
649Is that through taxes?这是通过税收吗?
650Is that going to be worked out politically?这事会在政治上解决吗?
651And how quickly is that going to take place relative to the time horizon that's needed to时间跨度是多少?
652take place in order for that to happen?是为了实现这一点吗?
653So you need a productivity boom.所以,你需要一个生产力繁荣。
654Then you also need a那你也需要一个
655income tax boom.所得税繁荣。
656You need to come into- You need the income.你得进来... 你需要的收入。
657Okay.摆
658So when we're going to get所以当我们得到
659income, where are we going to get that money from in time?收入,我们从哪里得到这些钱的时间?
660How much is it going to be and so on?要多少钱,等等?
661Okay.摆
662So please go through that line by line and take a look at what that is year by year所以请逐行走一遍 逐年看看是什么
663and what you think is going to happen in order to achieve that.而你认为会发生什么 来达到这个目的。
664By the way, a lot of productivity顺便说一句,很多生产力
665miracle is not transferred to income.奇迹不会转移到收入。
666Right.对
667Okay.摆
668Because there's always the competition因为总是有竞争
669and there's always the means that it becomes cheaper.并且总是有手段 使它变得便宜。
670There's a price competition and so on.有价竞争等.
671But we can agree on the mechanics of that.但我们可以就这个方法达成一致。
672Right.对
673Okay.摆
674What we would have to say is,我们不得不说,
675at least I would look at it is, wow, that is a scary picture.至少我会看它,哇, 这是一个可怕的照片。
676Okay.摆
677So maybe, I mean, let's not,所以也许,我的意思是,让我们不要,
678where are we five years and how is it distributed and how does all that work?我们的五年是在哪里,它是如何分配的,所有这些如何运作?
679And we're going to be我们将会是
680there.这里
681Okay.摆
682If you want to bet on that, you can bet on that.如果你想打赌,你可以打赌。
683Okay.摆
684When I look at that, I think,当我看着,我想,
685okay, at a minimum, we better worry about that.好吧,至少,我们最好担心这一点。
686Let me ask you another question that I've heard让我再问你一个我听到的问题
687you talk about that I think is fascinating.你说我觉得很迷人
688So OpenAI, maybe this past spring, there was some所以OpenAI,也许这个春天,有一些
689talk that they thought maybe the government should have a share in OpenAI, have a stake,说他们觉得政府应该在OpenAI 拥有股份,
69010% stake like they have in Intel.10%的赌注和情报一样
691Maybe there should be a sovereign wealth fund where United也许应该有一个主权财富基金 在那里联合
692States government takes stakes in the big AI companies.美国政府对AI大公司负责。
693You like this idea, right?你喜欢这个主意,对吧?
694I want to be clear.我想说清楚
695We're coming into a new world order.我们即将进入一个新的世界秩序。
696Yeah.对
697We are in a new world order.我们在一个新的世界秩序中。
698Okay.摆
699And during such times of international competition to believe in entirely a free market system在这样的国际竞争时期 相信一个自由市场体系
700that directs everything has always never been the case and not necessarily is the best way.指导一切 从来没有发生过, 不一定是最好的方法。
701We're very much a free market.我们是自由市场
702I'm very much inclined to be free market.我非常倾向于自由市场。
703But if you make it但如果你来了
704free, then what happens is let's say consumers, they buy what they want to buy.免费的,然后会发生什么, 让我们说消费者, 他们买他们想要买的东西。
705And you might你可能会
706buy $1,200 handbags or whatever it is.买一千二百块的手提包或什么的
707And those resources may not be effective in competing这些资源在竞争中可能没有效力
708in the world where if you win the AI battle, you're going to win not only the economic,在世界上,如果你赢了AI战役, 你会赢得不仅仅是经济,
709but you're going to be the battle for the military or the world dominance type of battle and so on.但你会成为军事战役 或世界霸权战役的战斗
710And so government interventions in certain ways, one can't be too black and white about this,所以在某些方面 政府干预 不能太黑太白
711in terms of forms of direction.就方向形式而言。
712Now, how that's done, how that balance is achieved is a very现在,如何做到这一点, 如何实现平衡是一个非常
713difficult thing.困难的事情。
714I do think I'm also supporting Trump accounts in Connecticut.我想我也支持川普在康涅狄格州的账户.
715I'm supporting the我支持这个
716Trump accounts because I do believe- I told my son about this this morning.特朗普的帐号是因为我相信... 我今早告诉我儿子了
717He asked他问
718if we could move to Connecticut so that he could get some of the DALIO funds in his account.如果我们可以搬到康涅狄格州 这样他就可以得到一些DALIO的资金在他的账户。
719My point is that it depends on how.我的观点是,它取决于如何。
720It depends on what in terms of giving people a stake,这取决于什么 给人利益,
721but also giving them understanding that this is good things.让他们明白这是好事
722And sometimes you need the有时候你需要
723government to provide a direction.政府提供方向。
724And so free market people are like my normal inclination所以自由市场的人就像我的正常倾向
725would be it's very cyclical.这将是非常周期性的。
726It's part of this big cycle thing.这是这个大循环的一部分。
727And so when you get into there,所以当你进入那里,
728you need to have the government, you hope a smart government doing it well, providing those types你需要让政府,你希望一个聪明的政府做得很好,提供这些类型
729of things.东西。
730So when you say I'm in favor of it, I just wanted to explain what I think about it.所以当你说我赞成的时候 我只是想解释一下我的想法
731So, but there's also an advantage where if the government were to own 10% of Anthropic如果政府拥有百分之十的Anthropic
732before Anthropic goes public, that means that only 90% of the wealth is becoming money, right?在Anthropic上市前, 这意味着只有90%的财富成为金钱,对不对?
733They still have to get the money.他们还得拿到钱
734Okay, the government's where does it get its money?好吧,政府在哪里得到它的钱?
735It borrows it.其为借.
736It depends whether the government is paying Anthropic for the 10% stake or whether-这取决于政府是否支付Anthropic的10%的股份,还是...
737You can steal it.你可以偷来
738You could have the government steal it.你可以让政府偷走它。
739That's what you're talking about.尔时世尊告言.
740I'm not saying- Well, let's- Okay, we can-我不是说... 好吧,让我们... 好吧,我们可以...
741I'm not in favor of the idea in general.我不赞成这个想法
742I'm certainly not in favor of stealing it.我当然不赞成偷它。
743I'm just trying to say- We could use politically correct.我只是想说... 我们可以用政治上的正确。
744Governments, I guess, don't steal.我猜政府不要偷东西
745You could have them take it.你可以让他们拿走它。
746You could have a consortium where there's a-你可以有一个财团 那里有一个...
747They could take it.他们可以接受
748Government ownership.政府所有权。
749They could take it, is what you're- I'm just making the distinction-他们可以接受,这就是你... 我只是在区分...
750For the record and for the listeners, I am not advocating that the government steal these为了记录和听众,我不主张 政府偷这些
751companies.企业。
752I am asking just about whether- They take them.我只是问一下... 他们带走他们。
753There are sovereign wealth funds through the world where the governments do take shares in世界上有主权财富基金 政府确实在其中占有份额
754companies, which reduces the amount of wealth that needs to be turned into money.公司,减少需要转化为金钱的财富。
755Okay.摆
756I'm just a mechanic, right?我只是个机械师,对吧?
757I'm just trying to say, does the government get cash?我只是想说,政府有现金吗?
758Or does it- Is it a cash thing?还是... 是现金吗?
759Somebody's taking something from somebody,有人在偷别人的东西
760and I'm just a mechanic trying to say- This is what I love about your principles我只是个机械师 想说... 这就是我喜欢你的原则
761and your mechanics.还有你的机械师
762Let me ask you this then.那我问你这个
763If Dr. Dalio is put in charge, so midterms pass,如果Dalio医生负责 所以中期考试通过
764Trump says, you know what?川普说,你知道吗?
765Next two years, I'm going to do everything I can to get the接下来的两年,我会竭尽所能 来得到
766America's fiscal house in order to make sure there's not an AI bubble that bursts,美国的财政之家 为了保证没有AI泡沫暴发,
767and to make sure that we're set up as best as possible in the United States确保我们在美国得到最好的安排
768to be the AI economic superpower vis-a-vis China.成为相对于中国的AI经济超级大国.
769It says, Mr. Dalio, you are now in上面写着 Dalio先生 你现在在
770charge of America economic policy.负责美国经济政策
771You have no obstacles.你没有障碍
772You can do whatever you want.能随所欲.
773What do you do?你们是做什么的?
774I'm still我还在
775dealing within the political system, right?在政治体制内交易,对不对?
776No.没有
777Political system, you're doing whatever政治制度,你做什么
778you're doing.你这样做。
779Everybody agrees.每个人都同意。
780I know, but here's the reason I'm asking我知道,但这就是我问的原因
781the question.问题。
782As I went down to Washington, I know leaders on both sides, and I'd say当我去华盛顿时,我知道双方的领导人,我会说
783almost everybody agrees with that, with the explanation in the book and the mechanics.几乎每个人都同意这一点, 书中的解释和力学。
784By the way, it is to your great credit that I've spent a lot of time with you,顺便说一句,我花了很多时间 与你共度难忘
785and I have no idea who you would vote for, who you voted for in the last election.我不知道你会投谁的票 你在上次选举中投谁的票
786Right.对
787Just to let you know, I'm apolitical.只是想告诉你,我非政治性。
788We can get into the discussion of what that means,我们可以开始讨论那意味着什么,
789but I'm trying to answer your other question first.但我想先回答你另一个问题
790What I wrote in here is what I call the我在这里写的是我所说的
7913% solution.3%的解决方案。
792The 3% solution is you have to get your deficit down to less than 3% of GDP3%的解决方案是,你必须把赤字降到GDP的3%以下
793to not have it compound and more plaque billed.没有它复合和更多的牌照。
794I don't really care whether it's left or right.我不管是左还是右
795Of course, I have my thoughts and preferences, but I think the argument of whether-当然,我有我的想法和喜好, 但我认为的论点是...
796That's right.没错
797Okay.摆
798What I'm saying is it's like a ship that's headed to the rocks,我的意思是,它就像一艘飞到岩石的船,
799and we can agree that you're headed to the rocks on the ship.我们同意你要去船上的岩石
800I don't care if they turn left or我不管他们是不是左转
801if they turn right.如果他们转右。
802I'm just saying get the 3% of that.我只是说,得到的3%。
803That's uncontroversial, Scott Besson这是无可争议的,斯科特贝松
804believes this is 3%.相信这是3%。
805The others believe 3%.其人信为3%.
806Okay.摆
807I said basically, do it proportionately.我说,基本上,按比例做。
808I don't know.师曰.
809In order to do that, raise the taxes by 4% or 5% of whatever and cut your spending by为了做到这一点,将税收提高4%或5%,并削减开支
8104% or 5%.4%或5%.
811Just as long as you get there because otherwise you're going to hit the rocks,只要你到了那里 否则你会撞到石头
812and everybody agrees.每个人都同意
813But the answer that I get is from both sides, you have to understand that但我得到的答案是 双方,你必须明白
814in order to have the mandate to be in government and have a say, I have to make为了获得执政权 并有发言权 我必须让
815a couple of promises.几个承诺。
816I will not raise your taxes, and I will not cut your benefits.我不会提高你的税收,也不会削减你的好处。
817Okay.摆
818When I'm asked the question, are you giving me the authority to say screw the political system?我被问到这个问题的时候,你是否授权我说去搞政治制度?
819Yes, I am giving you the authority because otherwise you can't do it.是的,我给了你权力 因为否则你做不到
820I'm giving you我给你
821authority to say screw the political system, and I want you to design your policies with the有权说去他妈的政治制度 我要你用
822maximum thought to how it will affect AI and America's position in AI strategic competition.以及美国在AI战略竞争中的地位。
823I think you have to make the country good for everybody.我认为你必须让国家为所有人造福。
824Okay.摆
825Therefore, taxes in some way have to be a vehicle that the majority of the people因此,税收在某种程度上必须成为大多数人的工具。
826are going to benefit.将受益。
827Otherwise, we don't have a system that's going to operate well.否则,我们没有能够良好运行的系统.
828That AI has to succeed.AI必须成功。
829Therefore, in various ways, there probably would be some taxes associated因此,在各种方面,可能会有一些税收
830with, and it doesn't have to be just AI, it could be in its various ways, some ways in which而且它不一定只是人工智能, 它可以是 不同的方式,一些方式
831you can, we're not worrying about the blow up, and we're not worrying about the unemployment issues.你可以,我们不担心爆炸, 我们也不担心失业问题。
832You have to win that war.你必须赢得那场战争。
833Okay.摆
834Then in winning that war, you have to achieve that in a way that那么在赢得这场战争时 你必须以某种方式实现
835can be sustainable through votes and that most of the country benefits.通过投票是可持续的,而且该国大多数国家都从中受益。
836Therefore, there's going to因此,将
837be some taxes that are associated with that and to not get technical.和不获得技术。
838There's a lot of technicalities有很多技术问题
839to taxes as to which ones in terms and how that works, but there has to be that.税 关于哪些 和如何运作, 但必须有。
840The problem that问题
841it is, is there's still not enough money.是的,还没有足够的钱。
842Can you tax the AI companies?你能对AI公司征税吗?
843Can that make会不会
844a meaningful impact?有意义的影响?
845They're not earning money.他们没有赚钱。
846Well, they're earning enough money to pay a certain他们赚的钱够付一定的
847amount of taxes.税额。
848No, no, no.不,不,没有。
849I'm just saying-我只是说...
850Let's go back to our previous thing.复说前事.
851They can pay their taxes through equity to the US government.他们可以通过股本向美国政府交税.
852Okay, but that's still not money.好吧,但那还是不是钱。
853Fine, but you've actually, then you sort of,好吧,但你实际上, 然后你有点,
854I guess you've, no, I haven't solved the problem.我想你已经,没有,我还没有解决问题。
855Correct.没错
856Okay.摆
857I'm just trying to say, okay, if you want to make it like Wampum, that what you could do is我只是想说,好吧, 如果你想让它像Wampum, 你可以做的是
858you could take the stock and you can go to some guy who's having problems paying his bill and你可以拿盘子 你可以去找一个付账有问题的人
859you're going to say, I'm going to give you the stock and if somebody can trade in the stock for你要说,我把股票给你 如果有人能用股票交换
860food in the store- Right, right.店里的食物 对 对 对
861I'm trying to buy a banana.我想买个香蕉
862I don't have a dollar in my pocket, but I've got a little fractional share in Anthropic and I have我口袋里没有一块钱 但我在Anthropic有一点分红
863the banana.那个香蕉
864It's not going to work.终无功用.
865So we're still having to go back to所以我们还得回去
866how that's going to work exactly, right?那会如何运作,对不对?
867Right.对
868Okay.摆
869So you are implementing these所以,你执行这些
870policies.政策。
871Let me ask you about the strategic competition with China because you spend a lot我问你与中国的战略竞争 因为你花了很多钱
872of time in China.时间在中国。
873What do people who study AI in the United States get wrong about the way China在美国研究AI的人对中国的方式有什么错误?
874考虑AI?
875The main things to think about AI, the way China thinks about, Chinese leaders思考AI的主要事物,中国思考的方式,中国领导人
876think about it, is a few ways.想想看,这是几个方法。
877First of all, we have very much of a profit-driven system.首先,我们有一个非常由利润驱动的制度。
878They view AI, generally speaking, like electricity or running water or infrastructure, build roads他们一般认为,大赦国际像电力或自来水或基础设施一样,修建道路。
879and railroads and so on, as a means by which profit is not the main objective.以及铁路等,作为利润不是主要目标的手段.
880Profit is a利润是
881good thing.好东西
882It's a rationing thing, but the main objective is the efficiency of everything.这是一个配给问题,但主要目标是万物的效率.
883So这么说
884everybody should have AI, okay?每个人都应该有AI,好吗?
885Yeah.对
886Just like everybody should have electricity and so on.就像每个人都应该有电等等。
887So the cost of that is a secondary thought,所以,代价是一个次要的想法,
888let's say.这么说吧
889And so that's why the productivity impact, that's part of it.这就是为什么生产力的影响,这就是它的一部分。
890Then they think of it然后他们想到了
891as how do they compete and use AI in competing in the world markets?他们如何在世界市场上竞争和使用AI?
892So the second of these three,所以这3个中的第二个
893I would say, is how do they put AI into manufactured goods and so on, that frontier model and going to我想说,他们是如何把AI 用于制造品等等, 那个前沿模型,然后去
894the highest levels of capabilities is not where most of the benefit is.最高水平的能力不是大多数好处所在。
895Of course, they want to当然,他们想
896do that in the best possible way, but using it and raising living standards, so including AI,尽最大可能做到这一点,但利用它并提高生活水平,因此包括大赦国际,
897simpler, cheaper versions of AI in manufactured products.在制成品中更简单,更便宜的AI版本.
898The Chinese right now own 32% of world现在的中国人拥有世界的32%
899manufacturing, manufactured goods, more than the United States, Germany, and Japan combined in制造业、制成品,比美国、德国和日本
900terms of manufactured goods.制成品的条件。
901They're very competitive in the world markets.它们在世界市场上非常有竞争力.
902They're thinking,他们在想,
903how do I compete with that and use AI in that way?我如何与它竞争 并用AI的方式?
904And then they also know that it's the big,然后他们也知道这是大,
905whether it's used for economic warfare or military warfare, it's the thing that you无论是经济战还是军事战,都是你
906have to have in order to be effective.必须要有才能有效。
907Let me wind this down, Ray.让我把这事处理掉 雷
908I've used我用过
909Digital Ray.数字雷.
910It's an AI avatar.爱尔阿凡达.
911You can ask questions.你可以问问题。
912I asked it to help me prepare for我叫它来帮我准备
913things to ask you in this interview.采访时要问你的事
914What are you doing to make AI more accessible to people,你做什么使AI更容易为人们所利用,
915to investors, to others?给投资者,给其他人?
916I'm at a stage in my life where my number one priority is to pass along我正处于人生的阶段,我的首要任务就是传递
917whatever I have that might be of value.无论我有什么价值
918To some extent, it's these ideas, and to some extent,在某种程度上,这是这些想法, 在某种程度上,
919it's philanthropic or whatever.这是慈善还是什么的。
920Related to that is AI and investing.与此相关的是大赦国际和投资。
921I want to make available我想提供
922everybody having the ability to maximize the usage of that the way that I have done and creating,每个人都能用我的方式 和创造的方式去利用它,
923therefore, the vehicle or the means by which there's a combination of education, but also因此,有教育结合的载体或手段,但也
924tremendous enablement that can come through an AI platform that can be effective.能够通过一个可以有效使用的人工智能平台实现的巨大能力。
925How is that going to work?怎么会这样?
926There's going to be an AI platform that anybody can use to structure会有人工智能平台 任何人都可以用来构建
927their- That's what my hope is.他们... 这就是我的希望。
928Yeah.对
929Well, let me ask you another question.让我再问你一个问题
930You wrote this wonderful book, Principles, and it's not just你写了一本很棒的书 原则 不仅仅是
931principles that you used for your investment.用于投资的原则。
932It's principles on how to live.这是如何生活的原则。
933That's one of这是其中之一
934the things I like about it.我喜欢的东西。
935Tell me what advice you would have for a young person.告诉我你对年轻人有什么建议
936My kids,我的孩子们
937let's say they're 18, 16, and 12.假设是18、16和12岁
938What advice would you give them about the world they're你会给他们什么建议 关于他们的世界
939going into that's different from the advice you would have given someone 15 years ago?和15年前你给别人的建议不一样?
940I don't think it's much different.亦无甚处不同.
941I would say, as I relate to how is it different, I would say,我要说,关于它有什么不同,我要说,
942you have to be on the cutting edge of the AI wave.你必须在AI波的前沿。
943You have to be on that crest of the wave,你必须在波峰上,
944or you're going to be drowning in the wave.否则你会在波浪中淹死
945I would say the advice is the same for life.我会说这个建议对人生来说是一样的
946By the way, I think everybody has their own principles and decides, but there are certain顺便说一句,我认为每个人都有自己的原则和决定,但肯定的
947things that are true.真实的事
948First, know your nature.首先,知道你的本质。
949We all have our nature.我们都有自己的本性。
950You could have psychological你可以有心理学
951profiles of, are you adventurous?你是冒险者吗?
952Are you introverted, extroverted?你是内向的,外向的?
953What are your nature?你本性怎样?
954We're all in pursuit of our nature.皆是追求本性.
955We want things, and we have certain inclinations我们想要的东西,我们有某些倾向
956to find a path that matches that.找到一个匹配的路径。
957You found your path.你找到了你的路径。
958I found my path, and it suits it.我找到了我的路,它很适合它。
959On the way to that path, if you know your nature, and you experiment, and you learn,在走那条路的路上,如果你知道你的本性, 你实验,你学习,
960and I would say a number one high principle is learning.我要说,第一原则就是学习。
961Learning comes from mistakes,学习来自错误,
962and so a principle, pain plus reflection equals progress.因此,一个原理,痛苦加反射等于进步。
963As you go through these things,当你通过这些东西,
964have the greatest life possible, however you determine that.拥有最伟大的生命,无论你决定。
965Make your work and your passion让你的工作和激情
966the same thing if you can.如果你可以的话,同样的事情。
967Don't forget about the money part, so might have a principle.别忘了钱那部分 可能有个原则
968Make制作
969your work and your passion the same thing, and don't forget about the money part, but don't你的工作和激情都一样 别忘了钱的事
970confuse the passion with the work if you can put those things together.把激情和工作混为一谈 如果你能把这些东西放在一起的话
971That's basically what I这基本上就是我
972would say.会说。
973It's an adventure.这是一个冒险。
974Go on the adventure.继续冒险吧
975I answered your question about what my principles我回答了你的问题 关于我的原则
976would be by that.这将是通过。
977Principles determine what you're going to go after in your life,原则决定你一生中要追求的是什么
978and they determine how you're going to go after it.他们决定你如何追查
979I don't see any difference between work and我看不出工作与
980life principles.生活原则。
981It's still like you got your principles, and what makes you successful in这就像你有你的原则, 是什么让你成功
982what you're going after.你接下来要做什么?
983When you're speaking to your children, anyone speaking to the children,当你跟你的孩子说话,任何人说话的孩子,
984there are these general principles that probably are good advice for them to consider.有一些一般原则可能是他们需要考虑的好建议。
985Yeah, I think that's right.是的,我想这是正确的。
986Last question, which I ask all my guests.最后一个问题,我问所有客人。
987If you had an unlimited budget如果你有无限的预算
988and you could support anything in AI or build anything in AI, what would you do?你可以在AI里支持任何东西 或者在AI里建立任何东西 你会怎么做?
989Well, what I'm doing is trying to make AI ...嗯,我在做什么 试图使AI...
990I have a large budget, and I'm trying to take what我预算很大,我想拿什么
991I know, which is something about investing, and I'm trying to make it that everybody can have it我知道,这是关于投资的东西, 我想让每个人都能拥有它
992at that quality level so that they could do it at an early age.在质量水平上,这样他们就可以在幼年时做到这一点。
993I started when I was 12.我从12岁开始
994I knowи笵
995that you don't have to have an institution.你不必有机构。
996You don't have to have a lot of expenses.你不需要花很多钱
997You你们
998only have to have criteria in your head that you think through, and then you can execute.只需要有标准 在你的大脑中,你思考通过, 然后你可以执行。
999My own ability, I'm trying to pass along something I learned.我自己的能力, 我试图传递我学到的东西。
1000Then I'm doing my other那我做另一个
1001things, philanthropic things and other things.东西,慈善的东西和其他的东西。
1002Yeah.对
1003Well, thank you.谢谢
1004We've had some pain and我们有过一些痛苦
1005some reflection in this interview, and I think lots of progress.在此次采访中有一些反思,我认为有许多进展.
1006Thank you very much, Ray Dalio.非常感谢,雷・达柳
1007Thank you.谢谢
1008That was Ray Dalio.那是雷・达里奥
1009If you enjoyed this episode, you might also like my conversation with Aziz如果你喜欢这集,你可能也喜欢我和Aziz的对话
1010Mazar just three weeks ago, or my episode with Stanford's Eric Brynjolfsson from May of this马扎尔就在三周前 或者我和斯坦福的艾瑞克·布林乔尔松的剧集
1011year.年数。
1012If you want more of this podcast, please subscribe wherever you watch or listen.如果你想要更多的播客, 请订阅任何你观看或听。
1013If you're如果你喜欢
1014watching on YouTube, leave us a comment.在YouTube上观看,给我们留个评论.
1015You'll probably see it.你可能会看到它。
1016如果你听Spotify的话
1017Apple, or another platform, please leave us a review.苹果或者其他平台 请给我们留个评论
1018Thank you for checking out The Most感谢您退房
1019Interesting Thing in AI. Thank you for checking out The Most Interesting Thing in AI. Thank you在人工智能中有趣的东西。 谢谢你在AI里检查了最有趣的东西 谢谢
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