The Risks of Social Media and the Allocation of Capital

Cass: Can you imagine circumstances under which technologies like chat GPT make the allocation of capital a lot more efficient? And as a correlate, make it harder to bring alpha out of public securities markets. Cass: When you enter a recession, do you buy tech? The answer is unequivocally no. Well, but but bond yields are going down and then we're done with the, no, just stop it.