Mark Cuban in Conversation with Kyle Bass – The Maverick Investor

Featuring Mark Cuban, Kyle Bass

Entrepreneur, Investor, Maverick. Mark Cuban arrives on Real Vision, in an incredible conversation with the equally legendary Kyle Bass, who finds out what makes the man from Shark Tank tick and his approach to investing, alongside some sharp insights on the future of AI, robotics and ICOs. Filmed on October 18, 2017, in Dallas.

Published on
3 November, 2017
Topic
US Economy, Macro, Technology
Duration
54 minutes
Asset class
Bonds/Rates/Credit, Crypto-currencies, Commodities
Rating
90

Comments

  • YB

    Yair B.

    14 5 2018 03:21

    1       0

    This was the first video by Real Vision that I found to be a waste of time. Very shallow conversation. Mark Cuban's comments about the market are very basic and way below the level that I learned to expect here at RV.

  • DC

    Daniel C.

    5 1 2018 01:17

    0       0

    Loved this!

  • DM

    Doug M.

    4 1 2018 05:18

    0       0

    Great to hear two smart guys hashing it out. Excellent.

  • TL

    Tom L.

    28 12 2017 14:47

    0       0

    I've read this transcript four times now. What an incredible conversation.

  • DK

    Dylan K.

    13 12 2017 17:49

    0       0

    If anyone is curious on pharmaceutical related blockchain technology, there is a current ICO happening called BlockRx. I'm a practicing pharmacist in the state of Ohio and I believe it addresses some key issues in the pharmaceutical industry today.

  • CJ

    Clint J.

    29 11 2017 06:30

    1       0

    Just finished watching this video after several weeks away from Real Vision. I found this content fascinating and one of the best interviews of this year. Great examples of someone dynamically connecting strategic components of their world view across multiple industries, assets, and social/political constructs.

    Thanks for putting this together. Kyle Bass is a true joy to observe as an interviewer as well. Many thanks!

  • JC

    Jorge C.

    28 11 2017 09:57

    1       0

    The only real inequality that matters in the long run is knowledge.

  • JM

    James M.

    21 11 2017 15:33

    2       1

    He got the total number of possible bitcoins wrong (said 21.9m its 21m) which is pretty damn basic and said its a collectable but yet invests in it and doesn't collect it. Lost credibility on the crypto front pretty quickly for me. Did enjoy the AI section though.

  • tc

    tim c.

    16 11 2017 15:18

    1       0

    thank god for that generational wealth chapter! lol gtfo

  • DF

    Dominic F.

    15 11 2017 21:48

    0       1

    I found Marks juxtaposition between the US entrepreneurial spirit and State involvement really interesting. On one hand he talks about AI and business opportunities while at the same time discussing job losses as the state deals with unemployment and social issues and considering replacing Health Insurance Companies with State Run 'Self-Insure' system of health care while. Just what is the role of government going forward and is government capable of balancing the two?

  • EH

    Edwin H.

    15 11 2017 19:51

    8       0

    Not a big fan of Mark Cuban, but I have to say it was nice to see the "Real Mark". Maybe it is just me but other interviews with Mark he always trying to prove he is the smartest man in the room, however with Kyle doing the interview that guard is down. In result, we got an insightful interview about A.I.

    This is why I really enjoy Real Vision. Less peacocking and more knowledge sharing.

  • AV

    Alvern V.

    12 11 2017 19:36

    3       0

    I thought the interview was great. Good insight on a variety of topics. I do find it a bit scary that one of Mark's solutions is another TVA or a "Modern New Deal". Since when is it best to involve the government in the means of production?

    • CB

      CHRISTOPHER B.

      28 12 2017 20:14

      0       0

      It struck me that on one hand they complain that government is run by idiots yet they trust the same government to fix social issues. If Cuban's kid came home drunk with a wrecked car, would the solution be to hand the kid a bottle of bourbon and keys to another car?

  • KS

    Kim S.

    11 11 2017 16:27

    3       2

    Good conversation and questions though I find Mark Cuban a shallow thinker compared to most RV guests. He's also disturbingly disconnected if he thinks most Americans have someone pick up their car to get the oil changed.

    One obvious oversight in the frequent conversation about AI taking jobs: the supposed company owners need customers: IOW, the market won't allow a few robot-producing companies to be wealthy while everyone else starves. If we keep the government out of this equation, the technology and income WILL distribute itself throughout society to a reasonable extent.

    Wealth inequality increase is NOT due to technology.

  • AK

    Anthony K.

    10 11 2017 17:54

    0       0

    Once they got away from the Central Banker discussion, the rest was pretty good

  • SS

    Sam S.

    9 11 2017 14:18

    2       0

    I was taken back by Mark's generous views in simplifying the macro understanding of these subject matters. Bitcoin a collectible, Medical Self-Insurance, Ai and so forth. This really helps with making investment decisions. He answers "what's really going on" in a personable way with a clean conversation. Thanks Gentlemen!

  • MH

    Michael H.

    9 11 2017 12:59

    1       0

    I would love to see follow up on how Robotics and AI is/will change the face of medicine and diagnostics. Maybe find 3 top people working on this. Could save the system billions.

  • JB

    Jack B.

    9 11 2017 08:02

    0       0
  • JS

    John S.

    8 11 2017 22:45

    0       0

    Great to see Kyle and Mark talk about crypto.

  • SB

    Stewart B.

    8 11 2017 22:11

    5       0

    Great interview. I really enjoyed Kyle Bass's interviewing style, not to mention his choice of footwear and beverage.

    Mark Cuban shares really valuable insight. I would however challenge that -

    1) The lack or growth in real wages has been a product of firstly money printing and secondly regulation disincentivising becoming and employer. These days it's much easier to take a cushy government or bank job (and get paid well with a good pension), than to risk your own money and face the regulatory challenge (esp employment law) of becoming an employer.

    2) The argument that techonology (in this case AI/Machine Learning) will lead to significant unemployment could have been also been made about electricity, rail, desktop publishing, telephony or the internet. When I look around at the things I want, I see a huge shortage of human labour. I want someone to pick up the phone when I call a company, I want someone to clean my apartment, I want someone to mix my cocktail in a bar, I want someone to be look after my parents as they age etc. Personally, I have a lot of experience with AI/Machine Learning and can see that it will enrich our life, but will not create mass unemployment. The luddite argument re-surfaces very decade or two. It never correctly describes future employment trends.

  • JM

    John M.

    8 11 2017 21:27

    2       0

    I would like to see Kyle interview RV commenter Kathleen O (see below), but only if she's still hammered and speaking in ALL CAPS.

  • JO

    Joseph O.

    8 11 2017 19:13

    3       0

    I heard inconsistencies in Mark's mind; strong preferences for both
    (1) centralized and (2) decentralized systems but with an implied foundation of (3) utilitarianism.

    1) Proposes single guarantor healthcare where- by looping through a mandated centralized risk pooling- we can control ("incent") behaviors the majority prefers (gym, nutrition, lifestyle...).
    2) Champions the consolidation of analytics-based decision-making into AI (recursive statistically-optimized predictions from historical data sets) inevitably centralizes processes and outcomes.

    1) Sincere advocate for the Entrepreneur
    2) Excitement at blockchain and decentralized / self-regulating systems
    3) Resists deification of ruling institutions (higher education, the Fed)

    3) Or, as he repeats a few times, is everything simply "regarded in context"? Strong implication of a fundamental utilitarian. But if so, wouldn't a study of history (shoutout to Nassim Taleb here...) caution against centralized optimization?

    Smart guy but has been a family man with the luxury of being wrong with a big backstop for some time now... I hear inconsistency/bias in his positions here.

  • JM

    Justin M.

    8 11 2017 18:59

    0       0

    Amazing interview. One of may favorites of all time. Thanks Mark and Kyle.

  • ES

    Edward S.

    8 11 2017 17:48

    1       0

    The hype rhetoric Cuban spits about AI is funny. The name, Artificial Intelligence, is apt. Other than that, pretty good interview. Cuban was a notch less smug than usual.

  • PV

    Prakash V.

    8 11 2017 09:15

    0       0

    Another masterpiece from the crew at RealVision. Extremely bright and switched-on individuals in discussion about various topics. Well worth the subscription.

  • MB

    Mike B.

    8 11 2017 03:17

    0       0

    Anyone know what robotics startup Mark invested in in Kansas City?

    • GG

      Geoff G.

      12 11 2017 05:30

      0       0

      i thought he said Hirebotics

  • AF

    Alex F.

    8 11 2017 02:14

    1       0

    Great piece. Cuban and other billionaires have created their wealth in the Global economy. The Global economy relies on several critical factors, one being consumerism. Every job that AI displaces, every worker that becomes a "ward of the state" is one less consumer. AI will kill the consumer. Projected at an accelerated rate, there will be no need for Amazon, no need for Netflix, no need for Facebook advertising, no need for google searches, no need for more properties, no need for homebuilders, no need for retailers, no need for travel, no need for Tesla, no need for oil, no need for healthcare, no need for banks, no need for insurance etc etc etc... eventually there will be nothing for the robots to do and so no need for AI - it's the end game..

  • AA

    Aaron A.

    7 11 2017 23:16

    0       1

    Outstanding interview. So many topics to think through. Thank you RV, Kyle Bass, and Mark Cuban!

  • SL

    Seth L.

    7 11 2017 22:53

    3       2

    Why is every discussion on AI dystopian? Throughout human history innovation has massively disrupted existing institutions, yet people have always found ways to work for a living. Mechanized farm equipment displaced the farmers and what happened? New industries were birthed, now able to utilize the existing labor force. Automation replaced manufacturing jobs, and yet people found other, (newly created) service industry jobs. What about all those telecommunication employees (switch board operators, cable layers, etc) which the internet displaced. The same will go for AI. The robots will need programmers and technicians. Perhaps we have more artists and entertainers as AI will give people more leisure time and wealth (due to good deflation; btw this has already happened thanks to Netflix, Amazon et al). There is no limit to human innovation. We're not going to sit around and devolve into apocalyptic zombies because jobs have changed. We will adapt given the chance.

  • PJ

    Paul J.

    7 11 2017 16:19

    2       0

    Wow—Cuban is sharp. Even got Bass to say ‘I don’t know’ with a couple simple questions. Great thinker.

  • JV

    Jens V.

    7 11 2017 13:30

    0       0

    Brilliant. very interesting. Thanks!

  • MZ

    M Z.

    7 11 2017 02:52

    1       0

    Wow! Only on RVTV!

  • JH

    Jesse H.

    7 11 2017 01:57

    4       1

    Fascinating interview. Thanks, RV. I can see why Mark Cuban has been so successful -- he is incredibly enterprising, sharp and able to connect dots across various issues simultaneously.

  • CT

    Christopher T.

    7 11 2017 01:35

    0       0

    love the change up in guests.

  • WA

    WAYNE A.

    6 11 2017 21:22

    2       9

    You have ruined the RealVision by talk with Mark Cuban.

    • AC

      Andy C.

      7 11 2017 00:54

      0       0

      why?

  • CL

    Charles L.

    6 11 2017 20:13

    3       0

    my 2 cts: this is the kind of input I paid for joining RVTV. I don't mind if it comes out once a week, not daily. One such conversation a week is plenty for me to digest. Having (even indirect) access like this to people like Mark is worth RVTV's fee anytime.

    Now, where is all the money the centrals banks printed? Whose bank accounts have swelled??

  • MB

    Matthias B.

    6 11 2017 20:11

    5       0

    I do not know Mark or his track record enough but for a long time had his statement on a print out hanging on my office door which alluded to the fool at the poker table being yourself when you lose the stake. I found the conversation fascinating and valuable as I agree with Mark that robots and AI will surely affect our lives and the ones of my kids, and it scares me to be honest, probably because I am totally untalented in IT aspects. If Mark was right though on deflationary tendencies as a consequence, would that imply infinite QE or similar monetary policies as central banks will fail to see any other remedy than inflating asset prices at ever growing debt levels? If so, then a potential debt jubilee appears inevitable? I for myself would look extremely forward to RV offering more discussions and insights on potential consequences and how it works, on i) debt jubilee (cont. the discussion which was started with A. Turner a while ago and picked up with B Fleckenstein) ii) AI, robots, digitalisation etc. Thanks a lot. PS: the latest interviews with B Fleckenstein, Mark Cuban or Jesse Felder are a vast content improvement as of late. Back to the origins, well done!

  • TS

    Tyler S.

    6 11 2017 15:39

    0       0

    I want to hang out with you guys, whats the income requirements to be part of the club :o)

  • TJ

    Terry J.

    5 11 2017 14:58

    2       0

    Fascinating discussion. I am always keen to hear Kyle's latest thoughts, but knew nothing of Mark. Having googled his biograpy as a successful entrepreneur, I welcome hearing his views on the variety of subjects discussed. Like several others whom have commented, I think Mark's assessment of bitcoin and digital assets is wrong, but that's what makes a market. I love the breadth and variety of subjects, and the range of successful investors' views shown on RVTV.

  • KB

    Kenneth B.

    5 11 2017 14:41

    3       0

    It's really not rocket science to buy Bitcoin on Coinbase and transfer it to your Trezor. Really.

    • DB

      David B.

      7 11 2017 16:51

      3       0

      His point was that it took Coinbase 2 weeks to open his account meanwhile the price of Bitcoin doubled.

  • KT

    K T.

    5 11 2017 06:15

    10       1

    Didn't realise Bitcoin was around 10 years ago when Mark bought his "first coin".The Swedish ETN he is referring to I guess is Coinxbt, it definitely trades at a premium (think 2.5% management fee,ie. money for nothing.) Always respect people who have gone big in life but Mark strikes me as a one hit wonder, right place right time right idea. Gonna take all he said with a major pinch of salt. His plug right at the beginning for Shark Tank was so transparent, he is in the business of selling himself as a brand and why not make hay while the sun shines.

    • KB

      Kreso B.

      5 11 2017 12:06

      1       1

      Actually, Mark comments on AI and Bitcoin reflect the main issues and his investment in companies resolving issues. He has a very good insight. (E.g. how to speed up micropayments or how to use machine learning in medicine, by observing a totality of electric signals from human body.) Don't get fooled by simple stories he tells about Shark Tank - he's a very clever politician too, endearing himself to people.

    • TT

      Trenton T.

      6 11 2017 19:49

      0       0

      XBT was released Jan 3, 2009, 8 years ago. Cuban apparently got in on the pre-release A-round?

  • SD

    S D.

    5 11 2017 05:09

    3       1

    Policy failures on even basic things like health care and tax reform give zero confidence that AI will even be discussed sensibly in the West. Instead certain socio-political agendas are coming to the fore, no doubt encouraged by the robots' success in killing off price discovery. We live in a false world that's going to become increasingly destructive to the ordinary person, thanks to a governing class that's gone AWOL and a fourth estate that has been eliminated - again, by robots. Cuban is interesting because he inadvertently exposed the strong interest in certain quarters in this new false dawn. AI's most important possibilities are socio-political, rather than economic, and there is no longer any reliable forum to investigate them or enforce controls.

    • RM

      Robert M.

      5 11 2017 17:39

      0       0

      A video of leading investors discussing AI is a reliable forum par excellence. But no you want some crusty group think journalist to interpret the world for you?

  • MS

    Matt S.

    5 11 2017 04:06

    4       0

    Maybe a non-discussed scenario of the dislocation caused by AI will be, an outright rejection of the "future-world" by people. A return to old ways, where instead of taking a hand-out "make-good job" from some supposed authority, people will retrain in basic, original skills.

    For example, tool making, clothes making, bread baking, animal rearing, furniture making. They will then trade these hand-made goods amongst each other and reject the factory made, AI made products. Perhaps they will trade in cryptocurrencies or precious metals.

    That way, they will all have a purpose in life, all have a craft to master and be proud of, all have income. Have smaller communities again (the antithesis of a one-world-system) essentially, a return to a traditional way of life, traditional values and an utter rejection of this AI "utopia".

    • GC

      Gerard C.

      6 11 2017 02:31

      0       0

      Must say that I see the same themes likely to develop.

  • SG

    Sebastian G.

    5 11 2017 01:01

    1       21

    Seemed like Kyle wanted to be interviewed instead of interviewing. Not to the point of argumentative, but definitely needed to voice his opinion almost more than he asked for Mark's. Maybe smug is the right word. I want to listen to the advice of who has the most money in their bank account.

    • BK

      Brian K.

      6 11 2017 20:30

      3       0

      Disagree, I like when people like Kyle or Mark Green bounce ideas off and the guest challenges or vice versa.

    • AC

      Andy C.

      7 11 2017 00:57

      0       0

      I also disagree, I like being a fly on the wall and listen to their conversation.

  • rr

    rlw r.

    4 11 2017 23:58

    4       0

    RVTV good stuff. Yep, more technology segment(s) please in addition to your existing stable of topics, macro, gold .. et al.
    The 1 hour slots remain an awesome value add for personalities we may only see &/or observe in fast clips elsewhere.
    A whole different persona is available to viewers with the longer form, hoping Cuban is featured again.
    Thanks Kyle you are a super knowledgeable interviewer.

  • KS

    Kathleen S.

    4 11 2017 23:47

    8       24

    If u want to understand what bitcoin is, please do not listen to Mark Cuban explanation - he shows his complete ignorance -bitcoin is not a collectable (it is a store of value outside our fake fiat banking system) and I can see through his bull of pretending to like it, but at the same time bashing it -- The power elite are terrified of bitcoin and that is exactly why you should hold it -- Cuban is a CHARLATAN, want to learn about bitcoin then you need to listen to Andreas Antonopoulus. Raoul please bring on people who know what they are talking about -- I am finding harder and harder to subscribe to your channel and I have been with you from the beginning. NO MORE DEE SMITH ( council of foreign relations crap) or clowns like Mark Cuban.

    • BK

      Brian K.

      5 11 2017 12:24

      5       1

      Store of value? Something that's 7000 a coin and can go to 3000 or 10000 tomorrow is not a store of value.

    • RP

      Raoul P.

      5 11 2017 13:43

      33       1

      Kathleen, Im sorry but personal attacks on our guests (or even other commentators) are not welcome on the platform. You are more than welcome to debate issues and disagree. We actively encourage that. However, our job is not to please everyone with an echo chamber of similar views to their own. It is to extend debate and discussion from all sides of the table. If you actively dont like Dee or Mark then feel free not to watch those interviews.

    • MO

      Mike O.

      6 11 2017 19:19

      3       5

      Raoul, I respectfully disagree with your assessment of Kathleen's comments as crossing the level into personal attack territory.

      How do I justify this?

      Well, I invite you over to ZeroHedge and read the enlightened and spirited commentary of the readership there and I think you might agree that Kathleen's comments are no where near in comparison (you'll have to try harder to offend me, I'm afraid, Kathleen).

      However, the old adage regarding catching more flies with honey may be good to keep in mind, Kathleen (I do enjoy reading your thoughts, though, for the record).

      Anyway, if you are going to permit the riff-raff like me to subscribe to your service, Raoul, I'm afraid you may be seeing commentary on occasion that genteel society might frown upon.

      Just sayin'.

  • TR

    Thomas R.

    4 11 2017 23:21

    1       0

    In the event Mark reads these comments - want to say how much I appreciate his work on Shark Tank and especially those shows where he really provides insight to the entrepreneur. The interview added perspective and depth to my own inquiry into how the world, especially the investing world, will dramatically shift over the next 35 years as opposed to the last 35 years. Our starting point today is so dramatically different than it was in 1982.

    • KS

      Kathleen S.

      4 11 2017 23:35

      6       18

      Shark tank is crap - propaganda, it does not create real jobs it is bull shit - a carrott on a stick for the middle class, WAKE UP the consumer economy is DYING. Mark made his money by being a serial entrepeneur (he reminds me of a PT Barnum) until he cashed out during a dot.com mania, take this one in a million right place right time away from him and he is selling dance lessons at a retirement community. Cuban represents exactly what is wrong with our world today -- he literally makes me sick.

    • MO

      Mike O.

      6 11 2017 14:35

      2       0

      Kathleen, I have sympathy with the sentiment you express but don't entirely agree with your reply.

      Shark Tank is entertainment, period. That it may inspire some to personal success there is little doubt. Is that wrong? No.

      The larger issues you mention are not of Mark Cuban's doing, so I can't understand your vehemence regarding him.

      We have lived through what has been a "paradigm shift" in this generation (an overused term, but applicable nonetheless). From the perfection of the corporate model, that has externalized almost all costs and optimized profits to perfection ... to the advance of the information age, which has given power to these corporations to accomplish this ... all leading to the squeeze being seen on small business owners, who cannot survive on the thin margins of their huge competitors ... these are the real cause of the shift of fortunes (not to mention the advances to "financial engineering" that has also benefitted from this technology).

      I recall hearing a Teradata DB guy talking about a visit decades ago to Walmart's chairman who complained about a query that took over a day to run ... the DB guy said "sir, before you had a Teradata machine, this query was not possible. This was just the start of the revolution. We now have quantum computers, for heavens sake. Not to mention AI, which has already been discussed.

      Then there is government creation of regulations looking to squeeze out every penny of revenue possible to keep the ship of state sailing (all the while adding passengers, i.e., new government workers / rules / regulations).

      Then there are the effects of globalization. I could go on, but I think you get my point.

  • AB

    Aaron B.

    4 11 2017 20:19

    4       16

    I really hope Mark runs for President. It's going to be vital to have someone like Mark to help us navigate the future.

    Regardless if Mark runs, lets pray we don't get another clown like we have now.

    • BK

      Brian K.

      4 11 2017 20:23

      3       2

      Agree but Still have to reply on the inept congress.

    • MS

      Matt S.

      5 11 2017 04:42

      2       1

      That's a truly dreadful idea! :)

    • JM

      John M.

      5 11 2017 21:46

      1       0

      Oh God no, please!

    • kb

      keith b.

      11 11 2017 18:20

      0       0

      yes, please Mark.
      Trump like him or hate him... has paved the way for non politicians to run. a refreshing change

  • SS

    Steve S.

    4 11 2017 20:17

    0       0

    Brilliant

  • BL

    Brian L.

    4 11 2017 18:35

    18       1

    Honestly I was disappointed in Mark. AI will be a disaster for mankind and I sensed that Kyle was picking up on that. Going all in on AI means destroying jobs. The idea that people will be okay with "make work" like TVA, Tennessee Valley authority or "basic income" models is a horrible idea. Human beings need to work, find self-worth and dignity. If AI makes people superfluous...there will be civil unrest. There is already unrest due to the lack of entry level jobs. We cant just "transfer-payment" our way out of the problem.

    • BK

      Brian K.

      4 11 2017 19:00

      4       0

      Over 90% worked on farms just a few hundred years ago, now it's 3%. I agree though that this time its different and it automation will have untold effects on human psychology. I think a Milton Friedman negative income tax would be better before we implement a universal basic income.

    • RM

      Robert M.

      4 11 2017 22:01

      4       0

      Yes Brian K, in Australia we have the dole which is UBI really and the aborigines have a great term for it "sit down money".
      Not that we don't need to ensure some level of equality but framing it in terms of incentives is the only way to do it.
      Reducing regulations for business and new hires is probably critical too. For example maybe a lot of the need for regulation will be removed anyway as the information age matures and we get better visibility on the bad actors and they are dealt with automatically via age old reputation and peer approval processes.

  • DS

    David S.

    4 11 2017 16:53

    0       0

    When government work programs were initiated during the great depression most workers were just happy to have a job and a paycheck. Now the intelligent thing to do is to game the system through not working, workers' compensation, TDI, etc. Maybe this is the reason that some countries are looking into minimum income programs for all their citizens instead of work programs. This also begs the question of how will a country collect enough in taxes to support all the non-working citizens. I want to be hopeful, but many opportunities to degenerate into dystopias exists. DLS

    • BK

      Brian K.

      4 11 2017 16:56

      4       0

      Collect enough taxes? It's will all be funded by ZIRP bonds owned by the central bank, Japan being the future model for Europe/USA.

    • MO

      Mike O.

      5 11 2017 20:56

      1       0

      Many have commented on the current low return environment and how it is decimating retirement plans (both public and private), with bankruptcy being inevitable. No doubt we will continue to see socialism perpetuated (here in the US) along with a kicking of the can as far down the road as humanly possible.

      Before the tanks run completely dry, though, the kleptocrats (here in the US) may likely implement a proposal they had been kicking around back in 2008 for a "guaranteed retirement account" -
      https://www.carolinajournal.com/news-article/dems-target-private-retirement-accounts/

      Creative government solutions know no bounds, I'm firmly convinced (or, it may just be that I am getting a little cynical in my old age).

  • BK

    Brian K.

    4 11 2017 15:07

    10       0

    I wish Kyle would of finished his point regarding asset/price inflation. Kyle said "so innovational that we've had good deflation. But I think now, when you look at the price of just about anything in life, it's going up. My view.." Then Mark began to talk about AI creating delfation.

  • AL

    Andrew L.

    4 11 2017 12:58

    15       0

    I have 20 years experience as a software developer and work in the business analytics space. The hype around AI is to some degree warranted and there is a general sense of a coming AI revolution with self-driving cars, robotic farming, 3d printing, etc.

    The first point to be made is that may or may not happen. There are still significant technical hurdles to overcome. The state of the art deep neural network techniques are really modifications of a recipe that dates back to the 50s at least. Completely new and different approaches are still needed to deal with the many shortcomings of existing AI.

    Second if we overcome these problems in the near future we will face significant displacements in society and it is not a given (as much as we give it lip service) that new jobs will be created to fill the void.

    What is currently filling the void is a natural profusion of inefficient systems in other places of the economy to make up for the displacements of automation. You squeeze the balloon in one place and other places expand. This inefficiency is called by those who study it cost-disease and they have no explanation for it. You find it in education and health-care, and government spending. It is a side of inflation that does not make it into the ism. I believe this is a complex systems dynamic that will be hard to escape, nor should we want to unless we can actually produce enough good jobs that are both efficient and beneficial to society.

    • GS

      Gordon S.

      4 11 2017 22:23

      1       0

      Investing in quality education, especially for the younger might be an important first step in my opinion.

    • HB

      Heini B.

      5 11 2017 09:52

      0       0

      Andrew, thanks for your comment. Can you recommend ways to keep-up with developments in AI, websites or Wired Magazine etc. ?

    • MO

      Mike O.

      5 11 2017 20:36

      2       0

      The "cost-disease" concept is interesting, and something I have not heard about before. Although, I wonder how it will give displaced workers much slack going forward (one has to wonder about the proliferation of government jobs in recent years and how much of a role it has played in "filling the void" ... quite substantial, I would think).

      I enjoy reading and hearing the thoughts of Charles Hugh Smith who shares these thoughts on his "Of Two Minds" blog site. He wrote a book about this subject (which I have yet to read), but did have an opportunity some time ago of hearing him on the Peak Prosperity podcast -
      https://www.peakprosperity.com/podcast/95323/charles-hugh-smith-fixing-way-we-work

      The book is called "A Radically Beneficial World: Automation, Technology and Creating Jobs for All: The Future Belongs to Work That Is Meaningful" and perhaps those who have read it may have some thoughts as to how realistic his suggestions may be (the podcast was a couple of years ago, but I do recall that I found his thoughts to be enlightening at the time).

    • AL

      Andrew L.

      6 11 2017 14:20

      1       0

      Heini B. - I'm sorry I don't have any one source for you, It's not very newsworthy to write about how unexciting the future will most likely be as opposed to how amazing it might possibly be. You have to seek out level headed points of view. http://knowledge.wharton.upenn.edu/article/dont-believe-hype-ai-driven-world-still-long-way-off/

  • CH

    Colin H.

    4 11 2017 11:26

    1       1

    This was f***ing brilliant

  • KJ

    Kulbir J.

    4 11 2017 09:34

    3       1

    Loved it! Would be great if Kyle would do more interviews with Billionaires. Get him to go for Buffet!

    • BK

      Brian K.

      4 11 2017 16:09

      7       1

      Would like to see Kyle interview Charlie Munger

    • kb

      keith b.

      11 11 2017 18:22

      0       0

      buffett? why.. we have CNBC for that.. right?

  • PB

    Pieter B.

    4 11 2017 07:53

    0       0

    Great great value!!! Thanks a lot!

  • JV

    Jason V.

    4 11 2017 07:33

    26       1

    Fantastic interview. Kyle did a brilliant job. Having the likes of Kyle and Mike Green as interviewers has raised RVTV to the next level. The depth and breadth of thinking is first class.

  • BN

    Brandon N.

    4 11 2017 07:21

    3       0

    Great interview. Appreciate Mark’s pragmatic and optimistic view of the future for some sectors. Kyle was great as always. Thank you gents.

  • DW

    Doug W.

    4 11 2017 04:28

    7       3

    His description that bitcoin is nothing more than a collectable is simply silly. It makes me wonder how much he really understands it. I gathered from the interview he has done his homework on AI but I am not so sure on bitcoin.
    His comment on how Visa currently dominates transactions vs bitcoin is true, but let's see where that dynamic is in 2-3 years.

  • RD

    RP D.

    4 11 2017 03:49

    2       1

    More like a movie scene than a financial video. Great Job Kyle. Great Job RV. More like this!

  • MZ

    Michael Z.

    4 11 2017 02:37

    17       1

    Cuban dabbles in learning how to code in python yet found it too difficult to purchase bitcoin?

    Doesn't anyone notice this? I feel like I'm taking crazy pills!

    - Mugatu

    • GS

      Gordon S.

      4 11 2017 22:15

      0       1

      "Yeah. If you go into my bedroom, there's a stack of Machine Learning for Dummies, Neural Networks for-- no lie, right?". Not exactly the literature for experts, is it?

  • CD

    Chris D.

    4 11 2017 01:35

    7       1

    One of the best interviews I have seen in a while. Keep up the great work Real Vision!

  • PN

    Paul N.

    3 11 2017 23:17

    6       0

    I'm surprised that Cuban thinks Bitcoin cant be a currency due to its current transaction limits, as if technologies dont rapidly evolve over time. Especially considering he's a VC and has seen the internet go from 3 day delays on sending email to everyone streaming video.

  • PN

    Paul N.

    3 11 2017 22:48

    25       0

    Mark Cuban’s curious adventure...
    Jun: Bitcoin’s a bubble
    Jul: We’re doing an ICO
    Aug: Launching a crypto fund
    Oct: I own Bitcoin

    • CB

      C B.

      3 11 2017 23:02

      9       0

      We identify with libertarianism.
      The SEC should be regulating this and the FED was right to bail everyone out!

    • ML

      Michael L.

      5 11 2017 07:02

      3       1

      extreme mental flexibility is the hallmark of a great investor. some of the best like Druckenmiller flip flops all days

  • AH

    Andreas H.

    3 11 2017 21:12

    5       2

    Wow!!!!!! Super Interview!

  • SS

    Steven S.

    3 11 2017 20:12

    2       0

    This interview further proves this stock market's degree of 'Complexity Theory' is akin to Schwarzenegger performance in 'The Running Man'.

    Sure hope we get this right, and just what does getting it right mean?

    Cuban to me seems aptly positioned to profit from an Orwellian future, an AI utopia, and likely both.

  • ii

    ida i.

    3 11 2017 19:56

    10       0

    wonderful, but I wish we could see interviews like this with two experts with opposite views, like an interview with Mark Cuban and Jesse Felder for example

    • ii

      ida i.

      3 11 2017 20:02

      9       0

      If I think about this interview, the point which was not discussed is how long society will accept that a good part of GDP is not going to labour but to capital, there could be much social unrest that will fight and postpone this process, unless you have an enlightened political class which helps society prepare, unfortunately there is no such political class around right now...

    • SB

      Sergei B.

      4 11 2017 01:59

      1       0

      I wonder if a third category will play an increasingly important role in the distribution of future profits: labor, capital and intellectual labor/capital .. AI is neither labor nor capital, is it?

  • MO

    Mike O.

    3 11 2017 19:36

    6       9

    I was delightfully entertained by the wide ranging discussion and with Mark Cuban's astute comments and his insights. And so, I liked this one quite a bit and very much enjoy your interviews with thoughtful (and thought-provoking) guests overall. Thanks, RVTV ... keep them coming!

    As a suggestion for a truly world-class thinker and innovator as a possible future guest, I would propose that Elon Musk might make for an excellent interview (if you could get him) ... if articles such as the following about him are any indication:

    https://waitbutwhy.com/2015/05/elon-musk-the-worlds-raddest-man.html

    Tim Urban is a most interesting fellow himself (most amusing at the very least) and is the author of the "waitbutwhy" blog, which I also think is excellent.

    Don't take my word, though ... I learned about him in the following "Invest Like the Best" podcast episode (which was also a hoot), which you might also enjoy -

    http://investlikethebest.libsyn.com/tim-urban-grand-theft-life-invest-like-the-best-ep59

    • MO

      Mike O.

      4 11 2017 22:20

      2       7

      Hmmm ... only two likes and four dislikes after just one day of making my comment (was it something I said?). Sixty-Six percent rejection! (Maybe I should wait before replying to this and see if this percentage changes ... nope, I can't help myself, I feel a rant coming on).

      Do you ever feel like you are in the Colliseum with a crowd about to render judgement on your thoughts?

      Thumbs up, or thumbs down ... which will it be? (DEATH TO YOUR COMMENT, with 4 thumbs down, says the crowd).

      Alas, that is the problem with a forum such as this. The pronunciation of death to your thoughts with their thumbs ... it was not worthy they say.

      But, why?

      Nobody says a word ... no replies ... just a death sentence.

      Did anyone look at the blog post on the World's Raddest Man, I wonder? (Urban Dictionary: "Raddest" - to be thought of as pretty much totally amazing; awesome).

      Do they ask "what qualifications might Elon Musk have for such an accolade"?

      Well, here are some excerpts from the blog post (for all of you down-thumbers):

      >>>>>

      In college, he thought about what he wanted to do with his life, using as his starting point the question, “What will most affect the future of humanity?” The answer he came up with was a list of five things: “the internet; sustainable energy; space exploration, in particular the permanent extension of life beyond Earth; artificial intelligence; and reprogramming the human genetic code.”

      [hmmm ... sounds like the guy had some pretty incredible insights, prescient even ... how many people start out at a young age with such a list on how they can change the world?]

      He decided to go with sustainable energy.

      After finishing college, he enrolled in a Stanford PhD program to study high energy density capacitors, a technology aimed at coming up with a more efficient way than traditional batteries to store energy—which he knew could be key to a sustainable energy future and help accelerate the advent of an electric car industry.

      But two days into the program, he got massive FOMO because it was 1995 and he “couldn’t stand to just watch the internet go by - he wanted to jump in and make it better.”

      So he dropped out and decided to try the internet instead.

      [wow ... sounds like the guy also had some guts ... not afraid to take risks]

      He started Zip2, which was like a primitive combination of Yelp and Google Maps, and in 1999, Compaq snatched up Zip2 for $307 million. Musk, who was 27, made off with $22 million.

      He plunged three quarters of his net worth into his new idea, an outrageously bold plan to build essentially an online bank, but found himself in sudden furious competition with another company, and finally decided to just merge with them into what we know today as PayPal.

      Afterwards an anti-Musk crowd at PayPal staged a coup and replaced him as CEO with Peter Thiel and he walked away with $180 million.

      After reading about rocket technology, and later that year, with $100 million, he started one of the most unthinkable and ill-advised ventures of all time: a rocket company called SpaceX, whose stated purpose was to revolutionize the cost of space travel in order to make humans a multi-planetary species by colonizing Mars with at least a million people over the next century.

      [hmmm ... the guy either has to be a visionary ... or some sort of nutcase, wouldn't you say?]

      He also decided to multi-task by launching the second-most unthinkable and ill-advised venture of all time: an electric car company called Tesla, whose stated purpose was to revolutionize the worldwide car industry by significantly accelerating the advent of a mostly-electric-car world—in order to bring humanity on a huge leap toward a sustainable energy future.

      [nutcase, for sure]

      Musk funded this one personally as well, pouring in $70 million, despite the tiny fact that the last time a US car startup succeeded was Chrysler in 1925, and the last time someone started a successful electric car startup was never.

      [hmmm ... this guy can't be all that bright ... can he?]

      Then the global economy suddenly crashed, hitting the automotive industry the absolute hardest and sucking dry any flow of investments into car companies, especially new and unproven ones. And Tesla was running out of money fast.

      During this double implosion of his career, the one thing that held stable and strong in Musk’s life was his marriage of eight years, if by stable and strong you mean falling apart entirely in a soul-crushing, messy divorce.

      Darkness.

      No one wanted to invest in what seemed to the outside world like overambitious and probably-doomed ventures—especially during a recession—Musk had to rely on his own personal funds. PayPal made him rich, but not rich enough to keep these companies afloat for very long on his own. Without outside money, both SpaceX and Tesla had a short runway. So it’s not that SpaceX and Tesla were bad—it’s that they needed more time to succeed, and they were out of time.

      PayPal made him rich, but not rich enough to keep these companies afloat for very long on his own. Without outside money, both SpaceX and Tesla had a short runway. So it’s not that SpaceX and Tesla were bad—it’s that they needed more time to succeed, and they were out of time.

      And then, in the most dire hour, everything turned around.

      First, in September of 2008, SpaceX launched their fourth rocket—and their last one if it didn’t successfully put a payload into orbit—and it succeeded. Perfectly.

      That was enough for NASA to say “fuck it, let’s give this Musk guy a try,” and it took a gamble, offering SpaceX a $1.6 billion contract to carry out 12 launches for the agency. Runway extended. SpaceX saved.

      By 2008, this seemed to be playing out, to the letter. SpaceX had figured out how to build rockets, just not rockets that actually worked—it had attempted three launches so far and all three had blown up before reaching orbit.

      Meanwhile, up in the Bay Area, Tesla was also in the shit. They had yet to deliver their first car.

      The next day, on Christmas Eve 2008, when Musk scrounged up the last money he could manage to keep Tesla going, Tesla’s investors reluctantly agreed to match his investment. Runway extended. Five months later, things began looking up, and another critical investment came in—$50 million from Daimler. Tesla saved.

      After nearly going broke in 2008 and telling a friend that he and his wife may have to “move into his wife’s parents’ basement,” Musk’s current net worth clocks in at $12.9 billion.

      <<<<<< Pretty dramatic, eh? (perhaps you may want to read the article). Who's life story is more interesting, his or Mark Cuban's? Who's viewpoints may be more compelling to consider? (Actually, I think both are compelling). Perhaps it wasn't the article in my comment, though, that got the thumbs down ... perhaps it was the podcast I mentioned that you objected to. Here is a description for that "Invest Like the Best" episode: >>>>>>

      This week’s conversation is about artificial intelligence and interplanetary travel. Its about content creation, thinking from first principles, and death progress units. Its about brain machine interfaces and why it is crucial that you be a chef and not a cook.

      My guest is Tim Urban, along with his business partner Andrew Finn. Tim is the most entertaining writer I’ve come across in years, who explains complicated and interesting topics to his millions of dedicated readers on the website “Wait, But Why.” As an example, Tim’s last post on Elon Musk’s neurlink venture is 40,000 words long, roughly the length of a short book. It explains almost all of human progress and our potential future using drawings and cartoons. Its impossible to stop reading.

      While this conversation is wildly entertaining, it is also chock full of metaphors and lessons that will be useful to anyone doing creative work or building a company. I hope this leaves you as energized as it left me. I called this episode Grand Theft Life because that is the name that Tim and Andrew give to their worldview, which I think will change the way you behave, too. Please enjoy my conversation with Tim Urban.

      <<<<<<< I especially liked the thought about "why it is crucial that you be a chef and not a cook" (you'd have to listen to the podcast to know why). So, did you listen to it (or even read a description of it on the website)? Sorry for the rant, but I had some thoughts in reaction to your disapproval that I felt I had to get off of my chest. Were the negative responses warranted? (You couldn't tell by the replies). If you don't like something, perhaps (at least one in four of you) could reply and say what it was that you didn't like (it might be helpful). Just sayin'. I'm OK about it either way, though ... I have a thumb, too ... and, now that I am in the mood, I'm planning to render some judgements ...

    • MO

      Mike O.

      5 11 2017 19:37

      0       1

      He he he ... four out of five thumbs down on my reply to my earlier comment ... after only one day! And, not one reason given for the 80 percent disapproval rating on the reply.

      Well, here's one: "it was annoying, obnoxious and way too long" (I agree).

      However, a thought occurred to me that some might simply blow through people's comments without following links to check out the content (while at the same time giving it a thumbs-down).

      How did you like the Colliseum analogy in my reply? (yeah ... pretty lame).

      It did permit me, though, to elaborate on the original comment and bring further attention to the links that I mentioned along with details about them ... especially regarding Tim Urban, who I had never heard of before listening to the podcast (who knew he has millions of followers?).

      I took the opportunity of listening again to the episode and I still think it is a riot while at the same time being very thought provoking. Their "Grand Theft Life" metaphor is equally as good as "why it is crucial that you be a chef and not a cook" (you'd have to listen to know what they mean).

      I might even go so far as to say that it was better than this interview with Mark Cuban (I'll let you be the judge). It was certainly more entertaining (at least to me). And, I found Elon Musk to be a much more fascinating individual in the way he was presented (although I'll have to admit that I had not given him that much thought beforehand).

      Anyway, thanks for your indulgence, those of you who took the time to read this blather (people do read the stuff that they give a thumbs-down to, don't they?).

    • JM

      John M.

      5 11 2017 22:13

      4       1

      I agree that it might be interesting to interview Elon Musk but only after Tesla goes bankrupt.

    • MO

      Mike O.

      7 11 2017 22:48

      0       0

      Thanks for the reply, John, and I can appreciate your sentiment entirely.

      Quite honestly, I can appreciate that all of the folks who gave my thoughts a "thumbs-down" are not at all interested in hearing about Elon Musk, or Tim Urban for that matter (although they did not say).

      However, hearing about why people think about a comment the way they do (either good or bad) would be of great benefit to us all, don't you think?

      Thanks to all of the responders to comments who, like John, share your thoughts and insights in response to why you may agree (or disagree) with the thoughts that others share ... it is a courtesy the I very much appreciate.

    • MO

      Mike O.

      17 4 2018 20:43

      0       0

      Actually ... probably no one will go back to an earlier comment like the one that I had entered above ...

      But, if you do, here in the following video is one reason that I think Elon Musk's ideas may be worthy of consideration -

      Elon Musk Warns Humans About World War 3: https://www.youtube.com/watch?v=huvBxnVNTww

      (Honestly, Mark Cuban doesn't hold a candle to Musk in his perception of current [and future] realities ... beyond the investing horizon, at least ... Elon approaches the thoughtfulness of Kiril Sokoloff in my estimation in this video).

  • CB

    C B.

    3 11 2017 19:03

    10       0

    Bull or Bear, today's "problem solvers" seem to think we can solve resource, societal and economic problems through changing the definition of money and technology. Will humanity ever adopt the spiritual (not religious) and emotional changes that will actually allow us to deliver more prosperity to more people?

  • MM

    Michael M.

    3 11 2017 18:54

    0       0

    Great interview

  • CH

    Calvin H.

    3 11 2017 15:38

    1       0

    In high school - What about Junior Achievement club!? I sold magnetic mirrors for high school lockers.

  • LK

    Lyle K.

    3 11 2017 15:32

    2       0

    Thanks RV for getting this one out there!
    This source of info is great for progress no need to keep the regular guy intellectually deprived.

  • KC

    Klendathu C.

    3 11 2017 14:52

    28       4

    Quick thoughts:

    Overall, I enjoyed this interview. Thanks for bringing on a couple of industry big names.

    I think Kyle's point that global cash balances are >4x as high as they have ever been should and could explain a lot of the inflation we have seen in asset prices lately. In terms of break outs, almost every equity market in every major country around the world is in some form of a break out.

    In that vein, sovereign wealth funds have trillions of dollars and they don't want to invest in equities, and would rather own the hard assets that countries like China, India, Japan etc are looking to build. These combined factors should and likely will be incredibly bullish for commodity prices and potentially wage costs. Especially in the western world where the shortage of labor skilled in trades like construction is becoming more apparent by the day.

    As for the discussion on Artificial Intelligence I found a bit short sighted, at least on Kyle's point. I do not see AI as a negative, even when you consider the fear of job losses. AI and Machine Learning are going to make people wildly more productive at the time the labor force is shrinking in the developed world. The cost of producing goods will fall. The cost of resource utilization will fall. New jobs and new fields of research that we never considered before will open up in this new world, just like we saw in the industrial revolution.

    And contrary to everyone's belief that drug prices are going to rise ad infinitum I see the complete opposite. We will likely see peak health care costs in the next 3 years due to a number of factors. One, the government is finally going after these egregious price hikes by patent trolling big pharma. Two, biotech innovation is finally coming. It's 2017 and we are still treating horrific diseases like cancer and heart disease with chemotherapy and statins. Breakthrough drug developments (NOT gene therapy!) have not come through in over 40 years, but that is finally changing. In the next 5 years those breakthroughs will dramatically lower costs and improve patient outcomes. And finally, 3, cannabis will be legalized in this country within the next 3 years. Cannabis is a more effective drug that over 90% of pharmaceutical drugs out there on the market. The drug companies cannot patent it. And people who take cannabis are 50% less likely to take pharmaceuticals which means demand for these ineffective and overpriced drugs is going to plummet in the coming years.

    It's not just biotech. It's not just AI and Machine learning. Technological deflation is in a slow but accelerative phase, just in time to combat the tidal surge of central bank money printing. I for one look forward to watching the titanic battle between these opposing forces.

    -K

    • SS

      Steven S.

      3 11 2017 20:57

      3       0

      A.I. and tech in general may have deflationary pressure but will it be strong & fast enough to fight FIAT $ printing's possible hyper-inflationary pressures if Central Bank PhD's mis-read their Keynesian models?

      Is it strong enough to fight an inflationary post-peak resource world moving towards populism (protected markets) adding in the possible changing of global petro$'s used?

      Will it bring equitable change that reverses the rich to poor ratio?

      Will it address the already large debt burdens held by those who will be the most negatively affected by A.I. adaption?

      A.I. should first be developed to answer this question before lemming investors rush in to capitalize on it's supposed benefits....but I guess, that's not how the Ponzi system works.

      just my personal thoughts ;)

    • MZ

      Michael Z.

      4 11 2017 01:35

      2       1

      Cannabis is a more effective drug than over 90% of pharmaceutical drugs on the market? Did you inhale the one time you tried it? Sorry, but I'm high and couldn't help myself.

  • WB

    Wes B.

    3 11 2017 14:51

    27       25

    I appreciated the new blood. I think Cuban is great and offers good perspective on tech. Personally I'm sick of the bears the RV marches out spouting the same over valuation/value investing mantra. I agree with all of them but I don't need any more add to confirmation bias. Cuban is probably the only guy on RV that says FANG is a buy (although when you DGAF its prob easier call to make). I'd like to see more of this and less Yusko, Fleckenstein, and the others who just say the same thing over and over.

    • HF

      Hassan F.

      3 11 2017 18:46

      16       0

      I agree with your point of view that we could do with the other side of the argument. But Yusko & Fleckenstein are still great thinkers

    • DC

      D C.

      3 11 2017 21:42

      11       1

      FANG may be a buy long term, but I will bet you bigly that there will be a much better entry point for all of them in the coming 12 - 36 months.

  • JM

    Jake M.

    3 11 2017 14:41

    10       1

    Best quote of the video = "did you just say, tax robots"-Kyle Bass

  • TS

    Timothy S.

    3 11 2017 14:20

    16       0

    AI creeps me out more than Mark repeatedly looking into my living room in this video. Jobs teaching robots how to be humans? What happens when that is no longer productive? What comes after AI? I know it's coming but I thinks it's something that we really don't understand the true consequences of.

  • PU

    Peter U.

    3 11 2017 14:11

    3       7

    ok, much much better after 13 minutes

    • DC

      D C.

      3 11 2017 21:46

      6       4

      You mean you don't worry like the rest of us RV viewers on how to dispose of our billions to the next generation? Now I know, only $5mm- $10mm to each of my kids!!

  • PU

    Peter U.

    3 11 2017 13:23

    4       19

    13 minutes into it and nothing learned

  • RL

    Ryan L.

    3 11 2017 13:21

    37       4

    The real question is; Does Kyle need more ice in his cup?

    • CM

      Carl M.

      3 11 2017 22:31

      0       0

      ..it's the good little Ice cubes too!!!... can't have too much, I.M.H.O.

    • GG

      Glenn G.

      4 11 2017 06:03

      1       0

      Ha nice one.... right up there with what happened to Cuban's pinky finger..... quite the hook there!