It's on Prime.

To many people, strategy's a little bit of a mystery.

Often we have a sense, uh, in order to know what strategy is, you have to be super senior, have to have a lot of job experience.

It seems very complicated.

Nonsense.

Strategy's simple.

Is a plan to create value.

Scotiabank: You're richer than you think.

Okay.

For, for exactly the reasons that I think, uh, one good way to think about, uh, two, two colleagues of mine, um, uh, they had this interesting way of thinking about, you know, when should you rely on, on AI and when, when is it okay, uh, not to do so.

So Andy Wu and Bharat Anand, they have the source of information is sort of explicit data that you-

Mm-hmm

... that you have somewhere, uh, versus tacit knowledge.

Like the, the history of experiences that this particular executive has, that's like a body of knowledge that is incredibly important deciding should I buy the company, should I not buy the company? But it's not, it's not data that you can easily access.

It's like it's an intuition.

It's a sense that you have.

Yeah.

They used that period of time to build a competitor.

eBay had eighty-five percent market share at the time, so how on earth would you ever compete? The case essentially allows students to see what kinds of variable cost ideas that a company might have in order to increase its customers' willingness to pay.

And the discovery is that it's sort of a different design.

It's a whole suite of features that are interestingly not really directed at eBay's customers in the first place.

This is early days of the internet.

It seemed mildly crazy to buy something online, and many people waited on the sidelines.

Mm.

Okay

... uh, where we, where we trained a model to, to mimic the decisions of HR managers.

Uh, and it's doing that pretty reliably.

Like if you get like a stack of resumes and you-- we ran these tests, you know, where the humans choose who are the ten best candidates and the machine chooses super, super, super, super close.

But this is also an example of...

Because we know we're not very good at picking the right people, this is like a, a good example of maybe we should, we should have a completely different process to do this.

So one of the things we're trying now, I don't know, maybe it'll work, maybe it won't work.

Yeah

Mm-hmm

...

so you need to get familiar with the technology.

It needs to become like completely routine to use it.

And then I think, uh, as you're thinking about the, the longer term future, think about which parts of your job require a lot of tacit knowledge, require a lot of judgment.

Uh, those are the things you need to do really, really, really well because those are the things that are not going to get automated.

And so if you're good at using AI as a support system in order to help you be even better at the things that cannot be automated, then I think you're in the, you're in the sweet spot.

Is there anything they should stop spending time on?

Yeah.

They used that period of time to build a competitor.

eBay had eighty-five percent market share at the time, so how on earth would you ever compete? The case essentially allows students to see what kinds of variable cost ideas that a company might have in order to increase its customers' willingness to pay.

And the discovery is that it's sort of a different design.

It's a whole suite of features that are interestingly not really directed at eBay's customers in the first place.

This is early days of the internet.

It seemed mildly crazy to buy something online, and many people waited on the sidelines.

Hmm.