"Most data scientists today agree that it’s important to have some domain experience about the problem you’re trying to solve before you throw machine learning at it."
John Mannes Tech Crunch Oct 2017
John explores the way Ray Daglio at Bridgewater Associates uses AI to detect cognitive bias in decision making- and make better trading decisions.
Ray explains the strengths of AI and potential problems.
" “There’s this assumption that big data sets are going to be the difference maker,” Dalio added. “But best idea is to have someone who can convert words into algorithms. If you can do that you’ll beat the giants.”
For another angle read this article from The Economist- "The limits of AI and lessons for Insurtech".
“If a machine comes up with an algorithm and you don’t have a deep understanding of the appropriate cause and effect relationship, than things get very dangerous,” Dalio explained. “If the future is different from the past, you’ll probably crash.” Most data scientists today agree that it’s important to have some domain experience about the problem you’re trying to solve before you throw machine learning at it.
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