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The Truth About AI and the Future of Work

Episode 69 · 8 April 2026 · 1 hr 1 min

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AI and Jobs: The Truth About AI and the Future of Work

AI and jobs is the fear of the moment, but every big technology shift has sparked panic before it created wealth. Randy Lorensen and Anthony Marino look at AI through creative destruction: the move from horses to cars, the ATM paradox, and why AI is lowering the barrier for entrepreneurs.

In this episode, Randy Lorensen and Anthony Marino deconstruct the current panic surrounding Artificial Intelligence by looking through the lens of "creative destruction." History shows us that every major technological leap—from the transition of horse-drawn carriages to automobiles, to the rise of the internet—initially sparks terror before unlocking unprecedented wealth and opportunity. We explore why AI isn't just a "job killer," but a tool that is lowering the barrier to entry for entrepreneurs, allowing two-person teams to build billion-dollar companies, and revolutionizing everything from life-saving medicine to space-based energy.

AI Creative Destruction, the Two-Person Billion-Dollar Company and Radiologists vs. AI

What you'll discover:

  • What the 1900 shift from horses to cars teaches about fear and progress
  • How AI lowers the barrier to capital and makes the two-person billion-dollar company possible
  • The ATM paradox: why automation has historically led to more jobs, not fewer
  • Moon mining, the nuclear renaissance, and why there are more radiologists today
  • Cheap expertise: building apps and tools without knowing how to code
  • Tokenized 24/7 finance and the thriving experience economy

Timestamps

  • [00:00] The 1900 paradigm: what horses to cars teaches us about fear and progress
  • [05:31] Every new technology sparks an outcry, and a tough job market for new grads
  • [07:24] Etsy, Amazon and the rise of the individual entrepreneur
  • [10:08] The newspaper jobs that disappeared, and the ones that replaced them
  • [12:52] AI-powered tools for electricians and the trades
  • [13:45] A message for younger listeners who haven't lived through a big tech shift
  • [14:49] Lowering the barrier: how AI lets creative individuals access capital and start businesses
  • [17:15] The two-person billion-dollar company and the new era of hyper-leverage
  • [24:54] The ATM paradox: why automation historically leads to more employment, not less
  • [26:42] Mining the moon: unlimited resources and space-based data centers
  • [28:25] The nuclear renaissance: mini-reactors, data centers and clean energy
  • [31:36] AI in medicine: why there are more radiologists today than before AI
  • [34:54] Cheap expertise: building apps and tools without knowing how to code
  • [36:38] Testing a product idea with AI
  • [39:18] Sovereignty, state regulation and Colorado's AI law
  • [41:57] Advice for anyone starting out: think for yourself and find like-minded people
  • [43:44] Is AI the exception to creative destruction?
  • [45:41] Break — Sponsor: AG1
  • [46:49] Abundance Briefing — Tokenizing finance: the NYSE and 24/7 trading
  • [51:44] Breakthrough biology: printed organs and the liver shortage
  • [56:47] The experience economy: why human connection, live sports and tourism are thriving
  • [1:00:59] Wrap-up

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About the hosts

This is a hosts-only episode with Randy Lorensen and Anthony Marino (Dr. John Oberg isn't on this one). Host bios are on the host pages linked below.

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Meet the hosts: Randy Lorensen · Dr. John Oberg · Anthony Marino

Transcript

A full transcript is below. It was generated automatically from the episode audio, so expect some spelling errors in names and terms.

[00:12] going to talk about creative destruction. We are going to talk about all the opportunities in AI and I think this is a really exciting episode. So, I want you to go back, imagine it's 1900. You're standing on an American street corner and you just look at the world around There's horses, there's people on horses, there's people in horse-drawn carriages, there are saddle makers, there are blacksmiths, there are all kinds of people that work and their whole careers, their livelihoods depend on horses moving people. They move people, freight, mail, the food they eat, the lumber they use for their If we go back then, there were over a billion dollars worth of horses in the US and another 208 million dollars worth of mules. And it was a lot of jobs, it was a lot of the economy. Well, all of a sudden, the automobile showed up. people didn't necessarily like this, right? We we think about the automobile and how would we live without it, but if you were living back then and the automobile showed up, all of a sudden, you're you have a horse and a carriage on the street and the cars were noisy and they spooked the horses, right? Or they were in the way and people were afraid, "Hey, it's going to take all of these different jobs for carriage makers or saddle saddle makers, blacksmiths, etc." So, how did people respond?

[01:42] pushed back and said, "Oh my god, we have to stop this technology." Um England created something called a red flag act that you could drive a car, but if you did, you had to some have somebody running in front of you with a big red flag waving it on the street to be able to drive your car. Vermont uh passed something pretty similar to that. So, people were scared. They were They were terrified that this was going to ruin their lives, ruin the economy. And to be fair, they weren't completely wrong. I mean, it did wipe out There was some creative destruction. It did wipe out big parts of the world, right? There were fewer stables, fewer all of these different things tied to this. Now, they didn't completely go away. If somebody still still today if somebody wants to work, there are jobs in those areas, just far fewer of them. But, let's talk about then what happened If you just really narrowly narrowly define the automobile industry, it's about a $360 billion industry now compared to a billion before with 2.4 million jobs working in it. If you define it broadly, right? Because think about all the other things that allows, drivers and all of that, it's over 1.2 trillion a year and I would argue that's low because I'd say our What do we have? 25 or 35 trillion dollar economy is almost I think it's 35, but you have to fact-check me on that to be exact is almost entirely tied to cars, right?

[03:22] think about all the things, Anthony, that cars made possible, right? Like like all the things today, whether it's you know, an Uber driver, a truck driver, even, you know, different warehouses, where people live it impacts, right? Um you know, gas stations, tire companies, insurance roadside hotels, etc. etc. I mean, there's there's a lot of It touches almost everything we have in society, right? Yeah, not just the jobs. I mean, tens of millions of jobs in all the service industries and and all that, but it also, you know, it really the internal combustion engine in general, not just in automobiles. That's diesel power that is used now and still to this day on on trains. It, you know, when they those first cars automobiles came to be, the the roads weren't ready for it, right? There were ruts in the roads from the wagons and so forth. It it resulted in another invention called paved roads, which subsequently led to the Interstate Highway System, where you're able to drive pretty much anywhere in the United States and in the world for that matter.

[04:41] Very, very easily and comfortably. So, it's not just, you know, the jobs, it's everything else that came from it. Manufacturing, using the engines And making making we would never would have had the ability to protect ourselves in Europe during World War II if we didn't have this type of technology. yeah, I mean, the part the positives far, far, far outweigh the negatives. Yeah, and I don't think that means we forget about the people that are losing jobs. It's Look, I I have a kid about ready to get out of college. I mean, the job market is freaking tough right now. Like, really, really tough. And you know, I but it does create opportunity, right? And I I think the story though is what you are saying is that it is it's this way better that everybody every time throughout history this new technology comes along, there's always an outcry, right? Um you mentioned before the podcast, you know, recently, you know, like Bernie Sanders and AOC are teaming up trying to, you know, shut down AI, shut down data centers because they're afraid it's going to take all the jobs, right? And I get it. It's scary.

[06:00] I'm not even saying they have bad intentions in it, but I don't think history tells us that's what's going to happen, right? Yeah, you can go back You can go back to prehistoric times. Can you imagine when when fire was first started to be used um to to cook food and so forth? It to peel off and and feel comfortable that in a group if they were in a group of 300 and there were 100 that didn't want to weren't happy there, they could peel off and create their own tribe. They had their own resources. They could hunt and survive on their own. And that created, you know, an expanding society. I mean, you could be afraid You can You can be afraid or you can embrace change. That's the That's the bottom line. What um you said you had a whole list of things since 2000. You want to give people, you know, just a couple of them? You know, we take we take e-commerce for for granted. You know, there really wasn't e-commerce until really until in a in a way of scale Amazon decided to put the the the bookstore out of business. But today, if you look at e-commerce, you've got Shopify, you've got Amazon, you've got Etsy, you know, you've got an individual entrepreneurs selling everything from, you know, solar-powered generators to potholders making a living. And the whole fulfillment of that, right? What does it take to fulfill it? It takes It takes fulfillment home warehouses that create jobs that provide real estate taxes to local communities.

[07:53] it's just a you know, the tentacles of that simple what's what we take for granted today, the tentacles of that are tremendous. Now, the downside was a lot of bookstores went out of business. A lot of local hardware stores went out of business. Toy stores. Um there's a famous story about uh Warren Buffett buying into Toys R Us in the early 2000s and Jeff Bezos calling up and asking why did you do that? I'm going to put them out of business. So, yeah, you know, there were there's some some downside. But again, you know, it's like, you know, going on a diet or going on an exercise program. It's hard at first. And it takes discipline, but eventually there's an upside. I mean, you know, renewable energy. You know, um certainly the the two people you mentioned, uh they're you know, they're their favorite subject. Look at the industry that got created with with the renewal renewable energy business. Solar panels, manufacturing, installation, Same thing with, you know, wind.

[09:03] Just creates tremendous opportunities and in that case, you know, clean energy, which you know, you know, we'll have we'll be powering our lives with a lot more clean energy than the energy we're we're we're working with today. So, I mean, — you mentioned, you know, home delivery and I just, you know, even going to the grocery store now, right? We use I use an app and we show up curbside, they put it in the trunk and I [laughter] drive home instead of having to go spend 30 minutes or an hour in the store, but I love supporting local small businesses and trying to go there to buy things. And yet I I just buy almost everything on Amazon. The you know, the sometimes they drop it off same day at my door. Uh you know, it just it just makes life easier and you know, the other thing I'm thinking is the internet and a little bit of this is my background, right? I I came to Austin, you know, 25 years ago or whatever during the internet internet I remember I used to go down to the the local Y and play basketball at noon and there were about five, six guys that worked for the Austin American Statesman there. Everything from guys that worked in the back through, you know, a feature writer. And one day we got done playing and we were, you know, taking off our shoes and everything and I just asked those guys, I said, "Aren't you guys scared the internet's I mean, this is like early 2000s, right?

[10:31] Late 1990s, something like that. So, aren't you worried the internet is going to like put you guys out of business or take jobs?" And they laughed. It wasn't just the people that worked at the at the newspaper. Like people just laughed at me. They thought that was the funniest thing and with there's no way that was ever going to happen. Right? Now, in that case, they weren't scared. They probably should have been scared or should have been looking. And yes, a lot of those newspaper jobs went away, but think about all the things that that's allowed, right? I mean, all of the jobs that are in coding, programming, web development, you know, all the social media sites, all the small journalists. Now, we can debate if that's good or bad, all the new journalism, but as far as opportunity, it, you know, it it's bad for my friends that lost jobs, but really good for for the, you know, the world as a whole. Anthony, let's go to the current panic. What are people panicking about today? What do we hear people What do you hear people panicking about?

[11:33] Well, you know, they're they're panicking if you know, white collar jobs are, you know, entry-level white collar jobs are going to disappear. They're going to they're going to go away forever. AI is going to take over. It's going to just It's just going to um run our lives. I mean, there you know, some you know, Elon talks about, you know, no one having to work because they'll be everybody will be replaced by AI and robots. Um so you So it It's It's It's fair to be to be concerned about it. But you know, let's just imagine, you know, a Terminator-type world where everything is a robot Everything is done by robots. You're still going to need someone to program them program them fix them when they're broken plug them in to charge them up uh you know, so there'll be a whole field of technicians and and infrastructure you know, robotics.

[12:42] Everyone, you know, a a data center today, you're you're hiring electricians who are running wires through conduits using screwdrivers and wire cutters and ladders and so forth and so on. Imagine with, you know, um AI-powered tools, um schematics where if someone makes an error, they get a notification that no, that doesn't go in that direction or it doesn't plug in over there. It could speed production. It could make it safer uh for people. And in some cases with robotics, it can do more do do the dangerous jobs that some people do So, the you know, again, I I keep coming back to people being concerned and fearful and and in some cases rightfully so. but you know, really the the the message here is really designed to talk to the folks that are a bit on the younger side that that haven't lived through uh sweeping technology changes.

[13:57] I mean, they're used you know, they look at their iPhone and and they're um go to Spotify and they don't remember that there used to be a telephone on the nightstand next to the bed or that they people got their video from a store. You know, um so as the internet and mobile technology really improved in time, you know, there was a world before Netflix. Netflix used to mail DVDs to your house. Now we have streaming services, so many that you know, you lose track of what you're paying And the same thing with the iPhone. You know, the that iPhone you're looking replaced 35 mm cameras. Um you go to a wedding these days and — What are the What are the opportunity What What are the opportunities that that's created? I think people get like yes, it's it's replaced, it's better, it's progress, but what opportunities do people have today because of AI and what what's Well, it depends, you know, it depends on what industry what interests you.

[15:09] What One of One of the the most obvious is it is it allows you to start a business. Not necessarily with people. You know, you you can you can have an I was listening to someone talk about this the other day that the venture firms that invest in startups, you know, angel investors, you know, you come to an investment group and you say, "Hey, I've got this idea for a product or And the angel investors, you know, look at it and say, "Well, it's pretty good idea. So, how many people you're going to hire?" And they're hearing two, maybe, but not right away cuz I really don't need anybody right now. I need to work on my um my product first. And back in the old 60, 70% of the invested dollars would be invested in human capital. Well, that's that that is completely flipped. So, this is going to open the for people with uh creative ideas to access capital and they're not going to need as much. So, that means the investors are putting less at risk. And you know, it Many of these are going to fail as they always have. But once again, you know, invest in 10, you know, two or three hit, boom, you know, you've got a new business. So, I don't know what those businesses will be. There are people smarter than me um that have that'll make that happen.

[16:36] But [clears throat] um heck, look at OpenAI and Anthropic and — Did you Anybody know about those 18 months ago? — Those are dollar businesses. But I and I think a lot of people get intimidated because they look at oh, they they they see the thing and AI prompt engineers are starting at 250,000 or all these things and they think that's not me. I'm not technical, right? Um where I think the real brilliance of this is going to come is when normal people start to figure out how to apply it to their regular day life, right? It doesn't matter if they're a a plumber, if they're a gardener, if doing something tech or healthcare related. I mean, we have a group that had a tech exchange going on over the weekend and an article came out about we have the first billion-dollar founder and it's literally the guy that started the company and one other employee. They have two humans and I think they did what 400 million last year. They're going to do 1.8 billion dollars this year and it's just so much cheaper and easier for them to start that business.

[17:44] Um you know, and I I heard a I heard a great quote a while back too that somebody was asking someone why there weren't more good Broadway plays. They're like, why why what's happened all the good Broadway plays? And the person's answer was we need more crappy Broadway plays. And I thought that was really insightful, right? And their point was it's become so expensive and and so hard to produce a play on Broadway that there just are very few bites at the apple and very few things are tested and tried out. And they need it to be easier, lower barrier of entry so that more people can do it. And yes, you'll have more crap, but you'll also have more excellence that'll come out of it. And I think I think that's what you're talking about, right? Like if if it's easier and it takes less money, more people can try more different things. you know, [clears throat] there was a time where almost all entertainment was you had to be present for it. You know, you had you had to go to the movie theater. You had to go to to a theater to see a play whether it was in your hometown or on Broadway, you know, pre you know, pre-television or even after the first broadcast television came into existence, there were only three or four channels and it didn't go 24/7.

[19:09] You know, people's capability to now consume entertainment and you know, in a myriad of ways and almost instantly and call up you know, if you're a if you're a reality TV person, you just search for reality TV shows and you'll get five, six, 10, 20 of them at various and you can sit down comfortably in your and and consume that. So, you know, the I I predict that there'll be very few Broadway plays or plays of any kind that you have to go to. That doesn't mean there won't be a play that you can uh electronically, right? So, it that's another that's another change. So, those actors still need to be actors. And those writers still need to be writers. So, there you know, while AI is going to impact how you consume it, the what is still the same thing. So, I'm I'm you know, I'm fine with that. I'm sure you know, the theater the theater owner is going to have a problem. But, well, you know, that that real estate can be used for something else. I don't know. I I'm not sure you're going to be completely right about that one. Like I'm thinking yes, AI Let's just say let's let's run with this example, right? We have AI movie makers and content makers and I think there's a day coming where you'll be able to go on Netflix and it will know your personality, your likes, your storyline, what you know, and it will literally create an AI version of a movie specifically for Anthony or specifically for each individual person and you may see a different movie than I see or a completely different movie, right? But, maybe it's as simple as we just have different stars or different actors in the in the plays and the fact that they're going to be able to create that is this awesome opportunity And I think two other things are going to happen. One, there are going to be some of the big studios are going to have a harder time competing. And instead of having a few big studios making all the all the movies, there will be small hobbyists that can make their own movie and they'll there might be thousands of people where there's now dozens or whatever. But the other thing that I think will happen is the need for human connection and people wanting to see live stuff will increase. And I think we're already seeing that. I think if you look at concerts, live sports, uh comedy, a lot of these things that people go do with humans that are not AI, are not produced and have more connection, all of those things seem to be growing and grabbing more and more attention, um as the market gets flooded with all this other stuff. And I think, you know, using theater, I can't tell you the last time I went to a theater production, probably when I was on Broadway 15 years ago or something and went to something there. Um but I think there will be more I I actually think there's a decent chance there'll be more theater, not less.

[22:17] I don't know. I I don't It theater in particular, I have a hard time thinking about that. Um sports for sure, right? Real sports, um live concerts, uh but even even live concerts, you know, A have become incredibly expensive for the the with the top the top talent. And they're they're beaming that stuff these days. So, yeah, sure, when they in the 10 or 12 or 15 cities that, you know, Taylor Swift decides to go to, sure, I'm sure people come out and be happy to see her. But there are, you know, 5,000 cities in the United States where she's not going So, people are going to consume her entertainment not in person, you know? Doesn't mean that the in person won't be profitable, it won't make money for somebody, but it's going to make more money by beaming it to 300 million people versus a couple of, you know, several hundred thousand that are going to see the shows in person. So, again, that's creating opportunity, right? You know, what if if I'm going to consume a concert at home, I want a really good audio system.

[23:32] You know, I want to really hear it. I want to hear the guitar, I want to hear the bassline. I want to hear the vocal clearly. And I might even technology may even come and it probably is already that you can isolate. If you want to hear the guitar solo separate, um the day is going to come where you can say, "Let's Let's go back and listen to, you know, uh Jerry Garcia, may he rest in peace, listen to that um riff, you know, or whoever the the current great musician." So, I think there's just so much that we haven't we haven't even thought uh that's going to create such abundance for us in terms of ease of ease of access, and to your point, really good point, about tailoring the content just for me, thank you very much. I mean, I I'm happy. I'm happy to have it tailored for me. Um right now, I think, you know, the Netflixes of the world or the Pelotons or these they they're making an effort to do it. I think they're striking out terribly right now, but I'm sure down the road they'll get they'll get much better at telling me what's available and maybe even modifying the content to suit me.

[24:54] I'm I'm I'm happy about that. Let's take this thing cuz it the same pattern shows up, right? And we can learn a lot from studying patterns. So, throughout history, you know, to use another example, the ATM. When the ATM came along, there were people that thought, "Oh my god, this is going to be terrible. We're going to lose jobs. The bank tellers aren't going to have anything to do." But actually, because it cut costs, more banks opened up and we actually had more bank tellers after ATMs than we had before despite the computers taking over a bunch of that stuff. And people get scared and then there turns out there's abundance. There was nothing to worry about and the world is better because of it. So, let's take that with AI. So, we have AI and right now there's a lot of fear and hell, there's even a fair amount of pain right now with some of the disruption and people losing jobs. Well, okay. We talked about we can see being a prompt engineer or doing something working with AI. Well, what does that do for robotics? Right? Um, you know, like I think that's obvious.

[25:59] This is also going to create all of these jobs in robotics, right? And it doesn't matter if it's you know, figure if it's Tesla, but the robots are coming and that's only because of AI. Um, similar, you know, really my car is a robot, right? I got a Tesla that drives itself. That's only really possible because of AI. you know, six months ago, you didn't hear anybody talking about putting these solar arrays in space. Elon brought it up and now I swear every tech person and every data center, I mean, there must be 20 projects now going on where they want to put data centers in space. Well, I think AI is really what's allowed that. And then, you know, they're talking about putting a base on the moon and mining the moon. I mean, that's really interesting to me, right? Like right now, as we speak, I believe Artemis is going around the moon, which nobody seems to care about. I mean, I it's it's strange to me that we haven't been to the moon in 50-some years. We're going around it, and hardly anybody's talking about it, but you know, we put a base on the moon, the jobs that creates, and it's not just the jobs, but the moon has all of the elements we need here on Earth, not the gases, but everything else, and it's easier to mine. They can take it they can they they're talking about literally then just launching these because of the the moon's low gravity. They're talking about being able to mine this stuff, whether it's gold or uranium or iron or aluminum or whatever we need, take it, send it wherever you want it on Earth, get and they actually claim they will be able to send This is hard for me to believe, but they claim you're going to be able to send them right now because of the gravity, shoot it off of the moon, send it where you want it on Earth will generally be cheaper than the shipping charges to do it here on Earth. Well, if we can all of a sudden mine the moon, mine asteroids, etc., and send it back, we have unlimited resources and unlimited materials, which then opens more doors, which makes whether it's making the AI, the robots, the spaceships better, the solar arrays in space, and which just it's a never-ending loop, right? Like it makes it easier to create things, it makes it easier to get energy, and easy I I can't even imagine what it'll peel off of that in 5, 10, 50 So, let's bring it back to Earth. Let me Let me give the listeners an example where we shot ourselves in the foot.

[28:32] And but because of AI and the build-out of data centers, probably within the 10 years, the need for fossil fuels to run our electrical grid will probably go away. So, during the '70s and '80s, we had a couple of examples where nuclear power plant plants had And as a result of those they were bad incidents, by the way. In case of Russia, Chernobyl, people died, people you know, had a terrible outcome in terms of health and so forth. In the United States, that didn't wasn't the same case. But the fear, much like the fear of Ocasio and Bernie about data centers, the fear shut down all production of new facilities and closed down several of them several Well, because of AI, people that have been sitting on technology that miniaturized those nuclear reactors, it made them much safer.

[29:40] Now suddenly said, "Oh, by the way, I've got these little, you know, tools, uh this little uh nuclear reactor that you could put in the backyard of a data center and it could power the entire data center and the community around it safely, cheaply, uh with no use of water and or anything else that uh you know, not not not going to pollute anything and um it's going to be good." Well, that's that's an example where we ran away from a technology instead of embracing the technology to make it better, to do what we really needed it to do. The it's a it to me it's one of the the the worst things that we did. Uh I won't live to see this day, I don't think, but it's going to be a magnificent day where, you know, China's got I don't know what I think you told me a hundred of these things ready in the works um in terms of uh getting that stuff that stuff up and running. And that's a country that runs on coal, runs on hydroelectric.

[30:54] I mean, they displaced uh millions of people to build a hydroelectric dam. Um the Three Rivers Dam, I think it's called. Uh the all that all that's going to go away because we've got these little reactors uh hold tremendous promise. Now, they're not operational yet. That could still fall apart. I understand, you know, so don't uh don't hold me to it, but the promise is there for that. So, anyway, that that's just one one example. And let me give you give you another example of AI fear actual abundance being created from it. let's talk about radiology. The when you get an X-ray or you get an MRI or CAT scan, they used to put the piece of the the sheet up on the wall or there'd be a computer screen and a doctor would look at it and look for tumors or broken bones or all kinds of things. Well, now AI is able to go in and much more accurately assess the uh the scan.

[32:06] It still takes a doctor to interpret the but obviously, you don't need as many radiologists. Oh, wait a minute. What happened? Because the scans got so good and the cost of those scans dropped so there actually more scans are being And as of today, there are more radiologists employed than there were to AI getting involved. So, the whole fear of oh my god, these all these of my $200,000 medical education is going to go out the window turned out to be the opposite. You know, be because you they brought scans to the masses, you needed more people to do the analysis. And oh, by the way, more people getting scans, what does that mean? More people being diagnosed earlier with a problem, which allows for treatment earlier, which expands their life in a positive and abundant way. So, you know, I could go on and on about and I I just want the listeners to leave this podcast today feeling like, okay, I get it. It's you know, things are going to be okay.

[33:24] So, you know, I had an interesting experience over the weekend. It was my son's birthday, and he lives hour and a half 2 hours away, and I told Julie to drive because I said I want to work on my bot. She's like, you're going to what? I said I'm going to work on my bot. She's like, you're taking your laptop with? And you have Wi-Fi? I said, no, I'm doing all my phone. So, while she's driving or the car's driving, I'm sitting there and I'm communicating on Telegram creating a shipping bot. And I Mind you, I don't know how to code. I don't I don't have any of these skills. But I'm just talking to Telegram. Telegram's talking to my bot, which is talking to I'm using like three different models, chat GPT and other stuff. Again, I didn't have to really know how to do any of this. I just said, what's the next step? What's the next step? What do we do next? What do we do next? And really just talking to this bot asking it what to do next and saying yes, let's do this, or you know, let's no, let's do it this way instead. I basically created this app is really pretty darn good, and did it while sitting in the passenger seat riding down the road, so I would encourage people just to to really dig Um you know, some of what I think is going to change let's let's talk about how to think about this, right? Um expertise is becoming cheap.

[34:47] And I think I would you know, ask yourself what where is expertise? Like that used to be a moat to do a lot of different things. You're talking about the radiology, right? That used to be a skill that people needed. AI can now do that better than humans. So, that's happening all throughout, but what opportunities does that create? Um you know, coordination becomes simpler. You have a lot fewer people to put in there. geographic barriers have been going away for a long time, right? Now, we happen to be in the same city, but even here we're 40 miles apart or whatever we are. We're not we're not next door. you know, and just for me the big thing is the time spent on busy work. So, let me ask you this Anthony. Just one of the things I always think about is what are the incentives? Right? The the Charlie Munger quote I love is show me the incentives or tell me the incentives and I'll tell you the outcome. Something like that. So, for education or work do the ins- are the the incentives changing? Are they the same?

[35:57] Certainly uh well, I don't know if it's if if it's incentives, but information is now You know, you can you can figure something out. You get your answer very inexpensively and very quickly. I'll give you a real-world example. This weekend I had to — disassemble and reassemble a a baby's And I won't tell you the tool, but there's a particular tool that you need for it and then and in the nooks and crannies of that it's a pain in the butt. Spinning the thing around, it's close quarters, it's really one of the worst worst things you could do. Anyway, I had this idea. What if what if this particular tool were re- re- reimagined, if you will, in another way. So, I went on AI and I screwed around a little bit and it gave me a prototype of what I had in And then I went out and I did the research and said, "Does this exist?

[37:02] Does this exist or anything else for this particular tight — you know you know, need that I have? It's not something you're going to need every day but you would sure have been convenient to have something. Sure enough, doesn't So, I'm not going to go out and engineer a new tool, right? I was more I was more curious about can I buy something so cuz this down crib I got to take apart three times a year. Is it something out there that would would be would better suit me? And it doesn't. It actually doesn't. So, what the point of all that is if you have an idea, if you have a thought, if you have a service you want to employ, you have a product you think might work in the old days yesterday, if you will, you take it's a lot of research. It's a lot, you know, you're going to Home Depot, you're asking people, you're going to a mechanic's office motorcycle shop and asking, you know does do you have a tool that does this or you know, what what the research that it would take could take you a year Yeah. to determine that it already I'm telling you sitting down yesterday with the baby crying in the other room I was able to do all the research I needed to do to determine that the tool doesn't exist. It's amazing. It's all Unbelievable unbelievable Yeah. I mean, entrepreneurship is I think we just we haven't seen what's going to happen.

[38:28] I mean, the humans can over You leave man alone long enough, they'll solve every darn problem that exists. As long as the government doesn't get involved. That's the That's my only Well, that leads me into, you know, the next big thing. You know, I I always think about what are the incentives? What what What are those incentives? What are the second, third, fourth level consequences of that? And the further down you get, the harder that gets to be to predict. But I also think about freedom and sovereignty, right? What impact does it have on freedom and And this one, look, it could go dark. Like the government could use this for surveillance and everything else. But that's not what I'm seeing. I'm seeing that it's creating more decentralization. It's creating people that are less dependent on an employer or somebody else. Like it I just think it's much easier. Somebody wants to be sovereign and do their own thing and be in charge. That because of the leverage you're talking about with AI and the project, you know, again, the company that's going to do 1.8 billion this year with the founder and one other employee, like there's opportunities to do that and cross borders. And I I think it is going to ultimately give us more freedom and give us, you know, more sovereignty and be harder to control.

[39:48] Yeah, I I I mean, I believe that that United States states or other national governments will make efforts intercede and cause difficulties and so Most or some certainly won't. And I don't I think it's literally akin to states that don't have an income tax and states that do have an income tax. Not that the same states won't get involved you know, Colorado has a pretty restrictive AI law on the books right now that you know, makes it really difficult to answer questions at certain questions. but you know, the states that don't have that or the countries that don't have those kind of restrictions, they're going to lead the way and eventually the other guys are going to have to have to just drop drop their restrictions if you will and and and move on from that. Yeah, the problem why we're not I've said it in the past, I'm worried about state actors not not state states but state actors using AI for for ill will.

[40:57] and they already are in in a lot of ways with deep fakes and interference with uh technology other people's technology and so forth. But I think good will win out over evil and power will win out over small players in that in that space. Oh anyway. But uh yeah, I have I have a lot of thoughts about what's coming. It's It's a It's a tidal wave of good. So your kids are too old for this, your grandkids are too young but let's imagine your grandkids were a little older and they were getting ready to the workforce or they were just getting out of college somewhere somewhere in that in that range. What would you you know, what's the message you'd want them to take from You know, uh it I think for me after spending 40 years in corporate America and then at age 60 going out on my own and running my own business I would tell them to um be an individual thinker.

[42:05] Um anything is possible and surround yourself with like-minded Positive thinking people who want to move forward. Not that this is not about becoming a It's becoming satisfied with the life that you're leading. And anything you know, that it sounds trite, but anything anything is possible. If you if you put your mind to it, you think about it, you you examine your surroundings, what's going on around you. How do you leverage what's going on around you? Uh and don't be afraid to try things. Because you can try you can spend an 7 days a week trying 7 different things to determine whether or not it's going to be a viable business or it's going to lead to a viable job that you want to you know, having a social network of of like-minded people will lead you in the right direction. Do that early. uh that that's what I would tell them.

[43:11] And it's traditional education may or may not be for you. Yeah, I just you know, I used to worry more about the AI taking the jobs and and and I used to just go, "Well, is this is this one so much bigger?" Right? I know throughout history the exact opposite thing has happened and every time the technology comes, people are They probably sometimes even rebel. And then when you look back, it grows the economy, it grows opportunity, it grows abundance. Um and you know, but AI I thought, "Boy, this is so big." I think could this be the exception? But the the more I dig into it, the more confident I am that yes, there's going to be a little more disruption at the beginning, but the impact is going to be greater than anything we've ever seen. Especially when you start factoring in, you know, what we're doing in space and with, you uh, robots, AI, 3D printing, you start mixing all of those things together, not to mention all the other stuff that'll come. And, uh, there really is man, I'm I'm jealous of these kids now.

[44:20] I I mean, I was kind of worried about them, but now, in a weird way, I'm really jealous that I just there's never been a better time to go out because of the barrier to entry and all the — more abundant world. I mean, there's there's just no question about it. I mean, just the way businesses are being run now, the way they're being created, NASA created a rocket and the way SpaceX and and Bezos's group are creating space travel, far more efficient now, faster to unbelievable breadth of jobs, you know, manuf- from manufacturing to engineering. Um, it's just the it it's it's tremendous. And every business is going to be like that. It's going to have to be like Yeah, it's — Yeah, I'm I'm with you. I I was I was pessimistic at first. I even I said it was a a scam at the at one point in my life, not too long ago. But now I have a lot of hope and I don't believe it's false hope at all.

[45:25] All right, listeners. Uh, hopefully your takeaway is this, you're as, uh, excited about the future as Anthony and I are. And if you're not, just dig in. I think I think the more you learn, the more okay you'll be and and just try it. Jump on the train. So, we're going to go to break. When we come back, we will continue with the Abundance Briefing, uh, at the end of the podcast now instead of at the fitness is just as important as Money Milestones. It's one of our big five paths. But lots of others. Taking care of my body while I build my life is one of the more time consuming and difficult goals to chase. That's why we're partnering with AG1. It's a daily drinkable habit. Less than a minute, this formula with 75 plus vitamins and nutrients and designed to support energy, digestion, and immune It even has a few grams of protein uh that we're all chasing these days. If you want to try it with our affiliate link, you'll also receive a free AG1 flavor sampler plus vitamin D 3 plus K2 with your welcome kit when you first subscribe, a $72 value. Go to shop.drink our new format here with the Abundance Briefing toward the end. And uh we're going to start out, Anthony, talking about tokenization rewriting finance. And you'd mentioned you weren't real familiar with this.

[46:58] There's There's a lot of things under way. Uh the New York Stock Exchange in particular is working on tokenizing security platforms. And here's why I think that's important. Uh you know, we live in a digital 24/7 365 And the stock exchange is open less than a third of the day five days a week and closed on holidays, right? One of the appeals to Bitcoin and other things is they trade 24/7 365. The market never closes. There's liquidity. Um that's one of the things. The other things I think are equally important is there have been numerous audits of these companies or things have come up where there were more shares outstanding. I've I'm trying to think who the company is, but there was a company that they had a and it turns out they had way more votes cast than there were shares in the And then they started looking at it and it turns out they had issued more shares than what they said. Uh you know, putting that on a blockchain or tokenizing it allows them to audit it.

[48:05] Define tokenization. Just define that briefly, if you can. It Anything Think of it You can think of it as as a as a Bitcoin. You can think of it as a different coin, right, that I would call a shitcoin. Um you can call it Look, a dollar in an account is a token, but it would be a digital representation of it, right? Really, our banking system now, a lot of it is tokens. You have a token that represents a dollar. You don't actually hold a dollar bill. Well, the same thing. If you buy Apple stock, right? You don't get the bearer bonds. Like I'm guessing you you own zero bearer bonds, I'm guessing, unless you've got an angel investment, right? Right. Um I have, you know, a few four things that I've invested in that are, you know, not public yet. But if you go on to your broker, right? Let's just We'll pick on E*TRADE. If you go to E*TRADE and buy something, each You don't actually take possession of the stock.

[49:12] Right. E*TRADE doesn't actually take possession of the stock. There's That's a whole 'nother thing we could dig into. There's There's somebody else that basically that holds all the stock, and they don't even have it. So, you have a representation of paper claim on that stock. But what the token would be would be something where you could actually take the bearer bonds. Right? So, the simple way where they probably start is they just open it up. They're talking about trading 24/7, 365, and you can move things. But ultimately, where this goes, if you can get a token for Apple stock, you can sell it to somebody else, and you can probably just cut the broker at the New York Stock Exchange out of the way. Right. Okay. I know I know I understand it. So, if I if I want to sell my stock to you, I send it to you. I don't have to go through the broker, pay a broker. Just transfer the token from Anthony to Randy. And um Go over. Yeah. Got it. — Right. But, it's it's tokenizing. And I think, you know, they're creating a new stock exchange in Dallas. And there isn't a lot of talk, but it's you know, Chase Bank and Goldman Sachs and BlackRock. I mean, it is big players that are building this thing. I mean, they are I will be shocked if they aren't fleeing New York and its high taxes for Dallas.

[50:26] Uh but, you know, I think at some point they're going to go. But, there from what I hear, there's a good chance that that thing is going to have tokens trade 24/7. And now you're also just automating it. But, to me the big thing is that it has to be an open decentralized blockchain that somebody could audit, know they have whatever it is, and as weird as it sounds, when you get something digital, you can actually put it in a wallet and take possession of it. Right. You just you can do with a stock, but try. It's unbelievable. If you want your Apple shares, your bearer bonds, to actually have them, it's really really hard to get them. super heavy lift. So, anyway, — Just to clarify before we move on, the the the stock exchange trading stocks is a 1/3 of the day, but futures trading and options trading is available 24/7, 7 days a week. So, that's the that's the discussion that the uh rank and file of the universe are restricted to this sunlight trade, while the big companies, hedge funds, and so forth that trade a lot in in options and futures, they have a ability to trade on stocks 24/7.

[51:49] So, next topic. Okay. All right. Um the next topic is we are going to talk about breakthrough biology. Uh it's just we're printing organs or creating organs, the drugs and the costs are Uh you know, I've got a an article here MIT. I will show for those of you that are on YouTube and watching watching along with us. But uh you know, the headline, this is from the MI MIT News and it's injectable satellite livers could offer an alternative to liver transplantation, you know, transplantation. And we don't have to get deep deep into the science cuz this is where I wish we had Dr. John. He probably could know would know more. But that is you know, that is just one thing that's happening, right? Um One of the most deadly disease diseases has one of the highest rates of uh fatality uh mortality once you have liver disease. Yeah. Getting a liver is next to impossible. Yeah, there's over 10,000 people currently on a waiting list for liver transplants, right? It's it's there's there's a real bottleneck there where people can't get in. So, this really goes after you know, hopefully saving lives, right?

[53:05] Um Yeah. I was listening to someone talk about um the science behind moving from, you know, uh early trials to human testing and then human um a lot, you know, allowing it to be any kind of any kind of new technology and new medicine. Um and AI is allowing the elimination of primate testing. Which, you know, is really you know, not a great thing for the non-human because they're they're used because they're the closest thing to a to a human being. So, if they're able to eliminate the need for that, go from you know, testing on mice or not even testing on an animal all to That's just a giant giant leap forward for mankind and the the speed of getting from point A to point final implementation can be shortened.

[54:08] Yeah, that's the you know — dramatically. That's what everybody talks about with pharmaceuticals and new drugs, right? Is it's so I I I forget the cost, but it's over a billion dollars and little guys can't play, right? I mean, you just there aren't enough people trying and enough experiments and enough, you know, it's really capitalism entrepreneurship. Like we need that in the medical field and science as well. People competing. Well, you know, Huberman talks about um kind of there there is, you know, kind of an East Coast, West Coast capability for this, you know, for this Um cuz the money flows from the government to these big facilities that have lots of resources, lots of physical space to do research and so forth. And you know, the universities in the flyover states, they don't get this money because they don't have the research capability, but AI can bridge that gap now. So, I medicine, I think, is in my opinion, is going to be one of the fastest that we're going to have and it's going to it's only going to accelerate. And frankly, it's it's because there is money in it.

[55:22] You know, there's money in it and with it, you know, follow the follow the money. You know, that's what law enforcement says, follow the money. And I think I think healthcare is going to be where that's at. Yeah, I I think it's the life expectancy um, you know, longevity being, you know, we had a guest on talking about, you know, living, you know, a great life until you're 100 or older, it's really being attacked from two reasons. If we look at this, you know, this MIT story, they're talking about there's 10,000 people waiting on a liver transplant. Here's a way that we can create livers, and that might happen with hearts or all these different things. That's one way of attacking it, but there's also doctors and AI, heck, I mean, John, you know, John who's not with us, you know, John talks about ending chronic disease, and there's lots of people working on this. So, there's you know, one approach is the people that have this, let's get them what we need to fix them, whether it's a liver, a heart, or a kidney, whatever, but the other thing is to just avoid this altogether, right? And find preventative cures, and whether that's drugs, so it's pretty interesting. It'll It'll be interesting, does it get fixed from one way, the other way, or both Is, you know, how that shakes out.

[56:43] All right. let's go to the other thing that I know jumped out to you is the experience economy is still winning. So, tell us your thoughts — Yeah, I love it. So, I love to end end the end the briefing on a really positive note, but um, things, you know, it used to be he who has the most toys win in my generation. And that was true. I mean, boats, cars, you know, Porsches, you know, who had the best motorcycle in the driveway, the biggest pool, the biggest house, and all And, you know, it seems It seems to me that thanks to a younger generation, uh, more thoughtful generations like my son who's in his 40s, and and others, that they're more into experiences, you know, like um you know, he he drove down to Cincinnati from Columbus this week with his kids on school vacation cuz the kids had never been to Cincinnati. They wanted to go to a ball game.

[57:47] they just, you know, they took off and and it was an experience. They had a nice nice time. They were able to do AI. You let them do all the research, finding when the games were going to be there, what time of day, what what's a suitable restaurant for kids, what hotel to stay at. and they [clears throat] created an experience. And this is going on everywhere. You know, it's going on in you know, local entertainment, right? You know, we have a the the Austin we have uh Moon Tower Comedy week, I think it's called, or 2 weeks literally hundreds of comedians come to town and you can pick out the three, four, five, 10, 20. You can get a pass for all of them if you want, and you can have an experience — um as opposed to going out and spending, you know, $400 on, you know, a new bike or something, you know, so it's happening everywhere. And AI, I think, only accelerates it because, as we talked about earlier, information is free for all intents and purposes. And it there's free in sense of it doesn't cost anything, and free and almost free in the sense of the amount of time it takes to do research. I just think it's exciting. And you know, I use it all the time for all of the trips that we want to take.

[59:08] We're we're planning one now. We will we'll see how that goes, but Yeah, one of um Easy. One of the things that jumped out to me in the in the prep and the notes on this is sports tourism is now 10% of global travel spending. That is amazing to me. 10% of global travel spending is sports tourism. I mean that that you know, that blew me away. And if you think about it though, because of Zoom and because of technology, business are you know, business travel has definitely dropped in the last years, decades, whatever. But I you know, because of because of that and just common technology. So, all right. Anything you want to follow on this? Well, it's funny you say that. You know, I wonder what the impact on the conference business is going to be in the long run. You know, that used to be the boondoggles of business. You know, Vegas. You're going to go to the Vegas for such and such a conference. And you know, no one ever accomplished a darn thing out of the conference other than get a good dinner, you know, see a show or two or whatever. But that's interesting. Yeah, I didn't think about Yeah, putting a bow on it. I think again, you know, using the technology to your advantage, um and and you know, getting into it, spending the time with it, not thinking of it as a hot stove top, will really be really be helpful for the non-technical of us. You know, I'm anything but a technologist.

[1:00:42] Um but the more people play around with it and learn from it, it's it's it's the new Encyclopedia Britannica. None of you out there know what that is. Um look it up. But um yeah, I think it's a I think it's a great thing. Abundance is awaiting you. All right. Listeners, you know that you know the drill. If you're still with us, you like us. So, download, subscribe, um you know, give us a thumbs-up, follow us. If you're on YouTube, we're trying to grow our YouTube audience. So, if you're on YouTube, go and just and follow Tales of Abundance. You can also find us at talesofabundance.com or, you know, different social media sites. Uh Anthony, it's It's a pleasure. Have a fantastic week. Listen and subscribe to the podcast wherever you get your podcast. Click follow for more content like this or go to talesofabundance.com to join our community and get free tools.