I think the ability for humans to manipulate fellow humans, as shared By Charlie Munger's observations--is vastly under-rated. And a bigger worry honestly because we TRUST humans and we don't trust AI. We got it half right.

Fisher Investments, as we speak, has $441 Billion dollars being managed on behalf of nearly a quarter of a million humans on the basis of those humans being charged 1.0 to 1.25% as a fee on every penny of that $441 Billion. That's human-to-human manipulation. THE MOST POWERFUL. If you have a modest $900,000 to invest you pay Fisher $11,250 every year. If you have $2 million to invest Fisher $20,000 each year. That's not an AI trick. It's a human trick. And marvelously powerful.

How would one react to an AI program or bot who offered such a deal? I submit AI would fail miserably--almost 100% failure.

Now take a nicely dressed Fisher Investments human with educational pedigree, a beautiful office, an attractive secretary, and colorful brochures. The 1920 Playbook. I followed Munger/Jacobi's advice--visited 2046. Guess what? Same playbook. It's the humans you need to worry about.

LLMs aren't always right. Humans aren't always right. LLMs hallucinate. Humans smoke crack. It's fascinating observing the human take on all of this.