This summer, I dove into the world of horse racing and artificial intelligence. To say I am a novice gambler is an understatement. Terms like Exacta, Trifecta, and Superfecta are as foreign to me as a Starbucks newcomer navigating the size options. So, spending a weekend in Saratoga Springs, NY, at the horse track with friends was a bit intimidating.
I initially considered the traditional method of reading books or browsing websites to understand the basics, but I decided to explore a more modern approach leveraging AI. I knew that while ChatGPT isn't connected to the internet for real-time data, I could copy and paste race information to get strategic advice.
To my surprise, "Chat," as I affectionately call it, not only understood horse racing but could also interpret real-time data from the latest odds boards at the track. This capability allowed Chat to provide actual betting advice. I could even input the current weather forecast and my desired daily budget, making Chat a fully engaged gambling partner.
At this point, you might be wondering how we did. Here are some screenshots from the day, including a Pick 5. While this approach yielded some success, I have serious doubts about it being a new career opportunity. I am not advocating for gambling or horse betting, and I'm certain that luck played a significant role in our results.
What I learned, however, is that the potential of technology and AI is boundless and still in its early stages. For the record, I've been using Chat for business-related help since it was first released. This article reflects my thoughts and experiences, though Chat did assist in writing most of it.
One downside of this experiment was the time required to input all the information. It kept me from being fully engaged with my friends during what was meant to be a social event. "Playing on your phone" during dinner is something I usually try to avoid, but the allure of potentially winning money made it harder to resist.
In conclusion, while AI can offer fascinating insights and strategies, it's essential to balance technology use with real-life interactions. This weekend at the track was an eye-opener about both the power of AI and the importance of staying present.
Being in the investment business, I feel compelled to share some financial advice. This is as simple as it gets: don’t gamble money you can’t afford to lose. Spend less than you make, and put the difference in a mutual fund or similar investment. Mutual funds and the stock market are not gambling; they are investing. The key difference is that gambling randomly gives and takes wealth, while investing in capital markets is an integral part of our economy that keeps our financial engine running.