I've been using chatgtp to create slides and marketing materials
its freaking amazing at this. you've all been there, its late at night, and you have to draft up a stupid slide on investment highlights or commentary on some market sector/client/product.
Have chatgpt do it, the answers will blow you away. You can wordsmith it a bit, but it removes that dreaded writers block for wordy slides that we've all been familiar with.
just ask it,
it also is very good at answering excel/modeling questions.
Ive only begun to utilize its usefullness to me. you know those stupid internal "information requests" that your MD makes you send around, just ask chatgpt, it will have the answer you need.
It's basically like having another highly intelligent summer intern/analyst around that can do menial tasks/do initial drafts of wordy slides, and do research in a company's 10ks, filing, proxy statements.
this is a totally random example I just cooked up (obviously you would need to clean up the bullets make them a little tighter)
Can you highlight some ways it assists in excel? I also have been using it for deliverables, and it is truly like your own personal researcher.
if you like me you often need to google excel questions for equations or how to do a certain task, results lead you to crappy excel how to websites with tons of ads. chatgpt will do it cleanly and easily. ive heard it can read macros and write them for you, but im not super well versed in how it works. i know developers have been able to have it basically write code for them, or check their own code and fix it. Im curios if I can get it to excel model for me (build an LBO in excel for "x"), but not sure im smart enough to do it yet.
It also gets Excel / coding tasks wrong, but the issue is you need to be able to understand it to check its accuracy. Also keep in mind that you probably shouldn't be sharing confidential information with 3rd party tools like ChatGPT
I'd exercise caution before trusting AI to complete work assignments, but I certainly am excited for the prospect to use AI to speed up modeling
An automated excel, that would provide automated finical modeling, software that would reduce the work hours in excel spreadsheets, even for PowerPoint?-- would be interested, thoughts?
It can litterally create it.
Post new years there will be a 80% ai generated cim hitting the market.
What’s the link for this chat thing?
https://openai.com/blog/chatgpt/
Can register here - pretty sure no waitlist
so wait is it ChatGPT or InstructGPT
what's going to happen to the sector when everyone catches on to this, all clients just ask chatgpt for general overviews, and banks don't need analysts anymore to do menial tasks? I don't want to get too ahead of myself but I think ChatGPT has some degree of disruptive potential. I spent 40 minutes in an airport cafe yesterday waiting for my flight, seriously and unironically asking ChatGPT about stuff and learning general stuff about crypto mining, blockchain, quantum computing, quant finance etc.
I'm loving it so far because you can hyper-customize your questions and ChatGPT will accommodate you - unlike Google which can't customize to that degree and will always just spurn out articles that other people have wrote. Also, if you still can't understand, you can ask ChatGPT to dumb it down even further - ask it to explain it to a child
One word of caution - i initially thought ChatGPT was extremely helpful for learning because the stuff I was asking it was stuff that I had little prior knowledge on. When I fed it stuff that i had knowledge about (the permanent income hypothesis, specifically), it cranked out errors that were blatantly wrong and even had lengthy justifications on its errors. Which made me wonder how accurate the stuff was that it taught me, regarding the stuff that I don't know.
Really awesome summary and completely aligns with my experience playing with it so far. Biggest difference is since you can tell it if it did a good or bad job, this thing is going to learn. I'm very interested to see what kind of information it's spitting out come this time next year.
Bingo.
A lot of the reason people hire professional services firms is for covering their ass. You want to buy a company and need MBB / BB firms to back up your thesis. If your acquisition blows up, you can always say firms X, Y, and Z said it was good. But what happens when you tell your board / IC that part of your thesis came from an AI (ChatGP or otherwise)?
There is a reason banks outsource their stress tests, and it’s not because they can’t do it themselves.
we are all in for some major trouble. it's cool using chatgpt now as an analyst to assist you, but as you mentioned, once everyone catches on, you have no edge. Menial tasks will all be oursourced, compiled info and data will be much less authentic, and new skills will need to be learned. There will be changes to the IB sector soon.
remember... each week, the AI is just getting smarter/more powerful and new versions are getting released soon gpt4 etc.
I was talking to my dad about this today. He works in defense contracting and on a contracting page he follows, some guy posted a standard report that any contractor would be required to submit. He had Chat GPT generate it in just a few seconds. The post said 'hey start looking out for this template from your contractors, this is what's possible now'. It's the ultimate reference materials for any similar report. Will absolutely be a game changer for formulaic workstreams
Be careful dude, sometimes it just spits out wrong stuff
One time I asked it for some economic papers on a topic, and it literally made them up: title, author, journal. It was so convincing as well but those papers don’t exist anywhere
What?
Why would it do that?
It's a language model. It's partly designed just to create sentences that make sense. So it created "articles" that made sense from a language standpoint, but didn't actually exist. Maybe this doesn't happen for you, but I spent 15 mins searching everywhere for those articles and they were nowhere to be found. Not only that, the professors/authors it cited were not real people either.
I think GPT is great for monkey work and also to help draft code and emails. But don't go to it if you need accuracy
Agreed. It produces some amazing things, but it's also blatantly wrong all the time.
You have to be really careful, because it's different than a person in this way. With people, you can often kind of tell the quality of someone's analysis by the quality of their writing. It's not a perfect heuristic, but it tends to be pretty good. When someone writes in a very intelligent way, you tend to give them the benefit of the doubt when they make specific factual assertions.
With ChatGPT, that heuristic is out the window. It often produces extremely polished writing that contains flagrantly false information. You have to fact check it.
i second this. Like I've said elsewhere, it spits out blatant errors sometimes and has really good justifications for those errors. It makes shit up that makes perfect sense from a language and even logical standpoint. It really be like 'All Covid victims breathe oxygen. Therefore, oxygen causes Covid' sometimes
ok, so I have tested ChatGPT in the last days, and I have to say it is pretty amazing. For high-level copy and more general queries this really seems to work well.
how would one create more specific requests? even with more in-depth analysis?
I’ve been using it to write basic SQL queries for our dogshit ERP system.
Our Filipino cs team uses it to double check English they are unsure of.
etc
pretty exciting.
my team has been using it for a while now.
we have slide decks that don't have the "filler" or summary slides in between, one query in chatgpt and the slide is ready. most of our exec summaries are done with it and we just add the numbers etc. just paste them into the formatted deck.
chatgpt is not doing the entire deck for you, but all the summary slides can take time also.
are you serious?
we read and correct anything we don't like, of course. and add stuff also.
but if it just for summary slides, yeah we use it.
I thought one of the shortfalls of the current version of ChatGPT (the 3.5 release a month ago that started all the buzz) is that there's a 2021 cutoff for the data and it's punting almost any question that it senses would require post-21 data. I know I've been having that problem.
So curious what I'm missing here? Is that resolved or was this just one of the questions where it was smart enough to give you a workable answer despite the limitation?
Imagine in 10 years.
On a side note, how did you get it to do it for 2022? I thought ChatGPT is limited to 2021 data
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