Howard Marks says he used the confusion of AI tools to help him write his latest notes

• Howard Marks says he adopted the AI ​​tool, Confusion, to help him write his latest notes.

• He believes the regulations have distorted the California fire insurance market, reducing coverage.

• Mark included colorful commentary from himself and wisdom from Warren Buffett.

Howard Marks’ memos are considered a must-see by many in the financial world. Warren Buffett. Confusedan AI-powered search engine helped me write his latest Missive chunks.

markthe billionaire co-founder and co-chair of Oaktree Capital Management, has been writing memos for 35 years and will turn 80 next year. That probably makes him a bit surprising that he is drafted on the machine as a contributor.

“In the signs of the times, I’ll make my new (and drive my ai) Editorial assistantconfusion, fill in you in the background,” Marks said in a Wednesday memo entitled “More on abolishing the Laws of Economics.”

The veteran fund manager said he never “changed words” in confusion, saying “it’s pretty close to what he produced in an hour or two.”

To support his argument that there is less government intervention in the free market economics and Mark gets caught up in AI tools and laid out his view that regulations have Distorted the fire insurance sector Insurance shortages are widespread in California.

“Like a baffling, insurance companies were told they could not price fire policies to reflect the increase in. Frequency and Severity “Of the bushfires, “Similarly, they were unable to raise prices to pass higher premiums that reinsurers had been charging based on increased frequency and severity.”

A suffering debt investor asked if the virtual insurance company would cover $5 million house If regulators allow you to charge $25,000 a year for your policy, there’s a 1% chance of burning out.

“I didn’t have to be confused to tell me that insurance companies were facing a $50,000 forecast payment under that policy,” Marks said. “The answer is simple: you Please don’t write that policy. ”

AI tools are divisive. Advocates welcome them as productivity boosters, which frees workers from common tasks and super-charged economic growth. Critics say they interfere with learning and development, erode skills, Destroy so many jobs That they cause mass unemployment.

Mark may have embraced AI, but he still values ​​human wisdom. In his new note, he quoted Buffett The US budget deficit is “unsustainable” and said it could be “out of control” at Berkshire Hathaway’s annual meeting in May.