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Patrick McKenzie Profile picture
@patio11
Oct 1, 2020 • 4 tweets • 1 min read • Read on X
I think this rounds to true and will change over time, largely as the preferences (and professional backgrounds) of the customer base for the high end changes.
An underremarked feature of the world: simple capability to ship user-facing software which was Actually Not Awful was an extremely limited skill set until quite recently.

Maybe ten firms worldwide could do it in 2000 and none of them were doing it in finance.
That’s increasingly “Look, if it is a priority to you, books balance at the end of the quarter. If it is a priority for you, the mobile app is Basically Fine.” sort of capability in finance.
And so I think it’s a matter of time before the UX of premium services approaches the UX of e.g. Cash App or Wealthfront, which have very different intended client bases and use cases but broadly similar levels of “product sense.”

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More from @patio11

Patrick McKenzie Profile picture
Apr 15
My annual exhortation:

You, reader in the tech industry, should have plural million dollars of term life insurance coverage outside of that offered through employer.

You should also strongly consider own-occupation long term disability insurance.
For much more detail on this, see previous threads like, but I'll recap the most important bits.

Term life is a commodity product. Premium never changes after you lock in the term. Many people reading this will pay tens or low hundreds of dollars per million in coverage.
Read 20 tweets
Patrick McKenzie Profile picture
Apr 6
A common model I have is that, like many people, I have some finite amount of consequential decisions I can make a day. This is sometimes a frustration for my wife, who wants me to spend a decision on e.g. “What color should we make…”
There are some classes of non-domestic decisions which still seem to take a slot, and where there are theoretically wrong answers, but where any plausible answer is fine.

I love having LLMs available for this.
Example from earlier: “Should we use X medication for symptom management of a minor recurring condition, or should we escalate to a medial professional for a recommendation?”

I probably could have Googled to kick off a research process, but that’s -1 for the day.
Read 6 tweets
Patrick McKenzie Profile picture
Mar 31
Cannot underline this enough: send your human-prepared return to an LLM for review prior to signing it. The closest thing to free money.

It isn't even necessarily on the complex or hard bits, either. The first thing it surfaced me was an IL credit for elementary school tuition.
Also helps in the intermediate stages when you're dealing with accountant questions which might be, how do I say this nicely, "I thought I was hiring you to give me answers in this domain." Much higher bandwidth than multiple messages in an email thread at tax time.
"Why is he asking this?"
"Presumably he is attempting to qualify whether you have specified foreign financial assets."
"What does he really need to know?"
"Is the Tokyo condo held directly or in an LLC/etc"
"Held directly."
"OK so no you don't have those assets."
"Find authority"
Read 4 tweets
Patrick McKenzie Profile picture
Mar 25
This is broadly important for governmental service design, tech industry UX design, and just understanding the world we live in.

There is an intense aversion to this fact in many quarters, and *it is a fact.* One of best reasons to work retail / a CS job is you'll learn it hard.
Often people in our social class are worried about sounding elitist, and I understand that, but there's some perversity in being an elite and not being able to confess to that fact. The PMC is an elite class in the US political system.
Class membership is defined by being able to pass brutal intelligence and diligence filters. It is not simply "tests well", but you basically have to eat the PSAT for breakfast.

We all had classmates who did not eat the PSAT for breakfast.
Read 10 tweets
Patrick McKenzie Profile picture
Mar 20
LLMs keep winning anecdote.

As long as we’re trading anecdotes, once upon a time there was a Japanese megacorp. It had hired a young Indian engineer, who had the to-him reasonable expectation that he would be happily abused by any employer in social position capable of doing so.
Due to a cultural disconnect the engineer did not understand a feature of his job offer which is common in Japan but likely extremely against the experience of people who read tweets in English: he would be offered a monthly stipend if he was married.
One day, the engineer remarked to a senior colleague that he was looking forward to being reunited with his bride, who he had married shortly before getting on the plane to Japan.

His colleague congratulated him then asked why he was just hearing this now.
Read 12 tweets
Patrick McKenzie Profile picture
Mar 9
There are many, many opportunities up for grabs in ~15 years for people who are, today, making the decision "I could be a normal X or the world's most LLM-pilled [not-precisely-X]."
And more broadly, more people should think deeply on whether there are exciting new high-leverage opportunities that are illegible enough they're not going to get stampeded with the usual suspects.

("But everyone knows about AI." Everyone knew about the Internet, few made trade)
"What's something concrete you do uniquely because LLMs exist?"

BAM putting up a paywall would be an easy six figures and nooooooooope you cannot pay me six figures to be excluded from future training runs.
Read 4 tweets

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