Ray Dalio Predicts AI Will Replace Half of All Jobs — Even Lawyers and Doctors

“Alexa, I have a weird mole on my arm. Is it cancer?”

The founder and director of the world’s top hedge fund, Ray Dalio, said Friday that almost half of all jobs will be replaced by artificial intelligence (AI) in the next two decades, and that includes lawyers and doctors.

“By in large, the world is going to largely consist of people who can take language and put it into code, which then allows the computer to operate like a brain, or people who are going to be displaced by that,” Dalio told FOX Business.

“Everyone knows that drivers ranging from truck drivers to taxi and Uber drivers are going to be replaced, but other industries that operate on 19-century models of inefficacy like the American practice of law and medicine will be replaced quickly thereafter,” Dalio said.

“Many Americans themselves can’t afford either a doctor or a lawyer, so there is no way we can continue that model, let alone export it to the world.”

Dalio, who founded Bridgewater Associates, went on to say the computer’s capacity to process more information than the human brain is the reason artificial intelligence is being implemented in financial services.

Dalio, also a best-selling author, said coding as an educational area and subsequent career path will help bridge the gap of widespread job loss.

“Everybody needs to learn to code. It’s like not knowing how to read and write in the new age,” he said.

That is, at least, the ambition of Justin Kan, a serial entrepreneur who knows a thing or two about hot startups. The 34-year-old Kan built the video game streaming Twitch, which he sold to Amazon for nearly $1 billion in 2014.

He then helped launch hundreds of companies as a partner at the prominent Silicon Valley start-up incubator Y-Combinator

Now he is trying to prove the point that the practice of law is obsolete.

Army of coders

Kan’s newest start-up, Atrium, is incorporated as a law firm and has raised $10.5 million so far.

The firm’s lawyers field questions from a roster of start-up clients about fundraising from venture capitalists and issuing stock options to employees. Engineers watch the exchanges while extracting bits of information from the conversations and the documents exchanged.

They’re trying to build technology that will ultimately automate that work — and replace some if not all of the human beings who do it at $350 an hour.

“We want to create a law firm of the future who can offer every legal service imaginable for a single transparent monthly bill quoted before the work begins,” Kan says.

Anyone who has hired a lawyer has experienced the dread of opening their bills and that alone could change the industry.

Or, as Kan and his co-founders put it, they want to create a law firm full of technology-turbocharged lawyers who can offer clients more efficient services at a predictable cost.

Consulting giant McKinsey estimates that 35% of all professional tasks can be automated these days. Recently, JP Morgan hired an army of developers to build software that can do in seconds what it previously took lawyers 360,000 hours to do.

5 Best Stocks to Buy If Biden Wins the Election

If Vice President Joe Biden wins the election on November 3, 2020, you might want to consider adding these five equities positions to your portfolio: XLU, TSLA, XLV, MLM, and

TGIF — Ending the Week with a Whimper

Everything is proceeding as I have foreseen. In Monday's "The Week Ahead — 200,000 Deaths Weigh Heavily on the Market," we knew the 200,000th American death would put Covid back

Even If the Overall Market Continues Lower, This Staple Could Maintain Its Upward Trend

Since peaking in early September, the main indices have all three stumbled for the last few weeks with the S&P and Nasdaq falling over 10% from their highs already. Three

tesla stock

TSLA Too Volatile? Two Option Strategies for Tesla Stock

Tesla Inc. (TSLA) is one of the most popular stocks amongst investors. Led by CEO Elon Musk the electric vehicle manufacturer has disrupted the transportation industry, bringing hype to a

pot stock

Pot Stock ‘Blood in the Streets’ Buy Signal Is Here

The cannabis market has been a volatile space in recent years. A wave in legalization, particularly in Canada but also through parts of the United States, led to significant growth

Use Options as Portfolio Insurance in Rocky Times

Since the beginning of September we have seen the main U.S. indices drop. There are a number of possible reasons for the decline, but more importantly I expect the increased

4 Foreign Countries Where You Can Retire On Social Security Alone

Someone once said that retirement is not the end of the road but a highway opening to a new chapter in life. Whoever said that clearly has never experienced a

We’re Beating the Index Off the March Low: Update

The Bulletproof Wealth Report model portfolio is continuing to perform well and is now up 27.4% since the inception of our monthly newsletter on April 13, 2018. Although the value

Terrible Tuesday: Fed’s Powell Says U.S. Faces Slow, Uncertain Recovery

Powell testifies before Congress today. We already know what he's going to say though, as his testimony is pre-released. Not that that will stop the market from acting shocked when

5 Best Online Banks, Highest Savings Rates for Your Buck

Finding an online bank can be difficult. Varying rates, hidden fees and simply having too many choices can cause confusion and make it hard to get started. Set aside some

Hiring a Financial Advisor: What Is a Fiduciary, and Why Should You Care?

“Fiduciary” is a funny word. You may have never heard of it until now, but you may actually have had a fiduciary in your life. More importantly, you may wish

Trading Cryptocurrency Using Limit and Stop Orders

This is the last of a five-part series to help new investors and traders start and grow a cryptocurrency account. In all five articles I’ve been using Bitcoin (BTC) in