Innovations of the future are reinventions of the past. I had this conversation with someone yesterday without using that exact phrase and it came a day after using that phrase when discussing and researching potential investment opportunities. The idea I keep returning to is that AI is going to change how we do things and we are still early in its expansion and buildout.
Several thoughts kept leading me back to the same point. That the physical world is going to come back in style. Think about what looked like the next major growth industry before covid. In my opinion it was fitness. CrossFit, Spartan Races, and Tough Mudder events were everywhere. New gyms were popping up all over cities.
These weren’t just activities of physical exercise. They were community events and ways to attract people that maybe didn’t want to run a marathon or become a triathlete. The big thing was they required you to be there in person. Then covid hit and while the communities still exist they are much more niche than before.
What is the biggest fear around AI? That people will lose jobs. That the people that are now working from home doing graphic design, data entry, being Quickbooks experts, and the like will be put out of work by AI. That is partially true. Some of them will be. Others will use AI to make themselves more valuable, but that is beside the point. The ones put out of work will be the workers and they will need a job.
That is where all these circling thoughts come together and can be summed up in one phrase, “How may I help you today?” When was the last time you heard that when you walked into a store? The people that lose those jobs are going to have to go somewhere, and with people getting tired of living in the digital world the physical world is going to come back into fashion.
Macy’s should be waiting with open arms to welcome all these new job seekers back into their stores, and once again the make-up counter will be staffed, and when you walk in the door someone will ask you how may they help you today. And perhaps that is why Berkshire invested in Macy’s recently.
David Huzzard Writes 