Friends,
Axon Enterprise is the company behind TASER stun guns, police body cameras, and software systems that gather all of the data these tools collect.
They're also a leading artificial intelligence (AI) company. Their newest offering is Draft One: a tool that acts like an automated secretary, listening to audio from the cameras to instantly write incident reports for officers.
Before Draft One, officers spent an average of three hours per day writing reports. After that was cut in half -- leaving more time for officers to spend in the community, forming relationships that help improve relations and reduce the likelihood of illegal behavior.
There are, however, two crucial safeguards in place:
- Officers must review the first draft of the report (thus, "Draft One"), eliminate facts that are wrong, add facts that are missing, and make sure the overall narrative fits with reality.
- Officers must sign off on and take full responsibility for the final draft that is submitted.
That last part is crucial: officers can't blame Axon for a bad report. In the end, their own skin is in the game if crucial details are missing.
That said, these dynamics have proven favorable for departments that have adopted Draft One: have AI get the process started, have a human review the results and make necessary changes, and sign off on the final product.
We've found the same to be true for investing.
For instance, one month ago, Stoffel and Feroldi ran Adobe through the AI prompts used in Stock Simplifier (Replay Link). After they were done, Stoffel was intrigued. He spent the next two weeks digging into the company and eventually made it a 4% position in his portfolio.
He wasn't outsourcing his thinking to AI -- the prompts were not enough to make an investment decision. But it helped to get the ball rolling so he could focus on the most important variables.
We believe that over the long run, this is the approach that will benefit users the most: outsource the first pass on a project to AI, fill in the necessary details based on your own (extensive) due diligence, collect results, and make adjustments.
We think it would benefit everyone reading this to consider how they can offload some of the less important work they do to AI -- not so that they don't have to work, but so that they can double down on the most important aspects of their work.
When compounded over time, those tiny changes hold promise to make a world of difference.
Wishing you investing success,
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Brian Feroldi, Brian Stoffel, & Brian Withers
Long-Term Mindset
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P.S. It's Official, we are splitting up our YouTube Channel. Brian Stoffel is starting a new channel that will cover earnings, his portfolio moves, and more. Subscribe to his new channel by clicking here.
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