I’ll be livestreaming at 9:30 tonight. I should be able to cover everything in about an hour.

I’ve been watching short dramas lately. *Armed Entry into the Song Dynasty* has racked up 12 billion views worldwide. It was made by more than 30 ordinary people from Xinxiang, Henan, including stay-at-home moms and taxi drivers.

I was curious what kind of drama was so popular. There are ten seasons in total, and I’ve watched four. I really have to admire it: the content is historically accurate, packed with references and deeply rooted in Chinese culture. Even I’m struggling to keep up.

The barriers to entry in the film and TV industry have been smashed. Big-name stars and celebrities who rely on their popularity are being replaced by AI short dramas. They take little investment but bring big returns, and the cost of trial and error is low. That’s nothing like the film and TV industry, where productions casually spend hundreds of millions on production costs alone, not to mention stars’ pay, props, and sets!

I’ve been wondering whether AI will replace traders. Quantitative trading doesn’t count as AI, and for now, I don’t think AI can replace us. There are three things AI can’t replace in humans: emotion, aesthetic sense, and judgment. Trading requires sound judgment across the board. If AI were asked to simulate the Korean War now, the People’s Volunteer Army would surely lose—but in reality, they won! AI can’t yet make comprehensive assessments. That’s what gives me confidence in trading. AI can’t replace me, and choosing this path and sticking with it is the right decision.