Playing Defense in the Age of AI: Cyber Threats, Human Conflict and Market Surprises with Byron Boston

Welcome to AI Trust But Verify, the podcast where Alec Crawford, founder and CEO of Verapath (www.verapath.com), talks with leaders in financial services and technology about putting AI to work safely, securely and responsibly. Each episode looks past the hype to how firms are actually using AI, and how they make sure they can trust the results.

This week's guest is Byron Boston, Chairman and Co-CEO of Dynex Capital, one of the oldest mortgage REITs. A former Dartmouth football player, Byron brings a team-first, macro-focused approach to managing risk and protecting shareholder income. He calls himself a "non-tech CEO" who is very good at using technology. (Disclosure: Alec is an independent director on Dynex's board.)

Top 5 Themes

1. Defense first. People have always turned new technology against each other, so firms have to guard against AI-driven threats, from fraud to attacks on critical infrastructure.

2. AI supports decisions; it doesn't make them. Byron wants AI to help him take in and analyze more information so his decisions are right more often, but he's not ready to hand control to an agent.

3. AI replacing workers. This time may be different: lost jobs, weaker consumer spending and growing inequality could bring negative surprises.

4. Predict less, prepare more. Skilled risk management comes first and disciplined capital allocation second, with a top-down view that starts from global macro trends.

5. Just the facts. Technology spreads bad information, so stay skeptical, separate facts from opinions, and test anyone who claims to be an AI expert.

Mentioned in this episode

Dynex Capital: www.dynexcapital.com

Verapath: www.verapath.com

Manias, Panics, and Crashes: A History of Financial Crises by Charles P. Kindleberger and Robert Z. Aliber: www.palgrave.com/gp/book/9783031160073

The Economist and The Economist podcasts: www.economist.com/podcasts

Financial Times: www.ft.com

Bloomberg: www.bloomberg.com

Ian Bremmer, GZERO Media: www.gzeromedia.com

Eurasia Group: www.eurasiagroup.net

Mohamed El-Erian: en.wikipedia.org/wiki/Mohamed_El-Erian

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