Using ChatGPT to Evaluate Your Stock Picks

Using ChatGPT to Evaluate Your Stock Picks

What if you had access to your own personal financial advisor? Someone who was not only an expert in how to grow your wealth but also gave you completely unbiased advice and was completely free? In this video, I’ll show you how you can use chatGPT to evaluate your stock picks. It will analyze your portfolio, evaluate its potential for growth, provide scores based on its safety and diversification rating, and even back test your stock picks over the last 10 years. I’m Alex, a data engineer and product developer. If you’re building online or looking to optimize your work or life with technology, I think you’ll like my content. My personal experience is that I got essentially wrecked by trying to pick stocks, thinking that I’m smarter than the market. I wouldn’t say I’ve actually lost a lot of money, but I’ve lost out on a lot of gains that I could have made by picking more conservative choices rather than quick exciting growth. I’ll talk about this in future videos and share what I’m doing now. Today’s video is about using chatGPT as a way of giving you more scope or other ideas that maybe you haven’t considered. Imagine you read a few blog posts, maybe there are some Reddit forums. Let’s say you have about 10 sources that you’ve read in the last day that now are having an outbalanced weight of influence on you in what you’re currently deciding to invest in based on these things you’ve read and whatever prior knowledge and experience you have. You’ve decided on a few stock picks and you’re going to put some money into those. ChatGPT, on the other hand, has read a million blog posts in the last day or maybe a hundred million in its life and a hundred books. So it has a much broader scope of knowledge about what everybody’s talking about. Does that necessarily mean it’s intelligent and that it’s making smart decisions with what it’s going to tell you to do? Not necessarily, but I would see it more as a crowdsourced opinion. Ov

erall, I'd say ChatGPT is going to be extremely helpful for getting you to think about your stock picks in a broader context and understand where you might have some blind spots in your thinking. Let's start talking to ChatGPT. Disclaimer: This is not financial advice. I'm just sharing this video for informational purposes only. In the video, I've put together a small portfolio of stocks with a heavy weighting on some big technology companies and some more diversified ETFs and gold. I've instructed ChatGPT to evaluate the portfolio using a step-by-step method. First, ChatGPT interprets the portfolio and understands the allocation. It normalizes the portfolio and identifies the potential for strong returns and diversification. It rates the portfolio on various metrics, including growth, diversification, and safety. Next, ChatGPT provides the optimal percent allocation within the stocks based on different objectives. For growth, it suggests overweighting Nvidia, Tesla, and Apple. For diversification, it recommends a more even distribution across all stocks. For safety, it suggests getting out of big tech stocks and investing in broad market funds. Finally, I asked ChatGPT to back test the portfolio using Yahoo Finance data. The results were not accurate, but it's still impressive to see how technology can help us think about our stock picks and inform our investment strategy. In conclusion, using ChatGPT as a tool to evaluate your stock picks can provide valuable insights and help you make more informed decisions. However, it's important to remember that it's just one source of information and should not be the sole basis for your investment decisions. Always do your own research and consult with a qualified financial advisor. I hope you found this video helpful. Stay tuned for more videos on this topic. Thank you for watching!
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