Jan 11, 2024
'The Wizard's Daughter, a Viking Legend ' by Chris Conover
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'The Wizard's Daughter, a Viking Legend ' by Chris Conover
Americana: Prologue Excerpt (2007) short film by Mitch Akselrad
This is an excerpt from Mitch Akselrad's short film Americana: Prologue (20 min).
The film serves as a prologue to a feature script Akselrad is writing. The story is about an engineer who figures out the key to a new technology and decides to build the fastest roller coaster in the world with it. The short looks at the character's fascination with the world of amusement parks and the origin of his love for roller coasters. Meanwhile, he tries to keep his girlfriend from leaving him.
This short excerpt features the resolution of Kyleen (Lauren Lopez) and Daryl's emotional argument. It goes on to show Daryl taking the first steps in pursuing his dream.
I did the sound design, voice over recording, music recording/mixing, and final mix for the film.
The wonderful music you hear was composed and performed by Steve Metz with Antwaun Stanley and Emily Berman singing.
Current and Future Uses of AI in Finance
Citigroup Inc. is a provider of financial services operating with a focus on economic growth and progress. The organization shares a depth of data with members of the financial industry, as well as the public, including insights into how artificial intelligence (AI) is impacting the modern financial landscape.
The financial industry has embraced the potential of AI for more than a decade. Some of the earliest uses of AI included fraud detection tools and automated credit scoring. As the years progressed, financial institutions began using AI for more nuanced operations, such as engaging with consumers as chatbots or supporting financial professionals as virtual assistants.
When correctly implemented, AI-powered financial tools can boost organizational efficiency and improve the overall banking experience for financial professionals and customers alike. However, the rates at which AI and related technologies have advanced has far outpaced regulatory oversight, resulting in many potential pitfalls and hazards.
Before understanding the function of AI in America's financial industry, it can be helpful to learn a few key phrases. While any machine or software designed to imitate human intelligence or problem-solving skills can be referred to as AI, there are several different types of AI. Generative AI, for instance, uses deep learning algorithms to create new content, such as text or images. Predictive AI, meanwhile, can be used by financial professionals to create complex data-driven models that forecast industry patterns and financial trends.
Generative AI is particularly popular among financial professionals. Nearly three out of five organizations use generative AI to improve employee productivity, with common tasks including AI-written emails and AI-powered presentations. A comparable number of banking leaders utilize generative AI to develop new marketing campaigns and to write software and app code. Generative AI is so popular, in fact, that 40 percent of companies use it to augment predictive modeling processes.
Properly managing AI processes can improve a financial institution's profitability by as much as 93 percent in just five years, mainly in the form of productivity gains. This is higher than AI-related boosts observed in other industries. On the other hand, mismanaged AI programs can reduce profits by almost 10 percent over the same period.
Looking to the future, AI will play a key role in bridging two very different trends in finance - scalability and personalization. Scalability refers to an organization's ability to expand services and increase production without encountering structural challenges or being hindered by resource availability. Scalability has become a tricky proposition for business leaders, who must now cater to the needs of a consumer base that desires hyper-personalized services and recommendations.
In the past, it simply was not possible to maintain scalability while providing customers with this level of personalization. Today, financial companies implement machine learning algorithms and artificial neural networks capable of recognizing and resolving problems without the need for human intervention. These algorithms can account for each potential customer's financial objectives and risk profiles when rendering services, as opposed to presenting consumers with a one-size-fits-all solution. The more personalized services are, the more loyalty financial professionals can create with customers.
Another AI trend to monitor in the future involves AI that can provide consumers with financial advice. These advanced apps will have the ability to assess an individual's financial situation and provide accurate, tailored insight. AI technology has not yet reached this level, but experts believe AI-powered financial advisors will be common as early as 2030.
Understanding the Digital Currency Ecosystem
The rise of digital payment and accounting systems means that traditional currencies are no longer the only transactional method available in contemporary finance and banking. While there are many types of digital currencies, they are all only accessible in electronic form, via computer or device. There is no associated physical asset, as with paper currency or coins. Since traditional institutional intermediaries are not involved, these digital currencies tend to have lower costs associated with them.
Digital currencies are either decentralized or centralized. Centralized currencies have traditionally included fiat currencies, which are physically issued by central banks of sovereign nations. On the other hand, many cryptocurrencies, such as Ethereum and Bitcoin, are decentralized and not tied to any one country or government agency.
The power of decentralized finance (DeFi) is that it eliminates banks, governments, and other intermediaries, and allows the democratization of financial services. Peer-to-peer transactions backed by a transparent public blockchain facilitate lending and borrowing, regardless of geographical location. Uniquely identifiable through cryptographic keys and asset tokenization, cryptocurrencies take forms that extend to any type of digital asset, such as non-fungible tokens (NFTs), which can be a branded icon, work of art, or video clip.
While the decentralization and anonymity of digital currencies offer distinct advantages since there are no central authorities overseeing transactions, this brings risks, as well. They can be extremely volatile, operating on participant supply and demand, and they lack the backing of a government and its insurance capabilities. Without regulatory oversight, they are also vulnerable to price manipulation.
Countries are now developing central bank digital currencies (CBDCs) that offer a crypto alternative backed and regulated by the state. More than 130 countries are in some stage of experimentation with CBDCs, with core aims of ensuring financial inclusivity and boosting the efficiency of transactions.
Another risk mitigation strategy centers on stablecoins, which aim to provide constant value, similar to other established investment assets and currencies. These are backed by underlying assets with proven and consistent market performance. Ideally, these assets are fiat currency, with deposits of equivalent amounts of hard currency used for redeeming tokens. Tether and other stablecoin issuers, however, back their coins with more speculative investments.
A fourth type of digital currency is the virtual currency employed within online gaming environments or virtual worlds. These unregulated currencies allow the purchase of an array of virtual goods and weapons, which are traded or used within the virtual ecosystem. The game or world developers (or an affiliated founding organization) usually control the supply of the virtual currencies. While transactions are seamless within the ecosystem, there is a risk of scams and fraud among users.
One additional way people categorize digital currency is as closed or open. This reflects the underlying operating system and whether it’s open to everyone for cross-currency trading purposes, or to only a select number of users. Most gaming system currencies are closed, as they are only usable in the virtual gaming environment. Airline miles rewards are also closed, in the sense that they have value only within the system when applied to air miles. Credit card reward points can be converted into reward items or cash that can be deposited into one’s account, and thus have closed and open elements. Further confusing boundaries, a number of blockchain-based games offer in-game currencies for sale using cryptocurrency.
Open digital currencies, such as Ethereum and Bitcoin, are convertible into various other cryptocurrencies, and also into certain fiat currencies. They thus have more importance for the broader economy and financial systems supporting it.
Financial Plans Make Achieving Financial Goals Easier
A financial plan is a structured road map that guides a person to move from their current financial position to a point where they can achieve their financial goals. Once the plan is in place, a person will find it easier to cover their immediate financial needs while saving for future priorities.
People can create financial plans for a wide variety of goals. These could be short-term goals that they intend to achieve in the next five years, medium-term goals that they want to achieve in five to 10 years, and long-term goals that extend beyond 10 years. Examples of these goals include saving for retirement, a child’s college education, the down payment for a house, a wedding, or even a family trip.
Anyone can build a financial plan with the help of a financial planner. There isn’t a right time to do it and all people can benefit from it, regardless of their income level or financial goals. In fact, a plan increases the likelihood of anyone achieving their goals given their income and time constraints.
The first step to building a financial plan is to decide what the financial goals are. As noted, they can be short-, medium-, or long-term. A person must have a clear goal in mind, know how much it will cost, and have a deadline for saving the money. For example, if the goal is to clear student debt, it must be clear how much the outstanding debt is and then create a payment plan that will clear the debt by the date they decide.
Once a person has identified their goals, the next part is assessing their current financial position. This is the starting point from which they will be building their savings. They should start by determining their net worth. This is simply their assets minus any liabilities. Assets include cash in the bank, real estate, cars, and retirement savings. Liabilities are the money they owe. These include mortgages, auto loans, student debt, and outstanding bills.
Next, their personal cash flow should be calculated. This is how much of their monthly income they have left after living expenses.
To accumulate the funds to meet their goals, the person will have to build their net worth through investments, so they must set aside funds from their income monthly for investing. They need to have adequate cash flow to do this. If they don’t have this already, they should consult a financial planner to review their monthly cash flow and identify opportunities to save money. The planner will help them create a realistic monthly budget, one that allows them to save enough money to first build an emergency fund and then invest.
Often, financial planners include building emergency funds as part of financial plans. An emergency fund is a savings account that would cover at least three months of living expenses. Financial advisors recommend this to provide a safety net in case of unforeseen life events like job loss. Having this fund ensures they will not liquidate their investments immediately if an emergency arises, compromising their financial plan. It also ensures they don’t resort to expensive loans, diminishing their ability to save. Once that fund has three months’ worth of expenses saved, then they can begin investing for their financial goals. The financial planner will recommend appropriate investments to allocate the funds to.
It’s important to note that a financial plan needs to be routinely updated. A person’s financial circumstances will change over time. They may get a new job with a higher salary or start a family, requiring allocating more funds to daily expenses. Routinely monitoring the financial plan ensures it aligns with a person’s changing circumstances and goals.
Four Types of Cryptocurrency
Cryptocurrency is a form of exchange with a few key traits. All forms of cryptocurrency, or crypto, are digital, encrypted, and decentralized. Unlike the American dollar, no central bank or government supports the value of crypto. Crypto can be used to purchase normal goods and services, though digital currencies are more frequently used as investment tools. Cryptocurrency can be broken down into four broad categories.
Many mainstream cryptocurrencies, including Bitcoin, can be classified as payment cryptocurrencies. Unlike more niche forms of crypto, payment crypto is specifically designed as a peer-to-peer electronic payment system. According to the Federal Reserve, about 18 million Americans used cryptocurrency to complete transactions in 2023, while about 106 million people owned Bitcoin around the globe. As a general-purpose currency, payment crypto is powered by a dedicated blockchain that only exists to support the crypto.
Blockchain is an important aspect of all types of cryptocurrencies. Blockchain technology helps encrypt transactions made with digital currency so that the transactions are virtually impossible to fake or manipulate. Dedicated blockchain crypto networks do not support smart contracts, stored digital contracts that can be automatically completed at a certain time or after specific conditions, or decentralized applications (DApps), a complex network of person-to-person computers instead of a single computer.
Payment crypto is also unique because most carry a limited number of digital coins, resulting in organic deflation. A digital coin is the crypto equivalent of a dollar bill or physical coin. With fewer digital coins to mine over time, the currency's value should continue to rise. Beyond Bitcoin, notable payment cryptocurrencies include Litecoin and Dogecoin.
Utility tokens represent the second major form of crypto. Unlike payment cryptocurrencies, which run on a dedicated blockchain, utility tokens are defined as crypto assets operating on top of another blockchain network. Utility tokens started after the crypto Ethereum opened its network to other digital currencies, allowing them to run on the Ethereum blockchain. Vitalik Buterin, the creator of Ethereum, expressly designed the Ethereum blockchain to permit DApps and smart contracts.
In addition to not having a dedicated blockchain, utility tokens differ from payment crypto because there is no set limit, making them inflationary. As more digital coins, or tokens, are generated, the value of each coin should fall.
Service tokens are one of many examples of utility tokens. A person with a service token can complete a select task on the corresponding network. Storj, an alternative to Google Drive and Dropbox, uses service tokens to rent unused hard drive space to individuals needing Cloud storage. Individuals can use the Storj utility token to pay for the storage space. After the token is spent, users must repeatedly pass randomized file verification checks to confirm the data’s security. Other tokens include service, finance, and non-fungible tokens, or NFTs.
Stablecoins, meanwhile, are a form of crypto designed to mitigate the volatility associated with many digital currencies. Despite existing on a blockchain, stablecoins can be directly exchanged for fiat currencies, which are currencies backed by a government but without a corresponding commodity, such as gold. Still, stablecoins are not subject to government regulation or management.
Finally, Central Bank Digital Currencies (CBDC) are cryptocurrencies obtained through a nation’s central bank. Only three nations maintain CBDCs: the Bahamas, Jamaica, and Nigeria.
An Investor's Guide to RIAs
A registered investment advisor (RIA) is an individual or firm that advises clients on investing in securities. They may also provide additional financial services.
An RIA is registered with either the US Securities and Exchange Commission (SEC) or state securities regulatory agencies, depending on the amount of its assets under management. An RIA with over $100 million in assets is required to register with the SEC. Those with lower amounts are not required to register with the SEC, but may choose to do so. They are, however, required to register with state authorities.
RIAs are subject to a number of legal requirements. When registering with the SEC or state authorities, for example, they are required to disclose their investment style, assets under management, key officers in the company, and their fee structure. They are also required to disclose potential conflicts of interest and any disciplinary actions taken against their advisors.
Further, RIAs registered with the SEC are required to update their records with the authority every year. In addition, they are mandated to disclose their holdings every quarter. Individual RIAs are also required to obtain a Series 65 license from FINRA. They earn the qualification after successfully passing the Uniform Investment Adviser Law Examination.
Primarily, RIAs provide clients with advice on investments like stocks and fixed income securities. They also oversee their clients’ investment portfolios. They bear a fiduciary responsibility to their clients. This means that they are legally required to act in the best interests of their clients when recommending investment products. They must disclose risks associated with an investment to their clients, ensuring they understand it. Further, they are required to disclose any conflicts of interest related to transactions.
On top of managing investments, RIAs can provide additional financial services such as tax planning, retirement planning, and estate planning. They can also advise clients on matters such as budgeting, insurance, and debt repayment.
In exchange for these services, RIAs charge their clients fees. The fee structure they use varies. However, they usually charge either a management fee or performance-based fee. The management fee applies to the assets they manage. For example, they may charge 1 percent annually to the assets they manage as fees. Some RIAs vary this structure, choosing to charge a different percentage for funds invested in different assets, say 1 percent for equities and 0.5 percent for fixed income.
The performance-based fee applies to the profits that assets accumulate. If an investment portfolio goes up in value, the RIA will calculate the amount of the gain then apply a performance fee to it. This structure, however, is usually set aside for clients with over $1.1 million invested in the RIA and a net worth of over $2.2 million.
Some RIAs also charge an hourly fee to clients, though this is often for non-investing-related services like budgeting and estate planning. Some RIAs even offer non-investing-related financial services on a subscription basis.
When choosing an RIA, an investor should conduct extensive due diligence. First, they should check to ensure that the RIA is registered with the SEC or a state authority. The SEC, for example, has an Investment Adviser Public Disclosure website that investors can use to search RIAs in the country. They can also find out the credentials of these advisors.
It is important to note that not all people who present themselves as “financial advisors” or “wealth managers” are actually registered with authorities. Some are neither registered nor regulated. Further, they may be registered and regulated but as broker-dealers. These are firms that are qualified to sell securities but do not bear a fiduciary responsibility to clients. That means they do not have to recommend investments that are in the clients’ best interests. This is why investors should ensure RIAs are registered.
In addition, investors should evaluate potential RIAs on the qualifications of their management teams, performance of their investment portfolio, and the fees they charge. For fees, though, it is good to remember that some RIAs charge higher fees because they offer a suite of financial services. An RIA’s investment style also matters. Investors should prioritize RIAs whose investment styles align with their values and risk tolerance.
'A Retro-Infused Sci-Fi With a Western Sensibility' - Prospect (Film Review)
‘A Retro-Infused Sci-Fi With a Western Sensibility’ – Prospect (Film Review)
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