Centerview Founder believes that children should focus on developing good judgment rather than learning how to code due to the rise of AI.
One of New York’s prominent bankers suggests that with the rise of artificial intelligence, it is more important for young individuals to focus on developing critical thinking skills and good judgment rather than prioritizing coding abilities. Blair Effron, co-founder of Centerview Partners LLC, expressed his uncertainty about the significance of coding proficiency in the next decade. In an interview with Bloomberg TV’s David Westin, Effron emphasized the importance of possessing judgment and the ability to think critically and ask pertinent questions.
Effron, known for his role in some of the biggest deals in U.S. corporate history, said his investment bank is looking for people with those kinds of skills, and it’s not “less about whether you can make a great model.” That’s because AI is likely to replace some traditional skills related to science, technology, engineering and math, he said.
The rise of artificial intelligence, including tools like ChatGPT, has captured the attention of economists and managers as they try to assess the risks and opportunities presented by the new technology. Christopher Pissarides, a Nobel Prize-winning labor market economist, said this month that young people should focus on “empathetic” skills in an economy dominated by artificial intelligence.
The change will force business schools to review their own business models and adapt as well, said Effron, who has an MBA from Columbia University. His firm ranked sixth in Bloomberg’s deal-making league table last year, helping arrange nearly 12% of global deals by value.
Corporate restructuring, elections
Growing optimism among C-suite executives that the U.S. has avoided a major economic downturn means mergers and acquisitions will pick up again in 2024, Effron said in an interview.
“There’s no reason to think that if the market averages $4 trillion over the last five years, we won’t get to that level again in 2024,” Effron said. “Again, there’s always hope, but I’m optimistic.”
Ken Moelis warned on Thursday that the economy will slow down because the consumer is “running out of fuel”. A sharp drop in consumer spending could accelerate the Federal Reserve’s rate cuts, encouraging new deals, Moelis said.
Effron warned that there are still looming risks to the US economy if Donald Trump defeats President Joe Biden in the November election. Effron, who is a Democratic donor, said it was “underrated” how much Biden had done for the economy and that Trump’s second term threatened to alienate valuable allies.
“I think it’s important that you have an important, stable relationship with allies and adversaries where you protect American interests, but also the interests of corporate America,” he said.
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