Epistemic status: Speculation from two decently informed advocates armed with anecdata.
Note on process: After having some version of this conversation several times and saying, “we should probably write about this publicly,” we took the less heroic route: we recorded one of our conversations, fed the transcript into an LLM, and then substantially revised the structure, substance, and framing ourselves. We will not be sharing the transcript, as it is in...
I want to start by noting that I am amazed and somewhat in awe of what's been accomplished by the EA animal welfare movement. I am enthusiastically supportive of all campaigns that make living and dying conditions less bad for farmed animals.
I worked on such campaigns for almost 20 years, and I'm proud of that work.
That said, I do think it's a strategic error that the EA animal movement has so thoroughly moved on from advocacy for animal liberation and diet change.&n...
Author: Grace Ryba (she/her), Executive Director
TL;DR:
* BluePerch is a new animal welfare grantmaker.
* Grant applications aren't open yet - we're aiming to open applications in roughly mid-2027.
* We welcome early expressions of interest from potential grantseekers so we can notify you when applications open - express your interest here or see further details below.
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Is it harmful to keep your money in index funds? Let's take a random index fund like FTSE Global All Cap Index Fund. If we look at the companies it actually invests in, a lot of them are the same companies that work towards advancing the AI.
It would be ironic for some of us to be in favour of pausing AI and invest money into it at the same time. I used to keep some of my money in such funds because that was always the financial advice for regular folk like me who don't know/think much about investments. But now I don't know what to do because this feels bad. I switch some of my funds to FTSE Developed Europe ex U.K. Equity Index Fund because that has maybe twice less investment into AI but that still feels not great. Any advice for me?
Edit: I think I want advice not only about where to invest (which is appreciated), but also whether it's the right way to think about it. Maybe it doesn't matter what I invest in because something something efficient markets, but I think this doesn't apply to AI hype? Or would I offset my investment by a relatively small donation to AI safety efforts? Or maybe not because it's often not even clear if those are net-positive...
Should I assume you are familiar with these arguments?: https://forum.effectivealtruism.org/posts/iZp7TtZdFyW8eT5dA/a-generalized-strategy-of-mission-hedging-investing-in-evil
There are two separate concerns. One is capitalizing the companies and the other is changing your incentives. I'm generally more worried about the latter, esp if you aren't super rich. Do you think having all your money in index funds makes you less likely to support regulations that the unbiased version of you would want to support?
Thank you for the answer. I am not super rich, but I still think it matters where the money I do have goes. And I'm asking about it publicly partly because because of a hope that maybe someone else here also realise that they don't want to be invested into these companies through index funds. I personally don't campaign for regulations regarding AI and don't currently plan to so the bias is not a concern for me personally, I just want less money going towards AI
Fair enough, FWIW I mostly agree and glad you brought it up. I have most of my money in index funds and feel like that's better than having it all in ai stocks but this will prompt me to give it some more consideration.
An analogy from climate/environmentalists: development and carbon emissions are "bad" for the environment. But I don't worry about the "bad stuff" that companies are doing. They are powering cities, inventing things, distributing goods, and generally pushing progress and making the world a better place on the dimensions they are most paying attention to. That's their job. It's my job to care about the bit of the world that I know about that needs fixing. So I am fine supporting the good they are doing and then spending my time combatting the bad side effects they aren't aware of/the world needs more attention on. Roughly same principle with AI. Their job to do good AI things, your job is to fix bad AI things they aren't doing enough for.
Things that are different for AI: AI companies might be net bad instead of net good. AI is in a different tier of urgency and xrisk.
So how does that change the calculus from the previous picture? (It might also help to think about a middle tier case like weapons manufacturing.)
Invest in the FTSE 100 for british companies. It won't grow as fast and there is more risk (maybe? idk i'm also not into money stuff), but british companies don't contain frontier AI labs atm. You can also generally invest in funds in other countries you're optimistic about like poland or germany or any other country that doesn't contain AI labs to diversify.
US, China, and france I guess are the countries to avoid. As well as korea / japan / netherlands / taiwan and maybe some others for chips manufacturing supply chain if you wanna be extra keen
you can check what companies the ftse 100 contains here https://www.londonstockexchange.com/indices/ftse-100/constituents/table
According to my world model, if you want to do maximum good for the world, then... (I might be wrong, so feel free to question me)
Investing all resources (money, time, thinking) charitably (meaning: to the direct benefit of others, for example avoiding investing in AI companies, when you think that the world should slow down AI development) is wrong. Because you can invest resources into getting more resources, and if you invest all your resources charitably while others invest them into getting more resources, then you will end up with nothing compared to them and almost all resources will be invested selfishly. If you invest your resources first, and then use them charitably, you will spend more money charitably overall, because you will have more resources.
Investing all resources into getting more resources is also bad, because if everyone does that, then the world will be bad - because everyone would try to maximize their resources, nobody would invest in what is best for the collective (when it's not the same as what gives the highest return of investment), which ends up with a lot of price of anarchy.
The right thing to do, in my opinion, is to be a little bit better than average in terms of how altruistically you spend your resources, but don't be so altruistic that you prioritize others more than yourself (because if you want to maximize the utility of the collective, then you need to take everyone into account equally, including yourself). If everyone follows that, then people would gradually become more altruistic (because the average would go towards more altruism) until everyone would do what is best for the collective.
The problem is... "be a little bit better than average in terms of altruism" is quite ambiguous. That's the problem that I struggle with. I know that I rather shouldn't go 100% into altruism nor 100% selfishness, and I should rather be better than average. But in terms of what? In terms of results? In terms of effort? In terms of invested money? In terms of invested time? In terms of invested money, time and other stuff overall? How much is "a little bit better"? I don't seem to have a complete clarity about that at the moment. For that reason, I also struggle with how to invest money (and other things) a bit.
No strong opinion on whether it's a good idea, but here are some options to avoid AI stocks:
FWIW I personally don't intentionally invest in AI stocks, but I don't actively avoid them, either.
One big cause of this problem, in my opinion, is so much of global investors money flowing into U.S. tech stocks. The U.S. receives significant net capital inflows from the rest of the world (by the way, this is one of the big reasons that the U.S. is able to run a sizeable trade deficit and not go bankrupt or suffer from hyperinflation). For example, European investors send about 300 billion euros to the U.S. to invest in stocks and bonds every year (this is something the European Commission has acknowledged as a problem for Europe’s economy). A bunch of that money (if not most of it?) goes to Nvidia, Microsoft, SpaceX, all the AI stocks, of course Anthropic and OpenAI too once they IPO. If European investors reduced their investments to America by half, to 150 billion euros, and invested the other half in Europe and elsewhere, I think that would probably be quite impactful. Remember, the most valuable product of these AI firms is not the AI models and inference, it is their stock. Elon Musk did not really become a trillionaire by selling cars and rocket launches, he did so by selling shares in his companies.
If you reduce the value of these AI companies shares and thus reduce their ability to raise capital, they will be forced to slow down their growth. (If anyone don’t believe this, just consider that European firms often say that lack of capital is one of the biggest obstacles that stops them from growing.)
Edit: of course, Mistral, which has a terrible safety culture AFAIK, would benefit from stronger European capital markets, and grow faster and bigger. But I do not how big the risk really is from a runner-up lab like Mistral compared to the Anthropics and OpenAIs of the world.
I guess ASML would also benefit somewhat, but to a lesser degree than startups like Mistral. ASML already has good access to capital, they have a €500B+ market cap and can raise all the money they want / need.
Having said that, the expected negative impact to safety from a boost to the European AI firms would IMO be offset many times over by the positive impact of reducing funding to Nvidia, Anthropic, OpenAI etc.
(I am not giving you investment advice here by the way. This is just some thoughts on whether we should try to get investors to diversify away from U.S., as a way to reduce safety risks.)