[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-56197-en":3,"doc-seo-56197-105":29,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},56197,8796095461564,"Liam","https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d",8,"Research & Report","MoneyWeek July 10 2026 Issue 1320 MoneyWeek","MoneyWeek Issue 1320 (10 July 2026) examines how generative AI is changing investment behavior, citing surveys from Fidelity showing notable usage among younger British retail investors. It critiques the reliability of AI-driven decision-making given uneven online information and “garbage in, garbage out,” and argues that AI is not ready to replace thorough human research. The editorial also discusses the limits of the “wisdom of crowds,” warning that correlated forecasts and incentive-driven behavior can reinforce errors and fuel bubbles, alongside weekly market and culture highlights.","MARKETS P4 The Japanese yen will keep falling  \nCOMPANIES P24 Pop into Fuller’s fora pint  \nPLUS  \nHitch a ride on a helicopter TOYS P32  \nMAKE IT, KEEP IT, SPEND IT  \nMarch of the  \nmachines  \n10 JULY 2026 | ISSUE 1320  \nWill AI put us out of a job? Page 20  \nBRITAIN’S BEST-SELLING FINANCIAL MAGAZINE MONEYWEEK.COM  \n10 July 2026 | Issue 1320  \nBritain’s best-selling financial magazine  \nAt this time of year I watch football or tennis with the sound off. Not only does that preserve me from inanities along the lines of: “If he hadn’t missed that free kick, he might have scored,” but it also means I can tune out the hype based on the prevailing narrative, which, especially in England’s case (football or tennis), is like investors swinging from bubble to bust.  \nJust as secular bear and bull markets are based on shifts between euphoria and  \ndespair, like investment bubbles and busts  \n“AI is still atthe stage where it needs its work  \nthink AI can help. I was struck by a press release from Fidelity this week saying that almost a quarter of British retail investors are using generative AI tools like ChatGPT to make investment decisions. Among investors age between 18 and 34, the proportion is 36%, compared with 5% of over-55s.  \nThis makes me feel a bit queasy. Fidelity notes that the quality of online information varies widely, and AI draws on whatever data it has been fed. Garbage in, garbage out. Nor does it  \ndespondency, England are either fantastic or awful (apparently,  \nthe banal truth, which is that we are just average, is too much to bear). Having done well against Mexico, we are apparently brilliant again this week, and bound to win the World Cup, so beware another setback on Saturday. Then rinse and repeat.  \nThe wisdom of crowds  \nSuch wild gyrations have always  \nmade me shake my head at the notion of the wisdom of crowds, but I have not been entirely justified in doing so. Stuart Kirk in the FT points out that the concept originated in 1906, when Francis Galton, a Victorian statistician, went to a fair where 800 people paid to guess the weight of an ox. The median estimate was very close indeed.  \nNevertheless, subsequent experiments of this kind did not prove that large numbers of people are always right.  \nThey are only right if everyone offers a truly independent forecast. If the fair-goers had all overheard the same “expert”  \ngiving his view before giving theirs, or read the same reports, the waters would have been muddied.“Suddenly, the mathematics change,” says Kirk.“Errors no longer cancel out. Rather, they reinforce one another.”  \nOne key error on the aggregate level is that if enough people seem to believe something that doesn’t chime with their instincts, it may be rational to pretend to believe it, too. Keynes described professional investing as a newspaper contest where judges win by picking the face they think other judges will choose, rather than the one they personally find the most beautiful. Hence bubbles, crises, and so on. Navigating these is no mean feat, of course, so you can see why some investors  \nhelp matters that financial  \nregulations are complex and subject to constant change – witness, for instance, the latest First Time Buyer Isa eclipsing Lisas, another example of boosting demand, rather than supply through planning reform (see page 26).  \nAI is still at the stage where it needs its work checked, as Stuart reminds us on page 20; it’s not clever enough for us to rely on it to do our work for us (this is also the reason it is unlikely to come for our jobs any time soon). For now, at least, there is no avoiding thorough research of one’sown given the whizzy technology’senduring deficiencies. Hype is no  \nsubstitute for hard work – a lesson England would dowell to keep in mind in future, too.  \nAndrewVan Sickle  \n[editor@moneyweek.com](editor@moneyweek.com)  \nFrom the editor-in-chief...  \nEngland alternate between hope and  \n© Getty Images  \nchecked; it therefore can’t do ours”  \nGood ","cbCaicX5MEk2ZgmF","https://ap.wps.com/l/cbCaicX5MEk2ZgmF","pdf",10331275,1,40,"English","en",105,"# From the editor-in-chief...\n## AI, investment decisions, and reliability\n## Limits of the “wisdom of crowds”\n## Implications for bubbles, crises, and regulation","[{\"question\":\"What does the editor say about generative AI being used for investment decisions?\",\"answer\":\"Generative AI is already being used by a sizeable share of British retail investors, but its output depends on the quality of the data it was trained on. The editorial stresses that it needs its work checked and is not clever enough to replace thorough research.\"},{\"question\":\"Why does the editorial question the “wisdom of crowds”?\",\"answer\":\"Crowd accuracy relies on truly independent forecasts. If many people are influenced by the same information or a shared “expert” view, errors stop canceling out and instead reinforce each other.\"},{\"question\":\"How does the editorial connect crowd behavior to market bubbles and crises?\",\"answer\":\"When enough people appear to believe something contrary to their instincts, it can become rational to pretend to agree. The editorial links this dynamic to bubbles and crises and argues that navigating them is difficult, especially with complex, changing financial regulations.\"}]",1783719482,101,{"code":4,"msg":30,"data":31},"ok",{"site_id":24,"language":23,"slug":32,"title":13,"keywords":33,"description":14,"schema_data":34,"social_meta":86,"head_meta":88,"extra_data":90,"updated_unix":27},"moneyweek-july-10-2026-issue-1320-moneyweek","",{"@graph":35,"@context":85},[36,53,68],{"@type":37,"itemListElement":38},"BreadcrumbList",[39,43,47,50],{"item":40,"name":41,"@type":42,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":44,"name":45,"@type":42,"position":46},"https://docshare.wps.com/document/","Document",2,{"item":48,"name":12,"@type":42,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":42,"position":52},"https://docshare.wps.com/document/moneyweek-july-10-2026-issue-1320-moneyweek/56197/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":62,"encodingFormat":60,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":40,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-18","2026-07-10",true,{"@type":65,"interactionType":66,"userInteractionCount":20},"InteractionCounter",{"@type":67},"ViewAction",{"@type":69,"mainEntity":70},"FAQPage",[71,77,81],{"name":72,"@type":73,"acceptedAnswer":74},"What does the editor say about generative AI being used for investment decisions?","Question",{"text":75,"@type":76},"Generative AI is already being used by a sizeable share of British retail investors, but its output depends on the quality of the data it was trained on. The editorial stresses that it needs its work checked and is not clever enough to replace thorough research.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"Why does the editorial question the “wisdom of crowds”?",{"text":80,"@type":76},"Crowd accuracy relies on truly independent forecasts. If many people are influenced by the same information or a shared “expert” view, errors stop canceling out and instead reinforce each other.",{"name":82,"@type":73,"acceptedAnswer":83},"How does the editorial connect crowd behavior to market bubbles and crises?",{"text":84,"@type":76},"When enough people appear to believe something contrary to their instincts, it can become rational to pretend to agree. The editorial links this dynamic to bubbles and crises and argues that navigating them is difficult, especially with complex, changing financial regulations.","https://schema.org",{"og:url":51,"og:type":87,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":89,"canonical":51},"index,follow",{"doc_id":7,"site_id":24},{"code":4,"msg":5,"data":92},[93,97,101,105,110,115,119,122,127,130,134],{"id":20,"doc_module":4,"doc_module_name":45,"category_name":94,"show_sort_weight":95,"slug":96},"Story & Novel",90,"story-novel",{"id":46,"doc_module":4,"doc_module_name":45,"category_name":98,"show_sort_weight":99,"slug":100},"Literature",80,"literature",{"id":52,"doc_module":4,"doc_module_name":45,"category_name":102,"show_sort_weight":103,"slug":104},"Exam",70,"exam",{"id":106,"doc_module":4,"doc_module_name":45,"category_name":107,"show_sort_weight":108,"slug":109},5,"Comic",60,"comic",{"id":111,"doc_module":4,"doc_module_name":45,"category_name":112,"show_sort_weight":113,"slug":114},6,"Technology",50,"technology",{"id":116,"doc_module":4,"doc_module_name":45,"category_name":117,"show_sort_weight":21,"slug":118},7,"Healthcare","healthcare",{"id":11,"doc_module":4,"doc_module_name":45,"category_name":12,"show_sort_weight":120,"slug":121},30,"research-report",{"id":123,"doc_module":4,"doc_module_name":45,"category_name":124,"show_sort_weight":125,"slug":126},9,"Religion & Spirituality",20,"religion-spirituality",{"id":125,"doc_module":4,"doc_module_name":45,"category_name":128,"show_sort_weight":125,"slug":129},"World Cup","world-cup",{"id":131,"doc_module":4,"doc_module_name":45,"category_name":132,"show_sort_weight":131,"slug":133},10,"Lifestyle","lifestyle",{"id":135,"doc_module":4,"doc_module_name":45,"category_name":136,"show_sort_weight":106,"slug":137},19,"General","general"]