Billionaire hedge fund mogul, Steve Cohen, recently proposed a future where the traditional five-day workweek becomes a thing of the past. The founder of Point72 Asset Management believes that the rise of Artificial Intelligence (AI) will pave the way for this significant change in the corporate landscape.
"My belief is a four-day workweek is coming," Cohen said. "You know, between the advent of AI, generally, we hear from people that Fridays are just not — people are not as productive on Fridays, and so I just think it's an eventuality." The introduction of AI into various aspects of business operations, Cohen argues, will lead to enhanced efficiencies that may render the traditional five-day workweek obsolete. He believes that the arrival of this four-day workweek is inevitable.
The revolution powered by AI has already begun to alter the way businesses operate. With the capability to automate tasks, AI can significantly reduce the time required to perform certain jobs, boosting productivity and potentially freeing up an entire day of the workweek.
As more people find themselves with an extra free day, Cohen predicts a rise in leisure activities. He postulates that this shift would open up investment opportunities in sectors associated with leisure and experiences. "Anything around, you know, I would say leisure, travel, experiences, all that type of that stuff, if people have more time," Cohen said of the investment implications from a four-day workweek.
One of the leisure activities Cohen is investing in is golf. He recently joined a consortium of investors who have pledged around $3 billion into the PGA Tour. "That should fit into a theme of more leisure for people, which means golf rounds will go up, and you know, interest," Cohen said. "I guess courses will be crowded on Fridays."
Despite his prediction, Cohen admits that a four-day workweek might not be applicable for everyone, especially investment firms. These firms operate based on the stock market schedule, which currently runs for five days a week. "If they're taking off Friday and they have a portfolio, that's a problem, OK, if the markets are open," Cohen said of investment managers.
While the idea of a four-day workweek may seem far-fetched to some, advancements in AI and automation technologies are making it an increasingly feasible possibility. As with any change, there will be winners and losers. Investors like Steve Cohen, who can foresee these shifts and adapt accordingly, are likely to be among the winners.
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