{"id":73305,"date":"2026-01-23T10:23:53","date_gmt":"2026-01-23T18:23:53","guid":{"rendered":"https:\/\/penderfund.com\/?p=73305"},"modified":"2026-04-16T10:31:04","modified_gmt":"2026-04-16T17:31:04","slug":"follow-the-yellow-led-road","status":"publish","type":"post","link":"https:\/\/penderfund.com\/fr\/articles\/follow-the-yellow-led-road\/","title":{"rendered":"Follow the yellow LED road: AI, authorship, and the case for judgment in a world of infinite output"},"content":{"rendered":"<p>While visiting Las Vegas, I found myself inside Oz.<\/p>\n<p>At The Sphere, I watched the 1939 classic <em>The Wizard of Oz<\/em> reimagined as a fully immersive experience, one that was part spectacle, part pilgrimage. You felt like you had arrived in Oz. Apples fell from the ceiling. Wind roared during the tornado. Drones and debris flew as flying monkeys swept overhead. At one point, thousands of strangers sang Somewhere<em> Over the Rainbow<\/em>\u00a0 together.<\/p>\n<p>At Pender, we are constantly on the hunt for things that are not AI-able, and to me, The Sphere felt like Exhibit A. Only later did I learn that the experience had been powered, in part, by artificial intelligence.<\/p>\n<p>The original film had been changed and adapted using advanced visual tools. This allowed it to fill the sphere\u2019s 160,000 square foot LED canvas, without changing the story. But there was an even more critical element in production: it required over 2,000 people to make this experience a reality, including teams from Warner Bros., Discovery and Google DeepMind. It was, in many ways, a significant milestone in human\/AI collaboration.<\/p>\n<p>This collaboration encapsulates the paradox that has emerged across media, education, and business: AI can generate infinite output, but we need a human to decide what belongs.<\/p>\n<p><strong>The content paradox<\/strong><\/p>\n<p>Debate surrounding artificial intelligence often focuses purely on capability. How quickly a model can improve, it\u2019s capacity to automate, how many tasks it can perform. The deeper question is different.<\/p>\n<p>In this case, AI was used to breathe new life into adored, distinctly human made media without changing its essence. But where do we draw the line? In a world where content and analysis can be produced instantly and at scale we must identify who exercises judgement. This tension is not new. It has existed for decades in literature.<\/p>\n<p>A few of us on the investment team were debating this recently, and it led to an interesting thought experiment.Have you ever read a Tom Clancy novel? For those who are unaware of his work, <a href=\"https:\/\/en.wikipedia.org\/wiki\/The_Hunt_for_Red_October\">The Hunt for Red October<\/a>\u00a0(1984),\u00a0<a href=\"https:\/\/en.wikipedia.org\/wiki\/Patriot_Games\">Patriot Games<\/a>\u00a0(1987) anything involving CIA analyst Jack Ryan.<\/p>\n<p>What some of you may not know, is that Clancy died in 2013. Despite this, novels have continued to be published under his name. No, we are not entering the supernatural realm. Instead, those later novels were co-authored or ghostwritten.<\/p>\n<p>Readers accept this not because the books are machine generated, but because human collaborators who has absorbed Clancy\u2019s distinctive worldview, tone, and narrative discipline. Writers such as Mark Greaney do not merely imitate Clancy\u2019s style. They interpret it. They exercise judgement to decide what fits, what does not, and when to escalate tension and when restraint creates more impact. But that\u2019s the difference between human and machine.<\/p>\n<p>Ghostwriting does not eliminate authorship; it concentrates it.<\/p>\n<p>And this is not unique to Clancy. Entire literary franchises: Robert Ludlum, V.C. Andrews, James Patterson, rely on human collaborators to continue long after the original author steps back or passes away. Sometimes outlines remain. Sometimes only tone and brand survive. But there is always a human deciding what belongs and what does not.<\/p>\n<p>This is the dividing line. Artificial intelligence can imitate structure and vocabulary, patterns and rhythms, but it does not understand the <em>meaning<\/em> behind it. It does not hesitate; it does not defend its choices. There is no \u201cI\u201d behind the words, just an endless stacking of probability.<\/p>\n<p><strong>Why AI writing feels hollow<\/strong><\/p>\n<p>I have been writing, for fun and for work, for as long as I can remember, and I am still not entirely sure how I feel about AI. When I hear about students using it to write their papers, I feel a genuine sense of anguish. Not because I\u2019m anti-technology, but because I know what those papers are for.<\/p>\n<p>Using AI to write makes us lose something that is hard to quantify. The struggle of writing in university was not inefficiency ...it was formation. Writing was not just producing an output; it was learning how to make judgments, defend them, and live with their consequences. AI could have helped me get the answer faster. But I am not sure it would have helped me become who I needed to be.<\/p>\n<p>The absence of a human in writing is unmistakeable. Anyone who has experimented with AI writing tools recognises the effect: polished prose that feels noticeably hollow. The sentences move, but nothing is at stake. The engines have a way of making everything feel important \u2013 but little actually is.<\/p>\n<p>It is the uncanny valley of prose: big verbs, zero weight, a lot of motion, no destination. The difference is not vocabulary or structure. It is judgment.<\/p>\n<p>AI can imitate style, but it does not know what matters. It can not defend why a detail belongs, nor what to leave out.<\/p>\n<p><strong>Who is keeping score?<\/strong><\/p>\n<p>For decades, societies have relied heavily on referees of meaning. Editors, teachers, peer reviewers and professional gatekeepers who assess quality and coherence.<\/p>\n<p>Michael Lewis explored a version of this problem a few years ago in his podcast\u00a0<em>Against the Rules<\/em>, which uses referees as a metaphor for fairness and trust. His core insight was that systems only work when we agree on who the referee is, and why we trust them.<\/p>\n<p>Apply that to AI writing.<\/p>\n<p>If every article, essay, or story can be generated by a model, who is the referee of meaning?<\/p>\n<p>The author?<br \/>\nThe editor?<br \/>\nThe reader?<br \/>\nOr, most concerningly, the algorithm itself?<\/p>\n<p>The philosophical roots of this problem run deep. In the 17<sup>th<\/sup> century, Rene Descartes argued that the act of thinking proves the existence of the thinker (<em>\u201cCogito, ergo sum\u201d<\/em>\u00a0\u2014\u00a0<em>I think, therefore I am<\/em>). His point was not poetic; it was defensive. Even if every sense could be manipulated, even if a deceiver distorted reality itself, the very act of thinking proved that\u00a0<em>someone<\/em>\u00a0existed to do the thinking. Thought implied an \u201cI.\u201d Judgment implied a mind.<\/p>\n<p><strong>We\u2019re not in Kansas anymore<\/strong><\/p>\n<p>Bringing this back to investing, and to how we think at Pender, AI will continue to compress margins, flatten advantages, and make many things cheaper and faster to replicate. We have talked a lot this week about how AI is eroding traditional software advantages. This is the other side of that coin.<\/p>\n<p>The one thing AI cannot replace is judgment.<\/p>\n<p>The companies that endure will not be the ones that deploy AI the loudest. They will be the ones where real people still make hard calls, allocate capital with conviction, and can explain\u00a0<em>why<\/em>\u00a0they chose one path over another when the outcome was not obvious.<\/p>\n<p>As investors, that is what excites us. Accountable decision-makers. Founders, operators, and teams who think independently, accept uncertainty, and own their choices.<\/p>\n<p>In a world of infinite outputs, judgment becomes scarce.<\/p>\n<p>And scarcity, as ever, is where value is found.<\/p>\n<p>Veuillez lire les avis de non-responsabilit\u00e9 importants \u00e0\u00a0<a href=\"https:\/\/can01.safelinks.protection.outlook.com\/?url=https%3A%2F%2Flink.sbstck.com%2Fredirect%2F0e2c0232-874e-4bad-ad1b-b09032a77143%3Fj%3DeyJ1IjoiNmY0eG5uIn0._t6O6Mn40QyJh8ERiwrXaM5l-Htybd2e2YmrDGtVpzA&amp;data=05%7C02%7Clbaker%40penderfund.com%7C3a690a1f27304a6ae68408de52353c7e%7C473aa0f3e13e4a558a4ead96ff56fc58%7C0%7C0%7C639038587264420179%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C60000%7C%7C%7C&amp;sdata=n7xPBlMPZH1UYhD3nLczMNmUNphykVIB0Y5sVstlc%2B8%3D&amp;reserved=0\">www.penderfund.com\/fr\/disclaimer\/<\/a>.<\/p>\n<p>Standard performance data for Pender Funds can be found at\u00a0<a href=\"https:\/\/can01.safelinks.protection.outlook.com\/?url=https%3A%2F%2Flink.sbstck.com%2Fredirect%2Ffa9c1de2-ecf2-4919-ae2d-f6633a21611a%3Fj%3DeyJ1IjoiNmY0eG5uIn0._t6O6Mn40QyJh8ERiwrXaM5l-Htybd2e2YmrDGtVpzA&amp;data=05%7C02%7Clbaker%40penderfund.com%7C3a690a1f27304a6ae68408de52353c7e%7C473aa0f3e13e4a558a4ead96ff56fc58%7C0%7C0%7C639038587264437382%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C60000%7C%7C%7C&amp;sdata=znBzld34mjkjPJv%2Fu26Cbq95MDLIjXwcQ%2FtkopE%2F6vM%3D&amp;reserved=0\">www.penderfund.com\/solutions\/<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>While visiting Las Vegas, I found myself inside Oz. At The Sphere, I watched the 1939 classic The Wizard of Oz reimagined as a fully immersive experience, one that was part spectacle, part pilgrimage. You felt like you had arrived in Oz. Apples fell from the ceiling. Wind roared during the tornado. Drones and debris [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":73026,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[106],"tags":[],"fund-type":[],"class_list":["post-73305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Follow the yellow LED road: AI, authorship, and the case for judgment in a world of infinite output<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/penderfund.com\/fr\/articles\/follow-the-yellow-led-road\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Follow the yellow LED road: AI, authorship, and the case for judgment in a world of infinite output\" \/>\n<meta property=\"og:description\" content=\"While visiting Las Vegas, I found myself inside Oz. At The Sphere, I watched the 1939 classic The Wizard of Oz reimagined as a fully immersive experience, one that was part spectacle, part pilgrimage. You felt like you had arrived in Oz. Apples fell from the ceiling. Wind roared during the tornado. 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