The Harry and Meghan show is a royal knockout

This is Bloomberg Opinion Today, a docudrama of Bloomberg Opinion’s opinions. Sign up here. Harry and Meghan have lessons for William and Ka [Bloomberg]( Follow Us [Get the newsletter]( This is Bloomberg Opinion Today, a docudrama of Bloomberg Opinion’s opinions. [Sign up here](. Today’s Agenda - [Harry and Meghan]( have lessons for William and Kate. - Artificial intelligence gets [smarter every day]( ... - … But robots are [still not very good at investing](. - The UK healthcare system is at [breaking point](. Prince and Princess Less-Than-Charming Back in 1987, the British Royals were wrestling with how to modernize their public image. Prince Edward, the Queen’s youngest child, came up with the wheeze of having family members appear in a version of a popular television show called It’s a Knockout — think Squid Game, but with participants throwing hams at each other instead of risking their lives in deadly children’s pastimes. A staggering 18 million Brits tuned in to watch various princes and princesses and celebrities dressing as giant vegetables and falling into pools of water, making it the fourth most-watched program of the year. You can [click here for a YouTube video]( featuring the show in all of its, ahem, glory. Fast forward to this week. Netflix has just released the first three episodes of a six-part documentary featuring the Duke and Duchess of Sussex, known universally as Harry and Meghan. Predictably, and somewhat depressingly, Harry takes verbal potshots at his brother William, the Prince of Wales, and their father, King Charles. Meghan contrasts her informal approach with her more uptight sister-in-law Catherine, Princess of Wales. Martin Ivens is sympathetic to the couple and their decision to quit “The Firm” and move to the US, given the UK media hostility they suffered and the racist undercurrent of many of the attacks. And he argues that William and Kate should “[learn some useful lessons]( from what must be painful viewing.” For starters, they should hire more diverse talent in public-facing roles as part of the necessary process of modernizing the Palace. And the Prince and Princess of Wales should take note of the “directness and lack of diffidence that will keep us tuning in” to the Netflix shows. “Their own communications need to innovate in order to consolidate their appeal as inheritors of the (real) Crown when audiences are glued to the drama version and the story of the two apostates,” Martin writes. “Any Sufficiently Advanced Technology Is Indistinguishable From Magic” That characterization by sci-fi novelist and futurist Arthur C. Clarke is an apt description of ChatGPT, the chatbot recently released by the research group OpenAI. Trained by machine learning, the bot can generate sophisticated summaries, punning parodies and authoritative advice to questioner’s queries. The problem, as Bloomberg’s editorial board explains, is that the “thrilling, vexing, ontologically mesmerizing new technology” also has a nasty habit of coming up with answers that are “precise, authoritative and utterly wrong.” Nevertheless, the arrival of such [a powerful artificial intelligence tool is to be welcomed](. “In all likelihood, no one has thought of the best uses for it yet,” the board writes. “Its effect on the knowledge economy could be profound. In previous eras, wars might’ve been fought for access to such a seemingly enchanted tool — and with good reason.” Still, there’s one area of life that AI hasn’t been able to crack yet — [investment fund management](, argues Aaron Brown. Money managers “are only able to access a tiny fraction of all information relevant to security selection and must guard against a suite of behavioral biases that sabotage strategies,” he writes. “But a tireless machine able to digest all information and immune to human biases should be clearly superior.” That hasn’t happened. The AI Powered Equity ETF — the only major fund run by AI – has “underperformed and attracted low investor interest.” Aaron calculates that since its launch in October 2017, the fund has returned just under half as much as the Vanguard S&P 500 ETF. Where AI and machine learning have succeeded is in processing unstructured data such as text, and in generating trading algorithms that decide how to efficiently split trades up and execute them on various platforms. “AI is slowly being integrated into quantitative investing, particularly for signal extraction and trading, but is enhancing human research and decision making rather than replacing them,” Aaron writes. “Investors should forget looking for a Skynet or Hal 9000 to run their money at the moment.” Telltale Charts New data show that backlogs at the UK’s National Health Service have reached a record 7.2 million, emergency departments are leaving patients waiting longer for care, ambulances are taking longer and then are kept waiting outside hospitals for lack of space in emergency wards. “I’ve never seen such [a systematic breakdown of normal services](, such despair among doctors and nurses or such loss of faith from the public,” writes Therese Raphael. “Britain is clearly moving toward a two-tier health care system in which more people who can opt for private care do so.” Further Reading Cheaper oil and costlier batteries are [2022’s unpleasant energy surprises](. — Elements by Liam Denning For 2022’s market winners, [the hard work starts now](. — John Authers [How Republicans lost their House edge]( in the midterm elections. — Justin Fox Ex-Elliott activist investor [hasn't forgotten the playbook](. — Chris Hughes [Black Republicans](are not political unicorns. —  Robert A. George ICYMI [Angry rebel farmers]( are pushing back against measures designed to combat the climate emergency. Smash-and-grab watch thefts [threaten to tarnish the allure of horology brands]( from Rolex to Patek Philippe. [A tale of tuna]( tells the story of Japan’s struggle with inflation. Elon Musk says he’s [“open to the idea”]( of buying web publisher Substack Inc. Kickers Almost everyone in South Korea is about to become [a year younger](. A US Justice Department official said in July the agency might have seized a Faberge egg on a Russian yacht, which would leave just one of the 45 believed to exist still AWOL. “It could be a chocolate egg. It could be paper mache. It could be made out of wishful thinking,” said a skeptical expert. Turns out [the expert was probably correct](. Colgate’s [9 billion toothpaste tubes]( defy effort to recycle them. Notes:  Please send missing Faberge eggs and feedback to Mark Gilbert at magilbert@bloomberg.net. 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