I agree the finance example is useful. I would expect that in both our case and the finance case the best implementation isn’t actually mutually exclusive funds, but funds with clear and explicit ‘central cases’ and assumptions, plus some sensible (and preferably explicit) heuristics to be used across funds like ‘try to avoid multiple funds investing too much in the same thing’.
That seems to be both because there will (as Max suggests) often be no fact of the matter as to which fund some particular company fits in, and also because the thing you care about when investing in a financial fund is in large part profit. In the case of the healthcare and tech fund, there will be clear overlaps—firms using tech to improve healthcare. If I were investing in one or other of these funds, I would be less interested in whether some particular company is more exactly described as a ‘healthcare’ or ‘tech’ company, and care more about whether they seem to be a good example of the thing I invested in. Eg if I invested in a tech fund, presumably I think some things along the lines of ‘technological advancements are likely to drive profit’ and ‘there are low hanging fruit in terms of tech innovations to be applied to market problems’. If some company is doing good tech innovation and making profit in the healthcare space, I’d be keen for the tech fund to invest in it. I wouldn’t be that fussed about whether the healthcare fund also invested in it. Though if the healthcare fund had invested substantially in the company, presumably the price would go up and it would look like a less good option for the tech fund and by extension, for me. I’d expect it to be best for EA Funds to work similarly: set clear expectations around the kinds of thing each fund aims for and what assumptions it makes, and then worry about overlap predominantly insofar as there are large potential donations which aren’t being made because some specific fund is missing (which might be a subset of a current fund, like ‘non-longtermist EA infrastructure’).
I would guess that EAF isn’t a good option for people with very granular views about how best to do good. Analogously, if I had a lot of views about the best ways for technology companies to make a profit (for example, that technology in healthcare was a dead end) I’d often do better to fund individual companies than broad funds.
In case it doesn’t go without saying, I think it’s extremely important to use money in accordance with the (communicated) intentions with which it was solicited. It seems very important to me that EAs act with integrity and are considerate of others.
I agree the finance example is useful. I would expect that in both our case and the finance case the best implementation isn’t actually mutually exclusive funds, but funds with clear and explicit ‘central cases’ and assumptions, plus some sensible (and preferably explicit) heuristics to be used across funds like ‘try to avoid multiple funds investing too much in the same thing’.
That seems to be both because there will (as Max suggests) often be no fact of the matter as to which fund some particular company fits in, and also because the thing you care about when investing in a financial fund is in large part profit. In the case of the healthcare and tech fund, there will be clear overlaps—firms using tech to improve healthcare. If I were investing in one or other of these funds, I would be less interested in whether some particular company is more exactly described as a ‘healthcare’ or ‘tech’ company, and care more about whether they seem to be a good example of the thing I invested in. Eg if I invested in a tech fund, presumably I think some things along the lines of ‘technological advancements are likely to drive profit’ and ‘there are low hanging fruit in terms of tech innovations to be applied to market problems’. If some company is doing good tech innovation and making profit in the healthcare space, I’d be keen for the tech fund to invest in it. I wouldn’t be that fussed about whether the healthcare fund also invested in it. Though if the healthcare fund had invested substantially in the company, presumably the price would go up and it would look like a less good option for the tech fund and by extension, for me. I’d expect it to be best for EA Funds to work similarly: set clear expectations around the kinds of thing each fund aims for and what assumptions it makes, and then worry about overlap predominantly insofar as there are large potential donations which aren’t being made because some specific fund is missing (which might be a subset of a current fund, like ‘non-longtermist EA infrastructure’).
I would guess that EAF isn’t a good option for people with very granular views about how best to do good. Analogously, if I had a lot of views about the best ways for technology companies to make a profit (for example, that technology in healthcare was a dead end) I’d often do better to fund individual companies than broad funds.
In case it doesn’t go without saying, I think it’s extremely important to use money in accordance with the (communicated) intentions with which it was solicited. It seems very important to me that EAs act with integrity and are considerate of others.