Paul Mampilly is one person who is totally enthusiastic about “getting chipped.” This means that more people will allow their employers to surgically place a radio-frequency ID or RFID chip into the area between their thumbs and forefingers. One company that has recently offered this option to its employees is Three Square Market.
The chip allows employees to access several things without the need for a password, key, credit or debit card or license. For example, Three Square Market’s employees no longer need security cards to open doors and use the copy machines. When they purchase something in the snack room, they don’t need their debit or credit cards. Because of the chip, the purchase is automatically billed to them.
Paul Mampilly is aware that many people are against this new technology because of privacy concerns, but he isn’t as worried about these issues. He states that there have always been naysayers when someone has introduced a new form of technology. For example, Swiss scientist Conrad Gessner was actually against book publishing! More recently, reporters on CNN expressed their disdain for email by stating that the new form of communication would decrease people’s IQs more than smoking marijuana could.
According to Paul Mampilly, the media will always go out of its way to frighten the public about new technology. After some time has passed, we have seen that technology has done a lot to improve our lives. That’s the reason that Paul Mampilly takes the media’s concern about chipping with a grain of salt. Since he believes that the new technology will make it easier to pay for things, this is even more reason to ignore what people are saying in the media because we are constantly opening our wallets to make purchases.
On a deeper exploration of the subject, Paul Mampilly has discovered that the concern about privacy is not really valid. Mobile phones store an inordinate amount of our personal information, and Google knows every time we search for something in its search engine. If that wasn’t enough, Facebook knows who all of our friends are, and Amazon has a record of everything we have bought through the site. Lastly, Visa and MasterCard have a list of every purchase we make with our credit cards.
The truth is that the technology is already out there. Currently, it is in the E-ZPass, SunPass and I-Pass that are used to go through tollbooths. When it is more prevalent in society, it isn’t going to make that much difference, according to Paul Mampilly.
Paul Mampilly has estimated that he reaches into his wallet at least 30 times per week, and he would love it if he didn’t have to do this. He believes that carrying around documents is completely unnecessary and is a nuisance. If he could be chipped, he believes that hundreds of hours per year would be saved because he wouldn’t be spending any time searching for these things. A chip would also keep him from experiencing as much stress because he wouldn’t need to worry about these documents.
Paul Mampilly says that the financial sector is about to experience a revolution, and a lot of people are looking forward to the greater convenience that chipping will offer them. The fact that this technology also gives the public a greater degree of freedom is another positive feature.
The truth is that Paul Mampilly believes we are already moving in the direction of chipping. After all, Three Square’s employees volunteered to be chipped. That’s why Paul Mampilly added stocks related to this technology to his Profits Unlimited portfolio. In just seven months, this stock has increased by approximately 50 percent. This told Paul Mampilly that it would be a good idea to research other similar stocks and add them to his portfolio as well.
Apparently, there will be an increased number of stocks that fall under the umbrella of this new technology in the years to come. In 2015, the biometrics industry realized $10.7 billion in revenue, but that is expected to increase to $32.7 billion in the year 2022. This opens the door to several new products, including facial recognition, iris scanners, fingerprint readers, voice recognition, palm prints and veins scans. The high prevalence of cyber crime has made these things necessary to protect people’s identities.
For Paul Mampilly, it would be a dream to be able to go to an eatery or the grocery store and not have to take out his wallet to pay for purchases. When the train, the automobile, the computer, paper money and the cell phone were introduced to the public, many people resisted these things that are so ubiquitous nowadays. The objections never win out because the technology always makes life so much easier than it was in the past. Therefore, Paul Mampilly is one who believes that we will all have a microchip implanted in our bodies one day.
About Paul Mampilly
Paul Mampilly attended Montclair State University and graduated with a Bachelor of Business Administration in 1990. He graduated from Fordham Graduate School of Business in 1996 with a Master of Business Administration. After retiring from his job as a hedge fund manager, Paul Mampilly started two newsletters with the intent of educating the public on how to make the best investments. One newsletter is entitled “Profits Unlimited,” and the other newsletter is called “Extreme Fortunes.”
Paul Mampilly started to climb the ladder on Wall Street when he began his first job as an assistant portfolio manager at Bankers Trust. He enjoyed even greater successes at ING and Deutsche Bank where he was privileged to manage accounts worth millions of dollars. This led the owners of Kinetics Asset Management to recruit him to manage their hedge fund. Because Paul Mampilly was at the head of this hedge fund, the company’s assets increased to $25 billion. As a result, Barron’s labeled the fund as the “World’s Best” hedge fund because the fund’s annual returns averaged 26 percent while Paul Mampilly was in charge.
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