What happened
arXiv:2609.12105v1 Announce Type: new Abstract: The prevailing assumption in applied machine learning is that progress on consequential quantitative decisions such as pricing risk, allocating capital, triaging patients, or containing a network intrusion will follow from progress in large language models (LLMs). A language model is trained on a representation of the world that was produced by human description; description is a lossy encoding of the quantitative record, and the loss is irreversible: no downstream model, at any scale, can recover from a description what the description did not encode. We formalize this as a property of the representation on which a model is trained rather than of the model capacity, and we identify three further properties that consequential settings demand of a model and that a language substrate cannot supply by construction: reproducibility, lineage from every output back to the source records that produced. it, and calibrated uncertainty. We argue that these properties define a distinct model class, which we call the Large Quantitative Model (LQM).