Speaker 1: You're listening to Bloomberg Business Week with Carol Messer and
Speaker 1: Tim Stenebeck on Bloomberg Radio. We're gonna stay in Miami
Speaker 1: and welcome in as well our Bloomberg TV audience and
Speaker 1: YouTube and Bloomberg originals are streaming service because we've got
Speaker 1: a special guest. Kathy Wood is back with us. She's
Speaker 1: the founder, chief investment officer and CEO of our Investment Management,
Speaker 1: joining us from St. Petersburg, Florida. Kathy, great to have
Speaker 1: you back with us. Happy New Year, Happy new Year.
Speaker 1: I'm I'm really happy to be with you, and it
Speaker 1: is so far a happy new year. It's definitely a
Speaker 1: different tone. Well, you know, it's interesting we watched yesterday
Speaker 1: continuing today even though we're off our highs. When it
Speaker 1: comes to stocks, Kathy, it seemed the more j. Powell talked,
Speaker 1: the more you know excitement you saw, and it moves
Speaker 1: to the upside when it came to both stocks and bonds.
Speaker 1: Does this market reaction make sense to you or do
Speaker 1: you see some irrational exuberance if you will know, if anything,
Speaker 1: I saw an exaggerated UH reaction last year to fears
Speaker 1: that inflation and interest rates were embedded in the system, uh,
Speaker 1: like they were in the seventies, and we just didn't
Speaker 1: believe that at all. In fact, we were seeing a
Speaker 1: lot of early signs of UH inflation coming down, actual
Speaker 1: deflation surfacing. So this does not surprise us. I think
Speaker 1: what has happened here there there are three people who
Speaker 1: have weighed in in in in the last week who
Speaker 1: really have changed their points of view. One is Larry Summers.
Speaker 1: Larry Summers was almost apoplectic last year. So this is
Speaker 1: the former Treasury sector almost eplectic about inflation. And I
Speaker 1: think he truly influenced the FED because he was so
Speaker 1: sure that we were in a seventies style inflation. If
Speaker 1: you'll notice in the last week he said, okay, now,
Speaker 1: don't don't signal what you're going to do in the future.
Speaker 1: We're seeing some economic weakness here. And I think the
Speaker 1: other thing he was saying, not explicitly, was hey, some
Speaker 1: prices are coming down that I didn't expect to come down.
Speaker 1: You know, the oil prices roughly half of where it
Speaker 1: was last March. So that's uh. That's the first person.
Speaker 1: The second person was Treasury Secretary Janet Yellen. And remember,
Speaker 1: I think the market last year got really upset when
Speaker 1: she changed her mind on transitory and uh and and
Speaker 1: and I think that fed Chairman Powell as well, and
Speaker 1: uh and and turned him into an even more hawkish mode.
Speaker 1: Along with the rest of the Ford board members. She
Speaker 1: this week said that now that inflation is coming down,
Speaker 1: we're probably going to be looking at the bigger risk
Speaker 1: being kind of mired in low inflation, low growth. That
Speaker 1: was a big and it effectively says, wow, maybe it
Speaker 1: was transitory after all. It was just a little longer
Speaker 1: than we expected. Who knew supply chain problems would last
Speaker 1: two to three years? Who knew Russia would invade? And
Speaker 1: then the third the third thing that happened. This was
Speaker 1: really important. I think in the Q and a UM
Speaker 1: Chairman Powell himself said, I agree with Lyle Brainerd. We
Speaker 1: do not believe we're in the middle of a weight
Speaker 1: price spiral. And that's another code phrase for the seventies
Speaker 1: style inflation. So I think that is what the markets
Speaker 1: responding to. Cathy, you've talked about the threat of deflation,
Speaker 1: So what's your view of that versus inflation right here? Well,
Speaker 1: a couple of things. We see the deflation in the
Speaker 1: pipeline because commodity prices, which are at the top of
Speaker 1: the funnel, have been coming down on balance. Now we're
Speaker 1: we're seeing right now some interruptions in that as China
Speaker 1: moves away from its zero COVID policy. But I think
Speaker 1: the fake out here is China has been building inventories,
Speaker 1: particularly of energy. It's been getting Russia's energy for discount
Speaker 1: to what the rest of us are paying, So why
Speaker 1: wouldn't it build inventories. So I think I think UM,
Speaker 1: that fear is probably going to be or has been
Speaker 1: a little overblown in terms of ramifications for inflation. UH.
Speaker 1: And I also don't China's China's taking off. But anyway,
Speaker 1: we have the funnel. We had at a holiday time
Speaker 1: massive discounting UH. And even though we had massive discounting,
Speaker 1: in the fourth quarter, inventory accumulation accelerated. That was the
Speaker 1: biggest surprise to me. Wait a minute, final sales were
Speaker 1: that punk uh. That inventories built even though retailers and
Speaker 1: others were trying to clear the shelves with these massive discounts.
Speaker 1: That was very interesting to me. So I think unflying
Speaker 1: demand here is um basically the consumer railing against price
Speaker 1: increases because real average wages have gone down and the
Speaker 1: consumer is going to win this battle. Kathy, I want
Speaker 1: to go back to the way that you characterize what
Speaker 1: we heard from the FED and J Powell yesterday, because
Speaker 1: he also said some other things like further rate hikes
Speaker 1: will be appropriate. It's premature to declare victory. We have
Speaker 1: a lot of work left to do, and if our
Speaker 1: outlook turns true, then I don't see us cutting rates
Speaker 1: this year. What convinces you that his views have changed, Well,
Speaker 1: I think he is looking at the bond market and
Speaker 1: he's saying what he should say as as a FED
Speaker 1: chairman who has been very concerned about inflation. He can't
Speaker 1: turn on a dime. But just look at what the
Speaker 1: bond market saying. The long term bond yield peaked in
Speaker 1: October at four point three and today we got down
Speaker 1: to I believe three point three five. You know, if
Speaker 1: if you look at the tenure bond yield as a
Speaker 1: proxy for what effectively nominal g d P give or
Speaker 1: take a little uh nominal GDP growth will be over
Speaker 1: the next ten years, that doesn't need leave a lot
Speaker 1: of room for for much inflation. If we're going to
Speaker 1: have real growth over the next ten years, so I
Speaker 1: think the markets are speaking loudly. I think the inverted
Speaker 1: yield curve, we're still around seventy basis points haven't been that.
Speaker 1: We haven't seen it this low since the early eighties
Speaker 1: when Vulcar was trying to strangle inflation out of the system,
Speaker 1: and he did so. Cathy, forgive me, I want to
Speaker 1: jump in for a second, because, so are you expecting
Speaker 1: the Fed to cut rates this year? I would not
Speaker 1: be surprised to see the Fed cut rates this year. Uh.
Speaker 1: And one of the other reasons that we're very focused
Speaker 1: on this message that the bigger risk is deflation, it's
Speaker 1: also a very big opportunity. Um when when we look
Speaker 1: at deflation, there are there's good deflation and there's bad deflation.
Speaker 1: The bad deflation is caused by demand destruction. The good
Speaker 1: deflation creates demand. And that is what our research is
Speaker 1: centered on, which is illogically enabled innovation that rides down
Speaker 1: learning curves, which are expressed by cost cost declines, which
Speaker 1: turn into price declines. You'll notice that Tesla is cutting
Speaker 1: cutting prices and many many people jump to the conclusion that, oh,
Speaker 1: they're having so much trouble now, there's so much more competition.
Speaker 1: No Tesla can cut prices now that supply chain issues
Speaker 1: are passing us because it is riding down a cost curve.
Speaker 1: The battery cost curve declines, and I think it's battery
Speaker 1: costs are lower than anyone else's. It's drive train costs
Speaker 1: is more more correctly, UH said, are are lower than
Speaker 1: anyone's out there. And so he wants he wants to
Speaker 1: proliferate electric vehicles to save us from environmental disaster. That
Speaker 1: is his mission, and he is going to drive down prices.
Speaker 1: When you drive down prices, units explode. It's no surprise
Speaker 1: to us even without price cuts. Last year that electric
Speaker 1: vehicle demand was up more than sixty percent while gas
Speaker 1: powered demand was down I believe seven percent. The consumer
Speaker 1: pref shift has occurred. We are now in prime time
Speaker 1: for electric vehicles. I want to go back to test
Speaker 1: in a moment, but I want to go back to
Speaker 1: here our innovation E t F. We've done the story
Speaker 1: on Bloomberg. You guys had the best month on record
Speaker 1: for the fund, up twenty percent at all r E
Speaker 1: t F s. All the eight ones E t F
Speaker 1: s are up, seven of them in double digits. Do
Speaker 1: you see that as vindication for your investment theses UM,
Speaker 1: and do you think it can continue. Yes, we believe
Speaker 1: that innovation was one of the biggest victims of the
Speaker 1: of the massive interest rate in increase we saw last
Speaker 1: year and less than a year, I think eighteenfold increase
Speaker 1: in interest rates. It was like a massive earthquake. And
Speaker 1: the other victim, of course was the other very long
Speaker 1: duration asset out their long term bonds. Uh. They were
Speaker 1: hit at least through October, if if my numbers are correct,
Speaker 1: The long bond market had not seen that um, that
Speaker 1: bad a year since the seventeen hundreds. We're not We're
Speaker 1: not talking post worl War two. We're talking about the
Speaker 1: gives you a sense of the shock to the system,
Speaker 1: and the shock to our strategy was palpable. Boy, we
Speaker 1: felt it every time Chairman pal spoke. We're speaking with
Speaker 1: Cathy Wood, CEO of ARC Investment Management. Kathy Carroll just
Speaker 1: asked you about the performance in January and she mentioned
Speaker 1: that it's the best month ever for the our innovation
Speaker 1: e t F. The thing is is that the jumping
Speaker 1: performance hasn't been met with in the way of flows,
Speaker 1: with investors putting money back into ARC. Perhaps This is
Speaker 1: because it's been a tough couple of years for the
Speaker 1: E t F and for many of your E t
Speaker 1: F s. How do you win them back? Well, actually,
Speaker 1: I don't think we lost many investors. I think the
Speaker 1: shock to most people is how well we held our
Speaker 1: assets in Our underperformance started in February of twenty one,
Speaker 1: when people were starting to get vaccinated, going back to work,
Speaker 1: and these fears of inflation started to surface. So since
Speaker 1: February of twenty one, we have seen a massive down
Speaker 1: round in our innovation strategies. And in twenty one we
Speaker 1: had very significant inflows, most of which we kept. I
Speaker 1: think the net was seventeen billion that year. Last year
Speaker 1: again a horrific year. I think for the year our
Speaker 1: flagship was so a r k K was inflows one
Speaker 1: more than one point five billion dollars, and I think
Speaker 1: that shocked a lot of people. What we saw was
Speaker 1: averaging down. Uh. Many of our loyal shareholders did average down,
Speaker 1: and I think one of the reasons they did is
Speaker 1: we were out there every step of the way, giving
Speaker 1: away our research, reassuring our clients that actually innovation solves problems,
Speaker 1: and we have so many problems now created by supply
Speaker 1: chain problems, the war created by the FED, and the
Speaker 1: demand destruction which is hurting margins, which technology will solve
Speaker 1: in terms of increasing productivity. And I think because we
Speaker 1: are so um prolific in in our research, our analysts
Speaker 1: are amazing in terms of the kind of original research
Speaker 1: they're doing, So our clients and others are reading research
Speaker 1: from us that they're not seeing from anyone else or
Speaker 1: anyone at all. And I wouldn't get even out And
Speaker 1: I want to get into that in a moment, because
Speaker 1: I do love it, Cathy, like you've got over a
Speaker 1: hundred fifty pages and your big ideas for for this year,
Speaker 1: and it's a lot of things that we talk about.
Speaker 1: What I do want to ask you though, after a
Speaker 1: sixty scent drop in our innovation the e t F
Speaker 1: last year, and I know it was a tough year
Speaker 1: for form many assets, do you find any of your
Speaker 1: investors kind of treating ARC a little bit, you know,
Speaker 1: more cautiously. I think one thing that happened last year
Speaker 1: is we were able with a number of papers we
Speaker 1: were uh we called it our ground war. We're trying
Speaker 1: to help investors and advisors understand that if you take
Speaker 1: a look at truly disruptive innovation, which is all we
Speaker 1: do UM and you look at other growth portfolios, large
Speaker 1: cap growth, uh, you know growth generally, as well as
Speaker 1: the major benchmarks like the NASDACK, you won't find much
Speaker 1: truly disruptive innovation in them. And so as we were
Speaker 1: getting hit so badly, what we also saw is investors
Speaker 1: taking tax losses in some of NASTAC and other strategies
Speaker 1: and moving into our strategy, which was hit so hard
Speaker 1: because they did believe that we were going to rebound faster.
Speaker 1: We were the hit hit the hardest. Our research would
Speaker 1: suggest that that the two hundred trillion dollars that we
Speaker 1: expect by twenty thirty to be the market valuation pleased
Speaker 1: on disruptive innovation, that that had changed, that that hadn't changed.
Speaker 1: And so if you have a five year investment time horizon,
Speaker 1: yes you move into our strategy and oh, by the way,
Speaker 1: we are the new NASTAC, which is one of the
Speaker 1: ways we were trying to convey. Look, if you want
Speaker 1: to look at the future and truly disruptive innovation the
Speaker 1: way the Nasdaq the NASDAC performed in the eighties and nineties,
Speaker 1: that's where we went vation. Okay, look through that now
Speaker 1: you will not find the kind of disruptive innovation. It
Speaker 1: certainly doesn't dominate those indexes. Maybe them. Well that's perfect.
Speaker 1: That's the perfect segue, Kathy, to get you to weigh
Speaker 1: in on what we look for from the companies that
Speaker 1: are reporting this afternoon. Companies like Apple, Alphabet, Amazon, These
Speaker 1: are not companies that you necessarily are betting on. These
Speaker 1: are companies that you think can be disrupted. What do
Speaker 1: you watch for with them? What can they tell us
Speaker 1: about how the economy is? And you know what what
Speaker 1: arcs should be looking at. Yes, well you know when
Speaker 1: I say we don't own those in our flagship strategy,
Speaker 1: we do own them in some of our more specialized strategies.
Speaker 1: But these two are the companies that have enjoyed incredible success.
Speaker 1: They have created big, big markets, and to move up
Speaker 1: tenfold hundredfold from here is going to be difficult. We're
Speaker 1: not saying they're not going to be successful, but we
Speaker 1: are saying a few things. Take Amazon. Amazon is not
Speaker 1: a social network. We have moved into a world of
Speaker 1: social commerce, so we own Shopify. Shopify is supporting Instagram
Speaker 1: and TikTok and others that have that that are taking
Speaker 1: really social commerce and scaling it. UM and Amazon will
Speaker 1: not become a social network. It is not one. It's
Speaker 1: a good online UH retailer um and I would put
Speaker 1: it in a more mature category of online retail. That's
Speaker 1: not what we do. If you look at Google or
Speaker 1: alphabet UM, everyone is talking about chat GPT, and we
Speaker 1: do believe that it is going to put search at risk.
Speaker 1: Search is of Google's revenues. Now. We also believe, however,
Speaker 1: that the Google is going to harness AI as well.
Speaker 1: I mean, it has it owns deep mind. It is
Speaker 1: one of the best AI companies in the world. But
Speaker 1: I think it has been so caught up in fears
Speaker 1: about legal liability associated with the dangers created by about
Speaker 1: Microsoft and Microsoft's big investment chat GPT. Do they have
Speaker 1: the potential to overtake Google when it comes to search
Speaker 1: because of the way they are harnessing AIM. I I
Speaker 1: think that's the big threat. I think that's why uh
Speaker 1: Sundar went to code read at at at Google. I
Speaker 1: think they're going to become very aggressive. Uh So, yes, yes,
Speaker 1: we absolutely are are focused on what open ai and
Speaker 1: Microsoft are going to do together. Kathy, you know one
Speaker 1: thing is and you know for our TV and our
Speaker 1: streaming service and YouTube, we've got you know, the share
Speaker 1: prices of Apple, Amazon, Meta and Alphabet up there. I
Speaker 1: mean you're looking at Meta up more than and it
Speaker 1: was higher at its best levels of the session. I
Speaker 1: do like how you think about innovation and things that
Speaker 1: are going to be impacting us in years to come.
Speaker 1: Is the metaverse something that you guys think about that
Speaker 1: this is an important trend or TB d well. Yeah,
Speaker 1: In Japan we subadvise a fund for Nico Asset Management
Speaker 1: UM called the Metaverse. So yes, we are in the
Speaker 1: very early days of what will become very immersive digital experiences.
Speaker 1: In fact, we believe that more than half of our
Speaker 1: spending will end up online as opposed to UH through
Speaker 1: physical stores. UH and and that's part of our big
Speaker 1: ideas this year. Our our team UH led by Frank
Speaker 1: Downing and Nick Bruce, have done a terrific job Andrew
Speaker 1: as well, pulling together how this new world is going
Speaker 1: to work. So absolutely we do. I think what happened
Speaker 1: with Meta last night I listened to the call was fascinating.
Speaker 1: I think what's happening is UH, Meta has an answer
Speaker 1: to TikTok It's reels and Reels is taking off. They're
Speaker 1: also extremely focused on using artificial intelligence as they are
Speaker 1: activating this platform. And What's App is also uh a
Speaker 1: very important platform that they have not monetized and now
Speaker 1: they're activating it. Uh so really really fascinating. And you know,
Speaker 1: just to give you a sense, Delta is working through
Speaker 1: What'sapp right now to inform passengers when something goes wrong,
Speaker 1: uh and improving customer service dramatically. So you know this
Speaker 1: this could become a very big business use case. So yes,
Speaker 1: lots of big markets that Facebook. The other thing that
Speaker 1: Mark did was used the word efficiency. Uh. He must
Speaker 1: have used times and and and in that in that vein,
Speaker 1: he was using artificial intelligence as well. Because as we
Speaker 1: in big Ideas uh and you can find big ideas
Speaker 1: on our dash invest dot com um. In Big Ideas,
Speaker 1: we show the pro of activity increases that are possible
Speaker 1: because of artificial intelligence. It's these companies who could be
Speaker 1: some of the biggest beneficiaries if they harness AI correctly.
Speaker 1: I think a lot of people are looking for the
Speaker 1: killer app like they look like these viral apps that
Speaker 1: the Internet delivered the killer app for artificial intelligence is
Speaker 1: productivity games, and any company does not harness it is
Speaker 1: probably not going to be one of the big winners
Speaker 1: out there. And just one other thing on AI. I
Speaker 1: think a lot of a lot of the hype is
Speaker 1: in companies that have AI in in their names. But
Speaker 1: I think, you know, the real winners here are going
Speaker 1: to be those companies that have proprietary data and have
Speaker 1: lots of it, have the best domain expertise, best AI expertise,
Speaker 1: the best pools of high quality data. Two basically create
Speaker 1: new businesses in you're a big ideas paper you again
Speaker 1: speaking of of big ideas. And I love when we
Speaker 1: talk about this because everybody on Twitter has a comment.
Speaker 1: But you stick to your million dollar bitcoin forecast despite
Speaker 1: what we saw I think about a six drop in
Speaker 1: it last year. Um, people are saying to me, really
Speaker 1: did she really stick to this? Why the confidence in
Speaker 1: that despite everything? Well, the confidence actually was strengthened last year. Now,
Speaker 1: last year was was a terrible year for everything crypto,
Speaker 1: But if you think about what happened, it was the
Speaker 1: centralized opaque players who went bankrupt f tx Celsius three
Speaker 1: hours to capital Um and and what did we see
Speaker 1: from bitcoin. Bitcoin is completely decentralized and transparent. It started
Speaker 1: because of oh eight oh nine, the lack of transparency
Speaker 1: in the traditional financial services ecosystem. And I remember when
Speaker 1: we did our research and Art Laugher I mentioned him.
Speaker 1: I mentioned him the first it was on your show. Um,
Speaker 1: he took us through what bitcoin meant to him and
Speaker 1: it was wow, Art, the this is a rules based
Speaker 1: moetary It's a rules based digital monetary system, and it's
Speaker 1: global and and there's no human intervention. Uh, it's very disciplined.
Speaker 1: It's mathematically metered to top out at twenty one million units.
Speaker 1: Well in the last year, the response to the last
Speaker 1: three years, the responses to COVID, the the fiscal and
Speaker 1: monetary responses that you know in many countries are causing
Speaker 1: hyper inflation and you know fiscal crises. We're seeing protests
Speaker 1: and riots all over the place. Um, well, where do
Speaker 1: these people go for an insurance policy against an implosion
Speaker 1: in their purchasing power and wealth. It is in something
Speaker 1: like bitcoin. Bitcoin is an insurance policy, and it is
Speaker 1: an insurance policy for the for for everyone, against confiscation
Speaker 1: of wealth. Uh. So you're not tempering any of your
Speaker 1: thoughts even with what happened last year, and if anything,
Speaker 1: you're kind of doubling down in your conviction because of
Speaker 1: what happened last year. Is that fair? Yeah? We did.
Speaker 1: We tempered a few assumptions we thought, led by Tesla
Speaker 1: and block formally Square and micro Strategy, that more corporations
Speaker 1: would put coin on their balance sheets. That is that
Speaker 1: we've dialed that one down considerably. And the same thing
Speaker 1: with Nation States El Salvador, as they're sticking to their
Speaker 1: guns on this one. Uh and uh and actually are
Speaker 1: doubling down. I believe in terms of bondish ones back
Speaker 1: by a bitcoin um but other countries will probably not
Speaker 1: move as quickly as they might have if L. Salvador
Speaker 1: had had, you know, a grand swish right off the bat.
Speaker 1: We do think it will happen, it's just we've pushed
Speaker 1: it out a bit. So I think our base case
Speaker 1: going now is in five years, I think roughly six
Speaker 1: and seventy thousand, something like that, and then in by
Speaker 1: thirty as as we see more use cases and more
Speaker 1: of these insurance policies taken out against they still and
Speaker 1: policy regimes are not healthy, we think it could pass
Speaker 1: a million dollars. Kathy, we don't have a ton of time,
Speaker 1: and I want to make sure to get to a
Speaker 1: few more of your big ideas in your research. For
Speaker 1: three we've talked about AI, We've talked about cryptom we
Speaker 1: talked a little bit about batteries in Tesla. UH. In
Speaker 1: the last thirty seconds or just the last couple of
Speaker 1: minutes that we have with you, let's talk about a
Speaker 1: few you more specifically robotics. What what's appealing to and
Speaker 1: what's exciting to you. What do you see as investment
Speaker 1: opportunities for robotics. Well, I think everyone thinks robots have
Speaker 1: been around forever, and they kind of have, but they've
Speaker 1: been locked in cages inside auto companies and so forth.
Speaker 1: What we have now is really the dawn of the
Speaker 1: age of robotics. It's really going to happen because of
Speaker 1: battery technology and artificial intelligence, and we're talking about industrial robots.
Speaker 1: Amazon is adding one thousand robots per day UH and
Speaker 1: by the year we think they will have that Amazon
Speaker 1: will have more robots than people. Even though they will
Speaker 1: continue to increase their employment UH, roles, robots will increase faster.
Speaker 1: Why is this happening? Well, as always with technology. The
Speaker 1: technology is ready and even more important, the costs are
Speaker 1: low enough now and the technology really AI battery technology
Speaker 1: g critically important. Uh. And the costs if we use
Speaker 1: rights law for every cumulative doubling in the number of
Speaker 1: industrial robots produced, costs will decline by I think it's
Speaker 1: even more than that, given the massive labor shortages that
Speaker 1: have been exposed, and we still have around the world,
Speaker 1: some of its demographics, some of its COVID related um,
Speaker 1: the aftershocks. We think the time is right for robotics now.
Speaker 1: So uh. And you know, Tesla is a robotics company
Speaker 1: autonomous vehicles, which is where we're going. Uh, those are butts,
Speaker 1: those are robots. So we think we're going to see
Speaker 1: a lot of robots rolling around, flying in the air,
Speaker 1: drones and so forth, so, you know, and collapsing. The
Speaker 1: cost of that, I don't know. If that's so, I'll
Speaker 1: take it. I'll take Kathy. We really only have about
Speaker 1: twenty five seconds left, so quickly, if you've got some
Speaker 1: new money to commit, what's the name you buy at
Speaker 1: Tesla right now? Well, Tesla is the number one position
Speaker 1: in two of our fund Eric KK and r k Q,
Speaker 1: and we even have it in r k W because
Speaker 1: it is probably the best case of a convergence between
Speaker 1: and among the most uh massive innovation opportunities of our lifetimes. Robotics,
Speaker 1: autonomous vehicles or robots, energy storage, they will be electric,
Speaker 1: and artificial intelligence. They'll be powered by AI. So that's
Speaker 1: one S curve feeding ANOTHERS curve feeding another escort. Gonna
Speaker 1: leave it there. I feel like we go around the
Speaker 1: world with you, Kathy, and so appreciated. Kathy would. She's
Speaker 1: the CEO, she's the founder, she's the ce IO of
Speaker 1: ARC Investment. Check out her Big Ideas fifty three pages.
Speaker 1: You can find it outline at ARC invest Kathy, thank
Speaker 1: you so much joining us from Florida.