WEBVTT - Ark Invest's Wood 'Positive' on Bitcoin

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<v Speaker 1>This is Bloomberg Business Week with Carol Messer and Bloomberg

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<v Speaker 1>Quick Takes. Tim Stinovic from Bloomberg Radio. I guess very

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<v Speaker 1>well known to our Bloomberg audience. We want to welcome

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<v Speaker 1>Kathy would back with us. She's chief executive officer, chief

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<v Speaker 1>investment officer, founder of our investment. She joins us on

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<v Speaker 1>the phone in Connecticut. And you know, Kathy, we figured

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<v Speaker 1>out so much in terms of tech and innovation, but

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<v Speaker 1>when it comes to the zoom call and getting video,

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<v Speaker 1>it doesn't always work. Oh. I know, but I think

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<v Speaker 1>we've come a long way. Carol, Right, We've come a

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<v Speaker 1>long way. So listen, I gotta ask you about the

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<v Speaker 1>trade today. Uh. We really felt like earlier that the

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<v Speaker 1>speculative trade, the euphoric trade when it comes to technology,

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<v Speaker 1>was over. What do you make initially of the pullback

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<v Speaker 1>that we saw today. Well, you know, the what I've

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<v Speaker 1>been surprised by over the last really four or five

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<v Speaker 1>months is cyclicals and value stocks have started to outperform

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<v Speaker 1>the broad based market in disease. Uh. And the surprise

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<v Speaker 1>to us is that we and our innovation strategies that

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<v Speaker 1>are outperformed as well. That's very unusual So the way

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<v Speaker 1>I have interpreted that is that the market is broadening out.

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<v Speaker 1>The bowl market is broadening out, which is a very

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<v Speaker 1>healthy development. I think what we've seen in the last

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<v Speaker 1>few days the correction in technology is UH, perhaps you

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<v Speaker 1>know rotational again value there, given how many years value

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<v Speaker 1>has underperformed, Uh, there could be a bit of rotation

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<v Speaker 1>back into value. Uh. If if you understand our portfolios, UH,

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<v Speaker 1>you'll be very careful where you go in terms of

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<v Speaker 1>the value space, because disruptive innovation, the likes of which

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<v Speaker 1>we have not seen in more than a hundred years,

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<v Speaker 1>is probably going to hurt a lot of value sectors

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<v Speaker 1>more than growth sector. So what are you doing on

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<v Speaker 1>a day like today? Are you are you buying? I

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<v Speaker 1>mean the NASDAC was down almost four percent today, Tesla

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<v Speaker 1>was down significantly. Did you buy? Oh yes, oh yes,

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<v Speaker 1>And we've uh we published our trades at the end

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<v Speaker 1>of every day, so you will see them the markets closed.

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<v Speaker 1>We bought a lot of Tesla today across any strategy

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<v Speaker 1>that holds Tesla, and we will be publishing in a

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<v Speaker 1>few weeks UH a report updating our thoughts about Tesla,

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<v Speaker 1>our excitement about the potential of a ride hailing service

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<v Speaker 1>as a bridge to an autonomous service and are higher

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<v Speaker 1>and the higher odds that autonomous is going to happen

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<v Speaker 1>for Tesla. Uh. And part of the reason for the

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<v Speaker 1>higher odds is now that weymo is on the road autonomously,

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<v Speaker 1>we know it can be done. Uh. Tesla has so

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<v Speaker 1>much more data than Google or anyone else or everyone

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<v Speaker 1>else combined that we think it's in the pole position. Well,

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<v Speaker 1>it's interesting too. You know. It's funny Kathy, people you know,

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<v Speaker 1>expecting you to be on and they were sending us

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<v Speaker 1>tons of questions. You know, this whole idea of the

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<v Speaker 1>treasure trove of data that Tesla has. Specifically, you talk

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<v Speaker 1>about it a lot, you know, do other people believe it?

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<v Speaker 1>Do you? Are you seeing other you know people kind

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<v Speaker 1>of uh put that out as kind of one of

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<v Speaker 1>the fundamental reasons that you want to own Tesla. It's

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<v Speaker 1>not just a car company, right, It's a technology company.

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<v Speaker 1>It's a battery company. Is that thesis of it being

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<v Speaker 1>a data company getting a lot more recognition. We do

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<v Speaker 1>not think many analysts or investors are giving Tesla credit

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<v Speaker 1>for autonomous. Uh. If they were, the stock would be

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<v Speaker 1>a lot higher. What we do think they're giving Tesla

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<v Speaker 1>credit for increasingly? Is you know, it's an electric vehicle franchise,

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<v Speaker 1>and how far ahead of the competition Tesla is when

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<v Speaker 1>it comes to battery technology, to artificial intelligence, both in

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<v Speaker 1>the form of a chip through the data collection. We

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<v Speaker 1>think thirty billion plus miles compared to Google's thirty million

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<v Speaker 1>ish miles. UH and still over the air software updates

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<v Speaker 1>to UH to change performance. It's it's remarkable that more

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<v Speaker 1>are not on board, even the last one yet. UH.

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<v Speaker 1>So I think it's franchise has legs here. So so

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<v Speaker 1>how does that translate into market value for Tesla? How

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<v Speaker 1>much more opportunity is there? How much how much more

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<v Speaker 1>opportunity is is left for this run up to continue? Well,

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<v Speaker 1>I'll give you a sense of UH, and this is

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<v Speaker 1>from our big ideas one. You can get that on

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<v Speaker 1>our site ARC dash invest dot com. UH. We we

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<v Speaker 1>believe that the autonomous market, so the ride hailing market

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<v Speaker 1>but autonomous, will be a seven trillion dollar revenue opportunity.

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<v Speaker 1>And right now, the right hailing companies human driven right hailing, UH,

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<v Speaker 1>their market cap probably accumulatively is around two hundred billion globally. UH.

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<v Speaker 1>If we're right, Tesla is in the pole position in

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<v Speaker 1>the United States to become the autonomous taxi network. Autonomous

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<v Speaker 1>is going to submit to natural geographic monopolies. So in

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<v Speaker 1>the US, our confidence in Tesla has gone up the

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<v Speaker 1>more we understand about autopilot and the more data. Uh.

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<v Speaker 1>It's one to one and a half million robots out there,

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<v Speaker 1>including my model three, are collecting to inform its artificial

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<v Speaker 1>intelligence engine. So that's six to seven trillion dollar market

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<v Speaker 1>we think is going to be more in the developed world,

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<v Speaker 1>ironically than in the um emerging markets in terms of value. Uh,

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<v Speaker 1>for reasons we can get into if you would like.

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<v Speaker 1>So the US could be a third to a half

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<v Speaker 1>of that of that market. So think about that three

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<v Speaker 1>and a half trillion dollars opportunity, and it's it's going

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<v Speaker 1>to be more of a monopoly than I think most

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<v Speaker 1>investors in analysts understand right now, Kathy, I want to

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<v Speaker 1>go back to kind a bigger, broader market today for

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<v Speaker 1>a moment if I can, because you've talked a lot

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<v Speaker 1>about the reflation trade and how rising rates and a

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<v Speaker 1>rotation to value that this could be a challenge to

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<v Speaker 1>your investments. Are we done with those challenges? Or do

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<v Speaker 1>you think what we saw today we're going to see

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<v Speaker 1>continue of the tech trade under pressure. Well, I don't

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<v Speaker 1>know how long this rotation will continue. All I do

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<v Speaker 1>know is that we have a five year time horizon

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<v Speaker 1>and our all of our price targets are five years out.

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<v Speaker 1>A few days ago, I would have told you that

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<v Speaker 1>the returns that we're expecting now we could be raw.

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<v Speaker 1>These are our estimates, so consider the source. But uh,

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<v Speaker 1>the compound annual rate of return that we were expecting

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<v Speaker 1>for our portfolios during the next five years was fifteent,

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<v Speaker 1>which is our minimum hurdle rate of return as of today.

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<v Speaker 1>Just given the last few days of correction, that is closer. Now,

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<v Speaker 1>compound annual rate of return over five years is a

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<v Speaker 1>doubling over five years. Right, that's a healthy return. What

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<v Speaker 1>happens very short term, I can't tell you. All I

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<v Speaker 1>know is we are keeping our eyes on the prize,

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<v Speaker 1>and the prize just got a little bit more interesting.

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<v Speaker 1>But I have to ask you, were you kind of

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<v Speaker 1>secretly rooting for a little bit of a of a

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<v Speaker 1>pullback um to kind of get some of the performance,

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<v Speaker 1>chasing money out of the market. Well, I do believe

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<v Speaker 1>we we love a wall of worry, and we were

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<v Speaker 1>seeing the wall of worry start to build. I saw

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<v Speaker 1>it on social media, a lot of chatter, some just

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<v Speaker 1>waiting for our funds in particular, uh to take a tumble. Uh.

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<v Speaker 1>Some maybe to buy, and some happy to sell and

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<v Speaker 1>short and all of that. We love the liquidity that

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<v Speaker 1>this provides us. We think it's very healthy and very

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<v Speaker 1>healthy shake out. But I'll give you a sense of

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<v Speaker 1>what where I in history. I felt this way before.

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<v Speaker 1>In nine six, we were in a very interesting market.

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<v Speaker 1>Alan Greenspan was the FED chairman, and he was at

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<v Speaker 1>the time UH warned all of us against irrational exuberant uh.

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<v Speaker 1>And many investors were just beginning to understand how how

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<v Speaker 1>the internet was working, and uh, you know what the

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<v Speaker 1>interesting applications were going to be. Uh. We had another

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<v Speaker 1>four years of a move, which when you think about

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<v Speaker 1>that time, that move was too much capital chasing too

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<v Speaker 1>few stocks, uh, too quickly. The technologies weren't ready, the

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<v Speaker 1>costs were way too high for most of what we're

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<v Speaker 1>seeing today. But all the seeds for what we're investing

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<v Speaker 1>in we're planted back then. So we've had fifteen to

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<v Speaker 1>twenty to twenty five years of gest station of these seeds,

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<v Speaker 1>and now they're starting to flourish, and we are ready.

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<v Speaker 1>From a technology point of view and from a cost

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<v Speaker 1>point of view, that's so important to see that electric

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<v Speaker 1>vehicle costs come down. Uh, so that by this time,

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<v Speaker 1>maybe in a year or two, uh, the sticker price

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<v Speaker 1>of the average electric vehicle will below be below that

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<v Speaker 1>of the average UH gas powered vehicle. Yeah. And and

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<v Speaker 1>by the average electric vehicle price will be eighteen thousand,

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<v Speaker 1>and the Toyota Cameray will still be a no brainers. Yeah.

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<v Speaker 1>I gotta ask, um, so much money is pouring into

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<v Speaker 1>your funds? Uh? South Korean retail investors literally give you

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<v Speaker 1>a nickname, money tree. Um, in terms of money. Does

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<v Speaker 1>it ever become too much that's pouring into your funds? Well,

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<v Speaker 1>what I've always said when we've been asked the capacity

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<v Speaker 1>question is that if we are right and the five

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<v Speaker 1>platforms that involve fourteen different technologies are are ready for

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<v Speaker 1>prime time, if not already in the sweet spot of

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<v Speaker 1>their s curve, then our capacity should grow exponentially with

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<v Speaker 1>those platforms. Now, what happened to us in the last

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<v Speaker 1>year was not exponential but parabolic growth in terms of

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<v Speaker 1>the flows, and it's been very gratifying, and we're so

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<v Speaker 1>happy that more and more investors are diversifying into innovation.

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<v Speaker 1>They need to to hedge against all of the value

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<v Speaker 1>traps that innovation is going to UH is going to create. UH.

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<v Speaker 1>But we do believe that given the swish we had

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<v Speaker 1>this year, UM, we will need a little time to

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<v Speaker 1>have the capacity come our way. How is it coming

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<v Speaker 1>our way? Well, you see, because of the performance of

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<v Speaker 1>stocks like those in our portfolios, we're seeing a significant

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<v Speaker 1>number of I P O S UH secondaries. There's the

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<v Speaker 1>stack revolution. There's a stack revolution. And if you think

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<v Speaker 1>about what happened even last year, so our flagship fund

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<v Speaker 1>was up around a hundred and fifty percent, that meant

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<v Speaker 1>that our capacity went up a hundred and fifty percent.

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<v Speaker 1>If you look at our performance since since UH for

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<v Speaker 1>the past five years, our performance of the Flagship fund

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<v Speaker 1>is up a thousand percent. So that means our capacity

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<v Speaker 1>is up a thousand percent. And if we're right and

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<v Speaker 1>we're still on these exponential growth trajectories, we should continue

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<v Speaker 1>to find good capacity going forward. So I'm also curious

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<v Speaker 1>about you, know, of the positions you have, and I'm

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<v Speaker 1>sure you've been asked about this for Cathy. But you know,

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<v Speaker 1>I'm just looking at some of our research that you

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<v Speaker 1>guys are already a ten percent holder and I think

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<v Speaker 1>more than twenty companies and a holder in three And

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<v Speaker 1>forgive me my my mouth's a little bit off, But

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<v Speaker 1>I mean, is that do you get nervous about that

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<v Speaker 1>level of concentration. I mean some investment managers would say, so,

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<v Speaker 1>how do you feel about that? Yes, what we've put

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<v Speaker 1>in risk controls to prevent uh. Again, some of that

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<v Speaker 1>happened because of the swish. Very fair enough, we put

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<v Speaker 1>in risk. Yes, we put in risk control so that

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<v Speaker 1>you know we do so that we will not be

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<v Speaker 1>considered quote unquote an affiliate of of any of these companies.

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<v Speaker 1>That's why I think what we want to be on

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<v Speaker 1>the right side of regulation. Uh. And so you will

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<v Speaker 1>see fewer and fewer names over fift let's say, going forward,

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<v Speaker 1>especially as many of our companies, our issueing are are

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<v Speaker 1>are doing secondaries importantly, and the reason they need to

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<v Speaker 1>do them is often in the world of disruptive innovation

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<v Speaker 1>and particularly because of artificial intelligence, the companies that invest

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<v Speaker 1>the most aggressively today are going to have a higher

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<v Speaker 1>probability of winning. Winner take most markets, like I just

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<v Speaker 1>described autonomous taxi networks, and so they have to fund.

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<v Speaker 1>You know, last quarter Tesla did another five billion dollars

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<v Speaker 1>UH in equities UH and so again bringing more capacity.

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<v Speaker 1>It is doing so well though that we think, uh,

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<v Speaker 1>it will not have to do much more in the

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<v Speaker 1>form of equity or fixed income funding in the future. Kathy.

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<v Speaker 1>One story we saw play out was the so called

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<v Speaker 1>Robin and Revolution, the rise of the retail trader um are.

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<v Speaker 1>What do you think of young people getting involved in

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<v Speaker 1>the market right now? What do you think of the

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<v Speaker 1>access that they have on an up like robin hood

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<v Speaker 1>that makes it really easy and friction less to buy,

0:14:04.360 --> 0:14:09.520
<v Speaker 1>sell and trade. You know what, I think it's wonderful.

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<v Speaker 1>Many people worried about, especially during the game Stock Dame

0:14:16.160 --> 0:14:20.840
<v Speaker 1>game stop controversy, worried, you know, was the little guy

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<v Speaker 1>going to get hurt? H Well, if if a person

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<v Speaker 1>doesn't know enough about options, um or or equities at all,

0:14:31.320 --> 0:14:34.680
<v Speaker 1>and it's just following the crowd, it wasn't going to

0:14:34.760 --> 0:14:37.720
<v Speaker 1>take long for them to learn a very important lesson.

0:14:38.160 --> 0:14:41.760
<v Speaker 1>So I think many have learned very important lessons. What

0:14:41.960 --> 0:14:45.560
<v Speaker 1>is happening now, I think is delightful for for a

0:14:45.600 --> 0:14:49.720
<v Speaker 1>couple of reasons. I remember when there was no robin hood,

0:14:50.080 --> 0:14:53.080
<v Speaker 1>and when social media was not much of a big thing.

0:14:53.480 --> 0:14:59.400
<v Speaker 1>Getting my children interested in investing in equities was very difficult,

0:14:59.720 --> 0:15:04.720
<v Speaker 1>very difficult. Now. While some people may argue that it's

0:15:04.880 --> 0:15:10.760
<v Speaker 1>gamifying the space, it also teaches investors lessons very quickly.

0:15:11.160 --> 0:15:14.840
<v Speaker 1>So a lot of individuals who moved into game stop

0:15:15.080 --> 0:15:19.520
<v Speaker 1>or a C or that bath and beyond all of

0:15:19.600 --> 0:15:24.160
<v Speaker 1>the the usual suspects suspects, they learned. They learned that

0:15:24.240 --> 0:15:26.400
<v Speaker 1>they weren't on the right Those companies are not on

0:15:26.480 --> 0:15:29.960
<v Speaker 1>the right side of change. And there was you know

0:15:30.080 --> 0:15:33.280
<v Speaker 1>that there was going to be a significant correction. So

0:15:33.360 --> 0:15:36.400
<v Speaker 1>I think corrections are are a good They keep us

0:15:36.440 --> 0:15:39.760
<v Speaker 1>all humble and keep us all focused on what could

0:15:39.800 --> 0:15:44.280
<v Speaker 1>go wrong. They create a wall of worry, which the

0:15:44.720 --> 0:15:49.640
<v Speaker 1>strongest bull markets I've been in are built on top

0:15:49.800 --> 0:15:53.160
<v Speaker 1>of walls of worry. And I like the fact. I

0:15:53.200 --> 0:15:57.600
<v Speaker 1>like the fact that there are more concerns now about valuations,

0:15:58.760 --> 0:16:02.520
<v Speaker 1>about inflation, about interest rates. I like the fact that

0:16:02.560 --> 0:16:05.320
<v Speaker 1>there are these words. But I also like the fact

0:16:05.880 --> 0:16:13.720
<v Speaker 1>that the markets are moving through this pretty um uh efficiently.

0:16:13.800 --> 0:16:18.280
<v Speaker 1>Almost very efficiently. If you looked at the trading in

0:16:18.280 --> 0:16:21.800
<v Speaker 1>in ARC in ARCS, E t F, this, this, UH

0:16:22.040 --> 0:16:26.080
<v Speaker 1>today and yesterday. I think if if we had told

0:16:27.040 --> 0:16:32.200
<v Speaker 1>market makers and authorized participants and E t F providers

0:16:32.280 --> 0:16:36.360
<v Speaker 1>generally that we were going to see UM thirty five

0:16:36.440 --> 0:16:40.600
<v Speaker 1>to forty million shares of our flagship funds trade in

0:16:40.680 --> 0:16:43.240
<v Speaker 1>one day, I would have said, okay, that that would

0:16:43.320 --> 0:16:46.760
<v Speaker 1>blow up the system. It didn't. It was very efficient,

0:16:47.120 --> 0:16:51.400
<v Speaker 1>I know. And and there's options trading around our funds

0:16:51.440 --> 0:16:53.720
<v Speaker 1>as well, and the only thing I will say say

0:16:53.760 --> 0:16:56.840
<v Speaker 1>they're as a note of caution is we do have

0:16:57.120 --> 0:17:02.800
<v Speaker 1>a five year time horizon options. Options players do not,

0:17:03.200 --> 0:17:08.000
<v Speaker 1>and you can get hurt badly, especially given our time horizon,

0:17:08.000 --> 0:17:09.800
<v Speaker 1>which is great for the retail investors. We only have

0:17:09.840 --> 0:17:11.240
<v Speaker 1>a few minutes left, so I'm going to kind of

0:17:11.240 --> 0:17:12.800
<v Speaker 1>do a little rapid fire with you and go through

0:17:12.840 --> 0:17:15.480
<v Speaker 1>some things. There is a question coming in from Twitter

0:17:15.520 --> 0:17:19.280
<v Speaker 1>who says, how does Cathy quantify risk in emerging tech

0:17:19.359 --> 0:17:22.640
<v Speaker 1>and differentiate them from the rockets that just take off?

0:17:23.240 --> 0:17:26.840
<v Speaker 1>Just quickly your thoughts on that, How do you do that? Well?

0:17:27.040 --> 0:17:31.040
<v Speaker 1>We use rights law. We center our research on something

0:17:31.040 --> 0:17:34.240
<v Speaker 1>called rights law, which says for every cumulative doubling in

0:17:34.280 --> 0:17:37.480
<v Speaker 1>the number of units produced cost declient at a consistent rate.

0:17:37.960 --> 0:17:41.680
<v Speaker 1>So we watch it for those companies that that that

0:17:41.800 --> 0:17:44.800
<v Speaker 1>are creating the technologies and make sure that they are

0:17:44.840 --> 0:17:48.360
<v Speaker 1>writing down the cost curve so that they're they're finding

0:17:48.440 --> 0:17:51.760
<v Speaker 1>new and new sources of demand as they go forward.

0:17:52.160 --> 0:17:55.160
<v Speaker 1>There are some companies that try and milk the technology,

0:17:55.200 --> 0:17:57.520
<v Speaker 1>and we saw a Lumina try to do this over

0:17:57.560 --> 0:18:00.560
<v Speaker 1>the last four years and they've lost the plot and

0:18:00.640 --> 0:18:05.160
<v Speaker 1>other sequencing players are are starting to encroach upon their territory.

0:18:05.160 --> 0:18:09.360
<v Speaker 1>They're still very strong, but they should have continued writing

0:18:09.359 --> 0:18:13.840
<v Speaker 1>down that cost curve aggressively. Competition comes very quickly for

0:18:14.040 --> 0:18:17.959
<v Speaker 1>those in the league need to keep driving the competition. UM,

0:18:18.000 --> 0:18:20.000
<v Speaker 1>I gotta get to your thoughts on on bitcoin right now.

0:18:20.600 --> 0:18:22.480
<v Speaker 1>What are you thinking? We just got noticed that that

0:18:22.640 --> 0:18:25.080
<v Speaker 1>square about a hundred and seventy million dollars worth of

0:18:25.080 --> 0:18:29.560
<v Speaker 1>bitcoin in the most recent quarter. Thoughts on bitcoin? Yes, yes,

0:18:30.000 --> 0:18:33.199
<v Speaker 1>we're very positive on bitcoin again, very happy to see

0:18:33.240 --> 0:18:36.880
<v Speaker 1>a healthy correction here. Uh. No, market is straight up.

0:18:36.960 --> 0:18:40.040
<v Speaker 1>Everyone should know that everyone should have some dry powder

0:18:40.119 --> 0:18:43.320
<v Speaker 1>for for days like these, And I've been saying that

0:18:43.440 --> 0:18:46.720
<v Speaker 1>for a while. We see so many use cases of

0:18:47.520 --> 0:18:52.000
<v Speaker 1>a bitcoin, but probably the most important use case is

0:18:52.119 --> 0:18:56.639
<v Speaker 1>an insurance policy around the world against confiscation of wealth.

0:18:56.680 --> 0:18:59.119
<v Speaker 1>And that can happen in two ways. It can happen

0:18:59.119 --> 0:19:03.000
<v Speaker 1>with inflation. Bitcoin I think is the best hedge against

0:19:03.080 --> 0:19:08.760
<v Speaker 1>inflation out there bar none better than gold and uh,

0:19:08.800 --> 0:19:11.320
<v Speaker 1>and it can happen out right. I mean when you

0:19:11.480 --> 0:19:16.280
<v Speaker 1>saw in the Middle East, uh prints take or sees

0:19:16.440 --> 0:19:21.359
<v Speaker 1>his own relatives. Well, uh, you know everyone should know

0:19:21.400 --> 0:19:23.720
<v Speaker 1>if you think there's a five per cent chance of

0:19:23.760 --> 0:19:27.080
<v Speaker 1>that happening, you should put five percent of your portfolio

0:19:27.200 --> 0:19:31.240
<v Speaker 1>long term into or your wealth into something like bitcoin.

0:19:31.680 --> 0:19:34.320
<v Speaker 1>You can carry the keys in your head across the border,

0:19:34.480 --> 0:19:36.280
<v Speaker 1>right you think about right in terms of what that

0:19:36.280 --> 0:19:39.480
<v Speaker 1>that allows you. Hey, your big ideas one we've been

0:19:39.520 --> 0:19:42.280
<v Speaker 1>talking about it a lot off air ourselves, a hundred

0:19:42.320 --> 0:19:45.320
<v Speaker 1>and twelve pages. It's on the website. What are the

0:19:45.359 --> 0:19:50.080
<v Speaker 1>big ideas Kathy that we need to be thinking about? Well,

0:19:50.280 --> 0:19:53.760
<v Speaker 1>the new ideas, Uh, you know, big ideas are not

0:19:53.880 --> 0:19:58.600
<v Speaker 1>just a one idea. So we've we've updated our deep

0:19:58.720 --> 0:20:02.600
<v Speaker 1>learning digital wall. It's bitcoin e v right, hailing some

0:20:02.680 --> 0:20:06.400
<v Speaker 1>of the things which are drone work are sequencing long

0:20:06.440 --> 0:20:12.920
<v Speaker 1>read sequencing. Our new our new sections are called reinventing

0:20:12.960 --> 0:20:15.760
<v Speaker 1>the data center. We think Intel is going to lose

0:20:16.040 --> 0:20:18.159
<v Speaker 1>UH is going to lose most of its share in

0:20:18.160 --> 0:20:21.880
<v Speaker 1>the data center, and that's its most profitable UH division.

0:20:22.880 --> 0:20:30.920
<v Speaker 1>Virtual world so gaming UH and sport, gambling, gaming becoming

0:20:31.800 --> 0:20:36.080
<v Speaker 1>moving away from just the pure gaming world. But with

0:20:36.400 --> 0:20:42.680
<v Speaker 1>platforms like Unity and unreal networks like Epic, we're going

0:20:42.720 --> 0:20:47.639
<v Speaker 1>to be bringing virtual worlds into everyday business. Of course,

0:20:47.840 --> 0:20:51.520
<v Speaker 1>virtual reality, augmented reality, we are getting to the point

0:20:51.520 --> 0:20:56.560
<v Speaker 1>where that is viable. Orbital aerospace is another one. The

0:20:56.680 --> 0:20:59.760
<v Speaker 1>space race. We're very excited by that. Kathy, we can

0:20:59.880 --> 0:21:02.520
<v Speaker 1>talk to forever and we shouldn't point out there's ARC

0:21:02.600 --> 0:21:05.280
<v Speaker 1>swag and I know a d percent is donated to charities,

0:21:05.359 --> 0:21:08.160
<v Speaker 1>so you guys thinking about the broader community as well.

0:21:08.359 --> 0:21:11.320
<v Speaker 1>Kathy would thank you so much. Always appreciate it. Be well,

0:21:13.000 --> 0:21:15.879
<v Speaker 1>Kathy Would. She's CEO, chief investment Officer, and founder of

0:21:15.960 --> 0:21:17.720
<v Speaker 1>ARC invest on the phone from Connecticut,