WEBVTT - Cathie Wood Talks Trump Second Term

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<v Speaker 1>We are very pleased to have Kathy would for her

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<v Speaker 1>first interview since the election of a Donald Trump. Earlier

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<v Speaker 1>this week, Kathy shares of your flagship fund, the Ark

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<v Speaker 1>Innovation ETF, surged more than eight percent on Wednesday, was

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<v Speaker 1>the best day in more than a year. Part of

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<v Speaker 1>the risk Entrade that we saw on optimism of a

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<v Speaker 1>second term for Donald Trump in the White House. And

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<v Speaker 1>that's where I want to start with you, because when

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<v Speaker 1>you were back on with us in October, you indicated

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<v Speaker 1>without actually saying the former president's name, that you preferred

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<v Speaker 1>a President Trump over a President Harris strictly from the

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<v Speaker 1>standpoint of the candidate who you saw would ease the

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<v Speaker 1>regulatory environment. So here we are. What does another Trump

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<v Speaker 1>administration mean for you and the companies that are convesting?

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<v Speaker 2>Okay, well, thank you for having me on your show. Tim, Yes,

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<v Speaker 2>regulation critical. I think the regulations that have been creeping

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<v Speaker 2>into the system, actually they started to creep in, they've

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<v Speaker 2>just flooded the system and really gummed it up. So

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<v Speaker 2>the first that the biggest regular regulatory issues have been

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<v Speaker 2>around the SEC, especially when it comes to digital assets

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<v Speaker 2>or crypto legislation and the FTCs as it relates to

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<v Speaker 2>M and A activity. I think both they are going

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<v Speaker 2>to be big changes there, and that is going to

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<v Speaker 2>be the beginning.

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<v Speaker 3>I think of a lot of regulatory changes.

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<v Speaker 2>In his first administration, President Trump basically said for every

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<v Speaker 2>regulation you want to introduce, anyone in my administration, you must.

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<v Speaker 3>Get rid of too.

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<v Speaker 2>I think it's going to be maybe more dramatic than

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<v Speaker 2>that this time around. And I also think having having

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<v Speaker 2>Elon Musk, who I think today announced that he'd like

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<v Speaker 2>to name a new department, the Department of Government Efficiency.

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<v Speaker 2>Get that, Doge doje he. I think he's going to

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<v Speaker 2>come into the administration. I don't think he'll be a

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<v Speaker 2>formal part of the administration. He'll be more in an

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<v Speaker 2>oversight roles as I understand.

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<v Speaker 3>Yeah.

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<v Speaker 1>Well, hey, Kathy, I want to jump in here because

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<v Speaker 1>you mentioned a few things that I want to follow

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<v Speaker 1>up on. One is Elon Musk. Have you talked to

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<v Speaker 1>Elon since the election?

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<v Speaker 3>No, I have not talked to him since the election.

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<v Speaker 2>I did see on X that he was part of

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<v Speaker 2>the family as they were taking the picture around President

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<v Speaker 2>Trump's acceptance speech, So you know, I know he's obviously.

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<v Speaker 3>Had a tremendous impact on the election.

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<v Speaker 2>I think he had X made a big difference and

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<v Speaker 2>his ideas around government efficiency, which will revolve importantly around technology.

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<v Speaker 2>Artificial intelligence is doing wonders for the most bureaucratic organizations

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<v Speaker 2>out there. We know from Pallunteer that it is having

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<v Speaker 2>a tremendous impact on insurance companies, underwriting process timelines dropping

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<v Speaker 2>from two weeks to three hours. And even in the

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<v Speaker 2>military Maven pallunteers working on MAVEN with the DoD for

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<v Speaker 2>targeting the enemy, they have shrunk that department. They don't

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<v Speaker 2>need as many people. They've gone from twenty to twenty people,

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<v Speaker 2>which it's pretty amazing what's going on. And I think

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<v Speaker 2>we'll see a lot of attrition. Any employee leaving the

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<v Speaker 2>government probably will not be replaced.

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<v Speaker 3>I don't think he'll I just pick up.

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<v Speaker 2>I don't think he'll do two trillion dollars in government

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<v Speaker 2>spending savings in one year. That might be a five

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<v Speaker 2>to ten year And I think between technology and attrition

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<v Speaker 2>and lower regulations, maybe the abolition of certain departments that.

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<v Speaker 3>They'll go a long way.

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<v Speaker 1>So you don't see him serving a formal role, but

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<v Speaker 1>still overseeing some sort of department of government efficiency in

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<v Speaker 1>an informal way, help me understand what you see him

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<v Speaker 1>doing and whether or not it could be some sort

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<v Speaker 1>of threat to you know, he's a very busy man.

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<v Speaker 2>Yes, he's an unbelievable He's the inventor of our age.

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<v Speaker 2>I think I said that in two thousand and fifteen

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<v Speaker 2>for the first time when I was on your show

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<v Speaker 2>with Carol Masser. At the time, he is the inventor

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<v Speaker 2>of our age. And he comes into a problem, assesses

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<v Speaker 2>it with first principles thinking, doesn't care how things have been,

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<v Speaker 2>and comes back with, you know, ingenious solutions to big problems,

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<v Speaker 2>whether it's autonomous mobility in the autonomous taxi space, or

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<v Speaker 2>in the healthcare space, neuralink. He's in the in the

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<v Speaker 2>social network space X in ai x ai. But and

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<v Speaker 2>a lot of people say and space X of course,

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<v Speaker 2>the entire exploration going to Mars. I think a lot

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<v Speaker 2>of people are I can't believe.

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<v Speaker 3>He can do this.

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<v Speaker 2>But again he cuts to the quick, first principles thinking

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<v Speaker 2>and surrounds himself with brilliant people, people who really want

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<v Speaker 2>to solve the hardest problems in the world. And that's

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<v Speaker 2>part of the secret to his success. Very high standards

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<v Speaker 2>and people who want to be held accountable to very

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<v Speaker 2>high standards and want to really transform the world.

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<v Speaker 1>Hey, we're going to get back to Elon and specifically

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<v Speaker 1>Tesla in a few minutes, but I want to go

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<v Speaker 1>back to something that you mentioned at the top of

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<v Speaker 1>our interview, Kathy, and that's the idea of some of

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<v Speaker 1>the regulatory challenges that you said have cropped up over

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<v Speaker 1>the last couple of years and during the Biden administration,

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<v Speaker 1>specifically with regard to the FTC and the SEC not

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<v Speaker 1>being present in a second Trump administration, how do you

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<v Speaker 1>think the Trump regime will approach financial regulation given that

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<v Speaker 1>he's bound to replace SEC Chair Gary Gensler. What does

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<v Speaker 1>that look like?

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<v Speaker 2>Well, I think I think at first, as it relates

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<v Speaker 2>to crypto or digital asset regulation, they're going to replace

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<v Speaker 2>Gary Gensler with someone who is much more open minded,

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<v Speaker 2>I would say, and will let the legislative process work

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<v Speaker 2>go to work. And you know, the SEC is supposed

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<v Speaker 2>to regulate and force laws. They're not supposed to create

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<v Speaker 2>laws by enforcement, which is what Gary Gensler was doing.

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<v Speaker 2>So I think that's going to be important.

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<v Speaker 3>I also think.

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<v Speaker 2>If you look at the public equity markets, I think

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<v Speaker 2>the number of public companies out there right now has

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<v Speaker 2>been cut in half in the last fifteen twenty years.

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<v Speaker 2>The regulatory nightmare of being a public company has kept people,

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<v Speaker 2>has kept leaders of companies basically saying if I don't

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<v Speaker 2>have to go public, I am not going public. And

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<v Speaker 2>so I think we're going to see a lot more

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<v Speaker 2>work in that regard to give you know, the average

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<v Speaker 2>investor a shot at some of these moonshots. So I

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<v Speaker 2>think that's going to become very important. As far as

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<v Speaker 2>the FTC, you know, the anti trust has gone way

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<v Speaker 2>too far. You know, they were denying mergers and acquisitions

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<v Speaker 2>that really they the companies were tangential to one another.

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<v Speaker 2>They weren't even really in the same market. So we're

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<v Speaker 2>seeing and yet at the time at the same time,

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<v Speaker 2>we've seen these megatech companies grow into you know, massive

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<v Speaker 2>organizations and dominating their markets. So they were denying mergers

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<v Speaker 2>and acquisitions for you know, think about Jet Blue and

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<v Speaker 2>Spirit Airlines. That was ridiculous, that was in the same industry,

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<v Speaker 2>but one is going bankrupt now because because they wouldn't.

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<v Speaker 3>Allow that m and A.

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<v Speaker 2>They were just dogmatic about it in in you know,

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<v Speaker 2>and didn't show to us at least any common sense.

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<v Speaker 1>So you know, so let's jump in. I just want

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<v Speaker 1>to jump in because we don't have a ton of

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<v Speaker 1>time with you, and I want to make sure we

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<v Speaker 1>get to a lot, Kathy, So forgive me please. You

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<v Speaker 1>also mentioned last time you're on with us, you weren't

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<v Speaker 1>wild about the idea of tariffs, and you know, since

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<v Speaker 1>then President Trump said that tariff is the most beautiful

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<v Speaker 1>word in the dictionary. Do you think he will follow

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<v Speaker 1>through with his threat of broad tariffs? And how are

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<v Speaker 1>you preparing and changing your investment style given the threat

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<v Speaker 1>of tariffs.

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<v Speaker 2>Yeah, I'd love to talk about that because we've got

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<v Speaker 2>more information. I think the way the President is looking

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<v Speaker 2>at this, that is, if he puts in place tariffs,

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<v Speaker 2>the other side of that will be income tax and

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<v Speaker 2>corporate tax cuts. And if you think about it, this

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<v Speaker 2>is how America started, you know, President George Washington, we

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<v Speaker 2>had no income tax back then. All the taxes were

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<v Speaker 2>in the form of tariffs. I do think that they're

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<v Speaker 2>not going to be you know, crazy tariffs. They're going

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<v Speaker 2>to be much moreful and really focused away from our

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<v Speaker 2>free trade agreement partners and towards those countries that have

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<v Speaker 2>not been really letting our companies play on a level

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<v Speaker 2>playing field within their countries.

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<v Speaker 3>So I think there's going to be a lot of.

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<v Speaker 2>Negotiation around that really helping us. But I do think

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<v Speaker 2>tax cuts are tax personal and corporate tax cuts are

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<v Speaker 2>going to be much more important than tariffs in terms

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<v Speaker 2>of the growth engine that this economy needs. I'll comment

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<v Speaker 2>on just a couple of other things. I know he

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<v Speaker 2>wants a week dollar, but if he puts in place

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<v Speaker 2>the deregulation and the tax cuts that we expect the

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<v Speaker 2>dollars probably going up. And this reminds me very much

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<v Speaker 2>of the early Reagan years. It's fascinating what's going on.

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<v Speaker 2>Except the first couple of years of the Reagan administration

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<v Speaker 2>he had to deal with back to back recessions because

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<v Speaker 2>Vulker was raising interest rates to fifteen percent plus. We've

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<v Speaker 2>done that. Trump does not have to face that we

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<v Speaker 2>think that the Fed went too far. I think the

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<v Speaker 2>Fed today even says it's going to continue to unwind

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<v Speaker 2>a restrictive monetary policy. And I think it's important too,

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<v Speaker 2>because what we expect now is there will be a

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<v Speaker 2>lot of delayed activity as consumers and businesses try and

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<v Speaker 2>figure out, Okay, how lower tax is going and how

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<v Speaker 2>is the world going to change? Am I going to

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<v Speaker 2>get a better deal? So we're going to need lower

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<v Speaker 2>interest rates. However, if we get the growth beyond that

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<v Speaker 2>that tax cuts and these other measures are going to

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<v Speaker 2>cause the dollar will probably go up, and so I

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<v Speaker 2>think that will be a surprise. But it's an anti

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<v Speaker 2>inflationary force as well. And we're seeing commodities react to

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<v Speaker 2>the dollar going up now in anticipation of these of

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<v Speaker 2>these interesting policies. And then I'd love to just say

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<v Speaker 2>one other thing. A lot of people talk about the deficit,

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<v Speaker 2>and it is a big deficit in the middle of

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<v Speaker 2>it's a rolling recession. But this deficit is worse than

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<v Speaker 2>the worst deficit that Reagan faced at five point five

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<v Speaker 2>percent of GDP. How did he get out of that?

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<v Speaker 2>And Clinton following beyond him more through growth, not through

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<v Speaker 2>tax increases. Uh. And you can add on top of

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<v Speaker 2>that government spending restraints. So you know, this is this

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<v Speaker 2>is going to be extremely healthy and very important.

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<v Speaker 3>I think for the stock market.

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<v Speaker 2>The stock market has gone through a period here of

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<v Speaker 2>great concentration towards a few stocks, and now we think

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<v Speaker 2>and we've seen it in the last few days, there's

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<v Speaker 2>going to be a broadening out we're very excited about.

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<v Speaker 1>So well, we'll talk about that in just a minute.

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<v Speaker 1>If you're just now joining us, we're joined by Kathy Wood.

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<v Speaker 1>She's a founder, CEO, and CIO of ARC and Vest.

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<v Speaker 1>She joins us from Saint Petersburg, Florida. Kathy, I want

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<v Speaker 1>to talk one more question on regulation and then we'll

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<v Speaker 1>get to a little more on Tesla and Elon and

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<v Speaker 1>you know, some of the big themes that you're seeing.

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<v Speaker 1>I'm wondering about from you what you think specifically in

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<v Speaker 1>terms of financial assets is being held back by regulators,

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<v Speaker 1>Like what financial assets do you think should be opened

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<v Speaker 1>up to the trading masses that haven't been well.

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<v Speaker 3>It's interesting.

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<v Speaker 2>We launched a venture fund and we put it in

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<v Speaker 2>We put it in an interval fund structure, which is

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<v Speaker 2>regulated by the SEC, and we've had access to open

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<v Speaker 2>AI and thropic data, Bricks, SpaceX, Epic, discord, lots of

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<v Speaker 2>companies that young people who don't meet the income or

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<v Speaker 2>net worth thresholds that venture funds require, they can get

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<v Speaker 2>into our venture fund because it's in the interval fund structure.

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<v Speaker 2>I think we're going to see a much more of

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<v Speaker 2>a loosening up. You know why we can offer our

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<v Speaker 2>fund to retail investors for as little as five hundred dollars,

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<v Speaker 2>it's because we're not taking a carry, we're not charging

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<v Speaker 2>carried interests twenty percent of profits. We do charge a

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<v Speaker 2>higher fee than you'd get with public companies. And I

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<v Speaker 2>think we're going to see the democratization increasingly of private

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<v Speaker 2>companies as well. I think this administration will advocate for

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<v Speaker 2>that and well and will lower regulations, whether it's Sarbine Oxley,

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<v Speaker 2>but regulations that have tied companies and knots. It's very

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<v Speaker 2>expensive to be a public company now, and so for

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<v Speaker 2>any company. As the digital world and the physical world converge,

0:15:14.080 --> 0:15:17.560
<v Speaker 2>we think that's a big theme going ahead. We're going

0:15:17.640 --> 0:15:21.720
<v Speaker 2>to need the kind of caval raising that the public

0:15:21.840 --> 0:15:26.120
<v Speaker 2>markets can offer over a long period of time. So

0:15:26.640 --> 0:15:28.520
<v Speaker 2>I think more and more of that that's going to happen.

0:15:28.560 --> 0:15:31.200
<v Speaker 1>So, speaking of the digital and physical worlds converging, we

0:15:31.240 --> 0:15:34.480
<v Speaker 1>got to talk crypto because bitcoin at a new record

0:15:34.520 --> 0:15:38.560
<v Speaker 1>close to seventy seven thousand dollars per bitcoin. Update your

0:15:38.640 --> 0:15:41.320
<v Speaker 1>prediction for us of where you think bitcoin will go

0:15:41.840 --> 0:15:45.600
<v Speaker 1>and when now that Trump will serve another term.

0:15:46.000 --> 0:15:50.040
<v Speaker 2>Yes, he's going to be very bitcoin friendly for sure,

0:15:50.200 --> 0:15:55.960
<v Speaker 2>including building a strategic reserve of bitcoin. Senator Lummis has

0:15:56.000 --> 0:15:59.320
<v Speaker 2>been at the forefront of advocating for that, so very

0:15:59.320 --> 0:16:06.000
<v Speaker 2>exciting there. Our price target hasn't changed, except perhaps we're

0:16:06.080 --> 0:16:09.280
<v Speaker 2>leaning more towards our bowl case. Our base case is

0:16:09.320 --> 0:16:14.560
<v Speaker 2>a million dollars by twenty thirty and if you go

0:16:14.680 --> 0:16:19.600
<v Speaker 2>into Big Ideas Big Ideas from twenty twenty three in

0:16:19.640 --> 0:16:23.080
<v Speaker 2>the Bitcoin section, you'll see how we get to that

0:16:23.240 --> 0:16:26.520
<v Speaker 2>million dollar, the building blocks of it. You know, it's

0:16:26.560 --> 0:16:31.920
<v Speaker 2>a substitute for gold, so it's digital gold. It is

0:16:32.880 --> 0:16:37.120
<v Speaker 2>going to be used as a new asset class. It

0:16:37.280 --> 0:16:41.040
<v Speaker 2>is a new asset class for institutional investors, a very

0:16:41.040 --> 0:16:47.440
<v Speaker 2>big idea starting with the spot Bitcoin ETFs launched earlier

0:16:47.480 --> 0:16:51.680
<v Speaker 2>this year, and of course we're very gratified that ARKB

0:16:52.080 --> 0:16:55.520
<v Speaker 2>was one of them. And it's going to be used

0:16:55.560 --> 0:16:59.640
<v Speaker 2>as an insurance policy both in emerging markets and in

0:16:59.720 --> 0:17:04.520
<v Speaker 2>the markets against confiscation of wealth, whether that means outright

0:17:04.600 --> 0:17:07.960
<v Speaker 2>confiscation of wealth by corruption and so forth, perhaps in

0:17:08.040 --> 0:17:13.920
<v Speaker 2>emerging markets or by inflation. Inflation is a highly regressive text.

0:17:14.200 --> 0:17:16.679
<v Speaker 2>Now we don't think inflation is going to be a

0:17:16.680 --> 0:17:21.200
<v Speaker 2>problem with this administration. In fact, we think that the

0:17:21.240 --> 0:17:24.240
<v Speaker 2>floodgates of innovation are going to open up and that

0:17:24.359 --> 0:17:30.480
<v Speaker 2>we're moving into a world tending towards deflation, but good deflation.

0:17:31.200 --> 0:17:37.720
<v Speaker 2>Technologically enabled innovation is deflationary. So I think many people

0:17:37.720 --> 0:17:41.000
<v Speaker 2>are going to be really surprised at how low inflation

0:17:41.160 --> 0:17:42.200
<v Speaker 2>goes in the years ahead.

0:17:42.359 --> 0:17:44.600
<v Speaker 1>Kathy, I want to talk performance and get an understanding

0:17:44.680 --> 0:17:48.880
<v Speaker 1>for where you see the future. Because you've seen outflows

0:17:48.920 --> 0:17:52.159
<v Speaker 1>every month in the ARK Innovation ETF this year except

0:17:52.200 --> 0:17:54.960
<v Speaker 1>for this month, it's a year where you're underperforming the

0:17:55.040 --> 0:17:57.359
<v Speaker 1>S and P five hundred by a wide margin. The

0:17:57.640 --> 0:18:00.959
<v Speaker 1>ARK Innovation ETF it's about flat five hundred, more than

0:18:00.960 --> 0:18:05.119
<v Speaker 1>twenty five percent. What's your message to investors who've lost

0:18:05.200 --> 0:18:07.520
<v Speaker 1>money with you, and do you worry that performance will

0:18:07.560 --> 0:18:11.359
<v Speaker 1>lead to an extended period where you won't attract money.

0:18:12.080 --> 0:18:15.520
<v Speaker 2>Well, I think, as I've just described, innovation had quite

0:18:15.520 --> 0:18:20.119
<v Speaker 2>a few obstacles during the last few years, so that

0:18:20.200 --> 0:18:24.080
<v Speaker 2>speaks for itself. If you look at our performance, let's

0:18:24.119 --> 0:18:27.119
<v Speaker 2>break it down. You look at our ARKW which is

0:18:27.119 --> 0:18:30.760
<v Speaker 2>our next generation Internet fund, very focused on AI and

0:18:30.840 --> 0:18:34.960
<v Speaker 2>digital assets. It's up more than the market this year,

0:18:35.400 --> 0:18:38.080
<v Speaker 2>more than I think it's twenty seven to twenty eight percent.

0:18:39.520 --> 0:18:45.040
<v Speaker 2>If you look at ARKG, which is our Genomic Revolution portfolio,

0:18:45.560 --> 0:18:49.680
<v Speaker 2>it is down twenty two percent. And a big problem

0:18:49.760 --> 0:18:53.800
<v Speaker 2>for that portfolio has been the lack of M and A.

0:18:54.400 --> 0:18:56.040
<v Speaker 3>You know, the absence of M and A.

0:18:56.280 --> 0:19:01.320
<v Speaker 2>This this group, if any, needs those liquidity events because

0:19:01.480 --> 0:19:06.480
<v Speaker 2>big companies, big pharma companies, need the innovation that is

0:19:06.520 --> 0:19:11.000
<v Speaker 2>coming out of the smaller company companies. So we think

0:19:11.200 --> 0:19:14.159
<v Speaker 2>that's going to change. We also if you listen to

0:19:15.920 --> 0:19:19.560
<v Speaker 2>now I don't know, I don't think he'll be FDA commissioner,

0:19:19.640 --> 0:19:23.000
<v Speaker 2>but Robert Kennedy, you know he wants to clean up

0:19:23.040 --> 0:19:30.280
<v Speaker 2>corruption in healthcare. You know they're huge lobbying lobbying organizations

0:19:30.359 --> 0:19:35.000
<v Speaker 2>for pharma. They are not they are not out there

0:19:35.240 --> 0:19:40.680
<v Speaker 2>advocating for the the innovators. I think the most important

0:19:40.680 --> 0:19:44.199
<v Speaker 2>thing he said is is this, we want to go

0:19:44.400 --> 0:19:51.200
<v Speaker 2>back to the rich tradition of the gold standard of evidenced,

0:19:51.480 --> 0:19:56.280
<v Speaker 2>evidence based science in terms of healthcare. And the tools

0:19:56.359 --> 0:20:05.240
<v Speaker 2>are here for preventative, predictive, personalized, and participatory behavior healthcare.

0:20:05.680 --> 0:20:13.560
<v Speaker 2>So I think healthcare that the convergence of healthcare sequencing technologies, DNA, RNA,

0:20:13.600 --> 0:20:19.879
<v Speaker 2>proteins sequencing technologies, artificial intelligence, and Crisper gene.

0:20:20.240 --> 0:20:21.760
<v Speaker 1>Okay, so I want to jump in here, and I'm

0:20:21.760 --> 0:20:23.800
<v Speaker 1>glad you brought in I'm glad you brought up RFK

0:20:23.880 --> 0:20:25.600
<v Speaker 1>because I had a question about that to you, Kathy,

0:20:25.600 --> 0:20:27.240
<v Speaker 1>And I'm afraid it's probably our last one, just because

0:20:27.240 --> 0:20:30.520
<v Speaker 1>we're running out of time. He's been a vaccine skeptic.

0:20:30.520 --> 0:20:35.480
<v Speaker 1>You mentioned RNA technology, mRNA technology, what the COVID vaccines,

0:20:35.480 --> 0:20:38.600
<v Speaker 1>the Newish COVID vaccines were based on. Are you concerned

0:20:39.520 --> 0:20:43.159
<v Speaker 1>that how he views public health is going to affect

0:20:43.240 --> 0:20:45.240
<v Speaker 1>innovation happening in the space.

0:20:46.760 --> 0:20:47.240
<v Speaker 3>No, I'm not.

0:20:47.359 --> 0:20:51.240
<v Speaker 2>If you read what he said very recently, he sounds

0:20:51.280 --> 0:20:55.639
<v Speaker 2>pretty libertarian about vaccinations. You know, there are some people

0:20:56.000 --> 0:21:00.679
<v Speaker 2>who really feel it's important and others who don't, and

0:21:01.200 --> 0:21:04.480
<v Speaker 2>you know, live and let live. But one thing I'd

0:21:04.520 --> 0:21:09.920
<v Speaker 2>like to say is this past administration has been a

0:21:09.960 --> 0:21:14.359
<v Speaker 2>menace to what we're calling the multiomics revolution, which is

0:21:14.440 --> 0:21:18.600
<v Speaker 2>going to be the most profound application of artificial intelligence

0:21:18.680 --> 0:21:23.760
<v Speaker 2>and new technologies in history, going to cure disease. And

0:21:24.200 --> 0:21:28.760
<v Speaker 2>yet as I look at the traditional analyst response to

0:21:29.880 --> 0:21:35.720
<v Speaker 2>these drugs like Chrisper Therapeutics and Intellia that are starting

0:21:35.800 --> 0:21:40.359
<v Speaker 2>to cure disease, and how they think that's bad business

0:21:40.720 --> 0:21:45.840
<v Speaker 2>because they don't have an annuity keeping someone keeping someone's

0:21:45.880 --> 0:21:50.119
<v Speaker 2>symptoms under control. That's an annuity. Uh, they prefer that

0:21:50.359 --> 0:21:55.200
<v Speaker 2>to a cure. In our latest Monday newsletter, it's called

0:21:56.800 --> 0:22:01.359
<v Speaker 2>Disrupt ARC Disrupt you can find it on Twitter. You'll

0:22:01.400 --> 0:22:06.040
<v Speaker 2>see that we believe that curing disease is going to

0:22:06.080 --> 0:22:09.840
<v Speaker 2>make the patents of the companies with those cures two

0:22:09.920 --> 0:22:14.359
<v Speaker 2>to twenty times more valuable than those other kinds. So

0:22:14.640 --> 0:22:18.879
<v Speaker 2>I think there's a complete misunderstanding of the dawn of

0:22:19.000 --> 0:22:22.760
<v Speaker 2>the new health age. And I am so excited, so

0:22:23.000 --> 0:22:28.320
<v Speaker 2>excited that the Trump administration is going to bring this

0:22:28.520 --> 0:22:29.480
<v Speaker 2>new world.

0:22:29.160 --> 0:22:30.560
<v Speaker 3>To life for us.

0:22:30.920 --> 0:22:33.160
<v Speaker 1>Kathy, would we always want more time with you. Thank

0:22:33.160 --> 0:22:35.639
<v Speaker 1>you so much for spending a big part of your

0:22:35.680 --> 0:22:37.960
<v Speaker 1>afternoon with us. We do appreciate it. That's Kathy Wood,

0:22:38.119 --> 0:22:41.680
<v Speaker 1>the founder, CEO, and CIO over at ARC invest joining

0:22:41.760 --> 0:22:43.639
<v Speaker 1>us from Saint Petersburg, Florida.