The Ledger, every show

“We believe today that truly disruptive technologically enabled innovation is priced in the global markets, public and private, at somewhere in the seven to eight trillion dollar range. So it's less than 10% of the global equity cap, public and private. We beli…”

“We believe that the productivity uplift here is going to be so strong during the next five to 10 years. And I think president Trump's tax package is going to turbocharge this, that real GDP growth will accelerate from that three percent where it has been for t…”

“And we put out there five years. Yeah. Yeah. So and I think if he delivers on humanoid robots the way he thinks he is, we don't have enough in there. So our price target is 2600.”

“But the other thing that we think is going to happen is that inflation is going to surprise significantly on the low side of expectations. We would not be surprised to see zero percent inflation or less.”

“The truly disruptive innovation we would expect. Now we did this chart at the end of last year during the next five years to deliver a compound annual rate of return of roughly 50%. Now we've had some of that. So maybe it's 40 to 45% compound annual rate of ch…”

“Our official for bull case is 1.5 million.”

“And I think even though the onus or the burden of proof is on us because passive has done so well. Over the past 20 years, it's been self-fulfilling as more and more assets moved into passive or benchmark sensitive. I think the pendulum has swung too far, and …”

“We're giving asset allocators an opportunity to make up for the massive short that we believe they have in their portfolios. And that short is truly disruptive innovation.”

“It's truly not American to use income and asset thresholds when knowledge could be an accreditation, ah, measure or metric.”

“While the autonomous mobility space might be the biggest revenue generator in the short term, we believe that the most profound application of AI is in healthcare.”

“And I think this is the sleeper. It's the most inefficiently priced part of the market.”

“I have more in mine.”

“Because it is un-American, right? You have to meet this threshold.”

“I have to be very careful and say that we are moving out of Delaware.”

“Our strategies are starting to outperform now on days When some of these big benchmarks don't, and that's what usually happens as we're coming towards the end of a bear market.”

“So Exxon's doing that. It's six different, maybe many more now, fields around the world.”

“I think advisors looking at how I have positioned my own portfolio are shocked at how much I'm all in to innovation. Between our funds crypto and private funds.”

“Because we believe the autonomous opportunity is massive and is not priced at all in Tesla stock we would still put Tesla near the top or at the top of the pack.”

“It's not going to be by sector or industry anymore. It is going to be by technology because technology is permeating every sector, every industry, and blurring the lines between them.”

“What I do believe could be a set of significant drawdowns in the private world that has already happened in the public world.”

“Our desire is to get it close to 75% private and 25% public to allow more liquidity.”

“The private markets have innovation more right in terms of valuation than the public markets do.”

“Fundamentals are going to disrupt that way of thinking during the next few years.”

“What we see as our stocks go down 80 to 90%, if we're right we're seeing the total rate of return expectation increase for the next five years.”

“So we've moved our flagship portfolio ARKK from 58 names down to 32, 33 names and we're further consolidating in this risk-off period, but we tend to bottom out in that low thirties range.”

“And we think they have streamlined and are going to become one of the most, if not the most important molecular diagnostic testing company.”

“We ended up selling out of Nvidia and only recently since it has had a tumble. Have we re-initiated our position?”

“I do believe we have the best analyst team when it comes to innovation in the world, and the reason we do is because their responsibilities are broken out not by sector or industry, but by technology.”

“Whereas these benchmark stocks are more about the past and their past successes.”

“This year, we haven't even outflowed one billion, you know, out of that seventeen billion.”

“And I think it will be Considered a very provincial in let's say three to five years time to hear a firm saying, well, we don't share any of our research because it's our secret sauce.”

“If we were to use knowledge as the metric for accreditation the accredited investors for ARC Would be those retail investors. They have, they are passionate about innovation, and they know so much about it, and many of them are working in the industry or in th…”

“If you were to compare our fees all in management fees all in the 2.75 versus the venture venture two and 20, That top quartile fund you would have to pay 40% more in fees over time.”

“They will be able to look at their portfolios here every day now, and because everything will be marked to market every day.”

“So you can see from 2019 to 2024, the mag six Tripled. They tripled in valuation in the market, market cap. Whereas truly disruptive innovation in the purple at the bottom there went up only 30%”

“We average down during risk off periods, and we also concentrate our portfolios towards our highest conviction names.”

“Many of our stocks were beginning to fall below our minimum hurdle rate of return over a five year period. That number is 15% for the public portfolios.”

“Less than 10% of our portfolio is, or I should say less than, there's much less than a 10% overlap between us and any, you know, it's usually less than five percent.”

“We're selling a lot of our portfolio to concentrate. And again, some of those sales are very good because we have a doubt. Wait a minute. There's a management turmoil or a lot of turnover and just, you know, little red flags that don't force us. They may be we…”

“Information is ubiquitous. It's how you put it together.”

“We're sizing opportunities using Wright's law, a relative of Moore's law, to try and understand cost declines, and then we do our bottom-up analysis. We are as stock research driven as any other bottom-up team out there, and then we have a six-point overlay ju…”

“We are not using different analysts for private than public because they've been following these private companies the whole time.”

“We will not be leading deals right now.”

“It and Microsoft are the two beneficiaries of the first rip and replace cycle that we've seen in the enterprise communication space since the early nineties when Cisco was building out the internet now, but that was on-prem and hardware oriented. Now we're mov…”

“So we've centered our research and investing around Five innovation platforms genomic sequencing robotics, energy storage, artificial intelligence, and blockchain technology and those are all converging.”

“And I'll also say that in the private world, we think a contender is Freenome. And we have that as one of our first holdings.”

“Last year the market reached all-time highs in twenty-twenty-one as we were selling off, and it was the Fangs, it was Microsoft, it was Nvidia, and those, if you look at the Nasdaq 100, account for, account ed at that time, for nearly 50% of that index”

“So last year, our net flows, now they were front end loaded to be sure they were seventeen billion dollars. That's net. There were redemptions, but we kept seventeen billion of the flows last year.”