Cathie Wood

There's no demand for these things.

It had been in a very wide range for six years back then.

And I said, you know, the history of long bases like this is they either break out or break down.

And we very much think Tesla is getting ready to break out again.

And then Elon will have more degrees of freedom.

Yeah, what's happening in the last week or so in particular reminds me of the early days of COVID.

Nobody knew what to do, and so algorithms just sold everything off except for the safest stocks, the most cash-rich stocks.

and cash flow generative companies.

And I remember as I was looking at it, it's an algorithmic move taking place in the market and causing a bit of a downward spiral in innovation related stocks.

Now, unlike COVID,

We're probably not going to have massive fiscal stimulus in the way that we got back then, so we're not going to come out of this with a big boom.

But they're selling the baby with the bathwater again, and so it gives active managers an opportunity to, in our case, concentrate towards our highest conviction names.

I think the biggest risk out there is that Powell, who will only be in place until May, that Powell is not and the other Fed board members are not understanding the deflationary undertow that is beginning to take place here.

And they will not, because they're not looking at the right signals and because they're looking at government data, which is all wrong and based on the industrial age, they could miss this and will be forced into a response when there's more carnage out there.

I think that's what I'm worried about right now.

I think, though, I think this is the opposite of the bubble, tech and telecom bubble.

Right now, we're seeing all of the

beneficiaries of AI.

And every stock in our portfolios, we have been looking at from through the AI lens for actually the last five to 10 years.

And so we believe we have the beneficiaries in our portfolios.