Cathie Wood

Ladies and gentlemen, Kathy Wood.

So I'm going to just correct that a bit.

Okay.

Our official for bull case is 1.5 million.

Now, what got us to that 3.8 is using modern portfolio theory.

If we were to include

Bitcoin in portfolios at its optimal weight, so maximizing the Sharpe ratio, that would have provided that increment to 3.8 million.

Now, believe it or not, that position size, when we did that analysis, was 19% of a diversified portfolio.

That's a lot.

I have more in mind.

I'll tell you what I've told my children for a long time now is average in.

I mean, you know, average in, you know, every month, just average in.

And then I would leave it to them in terms of their comfort factor.

There are ways to access innovation and one of the questions, many ways of course, we have packaged it up.

We don't look anything like a traditional benchmark.

So if they're diversifying, we're a very good source of diversification, especially in trying to get exposure to innovation.

We also have a venture fund.

One of the questions I get regularly from retail investors,

used to be, why can't we access the private markets?

We know more about those technologies than most of the institutions who are buying them.