Cathie Wood

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.

But there's so much confusion out there on AI

that it's baby out with the bathwater, as I just said.

And then you have this overlay of the policymakers once again being late.

A lot of people in the crypto market and in our markets are technical analysts, and they use the 200-day moving average, 200-week, and they see it break.

So