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we're in a world of disruptive innovation the likes of which we have not seen in more than 100 years uh then the risk is that the traditional World Order is going to be disrupted so that is not a place of safety but the reason that happened was the teken Telecom bust 0809 and feelings of career risk and business risk so a very defensive posture and yet all of this Innovation the seeds of which were planted in the 20 years that ended in the tech and Telecom bubble uh they those seeds have been germinating and they are beginning to flourish and so this very defensive posture is inconsistent with uh with the possibilities ahead so Arc invest and all of our ETFs which you mentioned so arkk arkw all of those um are in the public Equity markets but we call ourselves the closest you'll find to a venture capital company in the public Equity markets where stocks are listed on exchanges and our due diligence is centered around something called rights law which is a relative of Moors law so what we're trying to figure out is how quickly the costs associated with these new technologies are going to fall and how quickly those cost declines will turn into price declines which will enable these new technologies to scale across sectors so we're looking at Mass Market opportunities caused by technologically enabled Innovation that can be measured the cost declines can be measured we're very methodical about that three Revolutions in one we've got the money Revolution that's really Bitcoin and ether and that is what art laugher my mentor said oh my gosh this is the this is the rules-based monetary system I've been waiting for since we went off the gold exchange standard in the early 70s uh it's a very big idea then we've got the financial services Revolution FTX has certainly hurt it but what was FTX s bank manfre did not even like Bitcoin he didn't like it because it was too decentralized too transparent and he couldn't control it FTX was completely opaque and Central ized it almost proves the point that this movement towards decentralization and transparency is the wave of the future and we do think defi it is we're convinced of it defi has had a setback but this is what always happens early in an the internet it it didn't go away and then the third Revolution is digital property rights that as an economist uh by training uh there is nothing like property rights to raise people and countries out of poverty this is digital property rights there's going to be the digital and the physical world will be meeting each other but if you look at how maybe not your children because um I know they're homeschooled so they probably uh but if you look at how young people spend their lives how much of their lives do they spend online yeah and their identities are now being form Med online and the authenticity of that identity the ownership of that identity is becoming critically important to them so it's a world that you and I are not living in but it is alive and well and and it is going to burgeon in a way that is going to surprise people who are not paying attention if you're on zoom and yeah you're right you're in the Digital Universe if you think about the earliest manifestation when we're trying to help people understand what nfts are you know people were talking about avatars but when you the first real uh uh web 3 experience was Zoom uhuh right so you're used to that very you need it right okay we'll get you there we'll get you there get me there pull me pull me into the yeah yeah no so exciting look you're you're 10x 13 trillion to 200 trillion doesn't that pull you in right there it kind of does pull me it definitely gets me interested and it is why we started we feel this movement is so important uh and we feel and I was listening to some of the commentary here we feel that everyone needs to be a part of it and that is why we have broken all the rules or uh they're not exactly rules but the conventions and we have started our own public private think uh dominated by private companies um Venture fund that non- accredited investors for $500 can invest in and we're doing it um talk about the digital world we're doing it with social distribution through an app called the Titan app so for $500 uh individuals who were blocked because they didn't they have the right income threshold or asset threshold that were blocked from these 10 xers 100 xers even the wealth people are having trouble getting into deals because that world of deal making is so small I mean we are able to get into deals that foundations and endowments and and small institutions are not able to get into because we're doing something different and the Venture World wants to be Associated they've been criticized for not paying attention to uh non-accredited investors so they are actually helping us and we are getting into deals but to give you a a sense um of how important I I believe this investor base is um if I know our client base on in the public World they are non accredited for the most partf B so arkk AR KF these are AR arcs ETFs these are liquid funds I can get in to get out tomorrow you can get in out you can get in and a minute later get out right that's a liquid they are um when I have as I've studied our client base I have been struck that they know so much more about the Technologies we're investing in because they read our research we give our research away they're grateful for it they want opportunities right um if you ask me who the accredited investors are when it comes to knowledge base which is how I think this should be me measured it's our client base it is not the institutions it is not the high net worth individuals it is individuals who are excited about how these Technologies are going to transform Our Lives how they're going to level the playing field and give everyone a shot at an amazing future I think when people think of artificial intelligence there they they have an internet mindset what's going to be the killer app here that's not the right question you want to figure out how to harness AI to increase productivity increase your efficiency that's the first killer app and uh the the uh second killer app is really all about data the companies with really large pools of proprietary data as some of these companies I've just imagined
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