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and we're freezing up a little bit let's see if we can get kathy back all right that's okay innovation is happening but not always when it comes to the virtual conversation go ahead you're talking about apple so apple was one of our cash-like instruments it's an innovative company uh it's in in in the innovation zone but its characteristics are very defensive so we will add names like apple the fangs apple google facebook we will add those uh add to those positions uh or even reintroduce those stocks as a bull market our portfolios were up 150 percent we knew there was going to be a correction and we just wanted to have very liquid stocks apple is a great company it's going to do fine uh it's a fang it's in a lot of portfolios uh we are all about the next fangs but we will use the existing fangs if you see they are acting very defensively become a defensive group so we will fold them in increase them when we see a move like we saw last year when we see a decline like the one we're seeing now we're seeing much higher returns from the other stocks in our portfolio you know you were talking about kind of value and cyclical and i i'm curious are there any value and cyclical strategies right now that you guys have identified as ones you want to pursue well in our uh space strategy arkx you'll find a lot of value-oriented stocks uh many people are surprised to see deer for example in there and what they don't understand is thanks to satellite technology and uh and and that the increase in the number of satellites out there and the and the precision that we're getting from them uh we are now uh enabling precision agriculture with autonomous tractors and drones so it without without that constellation out there that would not be happening we think the the two biggest applications or our uh beneficiaries of the space race uh our satellites going to enable mobile connectivity or connectivity around the world broadband connectivity it is really hard for us to imagine that three billion people in the world have no access to the internet or broadband this is going to enable that satellites and also farming uh and the other thing we think is is going to happen much sooner than space uh tourism or it'll be a much bigger deal in terms of revenue generation is hypersonic flight so any aerospace company focused on hypersonic flight we're interested in and they tend to be value stocks you mentioned earlier there have been people who have been very vocal and public fans of you and then some now have become your critics or they criticize you know having a younger investment and you know group of analysts your analyst team what do you say to them i would say that's our secret weapon those analysts have their uh their education and their feet in the new world the most seasoned analysts health care analysts on wall street and god bless them they've been great at what they do anything they know all the code words and how to decipher them from the fda but they probably haven't experimented with crispr gene editing like our genomic uh analysts have and they don't have advanced degrees in cognitive computing including bringing behavioral science into it so many of our analysts are coming to us directly from college and they are fully equipped uh with domain expertise in a way that most analysts out there again very seasoned are not just because they didn't go to school and haven't been exposed to these new technologies now i know there are a lot of phds out there and they of course know a lot but i would put any of our analysts uh up against the most seasoned analysts on the street when it comes to the topic of innovation and new technologies right that's our focus and so why wouldn't we i think we have a competitive advantage for a few reasons number one our analysts their domain expertise uh number two uh are their willingness to engage with the communities out there through social media and give our research away not when it's finished but as it's evolving so that they can uh communicate and engage with the innovators themselves uh so i think we have a competitive dynamic uh unmatched out there in the industry hey just to wrap up kathy and you've you and i've been talking for for a lot of years this has kind of been a year that's unusual i would i would say in some regards for you what have you learned in the past year and and what does maybe change mean to you well as we were having such an incredible year last year and i do think the coronavirus crisis caused it innovation solves problems i kept saying to everyone this will not everyone in the company we must stay humble we must stay humble and we must we we know this is going to come to an end we're going to go through a severe correction and we have to just keep our our heads down focused on our research to uh to keep our conviction and and and drive our strategies forward that's what's happened keeping our heads down hopefully staying humble and uh really trying to educate people the great opportunities available out there get on the right side of change this is going to be the most amazing period of my investment career and i've been through 40 plus years uh because we've never seen five innovation platforms evolve at the same time all of them leading to exponential growth trajectories that are going to transform people's lives and so i say just you know uh read our research uh talk to our analysts on twitter if you really want to learn more and and and join the rally because we believe it's going to be magnificent just quickly from the audience do you ever get recognized in public like a celebrity some people liking you to warren buffett and do you ever miss kind of your pre-rock star days just quickly um the answer is yes too much to my surprise uh even in an island off of new zealand which is what uh but uh and no i we are honored and and delighted because you know what and i know it's been hard for uh our clients in recent months keep the faith uh but uh many people's lives have been changed by what happened last year they they put their uh they allocated resources towards our strategies towards bitcoin and uh and they had a magnificent run so it's gratitude that we feel now of course we're feeling very responsible of course this year and but that's why it's so important for us to say you know that what pains me more than anything as a portfolio manager is when i know our clients are selling at the bottom and it usually is that people sell the big capitulation that i described earlier with bitcoin is selling at the bottom so so you make a terrible mistake and you don't want to ever get in again and it just pains me so i'm just praying that we don't have a lot of that we've had a lot of retention uh just to correct one thing you said at the beginning uh actually as a firm we've not had one month of redemptions the etf platform had if you go month end to month end which is how we measure this sort of thing right uh our retentions in march were 500 million we had uh we we've had positive flows in april may it remains to be seen it's been nip and tuck it may end up being a small uh depends on what happens in these last few weeks but you know if there's real capitulation sure we could have a big outflow but i think that's capitulation so all right we're going to leave it on that kathy thank you so much i know it's a crazy day you always find time thank you thank you always new always okay you of course been listening to kathy woodark investment management ceo timing is everything alex a conversation there with carol massa
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