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Kathy Wood Kathy it's great to have you back on the show thank you Morgan I'm really happy to be here so much to talk about but first I do want to start with a broader Market question uh at a time where even some Market bulls have been suggesting that this rally is getting a little long in the tooth and questions should be raised about the valuations we're seeing how do you think about the market here are you considering different positions uh across your funds as we do see some of these biggest names particularly in Tech reaching new highs yes uh so right now uh we've had a bit of a setback uh thus far this year a little fear higher for longer again in in interest rates but just just uh think about the numbers that we're beginning to get out of the big macro oriented companies uh 3m's Revenue down 4.5% that's negative both units and prices uh and I just heard you on Texas in instruments I think their sales uh this next quarter are going to be down at the midpoint something like 18% that's year-over-year these are Revenue declines we've been saying for quite some time that there are more deflationary forces out there that many people recognize a lot of them are coming from China now more so as well from Europe uh and I think that uh here in the United State States we won't Escape that so we actually think interest rates are going to fall uh sooner and faster I think than most expect and so in terms of valuations that should be very supportive to valuations it should be supported to valuations I wonder if you believe that we're in store for a soft Landing ban or if the fed's behind the ball and cuts are going to be even more steeper than perhaps the market is anticipating yeah we've been saying that uh we've been in a rolling recession We Believe for for two years and uh and that the FED is going to find out that uh uh 5 and A4 to 5 and a half was just too high for given the deflationary forces that are building out there we think there's going to be outright deflation this year price deflation some of it good associated with technology and learning curves and so forth but some of it bad which is more of the hard Landing scenario it won't be like 0809 at all we've been in a rolling recession for a long time now uh but we do think we're at the end of it and that the Fed will uh will uh lower interest rates speaking of deflation Kathy uh Tesla's been cutting prices on cars investors have been cutting Tesla's stock price you bought Tesla last year when it was cheaper than this I think you bought some more a good chunk a little bit more than a week ago do you keep buying it as it goes down if it continues to go down this year Well if you um if you've watched our trading and we do publish our trades at the end of every day uh you'll see that we've been Trading in uh Tesla at the margin so uh when it is soaring and everybody's excited about the good news as we move towards electric vehicles we will take profits and likewise as uh as investors and Traders begin to fear that we're going to be in an air pocket you know we've got a five-year investment time Horizon and we think uh that in five years most Car Sales will be electric uh and that is a trend that lower prices actually are going to encourage so that's the uh good deflation as we've got uh electric drivve train prices coming down okay uh uh in price Tesla can price down it can price down if we're in a weak spot globally and it does appear that we are certainly China and uh Europe uh and even here in the United States let me challenge you there let me challenge you there with what hurts just did backing away from EVS saying yeah I mean people really love Teslas that's not translating into uh how much Teslas cost to repair and maintain and the viability of them maintaining a fleet so I I understand that you're trading around it now but for the people at home who don't necessarily do that day by day where's your your even Mark uh where if it goes below here that's when you're really pushing into it leaning into well uh we cannot talk about what we are going to do pro uh uh prospectively um but just to address Herz um there is a learning curve with EVs and I think a lot of people go to Herz and say I'm going to try my uh first EV and they learn okay if you're going to drive uh you know 50 miles or 100 miles you've got to start thinking about uh charging so a bit of a learning curve it is true that the repairs uh the repairs cost more but maintenance also costs 60% less so there's a bit of a trade-off if you listen to Uber on the other hand uh Dar will tell you that they're encouraging more of their drivers to rent from uh Herz and others uh because the the the drivers get more uh Uber's take rate is not more so it is really beneficial for drivers and consumers love them they're willing to pay up so uh you know when Innovation is evolving and the infrastructure is moving into place but not quite there especially in terms of repairs you're going to go through fits and starts like this but the trend is undeniable last year last year electric vehicle sales globally were up 28% while uh gas- powered vehicle sales were up 9% so share gain still
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