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ingredients from New York City it's great to have you here thanks for stopping by there is a brand new Kathy Wood interview this one is with Yahoo finance where Kathy Wood gets called on the poor performance of her Flagship fund arkk because usually no one questions her on these shows that's why I even feel compelled to make these reactions because they're just like commercials for her Kathy we have to get to your performance dear RK down more than 60 and I know we've talked about this before that you are a longer term investor but you're if you look back three years you've underperformed the S P 500 if you look back five years you've underperformed the S P 500 in fact if you go all the way back to 2014 when you started our The RK fund it's still underperformed the market so what catalysts can investors look for to turn that around is it going to be the interest rates simple question yes we have never seen a market like this like this Kathy we're just looking for the Catalyst here okay just give us the kids give us the Catalyst uh not only were the Technologies not ready the costs were way too hey Kathy I'm living under a bridge with my family right now because we put a lot of our money in Arc can you please just tell us the Catalyst because I'm about to have to start playing this skin flute just to pay for a meal thanks so much Kathy appreciate that love you see what I mean about late and profit no we don't get it because you're acting like you're on Dancing With the Stars and dancing around all these questions just answer the question Kathy they have a lot more to spend come on cat Healthcare Kathy does not like to get interrupted I just want to let you guys know she's very nice but she's on here to do her commercial for her funds not to be asked real questions by a journalist okay this is a commercial for her still loses money she's like you're ruining my commercial this is what I'm getting back to high gross margins high 60s low 70s uh this this company it's ultimate profitability is going to be superior because we believe it will become we believe the health care information backbone of the United States if not elsewhere just think about that she wants you to think about anything except the performance of her funds just think about that and yet the stock is selling for I believe it's around we believe and the reason this has happened is because the lord giveth the lord taketh away thanks be to God investors are scared to Veer much away from their benchmarks they are selling any stuff stock that's not in their benchmarks I mean in some cases oh Interruption number two Kathy doesn't like this they're they're scared with good reason right I mean because they've lost a lot of money Julie just one sec sure so um wait by the way Kathy totally knows that she was a little bit a little bit heavy-handed there she kind of went off brand there for a second they're they're scared with good reason right I mean because they lost a lot of money Julie just one sec sure so that reminds me a lot when there was an interview with Tom Cruise where he's like Bill put your manners back in I'll have to find that Peter put your manners back in if I can just finish this thought so uh so that you understand and so that your your viewers understand so they um they have been selling our stocks because they're not in the benchmarks and it has reached a an incredible level but I also think if you if you ask where the risk is now in the port in the market I think it's in the benchmarks that everyone she's been saying this forever it's crowded into because they're very backwards looking you have investors investing in the past benchmarks are where they are investors in the public markets have defaulted to benchmarks which are all about the past the pendulum towards Benchmark style investing will swing the other direction if you invest in let's say the S P 500 Index no you're guaranteed to do no better or no worse than average minus the expenses the voo has a 0.03 expense ratio you invest in that if the market does seven percent over 20-year period and you just stay put you're doing 6.97 if you Kathy Wood who offers an actively managed ETF there is no evidence that active management beats the indexes beats a passive indexing approach over a long period of time furthermore she has a 0.75 expense ratio it's not advantageous there's a lot of reasons for people to do passive indexing her business depends on them thinking that's not a good idea or thinking that they should have some exposure to something like her fun which is basically like a moon shot on a bunch of unprofitable companies and our research I don't root against anyone making money I just would never go near this stuff I think people who have gone near it have learned unfortunately the hard way most people will not will not construct portfolios the way we do they don't construct portfolios like we do which is on a Prayer we need the best companies who are going to execute on the future of these five new platforms and we believe those are in our portfolio so if no other reason given the Down Round we've been through if for no other reason we would be a great diversifier for those exactly she's making the case of you know add some Arc get some diversification we know what we do and our focus is completely on disruptive innovation and losing your money we are concentrating our portfolios on our highest conviction names we've gone from 57 58 names in the flagship portfolio to now 30 names if you actually knew anything you wouldn't have 30 names you'd have like less than 10 probably I'd say less than 15.
those which have are the lowest on our scoring system have left it's not like they won't come back into the portfolio hey guys I actually have a really big exclusive here this is Kathy Woods scoring system Yes We believe We believe I really believe
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