Ark's Cathie Wood Expects Big Regulatory Changes, Praises Musk

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트럼프 2기 행정부의 규제 완화 기대로 ARK Innovation ETF가 급등. 규제 축소(두 개 폐지 원칙), 암호화폐 규제의 SEC 전환 가능성, 상장 기업 감소 원인인 규제 부담 해소, FTC의 과도한 M&A 제동 완화를 주장. 일론 머스크의 정부효율부(DOGE) 역할과 팔란티어 사례를 들어 AI 기반 행정 효율화 효과를 강조하며, 머스크를 '시대의 발명가'로 칭찬.

다듬은 글

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01. Cathie, shares of your flagship fund, the ARK Innovation ETF, surged more than 8% on Wednesday. It was the best day in more than a year. Part of the risk on trade that we saw on optimism of a second term for Donald Trump in the White House. And that's where I want to start with you, because when you were back on with us in October, you indicated without actually saying the former president's name, that you preferred a President Trump over President Harris Strictly from the standpoint of the candidate who you saw would ease the regulatory environment.

02. So here we are. What does another Trump administration mean for you and the companies that ark invest in? Okay. Well, thank you for having me on your show, Tim. Yes. Regulation critical. I think the the the regulations that have been creeping into the system, actually, they started to creep in. They've just flooded the system and and really gummed it up.

03. So the first the biggest regulatory regulatory issues have been around the FCC, especially when it comes to digital assets or crypto legislation and the FTC as as it relates to M&A activity, I think both they're going to be big changes there and that is is going to be the beginning, I think, of a lot of regulatory changes.

04. In his first administration, President Trump basically said for every regulation you want to introduce anyone in my administration, you must get rid of two. I think it's going to be maybe more dramatic than that this time around. And I also think having having Elon Musk, who I think today announced that he'd like to name a new department, the Department of Government efficiency get that DOJ he doge he I think he's going to come to into the administration.

05. I don't think he'll be a formal part of the administration. He'll be more in an oversight role the more as I understand. Yeah. Well, Katie, I want to jump in here because you mentioned a few things that I want to follow up on. One is, is Elon Musk. Have you talked to Elon since the election? No, I have not talked to him since the election.

06. I did see an ex that he was part of the family as they were taking the picture around President Trump's acceptance speech. So, you know, I know he's obviously had a tremendous impact on on the election. I think he had ex made a big difference and and his ideas around government efficiency, which will revolve importantly around technology, artificial intelligence is is doing wonders for the most bureaucratic organizations out there.

07. We know from Palantir that it is having a tremendous impact on insurance companies underwriting process, timelines dropping from two weeks to 3 hours. And even in the military, MAVEN volunteers working on MAVEN with the DOD for for targeting the enemy. They have shrunk that department. They've don't need as many people.

08. They've gone from 20 to 20 people, which it's pretty amazing what's going on. And I think we'll see a lot of attrition. Any any employee leaving the government probably will not be replaced. I don't think he'll yeah, I just I don't think he'll do $2 trillion in government spending savings in one year.

09. That might be a 5 to 10 year. And I think between technology and attrition and lower regulations, maybe the abolition of certain departments that that they'll go a long way. So you don't see him serving a formal role, but still overseeing some sort of department of government efficiency in an informal way.

10. Help me understand what you see him doing and whether or not that could be some sort of threat to you know, he's a very busy man. Yes. He's an unbelievable he's the inventor of our age. I think I I said that in 2015 for the first time when I was on your show with Carol Carol Massar at the time. He is the inventor of our age.

11. And he is he comes into a problem, assesses it with first principles. Thinking doesn't care how things have been done and comes back with, you know, ingenious solutions to big problems, whether it's autonomous mobility in the autonomous taxi space or in in the health care space. Neuralink he's in the in the social network space X and I say I but and a lot of people say and space X, of course, the entire exploration going to Mars.

12. I think a lot of people are can't believe he can do this but again he cuts to the quick at first principles thinking and surrounds himself with brilliant people, people who really want to solve the hardest problems in the world. And that's part of the secret to his success. Very high standards and people who want to be held accountable to very high standards and want to really transform the world.

13. Hey, we're going to get back to Ellen and specifically Tesla in a few minutes. But I want to go back to something that you mentioned at the top of our interview, Kathy, and that's the idea of some of the regulatory challenges that you said have cropped up over the last couple of years and during the Biden administration, specifically with regard to the FTC and the FCC not being present in a second Trump administration, how do you think the Trump regime will approach financial regulation, given that he's vowed to replace S.E.C.

14. Chair Gary Gensler? What does that look like? Well, I think I think first, as as it relates to crypto or digital asset regulation, they're they're going to replace Gary Gensler with someone who is much more open minded, I would say, and will let the legislative process work, go to work. And, you know, the SEC is supposed to regulate, enforce laws.

15. They're not supposed to create laws by enforcement, which is what Gary Gensler was doing. So I think that's going to be important. I also think if you look at the public equity markets, I think that a number of public companies out there right now has been cut in half in the last 15, 20 years. The regulatory nightmare of being a public company has kept people has kept leaders of companies basically saying, if I don't have to go public, I am not going public.

16. And so I think we're going to see a lot more work in that regard to give, you know, the average investor a shot at some of these moonshots. So I think that's going to become very important. As far as the FTC, you know, the the antitrust has has gone way too far. You know, they were denying mergers and acquisitions that really the the the the companies were tangential to one another.

17. They weren't even really in the same market. So we're seeing and yet at the time, at the same time, we've seen these mega tech companies grow into, you know, massive organizations and dominating their market. So they were denying mergers and acquisitions for, you know, think about JetBlue and Spirit Airlines.

18. Yeah, that was that was the same industry. But one is going bankrupt now because because they wouldn't allow that M&A. They were just dogmatic about it and, you know, and didn't show too to us at least any common sense.