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so hey guys welcome back to another episode my name is nolan and this is solving life today i'm gonna be playing a couple clips from an interview that kathy wood just did with goldman sachs about the future of innovation and what she's been working on let's just hop right into it i wanted to start by asking you about the five platforms of innovation that you and the team have identified and then also briefly how the pandemic may have impacted those uh yes as i always say to my team during any risk off period i say innovation gains traction during tough times and talk about tough times innovate the reason against uh traction is because innovation solves problems better cheaper faster more productive more creative products and services and we have a lot of problems right now we've moved into the digital workplace talk about innovation and that's not just front office but it's back office we weren't prepared in many ways and so what we're hearing from our companies is that they are seeing clients uh three years ahead of when they expected to see them or to focus on them so we believe that the five innovation platforms around which we've based all of our research so dna sequencing robotics energy storage artificial intelligence blockchain technology they have all gained so much more traction during uh or and because of the coronavirus than we could ever have imagined now we believe they're on exponential growth trajec trajectories already it's just uh it's happening it's it's being compressed uh much more than we expected all right let me jump in real quick what kathy wood is talking about is just how innovation really like sees a lot of growth during these kind of times with tesla we have seen him with the market cap like crazy we're getting some of these numbers that we thought were going to be two three five years out but they're happening today and that's just because when times are tough you see greater value in disruptive innovation because they are cheaper faster stronger they're everything that the old the old innovations were back when they first came about this is something that really gets overlooked upon because people think oh we can't advance during these times because it takes money to advance when the reality is it's actually cheaper to use these new technologies kathy you've made the point previously that market cap weighted investing the pendulum has really swung too too far what kind of opportunities does that create for you and the team and and what recommendations would you give to clients thinking about how to invest in in public equity markets uh what's what's been uh fun about our strategy is that most most people most investors think that what we're doing is very niche very niche actually we think this is the way the world's going to work and the movement towards passive or even benchmark sensitive is really a backwards-looking strategy the stocks in the portfolios of traditional benchmarks especially the biggest cap stocks they are there because of what has happened historically of because of past successes but if we're right and these five innovation platforms are going to disrupt every sector every company in the world and really transform the way the world is going to work traditional benchmarks are in harm's way they're being populated increasingly by value traps with kathy wood talking about how she doesn't get a lot of credit from other investors and they think that they're in a very small market that really goes to show you that don't always just look for validation with others you really have to trust yourself if you love yourself if you fully believe in what you're doing and put your all into it it doesn't matter what it is you will be successful at it kathy can you talk to us a little bit about your team and one thing that i've i've observed is that you've hired a very diverse group of people was that deliberate and why does it matter to your success well the first yes we have a diverse group of people a very young group of people generally mostly because they have one foot in the new world their education uh that their education gave them the opportunity to experiment with crispr cas9 you're you're not going to find that in the traditional analyst space out there so we have engineers computer science uh scientists and mathematicians so quantitatively oriented as well and we've broken out their responsibilities not by sector or industry but by innovation platform and the 14 technologies so our setup is very different from other research departments the diversity of the team uh i do consider that part of our secret sauce just different points of view all of them very hungry and uh energetic and enthusiastic and really wanting to be a part of changing the existing world order particularly financial services i don't think any one of them dreamed they would enter the financial services industry in fact some of them thought that was the dark side of the world and so i basically said to a few of them look if you want to help change the world and financial services open up open architecture with research move into social media and marketing come join us come join us and if you want to also maintain uh or remain at the leading edge of your field of expertise come to arc because that's where we want to invest and that's where you're where you will extend your network broaden your reach more than you ever dreamed possible that right there was the talk of someone who is a true innovator in her field i would imagine elon musk jeff bezos steve jobs all talking similarly about what they hope to do in their different fields of electric cars online shopping electronics and phones this really is how you need to be if you want to be a business owner or if you want to actually create something that's going to make a lasting impact most people think they can just wake up put in their time and go to bed and that's all they're good for but some people really believe in changing the world and that takes an extreme amount of passion and doing things completely different and taking a lot of risks our analysts uh is becoming uh i think it's their beca each is becoming a superstar within his or her area of expertise and and that's another thing that you don't see in other financial services they will let the portfolio manager or director of research go out there and talk on behalf of the firm our analysts are out there on twitter linkedin medium telegram any social network that will help them engage with and become a part of the communities they're researching and follow me on solving life too on twitter a lot of great information a lot of breaking news happens there so this is very interesting to to people generally but especially young people uh where social media is part of their life blood unlike many of the rest of us out there um kathy you you've enjoyed a lot of success uh as a research analyst and a portfolio manager and now of course as as a founder ceo and cio what do you think has been the biggest determinant or the biggest contributor to your success oh well i've had incredible mentors uh i i don't think you can do it without mentors uh art laffer uh sigzigalis bob keiter lulu wong tanya modik i think beyond that though uh because of how i started in the industry i started with economics so big picture needed perspective and i was willing in order to become an equity analyst at jennison associates i was willing to buy into ideas that nobody wanted i think that's a big part of success generally so when i started following equities sigalis bless's heart gave me the opportunity i wanted to grow in the business and he said but i'm not going to take any stocks away from our seasoned analysts you're gonna have to find your own so as like a little dog under the table look at her scraps and i really mean that uh and so reuters and telerate and uh vodafone nobody wanted those stocks uh they certainly didn't want the foreign ones at that time we were the u.s was where the action was and database publishing reuters telerate database publishing tech analysts didn't want it because it wasn't pure database publishing analysts didn't want it because it wasn't pure publishing and i'm saying i'll take that and of course what happens that was the precursor to the internet a very big idea so i learned very early when when analysts and portfolio manager strategists dismiss out of hand something that seems to have a kernel excitement of excitement associated with it you know go investigate that that was a real heartwarming moment there for kathy wood it really goes to show you that nothing in life is ever just handed to us we have small opportunities and it's really what we do with those opportunities that make us who we are kathy was able to find a couple companies that she was able to invest in early and it really showed who she was as a person what she looks at in these companies and how successful she can become as she grows in the industry and i think it's really important to know that she didn't just wake up one day and just decide to start arc that she started from the bottom worked her way up and eventually became her own boss kathy you have a very unique perspective yourself in terms of where this this industry is is going and positioning yourself for success on that what what advice would you give to young people starting off um in investing well i would first i would say and consider the source here but first i would say um try and stay away from anything that is benchmark sensitive i don't think that's where the real opportunity is i think it that i think that world is is being populated by value traps and just as i think the returns are going to be disappointing the second thing i would say is try and associate yourself directly with some performance metrics so you can be measured your performance can be measured and no one can take it away from you i i think that's very important if at all possible and we are moving into a world that is um evolving towards exactly that okay let me let me figure out the return on investment here you know we think about that with technologies but i think that's going to be true when it comes to human capital so those and just be willing to be adventurous and when others are running away and it's conventional wisdom that something is not going to take off take a closer look at it and and see if you can find any merit i'm not saying there will always be but if there is merit as others are dismissing the possibilities that's where you're going to find great success so basically scared money don't make money that is the bottom line of kathy woods advice and i couldn't agree more especially on a younger investor who is just starting out you have time you can take some losses and still be able to become successful and recoup those risk is a huge factor in trying to be more than just following a mutual fund or getting your average returns but it's taking smart risk that really separates those who are successful and those who are not you you take risks but you have to do your due diligence you have to research the company you have to maybe watch it for a little bit see how it does see how the market reacts to some news that either it missed a deadline or it exceeded expectations kind of like you have to really weigh out your options you can't just blindly you can't just blindly go into something you really have to try to minimize that risk for yourself but overall kathy wood is someone i definitely have a lot of respect for she is someone that i follow very closely i really like her opinions on different stocks the way she looks at the world i do believe that the world is going to look completely different in the next 5 10 20 years and by time that i retire the great stocks that you know everyone wants to have and what the world is based off of isn't going to be the stocks that there are today it's going to be completely different companies with completely different outlooks with completely different business models and arc is someone that i do invest with a little bit i don't do too much of the the etfs or the actively managed funds or anything like that but arc is something that i do believe is very very useful because i personally don't get into a lot of those pharmaceutical companies it's just that's just a lot of stuff that's just out of my league but i do trust ark's opinion on it because they have many different researchers in different fields looking at all these companies and i really do think that that's something that not a lot of companies do they have one guy that is in the medical sector that looks at all these companies and just picks out a couple of them because they are more history based than a lot of these new upcoming upcoming companies that have technology that isn't quite proven just yet thank you for watching um let me know in the comments below if you do follow kathy wood and what arc does are you invested in any of their etfs do you hand pick your own stocks out of their portfolio just let me know some of your investing strategies when it pertains to arc here my name is nolan and this is solving life so you
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