저자: CathieWood · 외국인
요약 보기
AI 응용처로 헬스케어가 가장 중요하다고 주장하며 CRISPR 계열(Intellia, CRISPR, Beam, Prime)을 긍정 평가. 아마존 초기 투자 사례를 들어 장기 관점 강조. 메타는 AI 대응이 공격적이고 경쟁우위가 있어 저평가라고 봄. 자율주행은 테슬라가 승자가 될 것으로 전망. 스페이스X·로켓랩 등 우주 테마와 사모 투자 접근성 확대를 강조. 단기 가격 예측은 명시되지 않음.
다듬은 글
And right now is one of the most exciting times to invest. You have AI, robotics, tokenization. What topics excite you the most and what do you think people don't talk about enough ? Oh, what don't they talk about enough ? I would say— health care. I know it does n't sound very appealing, but we consider this to be the most important application of AI.
Oho. And these stocks just came to life. Yes. after almost four years of suffering. Um, companies like Anthropic and OpenAI are saying, "You know what ? I think healthcare could be the most important application of AI. And why is that?" This is because we know virtually nothing about biology. And I'll tell you why.
There are 3 billion DNA base pairs in our body . 3 billion. There are 40 trillion cells . So, each of us is a walking factory of our own data. And I think AI will crack the code of life, health, and death. Do you think AI can rapidly increase the length and quality of life? I am absolutely sure of this.
I think that now that we can detect mutations, and mutations are some programming errors in our genome or proteome. Now that we can identify them, what are mutations? This is the earliest manifestation of the disease, the very first sign. So if we can detect them at very early stages, and the only way to do that is with new sequencing technologies and artificial intelligence, now that we can identify them, we can start to reprogram them, fix those errors, and treat the disease or prevent it before it even occurs.
And this is already happening . A company called Crispr Therapeutics already treats beta-thalassemia and sickle cell anemia, and has a cure for " bad" cholesterol in its development. Oho. Well, my brother needs it. Yes. A huge percentage of the US population needs this. And you know, I think a lot of people are looking at Moderna because it's recently made a leap, but names like Crispr have been trading sideways for years now.
And it seemed like a good period of consolidation, right? And now they have a catalyst. So what's interesting about this period, particularly for these companies. So, it's Intellia, Crispr, Beam, Prime. What's interesting about these names is that they remind me of Amazon Mm. after the collapse of the technology and telecommunications market.
And I remember in 2003 at another firm we cautiously invested in Amazon at a valuation of $5. Now it's trillions, right? Now it's about 3 trillion, yes. I remember people saying, "What are you doing? They'll never make any money." Do they only deliver books? Yes, books, and at that time they were already online, and I did all my Christmas shopping online on Amazon .
I know, 2003. Very early follower, very early follower. I lost a lot, in the sense that I didn't receive many packages, but this was innovation in the early stages, and I understood that. I was a young mother and it was fantastic. But as far as the stock is concerned, you know, Amazon was solving one problem that analysts saw.
And then they found another problem that they didn't like. And then another one, and another one. And it took a good few years before the market began to realize how important Amazon would become, not only in retail, but also in AWS and so on. And the same with these stocks. I think, you know, they decided —what exactly did they decide?
Security. They are safe. Efficiency. It works. FDA approved. Yes. Er, compensation. Yes. They get $2.2 million for each of these treatments. Think about it. There is, because we save so much money on healthcare. Yes. That insurance companies have no problems. Uh, but they still move sideways, and you're right .
You are right. This, and I said this about Tesla. Uh , I said this in 2019. The longer the base— we are here at a conference where there are a lot of traders, and they know this. The longer the base, the more powerful the breakout. And I think that will be true for these stocks as well. That 's a great point, and, you know, speaking of one of the Magic Seven, there's another one that you're actively talking about—the team is discussing it a lot in brainstorming sessions.
I saw her coming out of the briefcases, it's Meta. And regarding Meta, I was wondering how you look at it in terms of the value accretion of AI in applications versus the industrial side , and also, is there a "moat" in Muse? Does it have a competitive edge? Yes, these are all relevant issues. That's why you hear so much about it in brainstorming sessions.
So I can tell you, investing as much time in innovation as I do. Since the 80s. Uh, usually when there's a technological transition... Yeah. Companies that were very successful in the old world did not fare very well in the new one. But Microsoft was an exception . Microsoft has made the transition many times before.
Satya, yes, he is demonstrating the results there. Yes, yes. We just need to give them credit. Uh , not for Balmer, but for, uh, Satya. remained at the same level. It was, it was consolidation. It was a consolidation, and he came in and activated all the talents they had. Yes. And, uh, was ready for open source when True.
They looked down on it, yes. This was not approved. So, uh, regarding Meta, what is their modus operandi? And Nick Rees is doing, uh, our job, and so is Varshika with him. Yes. And their confidence in Meta has grown incredibly because of how aggressively they've taken on AI. Yes. Whereas other analysts were saying, " Come to your senses, they aggressively went after the Metaverse, and it was a colossal failure." Uh, well, maybe it helped them to some extent, because they moved into this AI world, which brings us a little closer to the world of the Metaverse, if you think about the agents.
So True. maybe some of what they were thinking about and researching back then is now being activated with Muse, uh, and, uh, some other products. I know about the new small business products they have released. Their, uh, their database, their user base of 3.6 billion or 3.4 billion. Is this gold. Oho.
This is gold, and there is only one question. Are these other competitors looming over them? Remember, they had no competitors for Facebook, WhatsApp, or Instagram. They had no competitors. Now they are in this situation, and Mark Zuckerberg is showing himself to be a fierce competitor. So our confidence has absolutely increased, and compared to other AI stocks, it looks like an undervalued stock.
Absolutely. She had never had such a jump before. She had never had such a jump before. Now, it's interesting, as an investor in growth stocks, uh, particularly focused on technology- driven disruptive innovation, when I say, "Hey, this is an undervalued stock." I'm a little nervous because usually Yes.
Undervalued stocks are like that for a reason , and I can tell you, uh, about our own story. Zoom post-COVID, we thought Zoom would do a lot of , uh, in the AI world because they were so focused on AI . Uh, but they lost the pace. Yes. Uh, it's not a loss of pace. So, let's just keep an eye on the indicators.
Yes. Uh, that's, uh, the results will show. I like it. Another category that I think AI will quickly improve is autonomous vehicles. Yes. And it's a little strange, because they're already here. You see the large-scale adoption of Tesla and Waymo. You can call them in many cities. They can take you from one place to another without a steering wheel.
But it seems that the masses have not yet fully grasped this idea, do not understand it, or do not factor it into the price of the stock. What don't people notice? Why are n't we seeing dramatic growth? Well, I have a feeling that not enough people have tried it. Yes. Right? Because the number of cars on the roads is quite limited to a certain number of cities.
I think we need to promote this more in New York, where there are a lot of financial players who are promoting it in the media. trip, yes. Yes, they have to drive. New York Stock Exchange, before Nasdaq. That's right. I did this in Austin and was just amazed. All you have to do is take a ride in one of these cars and you'll say, "Okay, the whole world is going to change.
" Transportation will be incredibly changed ." So, everyone involved in transportation, whether it's logistics or regional airlines or automakers, you know, a lot of these companies are under threat, and it's only going to benefit a few players. This will be a winner-take- all situation. In the world of AI, the company that can get passengers from point A to point B the safest (this is number one), fastest, and cheapest way will get the lion's share of the market.
We believe this is Tesla in the US. Absolutely. It's no secret. Okay, that's great. And the last topic I want to talk about is space. Yes. And it seems like the space industry is picking up . We have the SpaceX IPO. Many private investors are very interested in Rocket Lab. How do they fit into this theme for you?
Where, where is SpaceX, Rocket Lab and space in general in your core assets? It's a whole new world, and they are actually the leaders. And as Falcon 9 gradually fades into the background as Elon focuses on Starship, this will open up incredible opportunities for Rocket Lab. I just visited Rocket Lab and Peter Beck 10 days ago in New Zealand.
Ovva. I was in Australia and I said, "Hey, I'll be right next to you." And he said, "Oh, why don't you come and visit?" Of course, anyone who has been to New Zealand knows that "very close " is about a 4-hour flight. My God . But no, I knew that, but I wanted to take the opportunity to meet him in New Zealand.
Oho. And again, for us, meeting with the founders, being able to see the conviction in their eyes, gives us confidence in these possibilities. So I'm excited about Rocket Lab. Yes, I really like it. I'm familiar with this. It's like when I first met Vlad 3-4 years ago and saw what he does and how he builds Put.
That gave me a lot of confidence, right? It's a similar situation here. Certainly. And we have also been shareholders since then . This is great. This is just cool. Let's quickly go over a few other points. So, first, private companies. You see companies staying private much longer than they used to.
How important is it that retail investors have access to investing in these companies while they are still private, before the IPO? Yeah, well, I just sat on a panel with Shiv and Sarah, who lead the venture arm of Robinhood. Sarah is the best. Yes, and I think we are the two companies that... Thank you.
They're seriously working on this opportunity for their clients, because how many of our clients have come in and said, " Wait a minute. Is it fair that I'm not allowed to buy SpaceX, OpenAI, Stripe, and Anthropic just because I don't make $250,000 or have a million in net assets?" And you know, we got that question all the time.
I said, "We have to do something about this." So we both have...They have a closed product. We both have closed products. Ours is an ETF. And theirs is a fund. So, of course, there are certain nuances, but I believe that we are the two who are successfully moving in this direction. Yes. I think this is very important, but I also think two things will happen here.
Many companies in our portfolios will go public. Why? I am shocked, or was shocked, that SpaceX was going to go public. Why? But I didn't know they were going to build orbital data centers. I just thought it was going to be a story about Starlink . Right. So, rocket launches, Starlink and so on, satellites.
But that's not true. There is a huge opportunity behind this . Neo cloud technologies and advanced models providing the cheapest and most powerful computing resources in the world. So I think it's a combination of the physical and digital worlds. They need to go public. This will also attract significantly more private companies there.
I like it. I know I have to finish it. One last question from me: What advice would you give to a retail investor investing in innovation at this time? And maybe add to that any other thoughts on the Robinhood Summit. A. Okay. When it comes to innovation , there are two ways to approach portfolio formation.
You can consider the innovations and types of funds we are talking about here . Right. Our funds, Robinhood funds, are like a hedge against disruptive change. Yes. which will take place in the traditional world. Therefore, there may be "value traps " in investors' portfolios. Our portfolios are protection against them.
Yes. Or you can think about it the way I personally do. But I don't necessarily recommend doing that. A financial advisor should help people understand. Of course. what I'm going to say. I think this is not financial advice. This is not financial advice. I believe that our portfolios, these private portfolios, are how the world will function in the future.
Yes. Therefore, most of my assets are concentrated in such portfolios. Although most people allocate funds depending on their risk appetite. Right. From two percent to 15 or 20 percent. Yes. And I think during and after COVID, many have put in their all, but they have to understand that this is a very volatile group.
Yes. And yet, volatility works both ways. Volatility on the upside likely means that returns will be higher in the long term. Right. From these types of portfolios. That sounds very logical, Katie. Thank you very much for taking the time. We appreciate this revolution and everything you have done for retail and many other investors. Thank you, Geve. Thank you. Thank you.
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