When Amazon had hit $5 billion in market cap,

and it's probably going to sustain this revenue growth rate

in the 20 to 30% range for 20 years.

Nobody believed that.

Well, that's exactly what happened.

The first whole human genome was sequenced in 2003. The cost to

do so was $2.7 billion, and it took 13 years to get there. We were not ready for prime time.

That 2.7 billion to sequence one human genome is down to $200. That 13 years is down to a couple of hours.

You know, we have never seen this amount of technologically enabled disruption in history.

You have to go back to the late 1800s, early 1900s, internal combustion engine,

telephone, electricity to see a true technology revolution. What regulation would you like

to see around AI, if any? To regulate AI right now would have been like regulating the internet

in the late 80s and early 90s before we really

understood its ramifications safety security is paramount but we've seen other industries

regulated out of business and a really good one is nuclear power. Regulation really can hold

innovation back. When we interviewed Howard Marks in March of this year, he observed it's the pioneers

who get the arrows. And what I've learned is that in investing, the main way you gain unusual

success is by doing things that

other people don't want to do. It's hard to achieve singular success by joining the herd.

Well, many consider a 21st century investment pioneer to be Kathy Wood. She embraces disruptive

innovation themes early, has faced intense criticism during large drawdowns,

has reshaped ETF thinking, and is characterized as bold, influential, controversial, and

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