Hello and welcome to At Barrens. I'm Andy Surwer.

And welcome to our guest, Kathy Wood, founder and CEO of ARC Investment Management.

Kathy, nice to see you.

Great to see you, Andy. It's been a while.

It has, but a lot of stuff been going on, so I want to get right to it.

I want to start off with some kind of big picture macro

questions and then talk more about specific holdings. It seems like right now, over the past

few years, we've been in this era of groups of stocks. You've got Fang and now the magnificent seven,

and they seem to kind of come and go quickly. What's your take on all that right now?

I can look at it from two angles. One would be a worrying angle, which is the market is narrowing to

just a few stocks. And even before my time, there was a period called the nifty 50. And it was in the

late 60s, early 70s,

and that was a precursor to a very bad time, the 70s recession and bare market and so forth.

So I understand why technicians and others look at a market this way.

The other way of looking at this is through our lens today.

So if you look at what has happened to ARC after two very difficult years, we don't own most of the

magnificent seven. We own Tesla in size, but the others, either not at all or partial positions

in our flagship strategy. And we have been able, through the second quarter, we outperformed

even the NASDAQ 100, which is dominated by those stocks.

Now, we're backing and filling now, so we'll see what happens as we enter the end of the year.

I think interest rates moving up has given everyone pause, and so they're running back to their benchmarks.

But I do think our outperformance in the first half, and it was significant outperformance,

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