I asked Cathie Wood the question no one else will

Podcast Notes Playlist: Business

My First Million

Key Takeaways

• Tesla as AI’s Largest Play: Tesla represents the world’s largest AI project, combining robotaxis ($8-10T opportunity, 50% platform capture) and humanoid robots ($26T opportunity in 7-15 years)
  • Embodied AI (physical + digital) is severely underappreciated by markets
  • Elon’s recent FSD breakthrough, solving “the last mile” problem, positions Tesla to dominate autonomous mobility
• Wright’s Law Investment Framework: Cost per unit falls by a constant percentage with every cumulative doubling of production
  • This mathematical certainty drives exponential adoption in AI compute, EV batteries, robotics, and DNA sequencing
  • EVs have unlimited doublings ahead; internal combustion engines have none—making legacy automotive “no shot” to compete long-term
• Portfolio Management Beyond Headlines: Selling Nvidia from early entry at $0.20 per share was not necessarily a mistake if proceeds were used to buy another stock that 10x’d in price
  • Opportunity cost matters more than hindsight narratives
  • ARK trades volatility thresholds around conviction holdings without thesis changes
• Bull Market Discipline and Rebalancing: Top-performing stocks go crazy in bull runs; this requires active diversification and profit-taking
  • End-point sensitivity in performance criticism ignores the fund timeframe
  • Her future strategy: aggressive rebalancing guidance to counter fear/greed cycles inherent to retail investor behavior

Read the full notes @ podcastnotes.org

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Episode 760: Shaan Puri ( ⁠https://x.com/ShaanVP⁠ ) talks to Cathie Wood ( https://x.com/CathieDWood ) about her fund’s performance, her biggest bets on AI, and the most misunderstood stock on earth.

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Show Notes:

(0:00) McDonald’s to Managing Billions

(8:54) A day in the life of Cathie Wood

(17:29) ARK’s Performance Review

(30:00) Cathie’s #1 stock pick

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Links:

• ARK - https://www.ark-funds.com/

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My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano