As we talk about those big drops for Some of these names that you have long Tracked in some cases now down 70 80 Percent this year what goes through your Mind We keep our Perspective in the long term uh you Either believe that this decade is going To be one of technological innovation or You don't uh you either believe that um Ai the cost of ai training falling in Half every nine months is going to yield Massive productivity advances where you Don't And It's clear that right now the market is Not pricing assets based on their Fundamentals Asset prices are being Whipped around by asset flows between Between Asset classes by allocators and so From our perspective uh you're getting Amazing sale prices in innovation assets And um we believe that everybody needs To have a meaningful exposure to Innovation in their portfolio that Many investors who Have Benchmark exposures to Traditional indices have unintentional Innovation shorts where if this really Is uh if if Being able to get a cancer diagnosis
From a blood vial is a meaningful Advance and gonna drive uh you know Billions of dollars in revenue then Assets will appreciate on the back end Of that and that will put um some Traditional service providers at risk if Ev autonomous trucks are going to be Cost competitive with freight rail over The course of this business cycle then Those traditional rail lines are Actually going to be materially less Valuable than you currently think They're going to be and so that position And your core index exposure is going to Be put into stress and so you better own The innovation opportunity that's on the Back end of that in the event that these Technology promises come to fruition
