AI, Tax Cuts & A New Bull Market?| ITK With Cathie Wood

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Greetings everyone. Today is employment Friday, but we have no employment report. We will try to fill in the blanks. From a fiscal and monetary policy point of view, we think we’re at the threshold of an increase in liquidity. I’ll get to that in the charts. It is important because if this administration wants the economy to be in really good shape by the midterms, they really have to start providing the liquidity now. The biggest risk in the market is that as the government both fiscal and monetary policy moves towards easing, inflation will take off again. That’s the biggest question we face. Many people assume that growth means inflation. That’s absolutely wrong. If you look at the 45 years since the early 80s, inflation has come down mostly because of productivity gains. And as you know, we think the productivity gains in this cycle are going to be outsized and sustainable thanks to the convergence of all of the technologies around which we’ve centered our research so robotics, energy storage, AI, blockchain technology, and in the life science space multiomics sequencing. We think is going to be highly deflationary in the good sense of the word word when you cut the price of something, you get more demand for it. COVID was the outlier, that three-year supply shock, most unexpected, in this just in time world. We thought technology would get us through that. It did not and it took a lot longer. So I think there’s a lot of scarred tissue associated with rapid growth and supply shocks. But that is not the way the world typically works. So we do believe we’ll see stimulus. We do believe it will work, and we do believe it will be obvious in time for the midterm elections. In terms of economic indicators, employment looks unhealthy and toward the end of a cycle. Toward the end of a recession, we think we’re moving into a rolling recession. Employment will lag. It’s a lagging indicator. It’s a key indicator. It’s a lagging indicator. It’s a lagging indicator. It’s a lagging indicator. It’s a lagging indicator. It’s a lagging indicator. It’s a lagging indicator. It’s a lagging indicator. It’s a lagging indicator. It’s a lagging indicator. It’s a lagging indicator. It’s a lagging indicator. It’s a lagging indicator. It’s a lagging indicator. It’s a lagging indicator. It’s a lagging indicator. It’s a lagging indicator. It’s a lagging indicator. It’s a lagging indicator. It’s a lagging indicator. It’s a lagging indicator. It’s a lagging indicator. It’s a lagging indicator. It’s a lagging indicator. It’s a lagging indicator. It’s a lagging indicator. It’s a lagging indicator. It’s a lagging indicator. It’s a lagging indicator. It’s a lagging indicator. 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