My First Million <br/><br/><h4 class="wp-block-heading"><strong>Key Takeaways </strong></h4> <ul class="wp-block-list"><li><strong>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</strong>) <ul class="wp-block-list"><li>Embodied AI (physical + digital) is severely underappreciated by markets</li><li>Elon’s recent FSD breakthrough, solving “the last mile” problem, positions Tesla to dominate autonomous mobility</li></ul></li><li><strong>Wright’s Law Investment Framework: Cost per unit falls by a constant percentage with every cumulative doubling of production</strong><ul class="wp-block-list"><li>This mathematical certainty drives exponential adoption in AI compute, EV batteries, robotics, and DNA sequencing</li><li>EVs have unlimited doublings ahead; internal combustion engines have none—making legacy automotive “no shot” to compete long-term</li></ul></li><li><strong>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 </strong><ul class="wp-block-list"><li>Opportunity cost matters more than hindsight narratives</li><li>ARK trades volatility thresholds around conviction holdings without thesis changes</li></ul></li><li><strong>Bull Market Discipline and Rebalancing: Top-performing stocks go crazy in bull runs; this requires active diversification and profit-taking </strong><ul class="wp-block-list"><li>End-point sensitivity in performance criticism ignores the fund timeframe</li><li>Her future strategy: aggressive rebalancing guidance to counter fear/greed cycles inherent to retail investor behavior</li></ul></li></ul><br><br><a href="https://podcastnotes.org/my-first-million/cathie-wood-%e2%80%92-answering-the-hardest-investing-questions-my-first-million-podcast-with-shaan-puri/">Read the full notes @ podcastnotes.org</a><br><br><hr><br><br><p>Get the free investing playbook to invest like Warren Buffet: https://clickhubspot.com/rme</p> <p>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. </p> <p>—</p> <p>Show Notes:</p> <p>(0:00) McDonald’s to Managing Billions</p> <p>(8:54) A day in the life of Cathie Wood</p> <p>(17:29) ARK’s Performance Review</p> <p>(30:00) Cathie’s #1 stock pick</p> <p>—</p> <p>Links:</p> <p>• ARK - https://www.ark-funds.com/ </p> <p>• The MFM Newsletter Challenge - https://www.beehiiv.com/application/mfm</p> <p>—</p> <p>Check Out Shaan&#39;s Stuff:</p> <p>• Shaan&#39;s weekly email - https://www.shaanpuri.com </p> <p>• Visit https://www.somewhere.com/mfm to hire worldwide talent like Shaan and get $500 off for being an MFM listener. Hire developers, assistants, marketing pros, sales teams and more for 80% less than US equivalents.</p> <p>• Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies!</p> <p>Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank &amp;amp; Trust, Members FDIC</p> <p>—</p> <p>Check Out Sam&#39;s Stuff:</p> <p>• Hampton - https://www.joinhampton.com/</p> <p>• Ideation Bootcamp - https://www.ideationbootcamp.co/</p> <p>• Copy That - https://copythat.com</p> <p>• Hampton Wealth Survey - https://joinhampton.com/wealth</p> <p>• Sam’s List - http://samslist.co/</p> <p>My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano</p>