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

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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/

• The MFM Newsletter Challenge - https://www.beehiiv.com/application/mfm

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Check Out Shaan's Stuff:

• Shaan's weekly email - https://www.shaanpuri.com

• 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.

• Mercury - Need a bank for your company? Go check out Mercury (mercury.com). Shaan uses it for all of his companies!

Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC

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Check Out Sam's Stuff:

• Hampton - https://www.joinhampton.com/

• Ideation Bootcamp - https://www.ideationbootcamp.co/

• Copy That - https://copythat.com

• Hampton Wealth Survey - https://joinhampton.com/wealth

• Sam’s List - http://samslist.co/

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

I asked Cathie Wood the question no one else will

Podcast Notes Playlist: Business

I asked Cathie Wood the question no one else will