Lydon starts out with a clear aim, stating that: “When you think about the average investor out there and all the technology you have available, we just can’t help ourselves. But look at our portfolios every day – what is it about human nature that messes with our minds where we feel we have to be trading almost weekly to be productive in our portfolios when we know, long-term, if we just let the managers do their job, we’re going to be much better off?” For ARK, there is always a focus on the long-term time horizon, looking at things from a minimum of five years out. With that in mind, it’s clear that many investors are missing or misunderstanding the exponential nature of technology specifically. Does it come down to a disconnect between the way capital markets and investors invest in large cap companies? For Leggi, it’s more about how many investors have flooded into passive vehicles over the last decade. This has essentially taken away the incentive to consider what to do after a year. “They’re so homed in on earnings,” Leggi adds. ARK’s strategy is about understanding where the firm is investing, and seeing if that is leading to strategic acquisitions, increasing capital expenditures, or putting the company into other various positions that will allow their investors to have an advantage. That’s why the long-term view is important. At the same time, it’s still perfectly acceptable to incorporate short-term information. After all, that’s the nature of the news cycle.