Cathie Wood, the respected American investor and CEO of ARK Invest, is renowned for her ability to stay ahead of the curve. In a rare interview with the podcast ‘You’re In Good Company’, she offers pivotal advice to young professionals navigating the rapidly changing landscape of industries at the forefront of Artificial Intelligence (AI) disruption.
Wood draws a compelling parallel between the present AI disruption to knowledge workers and the onset of the Industrial Revolution.
“We believe that this current moment is equivalent to the advent of the assembly line in the manufacturing industry or the introduction of the first automobiles. Those innovations were transformative, essentially cementing the Industrial Revolution and we believe [AI] will create a knowledge worker revolution.”
Disruption isn’t necessarily a cause for concern and unphased by AI scare tactics, Wood reflected on historical patterns of disruptive innovation. Nobody could have imagined jobs created by companies like Uber or Airbnb in the 1990s, yet the introduction of the internet has been a net job creator. She believes AI will follow a similar trajectory.
For the knowledge workers worried about their jobs, Wood offered four pieces of advice.
Firstly, do your research and stay informed. “In my conversations with young individuals, my advice is to delve into our research, use it as a resource in shaping their education, but, crucially, never stop learning. In this rapidly changing world, it’s all too easy to find oneself on the wrong side of change.”
Secondly, she stressed the importance of self-education and highlighted the place of social media, especially Twitter. “You can follow our analysts on Twitter to stay up-to-date. However, if you’re deeply interested and eager to self-educate, consider following the people our analysts follow. Over nearly a decade, we’ve curated a list of individuals who are crucial voices in various sectors.”
Thirdly, prioritise building the skills and knowledge that will be most valued alongside this rapidly advancing technology. Wood pointed to complex reasoning and creative thinking as two skills that will be irreplaceable by AI. She suggested paying attention to the stars in your field. “Even if you’re entrenched in an industry destined for disruption – particularly the knowledge industry – observe and learn from the industry’s top earners. The skills and strategies they’re employing now are likely to become even more relevant and necessary in the future.”
Her final piece of advice: seek out opportunities in emerging sectors and you’ll find that AI will actually provide people with much more interesting jobs.
In this two-part episode with You’re In Good Company, Wood also dives deeper into the future of industries shaped by Artificial Intelligence, her thoughts on the investment thesis for Tesla and Nvidia, and the unique qualities individuals need to lead a successful business in the current era.