July 27, 2023
Dear WEALTHTRACK Subscriber, When Bill Gates, Microsoft's co-founder calls a technology “revolutionary” you have to pay attention. In his Gatesnotes blog from earlier this year he pronounced: “The Age of AI has begun” In my lifetime, I've seen two demonstrations of technology that struck me as revolutionary. The first time was in 1980 when I was introduced to a graphical user interface - the forerunner of every modern operating system, including Windows. ...The second big surprise came just last year… in September…I watched in awe as (the team from OpenAI) asked GPT, their AI model, 60 multiple choice questions from the AP Bio exam - and it got 59 of them right… GPT got a 5 - the highest possible score… I knew I had just seen the most important advance in technology since the graphical user interface… The development of AI is as fundamental as the creation of the microprocessor, the personal computer, the Internet, and the mobile phone. It will change the way people work, learn, travel, get health care, and communicate with each other. Entire industries will reorient around it. Businesses will distinguish themselves by how well they use it. This week’s guest has been investing in different forms of AI for 15 years and believes that AI is transformative technology, just now hitting its inflection point. He recently wrote a report, “Investing in AI: Opportunities and Risks,” a topic we will discuss with him at length. Our guest is Michael Lippert, Head of Technology Research at Baron Capital and Portfolio Manager of the firm’s high-growth stock oriented Baron Opportunity Fund which he has managed solo since he joined the fund in 2006. The gold-rated fund focuses on identifying “...undeniable and powerful underlying secular growth trends disrupting industries and driving significant growth opportunities…” and invests in companies with “...durable competitive advantages, cash-generative business models, and double-digit multi-year projected annual returns,” what he calls companies growing “faster for longer.” I asked him to assess the growth potential of artificial intelligence from an investment point of view. How big a deal is it?f In our EXTRA feature Lippert talks about what he loves most about his investment career. If you miss the show on public television, you can watch it on our website over the weekend, along with all of our past programs and our guests’ One Investment recommendations. You can also find the WEALTHTRACK podcast on Stitcher and SoundCloud as well as iTunes and Spotify.
Have a relaxing weekend and make the week ahead a healthy, profitable and productive one. Best regards, Consuelo | 
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