I asked AI to explain my investment style, whose representative figure is Cathie Wood:

The pioneer style opens a window to understanding structural trends; the returns of pioneers stem from era-level changes—a technology moving from the lab to large-scale commercialization, an industry shifting from the fringe to the mainstream.

But the other side of the coin is equally worth knowing: Cathie Wood, as the core representative of this style, saw her flagship fund ARKK surge 152.6% in 2020, while also experiencing a drawdown of approximately -67.0% in 2022. This illustrates that volatility in innovation tracks is an inherent cost of this style, not an accident. High risk does not guarantee high returns—within the same risk tier, differences in returns mainly come from the systematic nature of the method, the depth of research, and the time given.