we think if illumina were to cut cost.ning cost curve off 40% per year, the number of human genomes that would be sequenced would move from this 4 million globally last year, half of all human genomes sequenced in the history of all time, to 100 million in five years, when we think the price will be as low as $100 per genome. taylor: that is a fascinating statistic, and i am so glad you brought that up. how important is that statistic for you as an investor can see, me as a consumer, getting that under $100? cathie: we think it is very important if we are going to start penalizing each human genome in terms of mutations. our body is comprised -- our genome is comprised of 3 billion lines of code, effectively. our mutation is like a programming error. it is the earliest manifestation of disease. it can start when we are born. it may not be full-blown until we are dealt. with it be nice for our genetic counselors, and that is a new job that is developing some momentum here, to identify our mutations from one example the next

dna sequencing is exploding, and we think it is illumina, which is responsible for 95% of all the dnanced around the world, including in china today, that if it reengage us in terms of cutting the cost and price well below $1000 per human genome, then we are going to see explosive unit growth. we think that if illumina were to be cutting costs at the rate we believe technology will enable 40% a year. think about that, health care, declining cost curve 40% per year, the number of human genomes that will be sequenced would move from 2.4 million isbally last year, and that half of all human genomes ever sequenced in the history of all time, to 100 million in five years, when we think the price will be as low as $100 per genome. so we are going to be -- yes? taylor: that is a fascinating statistic, and i am so glad you brought that up. how important is that statistic for you as an investor and let's say me as a consumer, getting that under $100? cathie: we think it is very important if we are going to start analyzing each human genome in terms of mutations. so our body is comprised of or

we think that if illumina were to be cutting costs at the rate we believe that technology will enableyear -- think about that, 40% per year. humanmber of whole genomes that will be sequenced will move from 2.4 million globally last year and that is half of all the folger human genomes ever sequenced in the history of time, to 100 million in five years when we believe the price will be as low as $100 per genome. yes? taylor: that is a fascinating statistic and i am so glad you brought that up. how important is that statistic for you as an investor and me as a consumer getting that under $100? cathie: we think it is very important if we are going to start analyzing each human genome in terms of mutation. our body is comprised, our genome is comprised of 3 billion lines of code effectively. and, mutation is like a programming error. it's the earliest manifestation of disease. it can start when we are born. it may not be full-blown until we are adults. wouldn't it be nice for our genetic counselors -- that is a new job that is developing some momentum here -- to identify our mutations fro

cathie: illumina is the category killer in terms of dna sequencing and is foundational to everythingn. invipe is one of the most important molecular diagnostic testing companies that is driving down costs. from $1300 protested has gotten that down to $250, and offers tests commercially for $450 to $500. what we are seeing invitae doing, they are offering tests for free to discover pancreatic cancer or huntington's disease or epilepsy, more about those diseases. and what is happening is that pharma companies are paying invitae to deliver those free tests so that they can get those details anonymized and learn more about diseases so they can find cures for these very difficult diseases. so lots of collaboration among pharma, biotech, molecular diagnostic testing companies, dna sequencing and so forth. taylor: with an etf end investor interest, who are your investors? do you get institutional interest? cathie: it is across-the-board. we manage funds across the board. we have many retail investors. they really helped us start that fund, and now we have institutional investors moving into