I asked AI for advice about the theme for our 33rd Annual Baron Investment Conference. My idea: “I think you should…” It is a phrase encouraging you to take a chance. To have a consequential impact on the lives of others, we believe you need to take risk.  I asked Claude whether we should keep the ellipsis or end with a period, Claude suggested we employ the ellipsis as an invitation, not an instruction.   After 56 years of investing, I can say this clearly: My biggest regrets are the things I didn’t try. My Q2 2026 “Letter from Ron” explores that idea…why taking risks matters and why something that seems improbable today can look visionary in hindsight. “I think you should…” Read it—and decide how you’d finish the sentence. — Investors should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund and can be obtained from the Fund's distributor, Baron Capital, Inc., by calling 1-800-99-BARON or visiting Please read them carefully before investing. Risks: All investments are subject to risk and may lose value. As of June 30, 2026, the Funds did not own shares of Anthropic, PBC. Entertainment is provided at this event. Please confirm this event complies with your firm's policies on the receipt of gifts and entertainment. All expenses associated with this conference are paid by Baron Capital, Inc. No conference expenses are paid by Baron Funds. THIS POST IS NOT A TICKET FOR ADMISSION. REGISTRATION IS REQUIRED. The discussion of market trends is not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this post reflect those of the respective writer. Some of our comments are based on management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. Our views are a reflection of our best judgment at the time and are subject to change at any time based on market and other conditions and Baron has no obligation to update them. 
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