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2021-12-20

S&P 500

Cathie Wood says stocks have corrected into 'deep value territory' and won't let benchmarks 'hold our strategies hostage'<blockquote>凯西·伍德表示，股市已回调至“深度价值区域”，不会让基准“挟持我们的策略”</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":693963234,"tweetId":"693963234","gmtCreate":1639961597633,"gmtModify":1639961598002,"author":{"id":4091088321144510,"idStr":"4091088321144510","authorId":4091088321144510,"authorIdStr":"4091088321144510","name":"JunHaoT","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":29,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>S&amp;P 500&nbsp;</body></html>","htmlText":"<html><head></head><body>S&amp;P 500&nbsp;</body></html>","text":"S&P 500","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/693963234","repostId":2192708619,"repostType":4,"repost":{"id":"2192708619","kind":"highlight","pubTimestamp":1639954209,"share":"https://www.laohunote.com/m/news/2192708619?lang=zh_CN&edition=full","pubTime":"2021-12-20 06:50","market":"us","language":"en","title":"Cathie Wood says stocks have corrected into 'deep value territory' and won't let benchmarks 'hold our strategies hostage'<blockquote>凯西·伍德表示，股市已回调至“深度价值区域”，不会让基准“挟持我们的策略”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2192708619","media":"MarketWatch","summary":"ARK Invest founder Cathie Wood offered the latest defense of the once-highflying, disruptive innovat","content":"ARK Invest founder Cathie Wood offered the latest defense of the once-highflying, disruptive innovation strategies that had made her suite of exchange-traded funds among the most popular, and best-performing, on Wall Street in 2020.<blockquote>ARK Invest 创始人凯西·伍德 (Cathie Wood) 为曾经高歌猛进的颠覆性创新战略进行了最新辩护，这些战略使她的交易所交易基金套件成为 2020 年华尔街最受欢迎、表现最好的基金之一。</blockquote> <img src=\"https://static.tigerbbs.com/5e17c2568a6dc81e7e3573ede78dcfb0\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\">Patrick T. Fallon/AFP/Getty Images<blockquote>帕特里克·T·法伦/法新社/盖蒂图片社</blockquote> In a Friday evening blog post, Wood said that despite a brutal stretch that has compelled the operators of the ARK Invest ETFs, including the flagship Ark Innovation&nbsp;fund, to do some soul-searching, the fund manager is sticking to her game plan.<blockquote>伍德在周五晚上的一篇博客文章中表示，尽管经历了一段残酷的时期，迫使 Ark Invest ETF 的运营商（包括旗舰 Ark Innovation fund）进行一些反省，但该基金经理仍坚持她的游戏计划。</blockquote> “‘With a five-year investment time horizon, our forecasts for these platforms suggest that our strategies today could deliver a 30-40% compound annual rate of return during the next five years.’” “We won’t let benchmarks and tracking errors hold our strategies hostage to the existing world order,” Wood wrote. She described the success of the ARK ETFs as one not solely bolstered by fervor for “stay at home” investment opportunities, amid the COVID pandemic, but rooted in identifying paradigm-shifting innovation, from blockchain and bitcoin&nbsp;to electric vehicles.<blockquote>“我们对这些平台的投资期限为五年，我们的预测表明，我们目前的策略在未来五年内可实现 30-40% 的复合年回报率。“伍德写道：”我们不会让基准和跟踪误差成为我们战略的人质。她认为，ARK ETF 的成功不仅得益于在 COVID 大流行期间人们对 “足不出户 ”投资机会的热情，而且还植根于识别从区块链和比特币到电动汽车的范式转变创新。</blockquote> “Critical to investment success will be moving to the right side of change, avoiding industries and companies caught in the crosshairs of ‘creative destruction’ and embracing those on the leading edge of ‘disruptive innovation,'” Wood wrote.<blockquote>“伍德写道：”投资成功的关键在于走向变革的正确一边，避开陷入'创造性破坏'十字路口的行业和公司，拥抱那些处于'颠覆性创新'前沿的行业和公司。</blockquote> On Friday, ARK Innovation ended the session up nearly 6% and produced its second straight sharp weekly gain, up 1.1%, following a 1.8% advance in the prior week. The advance for ARK Innovation still leaves the actively managed fund down nearly 22% in the year to date, as the broader S&amp;P 500,the Dow Jones Industrial Average&nbsp;and the technology Nasdaq Composite Index&nbsp;have faced whipsawing volatility derived primarily from concerns about more transmissible strains of COVID, surging inflation and global monetary policy’s reaction to those pricing pressures. Year-to-date the S&amp;P 500 index is up 864.57 points or 23.02%.<blockquote>周五，ARK Innovation 收盘上涨近 6%，连续第二周大幅上涨 1.1%，此前一周上涨 1.8%。今年迄今为止，ARK Innovation 的上涨仍导致这只主动管理型基金下跌近 22%，因为更广泛的标准普尔 500 指数、道琼斯工业平均指数和纳斯达克科技综合指数都面临着剧烈的波动，这主要源于对更容易传播的 COVID 病毒株、飙升的通货膨胀以及全球货币政策对这些定价压力的反应的担忧。今年迄今，标普500指数上涨864.57点，涨幅23.02%。</blockquote> ARK’s seven ETFs returned an average of 141% in 2020, on the back of gains from companies such as&nbsp;Tesla Inc.,and&nbsp;Teladoc Health Inc.,&nbsp;making Wood the toast of Wall Street. But those funds, focused primarily on companies that aren’t yet profitable, have been limping lower since hitting a peak back in February, and their woeful performance has raised questions about the prospects for the ETFs in the months and years to come.<blockquote>ARK 的七只 ETF 在 2020 年的平均回报率为 141%，这得益于以下公司的收益。特斯拉公司。,和泰拉多克健康公司.，让木材成为华尔街的烤面包。但这些主要投资于尚未盈利的公司的基金，自 2 月份达到峰值以来一直在走低，其糟糕的表现让人对 ETF 未来几个月和几年的前景产生了质疑。</blockquote> Wood urged investors to maintain their support of the ARK complex and said that maintaining a long-term, five-year time horizon would be the best way to judge the fund manager’s true performance.<blockquote>伍德敦促投资者继续支持方舟综合体，并表示维持五年的长期时间范围将是判断基金经理真实业绩的最佳方式。</blockquote> “With a five-year investment time horizon, our forecasts for these platforms suggest that our strategies today could deliver a 30-40% compound annual rate of return during the next five years,” the ARK CEO wrote.<blockquote>“方舟首席执行官写道：”在五年的投资期限内，我们对这些平台的预测表明，我们目前的策略可以在未来五年内实现 30-40% 的复合年回报率。</blockquote> “In other words, if our research is correct—and I believe that our research on innovation is the best in the financial world—then our strategies will triple to quintuple in value over the next five years,”&nbsp;Wood added.<blockquote>“换句话说，如果我们的研究是正确的--我相信我们对创新的研究是金融界最好的--那么在未来五年内，我们的战略价值将增加两到五倍，”伍德补充道。</blockquote> The ARK founder also made the case that the Nasdaq and S&amp;P 500 could be the bigger disappointment to return-eager investors in the longer-term because they are more overvalued than the disruptive investments that comprise her funds.<blockquote>这位方舟创始人还表示，从长远来看，纳斯达克和标普500可能会让渴望回报的投资者更失望，因为它们比构成她基金的颠覆性投资更被高估。</blockquote> “Unlike many innovation-related stocks, equity benchmarks are selling at record high prices and near record high valuations, 26x for the S&amp;P 500 and 127x for the Nasdaq on a trailing twelve-month basis,” Wood wrote.<blockquote>“伍德写道：”与许多与创新相关的股票不同，股票基准正以创纪录的高价和接近创纪录的高估值出售，过去 12 个月标普500的估值是 26 倍，纳斯达克的估值是 127 倍。</blockquote> She said that the “five major innovation platforms which involve 14 technologies are likely to transform the existing world order and that so-called tried and true investment strategies “will disappoint during the next five to ten years as DNA sequencing, robotics, energy storage, artificial intelligence, and blockchain technology scale and converge.”<blockquote>她说，“涉及 14 项技术的五大创新平台很可能会改变现有的世界秩序，而所谓的屡试不爽的投资策略 “将在未来五到十年内令人失望，因为 DNA 测序、机器人、储能、人工智能和区块链技术的规模化和融合”。</blockquote> Wood also made the case that the so-called wall of worry, with inflation fears representing perhaps the biggest concern, provided an ideal backdrop for further advances in innovation stocks in the longer run because the dot-com markets of the late-1990s weren’t properly buffeted by investor concerns. The thinking is that “walls of worry” tend to limit market euphoria.<blockquote>伍德还认为，所谓的担忧墙（通胀担忧也许是最大的担忧）为创新股的长期进一步上涨提供了理想的背景，因为 20 世纪 90 年代末的互联网市场并没有受到投资者担忧的适当冲击。人们认为，“担忧之墙”往往会限制市场的兴奋情绪。</blockquote> “In our view, the wall of worry built on the back of high multiple stocks bodes well for equities in the innovation space,” she wrote. “No wall of worry existed or tested the equity market in 1999. This time around, the wall of worry has scaled to enormous heights,” Wood said.<blockquote>“她写道：”在我们看来，建立在高倍数股票背后的担忧之墙对创新领域的股票来说是个好兆头。“1999 年，担忧之墙并不存在，也没有考验股市。这一次，担忧之墙已经攀升到了极高的高度，”伍德说。</blockquote> On the macroeconomic front, Wood said that deflation, rather than inflation, could be a bigger problem for markets in the coming months.<blockquote>在宏观经济方面，伍德表示，未来几个月市场面临的问题可能是通货紧缩而不是通货膨胀。</blockquote> “That said, my conviction is growing that the bigger surprise to the markets will be price deflation – both cyclical and secular – and that, after collapsing this year, higher multiple stocks could turn around dramatically during the next year,” she wrote.<blockquote>“她写道：”尽管如此，我越来越相信，给市场带来更大的惊喜将是价格通缩--包括周期性的和长期性的--而且，在今年崩盘之后，多只股票可能会在明年出现戏剧性的好转。</blockquote>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cathie Wood says stocks have corrected into 'deep value territory' and won't let benchmarks 'hold our strategies hostage'<blockquote>凯西·伍德表示，股市已回调至“深度价值区域”，不会让基准“挟持我们的策略”</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCathie Wood says stocks have corrected into 'deep value territory' and won't let benchmarks 'hold our strategies hostage'<blockquote>凯西·伍德表示，股市已回调至“深度价值区域”，不会让基准“挟持我们的策略”</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-12-20 06:50\n\n</h4>\n</header>\n<article>\nARK Invest founder Cathie Wood offered the latest defense of the once-highflying, disruptive innovation strategies that had made her suite of exchange-traded funds among the most popular, and best-performing, on Wall Street in 2020.<blockquote>ARK Invest 创始人凯西·伍德 (Cathie Wood) 为曾经高歌猛进的颠覆性创新战略进行了最新辩护，这些战略使她的交易所交易基金套件成为 2020 年华尔街最受欢迎、表现最好的基金之一。</blockquote> <img src=\"https://static.tigerbbs.com/5e17c2568a6dc81e7e3573ede78dcfb0\" tg-width=\"700\" tg-height=\"466\" width=\"100%\" height=\"auto\">Patrick T. Fallon/AFP/Getty Images<blockquote>帕特里克·T·法伦/法新社/盖蒂图片社</blockquote> In a Friday evening blog post, Wood said that despite a brutal stretch that has compelled the operators of the ARK Invest ETFs, including the flagship Ark Innovation&nbsp;fund, to do some soul-searching, the fund manager is sticking to her game plan.<blockquote>伍德在周五晚上的一篇博客文章中表示，尽管经历了一段残酷的时期，迫使 Ark Invest ETF 的运营商（包括旗舰 Ark Innovation fund）进行一些反省，但该基金经理仍坚持她的游戏计划。</blockquote> “‘With a five-year investment time horizon, our forecasts for these platforms suggest that our strategies today could deliver a 30-40% compound annual rate of return during the next five years.’” “We won’t let benchmarks and tracking errors hold our strategies hostage to the existing world order,” Wood wrote. She described the success of the ARK ETFs as one not solely bolstered by fervor for “stay at home” investment opportunities, amid the COVID pandemic, but rooted in identifying paradigm-shifting innovation, from blockchain and bitcoin&nbsp;to electric vehicles.<blockquote>“我们对这些平台的投资期限为五年，我们的预测表明，我们目前的策略在未来五年内可实现 30-40% 的复合年回报率。“伍德写道：”我们不会让基准和跟踪误差成为我们战略的人质。她认为，ARK ETF 的成功不仅得益于在 COVID 大流行期间人们对 “足不出户 ”投资机会的热情，而且还植根于识别从区块链和比特币到电动汽车的范式转变创新。</blockquote> “Critical to investment success will be moving to the right side of change, avoiding industries and companies caught in the crosshairs of ‘creative destruction’ and embracing those on the leading edge of ‘disruptive innovation,'” Wood wrote.<blockquote>“伍德写道：”投资成功的关键在于走向变革的正确一边，避开陷入'创造性破坏'十字路口的行业和公司，拥抱那些处于'颠覆性创新'前沿的行业和公司。</blockquote> On Friday, ARK Innovation ended the session up nearly 6% and produced its second straight sharp weekly gain, up 1.1%, following a 1.8% advance in the prior week. The advance for ARK Innovation still leaves the actively managed fund down nearly 22% in the year to date, as the broader S&amp;P 500,the Dow Jones Industrial Average&nbsp;and the technology Nasdaq Composite Index&nbsp;have faced whipsawing volatility derived primarily from concerns about more transmissible strains of COVID, surging inflation and global monetary policy’s reaction to those pricing pressures. Year-to-date the S&amp;P 500 index is up 864.57 points or 23.02%.<blockquote>周五，ARK Innovation 收盘上涨近 6%，连续第二周大幅上涨 1.1%，此前一周上涨 1.8%。今年迄今为止，ARK Innovation 的上涨仍导致这只主动管理型基金下跌近 22%，因为更广泛的标准普尔 500 指数、道琼斯工业平均指数和纳斯达克科技综合指数都面临着剧烈的波动，这主要源于对更容易传播的 COVID 病毒株、飙升的通货膨胀以及全球货币政策对这些定价压力的反应的担忧。今年迄今，标普500指数上涨864.57点，涨幅23.02%。</blockquote> ARK’s seven ETFs returned an average of 141% in 2020, on the back of gains from companies such as&nbsp;Tesla Inc.,and&nbsp;Teladoc Health Inc.,&nbsp;making Wood the toast of Wall Street. But those funds, focused primarily on companies that aren’t yet profitable, have been limping lower since hitting a peak back in February, and their woeful performance has raised questions about the prospects for the ETFs in the months and years to come.<blockquote>ARK 的七只 ETF 在 2020 年的平均回报率为 141%，这得益于以下公司的收益。特斯拉公司。,和泰拉多克健康公司.，让木材成为华尔街的烤面包。但这些主要投资于尚未盈利的公司的基金，自 2 月份达到峰值以来一直在走低，其糟糕的表现让人对 ETF 未来几个月和几年的前景产生了质疑。</blockquote> Wood urged investors to maintain their support of the ARK complex and said that maintaining a long-term, five-year time horizon would be the best way to judge the fund manager’s true performance.<blockquote>伍德敦促投资者继续支持方舟综合体，并表示维持五年的长期时间范围将是判断基金经理真实业绩的最佳方式。</blockquote> “With a five-year investment time horizon, our forecasts for these platforms suggest that our strategies today could deliver a 30-40% compound annual rate of return during the next five years,” the ARK CEO wrote.<blockquote>“方舟首席执行官写道：”在五年的投资期限内，我们对这些平台的预测表明，我们目前的策略可以在未来五年内实现 30-40% 的复合年回报率。</blockquote> “In other words, if our research is correct—and I believe that our research on innovation is the best in the financial world—then our strategies will triple to quintuple in value over the next five years,”&nbsp;Wood added.<blockquote>“换句话说，如果我们的研究是正确的--我相信我们对创新的研究是金融界最好的--那么在未来五年内，我们的战略价值将增加两到五倍，”伍德补充道。</blockquote> The ARK founder also made the case that the Nasdaq and S&amp;P 500 could be the bigger disappointment to return-eager investors in the longer-term because they are more overvalued than the disruptive investments that comprise her funds.<blockquote>这位方舟创始人还表示，从长远来看，纳斯达克和标普500可能会让渴望回报的投资者更失望，因为它们比构成她基金的颠覆性投资更被高估。</blockquote> “Unlike many innovation-related stocks, equity benchmarks are selling at record high prices and near record high valuations, 26x for the S&amp;P 500 and 127x for the Nasdaq on a trailing twelve-month basis,” Wood wrote.<blockquote>“伍德写道：”与许多与创新相关的股票不同，股票基准正以创纪录的高价和接近创纪录的高估值出售，过去 12 个月标普500的估值是 26 倍，纳斯达克的估值是 127 倍。</blockquote> She said that the “five major innovation platforms which involve 14 technologies are likely to transform the existing world order and that so-called tried and true investment strategies “will disappoint during the next five to ten years as DNA sequencing, robotics, energy storage, artificial intelligence, and blockchain technology scale and converge.”<blockquote>她说，“涉及 14 项技术的五大创新平台很可能会改变现有的世界秩序，而所谓的屡试不爽的投资策略 “将在未来五到十年内令人失望，因为 DNA 测序、机器人、储能、人工智能和区块链技术的规模化和融合”。</blockquote> Wood also made the case that the so-called wall of worry, with inflation fears representing perhaps the biggest concern, provided an ideal backdrop for further advances in innovation stocks in the longer run because the dot-com markets of the late-1990s weren’t properly buffeted by investor concerns. The thinking is that “walls of worry” tend to limit market euphoria.<blockquote>伍德还认为，所谓的担忧墙（通胀担忧也许是最大的担忧）为创新股的长期进一步上涨提供了理想的背景，因为 20 世纪 90 年代末的互联网市场并没有受到投资者担忧的适当冲击。人们认为，“担忧之墙”往往会限制市场的兴奋情绪。</blockquote> “In our view, the wall of worry built on the back of high multiple stocks bodes well for equities in the innovation space,” she wrote. “No wall of worry existed or tested the equity market in 1999. This time around, the wall of worry has scaled to enormous heights,” Wood said.<blockquote>“她写道：”在我们看来，建立在高倍数股票背后的担忧之墙对创新领域的股票来说是个好兆头。“1999 年，担忧之墙并不存在，也没有考验股市。这一次，担忧之墙已经攀升到了极高的高度，”伍德说。</blockquote> On the macroeconomic front, Wood said that deflation, rather than inflation, could be a bigger problem for markets in the coming months.<blockquote>在宏观经济方面，伍德表示，未来几个月市场面临的问题可能是通货紧缩而不是通货膨胀。</blockquote> “That said, my conviction is growing that the bigger surprise to the markets will be price deflation – both cyclical and secular – and that, after collapsing this year, higher multiple stocks could turn around dramatically during the next year,” she wrote.<blockquote>“她写道：”尽管如此，我越来越相信，给市场带来更大的惊喜将是价格通缩--包括周期性的和长期性的--而且，在今年崩盘之后，多只股票可能会在明年出现戏剧性的好转。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/cathie-wood-says-stocks-have-corrected-into-deep-value-territory-and-wont-let-benchmarks-hold-our-strategies-hostage-11639795224?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TDOC":"Teladoc Health Inc.",".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","ARKK":"ARK Innovation ETF","TSLA":"特斯拉"},"source_url":"https://www.marketwatch.com/story/cathie-wood-says-stocks-have-corrected-into-deep-value-territory-and-wont-let-benchmarks-hold-our-strategies-hostage-11639795224?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2192708619","content_text":"ARK Invest founder Cathie Wood offered the latest defense of the once-highflying, disruptive innovation strategies that had made her suite of exchange-traded funds among the most popular, and best-performing, on Wall Street in 2020.\nPatrick T. Fallon/AFP/Getty Images\nIn a Friday evening blog post, Wood said that despite a brutal stretch that has compelled the operators of the ARK Invest ETFs, including the flagship Ark Innovation fund, to do some soul-searching, the fund manager is sticking to her game plan.\n\n “‘With a five-year investment time horizon, our forecasts for these platforms suggest that our strategies today could deliver a 30-40% compound annual rate of return during the next five years.’”\n\n“We won’t let benchmarks and tracking errors hold our strategies hostage to the existing world order,” Wood wrote. She described the success of the ARK ETFs as one not solely bolstered by fervor for “stay at home” investment opportunities, amid the COVID pandemic, but rooted in identifying paradigm-shifting innovation, from blockchain and bitcoin to electric vehicles.\n“Critical to investment success will be moving to the right side of change, avoiding industries and companies caught in the crosshairs of ‘creative destruction’ and embracing those on the leading edge of ‘disruptive innovation,'” Wood wrote.\nOn Friday, ARK Innovation ended the session up nearly 6% and produced its second straight sharp weekly gain, up 1.1%, following a 1.8% advance in the prior week. The advance for ARK Innovation still leaves the actively managed fund down nearly 22% in the year to date, as the broader S&P 500,the Dow Jones Industrial Average and the technology Nasdaq Composite Index have faced whipsawing volatility derived primarily from concerns about more transmissible strains of COVID, surging inflation and global monetary policy’s reaction to those pricing pressures. Year-to-date the S&P 500 index is up 864.57 points or 23.02%.\nARK’s seven ETFs returned an average of 141% in 2020, on the back of gains from companies such as Tesla Inc.,and Teladoc Health Inc., making Wood the toast of Wall Street. But those funds, focused primarily on companies that aren’t yet profitable, have been limping lower since hitting a peak back in February, and their woeful performance has raised questions about the prospects for the ETFs in the months and years to come.\nWood urged investors to maintain their support of the ARK complex and said that maintaining a long-term, five-year time horizon would be the best way to judge the fund manager’s true performance.\n“With a five-year investment time horizon, our forecasts for these platforms suggest that our strategies today could deliver a 30-40% compound annual rate of return during the next five years,” the ARK CEO wrote.\n“In other words, if our research is correct—and I believe that our research on innovation is the best in the financial world—then our strategies will triple to quintuple in value over the next five years,” Wood added.\nThe ARK founder also made the case that the Nasdaq and S&P 500 could be the bigger disappointment to return-eager investors in the longer-term because they are more overvalued than the disruptive investments that comprise her funds.\n“Unlike many innovation-related stocks, equity benchmarks are selling at record high prices and near record high valuations, 26x for the S&P 500 and 127x for the Nasdaq on a trailing twelve-month basis,” Wood wrote.\nShe said that the “five major innovation platforms which involve 14 technologies are likely to transform the existing world order and that so-called tried and true investment strategies “will disappoint during the next five to ten years as DNA sequencing, robotics, energy storage, artificial intelligence, and blockchain technology scale and converge.”\nWood also made the case that the so-called wall of worry, with inflation fears representing perhaps the biggest concern, provided an ideal backdrop for further advances in innovation stocks in the longer run because the dot-com markets of the late-1990s weren’t properly buffeted by investor concerns. The thinking is that “walls of worry” tend to limit market euphoria.\n“In our view, the wall of worry built on the back of high multiple stocks bodes well for equities in the innovation space,” she wrote. “No wall of worry existed or tested the equity market in 1999. This time around, the wall of worry has scaled to enormous heights,” Wood said.\nOn the macroeconomic front, Wood said that deflation, rather than inflation, could be a bigger problem for markets in the coming months.\n“That said, my conviction is growing that the bigger surprise to the markets will be price deflation – both cyclical and secular – and that, after collapsing this year, higher multiple stocks could turn around dramatically during the next year,” she wrote.","news_type":1,"symbols_score_info":{"TDOC":0.9,"ARKIU":0.9,".DJI":0.9,".SPX":0.9,".IXIC":0.9,"TSLA":0.9,"ARKK":0.9}},"isVote":1,"tweetType":1,"viewCount":3589,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["SPY"],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/693963234"}