“替上帝配资”的女人！

华尔街见闻2021-03-29

“木头姐”Cathie Wood：给我几个支点，让我撬动整个世界。很难想象这样一番撼动市场的格局：她投资特斯拉，赌它颠覆汽车领域；她投资比特币，赌它掀翻货币体系；她筹备太空基金，放眼火星未来；她投资流媒体平台Roku、移动支付公司Square、3D打印公司Stratasys，它们走在技术进步的前沿，共同拨动着当代生活变革的杠杆。她说给我几个支点，让我撬动整个世界。她将赌注下在各行各业的颠覆者上，...

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Comments

DK玩美股
2021-03-30
DK玩美股
任何成功的業務在成功之前都是備受爭議，支持木頭姐的投資思路[保佑]
- DK玩美股:
  希望快点雄起吧，考验耐心的时候到了
- 只薅羊毛:
  大佬，美债又涨了，这是要我们的命吗[流泪][流泪] 大盘接下来会怎么走啊[流泪][流泪]
- 只薅羊毛:
  所以，嘉楠买起来啊，木头姐都买了比特币了
- peppermint_:
  这个扶不起的纳斯达克还要躺多久啊??
- DK玩美股:
  哈哈，支持你这么有信仰，好样的
Tom168
2021-03-30
Tom168
盈虧同源
FreedomKim
2021-03-30
FreedomKim
Ark
21Clifton
2021-03-30
21Clifton
我相信科技改變世界科技股價一定會再次騰飛
Erikson
2021-03-30
Erikson
說說你對這篇新聞的看法...
smu227
2021-03-30
smu227
以刀劍爲生，必死於刀劍之下。

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Wood），坐在某张舒服的座椅上，捋了捋及肩的灰褐色长发，扶稳了她的标志性黑框眼镜，徐徐回忆起多年前那个夏天的午后：那是个美丽的夏日，我回到家里，周围是一片陌生的静寂。三个孩子去基督营了，还有别的什么活动，我突然意识到，接下来两周我都要一个人度过了。我和这样的日子分别太久了。走进厨房，我既不快乐也不悲伤，只是有些恍惚……直到一阵突如其来的撼动划破空气，我仿佛听到圣灵在对我说话——“来吧，开启你的计划。”我听到他说。她说你看，你一辈子都在研究颠覆性创新，何不试着颠覆下自己的行业呢？何不用新的技术革新它？何不将新的想法公之于众，用社交媒体传播它？何不叫上竞争对手，一起碰撞思维的火花？他这样说，我遂这样做了。“她这样说，我遂这样做了”，于是2014年，57岁的伍德从大名鼎鼎的资管巨头联博（Alliance Bernstein）辞职，创立了这家属于自己的资管公司，并以《圣经》中圣物约柜（ARK）的名字为它命名。正如旧约时代的以色列人带着约柜征战，相信神与约柜同在一样，这位虔诚的天主教徒坚信，ARK注定要将资本投向创新，投向未来，投向“神的手笔”，这是在完成上帝交托的使命。现在很多中文媒体都将ARK译作“方舟”，虽非伍德本意，却也颇有其自视“身负世界命运”的神韵。《圣经》中的“约柜”形象六年过去，对ARK来说，2020年无疑是历史性的一年。3月的史诗级波动如一声号响，撞上疫情的美股在央行大放水中全面复苏，ARK则由于此前打着“颠覆性创新”的旗号狂买科技股和小盘股，成了本轮牛市的头号受益者，旗下ETF包揽全美基金年度冠亚季军，5只表现最好的ETF年度回报平均达141%，规模最高涨超10倍，仿佛神终于为其忠实的信徒降下恩典。不过时间又来到今年二月，月初还风光无限的ARK，到了月底就随科技股下跌一路俯冲。越来越多质疑的声音开始涌现。人们说，伍德是否将重蹈上世纪90年代互联网泡沫时期那一大批明星基金经理的覆辙？他们先是飘飘然起飞，又随着泡沫破裂摔得一败涂地。大起大落之中，几个月来，有关ARK和伍德本人的报道铺天盖地。人们后知后觉地发现，这位自称替上帝配资本的“牛市女皇”，要不就是信仰界的“传教”高手、基金界的昙花一朵，要不，就可能真是资管业横空出世的颠覆者、是预示未来创新方向的“先知”。游历的童年 好奇的孩子真要追溯伍德对新生事物的情有独钟，可能还得从她不算安定的童年讲起。1955年，伍德出生在美国洛杉矶的一个天主教移民家庭，从小诵经读卷，去教堂做礼拜。她的父母都来自爱尔兰，父亲曾经在爱尔兰陆军和美国空军服役，后来成为了一名成功的雷达系统工程师。由于父亲工作的缘故，经常需要带着全家从一个军事基地搬到另一个基地，小时候的伍德从没在哪个地方待过很久，12岁就已经搬了十次家。好在，大概是继承了母亲活泼开明的个性，伍德并未对周遭频繁的变动感到太多不安，反而从适应新环境和探索新事物中，不断迸发出对生活的好奇。略微长大之后，和许多移民家庭的孩子一样，她开始经受良好的教育，并在学习上逐渐显露出天赋。圣母学院高中毕业后，1981年，她在南加州大学（USC）获得金融经济学学士学位，以优异的成绩荣誉毕业。升入南加大的最初，伍德对未来的设想也很模糊。大三选专业前的两年时间里，她一边在超市打工赚着学费，一边思忖着可能的进修方向：地质学、天文学、工程学……似乎很多都可以尝试，但又没有哪个说得上是多么坚定的选择。直到某一学期，在父亲的建议之下，伍德初尝到了宏观经济学的味道——命运的神妙之处就是在那一刻，全身心的感应都告诉你：就是它了。伍德深深地着迷于那些从经济活动中诞生，而又凌驾于微观和具体之上的“宏大观点”——遥远的、纵览全局的、直指未来的“宏大观点”。按照她自己的说法，她发现宏观研究是多么该死的迷人，让人大胆地畅想，畅想未来世界运转的方式，比起研究那些已经存在的理论，这是更加要紧的事。回头来看，这是头一回，那股对未知事物一脉相承的偏爱，以一种直击脑门的方式，帮伍德做了一个重大的人生抉择。师从名门让伍德在这条路上比其他人走得更快了些。她的导师——经济学教授Arthur Laffer正是著名的“拉弗曲线”的提出者。虽是本科生，伍德仍然参加了他教授的研究生课程，凭借着优秀的禀赋深得器重。2014年10月21日，Wood和Laffer在纽交所主席台上亮相 图源：Investors’Business Daily年轻的首席：站在共识另一边也是在拉弗的牵线下，22岁时，伍德进入传统资管巨头Capital Group就任助理经济学家，开启了她的职业生涯。1980年，她又在一次偶然机遇下移居纽约，成为了投顾公司Jennison Associates的首席经济学家。也就是说，仅仅三年，伍德就在年仅25岁之时从助理做到了首席。正值她初担大任之际，美国经济也正经历一番风起云涌的巨变。20世纪80年代初的美国正处于高度滞胀的深渊，生产下降和失业率猛增的同时，物价不但没有下跌反而普遍大幅上涨，出现了高通胀、高失业和低经济增长并存的罕见局面。当时美联储新上任的主席保罗·沃尔克试图缩减货币供应来对抗高企的通胀，但始终收效甚微。美国通胀在1980年升至高点这一背景下，“末日博士”亨利·考夫曼和米尔顿·弗里德曼等一批当时美国最具权威性的经济学家都绝望地认为，通货膨胀已经成为常态，根深蒂固了。伍德则认为不然，她坚持，利率和通货膨胀已经见顶。Jennison的联合创始人Spiros Segalas与伍德亦师亦友，那段时间，他经常邀请这些学界知名人士来公司分享他们的预测，又出于或训练、或考验、或交流的目的，让伍德站在“反方”，跟他们一对一辩上一辩。一边是江湖多年、拥有庞大阵营的老将，一边是刚刚做上首席、单看年龄就好像没什么经验的少数派选手，我们无法知道“考夫曼们”究竟是在认真参与这场学术对垒，还是抱着指教后辈的心态倾情演出，但事实最终证明，伍德的判断十分准确，1980年里根政府上台后，通胀和利率得到了不错的控制，从高峰一路下跌。目睹了许多场辩论之后，Segalas对伍德做出这样的评价：一位有着不可思议坚定信念的女士。她是目前为止最犀利的一个。伍德后来说，正是那段日子真正塑造了她自行其是、挑战权威的能力，让她深刻意识到，要时刻警惕那些所谓的“共识”，它们看似不容辩驳，却往往有可商榷的空间——而那些有违“共识”的行为，反而可能有巨大的潜力。几十年后回首初生牛犊的往昔，伍德会发现，自己做下这一精准预测之时，正站在自身和历史转折交汇的当口。利率一经回落，随之而来的将是一场长达40年的科技股牛市，而她不久后将参与其中，以同样“特立独行”的姿态战斗数年，直到掀起一番风浪。届时，她将“忤逆”的不再是几位学界的“考夫曼”，而是一整个华尔街。那时的她并未料到这一点。转战股票：在桌子底下寻找残羹剩饭她能嗅到的只是，科技股的风要刮上一阵子了。利率下行为之前深受冲击的科技公司带来了更多成长空间，伍德本来就热爱天文学和工程学，很快决定得坐上这班车。于是1985年，她在Jennison从宏观转向股票研究，1990年又兼任该公司的投资组合经理，始终聚焦科技股领域。年轻时的伍德 图源：Jesus Calling在科技股熙熙攘攘的人潮中，她又一次离开了大部队。和利率预测时不同，这一次，违背共识、寻找新事物的信念真正“主动”发挥了作用。伍德一上来就问自己，别的分析师肯定把不错的科技股都研究过一轮了，一个也不会放过，那还剩下什么？留给我的是什么？哪些是属于我的股票？她随即有了答案。于是，极具倾向性、甚至有些偏执地，伍德开始努力寻找两类股票：那些过于超前，超前到人们还没引起重视、还来不及一拥而上的领域；某些股票位于多个行业的交汇处，而没有任何方面的分析师跟进。伍德认为，这很可能也是创新诞生的地方。她将自己形容为“一只小狗，在桌子底下寻找残羹剩饭”。她说，“当分析师和基金经理都认为某些股票不足挂齿，或无法完美地融入任意一个投资组合中时，通常得多看两眼”，它们可能暂时被低估，但随着时间推移，可能爆发指数级的增长。研究股票时，伍德没什么固定的程序、套路可言，只是贪婪地汲取着所能触及的所有信息，加以消化和判断。现任摩根士丹利首席投资官的Lisa Shalett曾同她工作过一段时间，回忆说：“Cathie的好奇心像是永远得不到满足，她如饥似渴地吸收来自大大小小各类渠道的研究成果，一天24小时不知疲倦地工作，以确保团队拥有最深入的研究，生成最独到的观点。”有时候，她甚至会听一听直觉讲的话。比如投资路透社（Reuters）时，人们普遍很难理解这种“出版数据库”的商业模式——从金融公司收集数据，再把数据全部卖回给它们，这算什么呢？伍德自己也说不好，但她认为这种模式非常创新。她后来回忆说：“当时只是觉得它在干件大事，现在我们知道了，这正是当今互联网概念的缩影。”我们后面会看到，这种“肆意妄为”的投资风格，一直被伍德保留到了今天。就这样，伍德在Jennison一待就是18年。余下的几年时光，她一边将三个孩子抚养长大，一边在股票研究的道路上越走越远，也在其独特的选股门道上越走越精。Wood和孩子们 图源：Jesus Calling1998年，伍德离开Jennison后，先是在对冲基金Tupelo Capital做了3年的有限合伙人，2001年正式加入联博，担任基金经理和专题研究策略师。揣着50亿美元资金的管理规模，伍德在联博继续潜心股票领域，开启了长达12年的又一个职业阶段。那时她尚未意识到，伴随着一阵金融风暴的来袭，这段岁月将成为其日后自立门户的关键转折。摆脱传统 自立门户在联博，伍德延续一贯的投资风格，走着高增长、高风险、小盘股的路径。2002年下半年开始，美股正值一轮牛市，伍德的投资组合也表现得相当不错。但随后发生的两件事，让她萌生了摆脱传统基金投资分析框架的想法。先是2006年，美国房地产泡沫已经达到了相当高的水平，市场上开始出现各种各样矛盾的信号，伍德预计泡沫不久就会破裂。她随即大幅降低了投资组合的头寸。然而次贷的盛宴又继续了一年多，清醒得太早的代价是，伍德当年的收益率仅5%，跑输了大盘（12%-13%）将近一千个基点。伍德深受打击。而当她对天主教会的导师诉说这件事，向其寻求开解的时候，导师留下一句意味深长的话，完全扭转了她原先看问题的角度：你不能崇拜任何偶像，而现在，市场基准却成了你的偶像。第二年，伍德弥补了大部分损失，但在祈祷和冥想中回味起导师的话，她说自己突然意识到，指数投资的成功属于过去，而上帝并不希望我们停留在过去，他希望我们进入新的创造。从这时起，一个念头逐渐被深耕在伍德心里——要变革原有的投资方式，投资的真正使命是要走向上帝所指引的未来，是要替上帝分配资本。时间到了08-09年金融危机，高风险的投资策略使得伍德的基金在美股崩盘中，回撤明显大于市场水平。联博看不下去了，要求伍德在持仓中加入标普500等指数来减小波动性。但是这一次，伍德不愿再受制于所谓的市场“基准”了。她直截了当地反驳道：“我认为我们太过信奉基准投资法了，针对创新领域的投资则太少。现在有些创新公司在公开市场的价格，甚至只有私募市场的10%，这是个巨大的机会！”这两件事如一段抑扬顿挫的前奏，最终将伍德引向了同一个方向：2014年，伍德辞去了联博收入稳定的工作，着手建立属于自己的初创公司。她意识到，想要真正摆脱传统基金公司投资框架下的束手束脚，想要真正践行一套自己的标准和投资理念、大胆把钱投在创新领域，那就只有自立门户。ARK的时代就此开始了。离经叛道的ARK因而可以说，ARK从最开始就是为了绕开传统资管的条条框框而生的，自然和大家走的不是一条路子。不再寄人篱下的伍德，将其不拘一格释放到极限，向着离经叛道的方向越走越远。她用一句话就和传统资管划清了界限：“我们真正要做的是鼓励新的创造，上帝的新创造。我们要将资本配置到它能发挥最高效益的、最有用的地方——那些有望改变世界、改善世界的变革性技术之上。而他们，那些其他的基金业者，只是把钱投向过去，那是最安全的路径。”“我们”，和“他们”——一边是无惧挑战的、变革性的、先锋的、连接未来的、为“神的创造”分配资产的；另一边，是安全的、翻旧账的、对新兴技术视而不见的、毫无上进心和使命感可言的。她问，你选哪一方？话自然不只说说而已，伍德的“新官上任三把火”延续至今。一则就像那个夏日午后，伍德自称圣灵在自己心里种下的计划一样，成立以来，ARK使命必达地将投资瞄准那些初绽头角的颠覆性技术，对不少传统基金嗤之以鼻的新兴企业都大为鼓励，这与后者怕波动、稳收益的投资策略截然不同。特斯拉可能是其中最著名、也最成功的例子了。伍德五年前就投资了特斯拉，当时股价50美元左右，过去三年，特斯拉一直是ARK的最大持股。伍德认为，特斯拉就是那样一个“位于多个行业的交汇处”的企业，集机器人、人工智能、能源储存于一身，传统的汽车分析师“不知道该怎么办”。2018年8月特斯拉股价徘徊在320美元时，马斯克一度考虑将公司私有化，用420美元/股的价格回购所有股票。伍德却是当时99%的市场看跌特斯拉时那1%的声音。她随即向马斯克发了一封公开信，预测称特斯拉在五年内股价最高能达到4000美元，反对其私有化公司。那封公开信至今，特斯拉已经发布了Model3，股价从320美元飙升至3500美元(按1比5的拆股比例调整)，伍德独到的眼光也得到了验证。根据ARK 2021年投资报告，除了比特币和电动车，如今伍德又将目光驻足到深度学习、新一代基因测序、数据中心再创造等等多个新兴领域，一如既往不吝对这些象征颠覆性创新的词汇付诸无限热情。图源：Alotta Money二则，和伍德所设想的一样，ARK公司从分析师本身到投资策略，从不拘泥于传统的指标、规则，十足的野路子打法，却不失漂亮。传统ETF主要被动投资于指数，而伍德的ETF采取主动选股、积极管理策略，这是很罕见的，即便在主动型ETF越来越受欢迎的今天，也只占美国ETF总资产的3%。正如前文提到，伍德很不喜欢指数，认为那衡量是过去的成就。她的雇员和传统基金也完全不同，总共30多名员工，很少有华尔街背景或MBA学位的，大多数都是不同行业的专业人士——癌症科学家、人工智能分析师、游戏工程师，甚至船长。他们不懂移动平均线，不懂动量指标，有些甚至连彭博终端都不会用。伍德不在乎这些，她看中的就是不同背景、不同领域的专业性。她似乎也非常信奉“咖啡馆里出哲学”的理念，以一种极轻松的模式管理着公司。曼哈顿东28街的办公室没有隔间，酒吧式的高脚椅旁边，所有桌子围成一圈，职员们自由地走动、交流、对谈，随时准备着思维的交锋。三则，传统资管公司总爱深藏不露自己掌握的“独家信息”，ARK则完全不同。伍德的态度是：透明、开放，“信息吸引信息”。ARK的周度“头脑风暴”会议任何人都可以参加，包括行业专家和竞争对手。团队可以与科学家、工程师、医生和其他专家分享研究成果并进行合作，这在很多传统基金公司是违规行为，是要被开除的。不仅如此，伍德还会在Reddit论坛等社交平台上免费发布研究报告，每天公布持仓变动，甚至亲自和网友讨论投资标的，这为其积攒下一大批忠实的粉丝。她认为，这有助于ARK对与市场存在分歧或误解的地方进行反思，更好地理解世界在发生什么。投资ARK=信上帝、信未来？所谓离经叛道者，人们要么视其为天才，要么笑其为疯子，投资特斯拉的成功有如一剂强心剂，让更多人愿意相信伍德归属前者。于是这三把火多少在粉丝心中埋下了几分狂热因子，似乎伍德已经为其股票池无可限量的创新前景打了包票——在ARK这里，只要付出时间成本，就能获得金钱回报。但更重要的一点是，上面这句话在上帝、信仰、未来这些概念的贯穿下，卸下了俗套的外衣，听起来慷慨激昂，振奋人心。想想吧，投资ARK，和笃信未来挂了钩。如果巴菲特、芒格版价值投资算是经验主义的王道，那么ARK这套轰轰烈烈的说法就有些形而上的架势了。总的来说，人还是爱幻想的动物，对于虚无缥缈着的东西总容易信点什么。你可以不信特斯拉、不信比特币，但你信技术吗，信技术的发展吗？你可以不信ARK，但你信“上帝的使命”吗？你说你不是基督徒，那你信未来吗？当ARK信誓旦旦地描画着未来，你又能喊出同样的音量反驳说，未来并非如此吗？毕竟，那个被所有人称作是骗子的特斯拉真的干成了不是吗，它颠覆了整个汽车业，从金属到能源也为之改变——那么比特币呢？那么一路看好特斯拉到现在的ARK呢？这套思维的力量比想象中要大得多。就算在路途中受了些苦，比如净值暴跌了30个点什么的……一些投资者也会觉得自己是在为未来买单，是林中有两条路，选择了布满荆棘的那条，是坚持到最后的人笑得最大声。截至3/8，ARK五只表现最好的ETF自高点平均下跌近30个点，图为旗舰基金ARKK净值曲线但确实如此，谁又说得准未来呢？有限的钱包是否真的可以为无限的信仰买单，即便未来确乎如此，坚持得到的又是多远的未来？比如，今年的结局又将是如何。2021年对ARK无疑是严峻挑战的一年。风风火火的几个月过去，ARK与特斯拉、比特币之间千丝万缕的联系几乎酿成了“三位一体”的风险格局，去年年底伍德还告诉媒体，有决心未来五年把投资人的钱翻三倍，不料进入2021年才两个月，股价就开始掉头向下，开局不利。对小盘股的钟爱还始终是一大隐患。有分析师举例，ARK旗下ARKG基金持仓的标的中有20家超过流通股本的5%，占全部持仓标的比例为45.45%，ARK已经成为不少标的的第一大股东，一旦市场环境不好或板块热度下降，基金净值可能会出现利空叠加流动性风险带来的大幅下跌。人们在恐慌中再次回想起上世纪90年代的美股市场——那座用泡沫堆成的高楼一夜之间轰然倒塌，也将一众刚升起不久的“资管新星”埋在废墟之下。比如，曾在1991年至2005连续15年间跑赢标普500指数的明星基金经理比尔·米勒（Bill Miller），08年金融危机时却惨遭滑铁卢，一度被市场形容为“晚节不保”。又比如共同基金公司Janus（古罗马神话中的两面神），1998年底至2000年3月间，从美国第20大共同基金公司发展到第5大，短短十年规模从30亿美元扩张到3000亿。就连曾任美国总统的克林顿都把个人账户交托Janus管理。但随着互联网泡沫破裂，其部分基金产品净值一下子暴跌三分之二，“两面神”的神话也就此灰飞烟灭。和ARK一样，Janus恰好也对科技股和小盘股情有独钟，也恰好是一副放眼未来，一旦看好就重拳出击的自信架势。那么如今的ARK，会成为下一个两面神吗？如今的伍德，会是下一个跌落神坛的米勒吗？还是，它们将成为下一个特斯拉和马斯克，度过艰难的日子，真正站上行业变革的中心？两年多前马斯克在节目上一口大麻一口酒，愁眉不展地度过特斯拉最艰难的日子。如今，伍德也正迎来这样的时候吗？而后，马斯克真的成了汽车领域的颠覆者，传统车企不得不大象掉头奋起直追，伍德也将这样地拨云开雾吗？华尔街将出现更多的ARK吗？更透明、更开放、更具活力的资管业正在形成吗？遵从上帝的话，诺亚建好了方舟，那年方舟从大洪水中存活下来，神说“我使云彩盖地的时候，必有虹现在云中”。如今“遵从圣灵之托”，伍德建成ARK也来到第七个年头，大洪水化身金融市场的风暴袭来，云雾遮挡视线。伍德能够带领整船的人翻过洪水，真正掀起行业变革的风吗？她能见到，神降下的虹吗？","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":355538237,"gmtCreate":1617083360029,"gmtModify":1704801736079,"author":{"id":"3571636388098753","authorId":"3571636388098753","name":"DK玩美股","avatar":"https://static.tigerbbs.com/a26e3b065d76a67645b7020be96c2254","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3571636388098753","authorIdStr":"3571636388098753"},"htmlText":"任何成功的業務在成功之前都是備受爭議，支持木頭姐的投資思路[保佑]&nbsp;","listText":"任何成功的業務在成功之前都是備受爭議，支持木頭姐的投資思路[保佑]&nbsp;","text":"任何成功的業務在成功之前都是備受爭議，支持木頭姐的投資思路[保佑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/355538237","repostId":2123790280,"repostType":4,"repost":{"id":"2123790280","kind":"news","pubTimestamp":1616991909,"share":"https://ttm.financial/m/news/2123790280?lang=en_US&edition=fundamental","pubTime":"2021-03-29 12:25","market":"us","language":"zh","title":"The woman who \"allocates funds for God\"!","url":"https://stock-news.laohu8.com/highlight/detail?id=2123790280","media":"华尔街见闻","summary":"“木头姐”Cathie Wood：给我几个支点，让我撬动整个世界。","content":"\"Sister Wood\" Cathie Wood: Give me some fulcrums and let me shake the whole world. It's hard to imagine such a pattern that shakes the market:She invests<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, betting that it will subvert the automotive field; She invested in Bitcoin, betting that it would overturn the monetary system; She prepares a space fund and looks at the future of Mars; She invests in streaming platform Roku, mobile payments company Square, 3D printing company<a href=\"https://laohu8.com/S/SSYS\">Stratasys</a>, they are at the forefront of technological progress and jointly move the lever of contemporary life change.She said to give me a few fulcrums and let me pry the whole world.She is betting on disruptors from all walks of life, and she is also at the center of the storm in the asset management industry. Born on Wall Street, she abandoned tradition, ignored \"discipline\", and finally embarked on a deviant investment path. Today, she once enjoyed infinite scenery and was questioned. When a building overturns or overnight, as many people have seen it rise, as many people want to see it overturn.To ask how it all started, Cathie Wood, the founder of ARK Invest and now a household name \"Queen of the Bull Market\" of the year, who is over 65 years old, sat in a comfortable seat, stroked her shoulder-length taupe hair, steadied her iconic black-rimmed glasses, and slowly recalled that summer afternoon many years ago:<img src=\"https://static.tigerbbs.com/1c69c183f3df90b688867160c4eb35b5\" tg-width=\"795\" tg-height=\"441\" referrerpolicy=\"no-referrer\">It was a beautiful summer day, and I came home surrounded by a strange silence. Three kids had gone to Christ Camp, among other things, and it dawned on me that I was going to spend the next two weeks alone. I've been separated from these days for too long. Walking into the kitchen, I was neither happy nor sad, just in a trance … until a sudden shake cut through the air, and I seemed to hear the Holy Spirit speaking to me-\"Come, open your plan.\" I heard him say. She said, look, you have been studying disruptive innovation all your life, so why not try to subvert your own industry? Why not revolutionize it with new technology? Why not bring the new idea to the public and spread it on social media? Why not call competitors and collide with the sparks of thinking together? He said so, and I did so. \"She said so, and I did so.\" So in 2014, 57-year-old Wood resigned from the famous asset management giant Alliance Bernstein and founded this asset management company of his own, named it after the ARK of Holy Relics (ARK) in the Bible.Just as the Israelites in the Old Testament fought with the ARK of the Covenant and believed that God was with the ARK of the Covenant, this devout Catholic firmly believed that ARK was destined to invest its capital in innovation, in the future, and in the \"handwriting of God\", which was in fulfilling the mission entrusted by God.Nowadays, many Chinese media have translated ARK as \"ARK\". Although it is not Wood's original intention, it also has the charm of \"bearing the destiny of the world\".<img src=\"https://static.tigerbbs.com/e2ef328f314a2d1785b3d3ba7f27e1f1\" tg-width=\"641\" tg-height=\"361\" referrerpolicy=\"no-referrer\">The Image of the \"Ark of the Covenant\" in the BibleSix years later, 2020 is undoubtedly a historic year for ARK. The epic fluctuations in March were like a trumpet. The U.S. stock market that hit the epidemic fully recovered from the central bank's flood release. ARK became the number one beneficiary of this round of bull market because it had previously bought technology stocks and small-cap stocks under the banner of \"disruptive innovation\". Its ETFs won the annual first, second and third place among national funds. The average annual return of the five best-performing ETFs reached 141%, and the maximum scale increased by more than 10 times, as if God had finally given grace to its loyal believers.However, the time has come to February this year again. ARK, which was still prosperous at the beginning of the month, plunged all the way with the decline of technology stocks at the end of the month. More and more questioning voices began to emerge. People say, will Wood repeat the mistakes of a large number of star fund managers during the Internet bubble in 1990s? First they took off, and then they fell into defeat as the bubble burst.Amid the ups and downs, reports on ARK and Wood himself have been overwhelming for months.People later found that this \"Queen of the Bull Market\" who claimed to allocate capital for God was either a \"missionary\" master in the faith world and a flower in the fund world, or she might really be a subverter who was born in the asset management industry and a \"prophet\" who heralded the future innovation direction.A traveling childhood curious childTo really trace Wood's soft spot for new things, we may have to start with her unstable childhood.In 1955, Wood was born in a Catholic immigrant family in Los Angeles, USA. He recited scriptures and went to church since childhood. Her parents are both from Ireland, and her father served in the Irish Army and the United States Air Force before becoming a successful radar systems engineer.Because of my father's work, I often have to move my family from one military base to another.As a child, Wood never stayed anywhere for a long time. At the age of 12, he had moved ten times.Fortunately, probably inheriting his mother's lively and open-minded personality, Wood didn't feel too uneasy about the frequent changes around him. Instead, he constantly became curious about life in generate from adapting to the new environment and exploring new things.When she grew up a little, like many children from immigrant families, she began to receive a good education and gradually showed her talent in learning. After graduating from high school at Notre Dame College, in 1981, she graduated with honors and cum laude with a bachelor's degree in financial economics from the University of Southern California (USC).At the beginning of his promotion to Southern California, Wood's vision of the future was also vague. In the two years before choosing a major in her junior year, she worked in a supermarket to earn tuition fees, while thinking about possible further study directions: geology, astronomy, engineering... It seems that many can be tried, but none of them can be said to be a firm choice.Until one semester, at his father's suggestion, Wood first tasted macroeconomics-the wonderful thing about fate is that at that moment, his whole heart and soul tells you that it is it.Wood was deeply fascinated by the \"grand views\" born from economic activity and above the micro and concrete-the \"grand views\" that were distant, overview and pointed straight to the future. According to her own account, she found how damningly fascinating macroscopic research was, and it was more important to make people boldly imagine how the world would work in the future than to study existing theories.Looking back, this was the first time that his preference for the unknown had helped Wood make an important life choice in a way that hit him directly on the forehead.Learning from a famous family allowed Wood to walk faster than others on this road. Her mentor, economics professor Arthur Laffer, is the author of the famous \"Laffer Curve\".Although he was an undergraduate, Wood still took part in the graduate courses he taught, and was highly valued for his excellent endowment.<img src=\"https://static.tigerbbs.com/fcf68e0010cae1663dd31058f8a34c7e\" tg-width=\"1000\" tg-height=\"563\" referrerpolicy=\"no-referrer\">Wood and Laffer on the NYSE rostrum on October 21, 2014 Source: Investors' Business DailyYoung Chief: On the Other Side of the ConsensusAlso under the help of Laffer, at the age of 22, Wood joined the traditional asset management giant Capital Group as an assistant economist and started her career.In 1980, she moved to New York by chance and became the chief economist of Jennison Associates, an investment advisory firm.That is to say, in just three years, Wood went from assistant to chief at the age of 25.At the beginning of her big responsibility, the American economy is also undergoing great changes.In the early 1980s, the United States was in the abyss of high stagflation. While production declined and unemployment soared, prices generally rose sharply instead of falling, resulting in a rare situation of high inflation, high unemployment and low economic growth. At that time, Paul Volcker, the newly appointed chairman of the Federal Reserve, tried to shrink the money supply to combat high inflation, but with little success.<img src=\"https://static.tigerbbs.com/f1b08eb3a10fa740d150c2486a9ea158\" tg-width=\"715\" tg-height=\"337\" referrerpolicy=\"no-referrer\">U.S. inflation rose to a high point in 1980Against this background, a group of the most authoritative economists in the United States at that time, such as \"Dr. Doom\" Henry Kaufman and Milton Friedman, desperately believed that inflation had become the norm and deeply ingrained.Wood thinks otherwise,Interest rates and inflation have peaked, she insists.Jennison's co-founder Spiros Segalas and Wood were both teachers and friends. During that time, he often invited these academic celebrities to the company to share their predictions, and for the purpose of training, testing, or communication, Wood stood on the \"opposite side\", argue with them one-on-one.On the one hand, there are veterans who have been in the Jianghu for many years and have a huge camp, and on the other hand, there are minority players who have just become the chief and seem to have no experience just by their age.We can't know whether the \"Kaufmans\" are seriously participating in this academic confrontation, or performing with the mentality of teaching younger generations, but the facts finally proved that Wood's judgment was very accurate. After the Reagan administration came to power in 1980, inflation and interest rates were well controlled, falling all the way from the peak.After witnessing many debates, Segalas made this evaluation of Wood:A lady with incredibly strong convictions. She's the sharpest one so far.Wood later said that it was those days that really shaped her ability to go her own way and challenge authority, and made her deeply aware of the need to always be alert to those so-called \"consensus\", which seemed irrefutable, but often had room for discussion-And those behaviors that violate the \"consensus\" may have great potential.Looking back on the past of the newborn calf decades later, Wood will find that when he made this accurate prediction, he was standing at the intersection of himself and history.Once interest rates fall, what will follow will be a 40-year bull market in technology stocks, and she will soon participate in it, fighting with the same \"maverick\" attitude for several years until it makes a storm. By then, she will \"disobey\" not the \"Kaufman\" of several academic circles, but the whole Wall Street.She didn't expect this at that time.Moving to Stocks: Looking for Scraps Under the TableAll she can smell is that the wind is going to blow in tech stocks for a while. Lower interest rates have brought more room for growth to technology companies that have been hit hard before. Wood, who has loved astronomy and engineering, quickly decided to get on this bus.So in 1985, she shifted from macro to stock research at Jennison, and in 1990, she also served as the company's portfolio manager, always focusing on technology stocks.<img src=\"https://static.tigerbbs.com/3ab2a3e6a38a1e6cadb57da984a401bb\" tg-width=\"768\" tg-height=\"615\" referrerpolicy=\"no-referrer\">Wood in his youthCredit: Jesus CallingAmid the hustle and bustle of tech stocks, she left the big army again.Unlike interest rate forecasts, this time, the belief of violating consensus and looking for new things really \"actively\" played a role.Wood asked himself as soon as he came up, other analysts must have studied all the good technology stocks for a round, and they will not let go of any of them, so what is left? What is left for me? Which are my stocks?She immediately had the answer.So, with great tendency and even paranoia, Wood began to try to find two types of stocks:<ul><li>Those areas that are too advanced, so advanced that people haven't paid attention to it and have no time to swarm;</li><li>Certain stocks lie at the intersection of multiple industries without analysts following up on any side. Wood believes that this is likely to be where innovation is also born.</li></ul>She describes herself as \"a puppy looking for scraps under the table\".She said, \"When analysts and fund managers agree that certain stocks are insignificant or don't fit perfectly into any portfolio, they usually look twice.\" They may be temporarily undervalued, but over time, Exponential growth may explode.When studying stocks, Wood has no fixed procedures or routines at all.Just greedily absorbing all the information he can touch, digesting and judging it.Incumbent<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Lisa Shalett, chief investment officer who worked with her for a while, recalled:\"Cathie's curiosity seems to be never satisfied. She eagerly absorbs research results from various channels, large and small, and works tirelessly 24 hours a day to ensure that the team has the most in-depth research and generates the most unique opinions.\"Sometimes she even listened to what her intuition said.For example, when investing in Reuters, it is generally difficult for people to understand this business model of \"publishing databases\"-collecting data from financial companies and then selling all the data back to them. What is this?Wood can't say it well herself, but she thinks this model is very innovative. She later recalled: \"At that time, I just thought it was doing something big. Now we know that this is the epitome of today's Internet concept.\"As we will see later, this \"reckless\" investment style has been retained by Wood to this day.In this way, Wood stayed at Jennison for 18 years. In the remaining years, while raising her three children, she went further and further on the road of stock research, and also became more and more sophisticated in her unique stock selection doorway.<img src=\"https://static.tigerbbs.com/7db68c3edd34e7c90a2ace397b8ebc1c\" tg-width=\"768\" tg-height=\"512\" referrerpolicy=\"no-referrer\">Wood and kidsCredit: Jesus CallingAfter Wood left Jennison in 1998, he first worked as a limited partner at the hedge fund Tupelo Capital for three years. In 2001, he officially joined AllianceBernstein as a fund manager and special research strategist. With a management scale of US $5 billion, Wood continued to concentrate on the stock field at AllianceBernstein, starting another career stage that lasted for 12 years.At that time, she didn't realize that with the financial turmoil, this period of time would be a key turning point for her self-reliance in the future.Get rid of traditional self-establishmentAt AllianceBernstein, Wood continues his consistent investment style, taking the path of high-growth, high-risk, and small-cap stocks. Since the second half of 2002, the U.S. stock market has been in a bull market, and Wood's investment portfolio has also performed quite well.But two things that happened then gave her the idea of getting rid of the traditional fund investment analysis framework.First, in 2006, the real estate bubble in the United States had reached a very high level, and various contradictory signals began to appear in the market. Wood predicted that the bubble would burst soon. She immediately reduced her portfolio positions significantly.However, the feast of subprime mortgages continued for more than a year. The price of waking up too early was that Wood's yield that year was only 5%, underperforming the broader market (12%-13%) by nearly 1,000 basis points.Wood was devastated. And when she told her mentor in the Catholic Church about this story and sought an explanation from him, the mentor left a meaningful remark, which completely reversed her original perspective: You can't worship any idol, but now the market benchmark has become your idol.The next year, Wood made up for most of the losses, but recalled the words of her mentor in prayer and meditation, saying that sheThe sudden realization that the success of index investing belongs to the past, and God doesn't want us to stay in the past, He wants us to enter a new creation.From then on, a thought gradually became deeply rooted in Wood's mind-To change the original investment method, the real mission of investment is to move towards the future guided by God and to allocate capital for God.The time came to the 2008-09 financial crisis, and the high-risk investment strategy made Wood's fund's pullback/retracement significantly greater than the market level during the U.S. stock market crash. AllianceBernstein couldn't stand it anymore and asked Wood to add indexes such as the S&P 500 to his holdings to reduce volatility.But this time, Wood doesn't want to be subject to so-called market \"benchmarks\" anymore.She retorted bluntly: \"I think we believe in the benchmark investment method too much and invest too little in innovation. Now the price of some innovative companies in the public market is even only 10% of that in the private market, which is a huge opportunity!\"These two events were like a prelude to ups and downs, which eventually led Wood in the same direction: in 2014, Wood quit his stable job at AllianceBernstein and set out to build his own startup.She realized that if she wants to truly get rid of the constraints under the investment framework of traditional fund companies, truly practice a set of her own standards and investment philosophies, and boldly invest money in innovative fields, she can only stand on her own feet.The era of ARK begins.Deviant ARKTherefore, it can be said that ARK was born from the very beginning to bypass the rules and regulations of traditional asset management, and naturally it is not the same path as everyone.Wood, who no longer depended on others, released it to the limit and went further and further in the deviant direction.She drew a clear line with traditional asset management in one sentence:\"What we really want to do is encourage new creation, God's new creation.We need to allocate capital where it can be most efficient and useful-those transformative technologies that are expected to change and improve the world. And they, those other fund operators, just invest their money in the past, which is the safest path. \"\"We\", and \"They\"-on the one hand, they are challenge-free, transformative, pioneering, connecting to the future, and distributing assets for \"God's creation\"; On the other hand, it is safe, turning over old scores, turning a blind eye to emerging technologies, and having no self-motivation and sense of mission at all.Which side do you choose, she asked?Naturally, the words are not just talk,Wood's \"three fires for new officials\" continue to this day.OneJust like the plan Wood claimed to have planted by the Holy Spirit in his heart that summer afternoon, since its establishment, ARK's mission has been to target its investment in those disruptive technologies that are beginning to bloom.Many emerging companies that scoff at traditional funds are greatly encouraged, which is completely different from the latter's investment strategy of fearing volatility and stabilizing returns.Tesla is probably the most famous and successful example of them all.Wood invested in Tesla five years ago, when it was around $50, and Tesla has been ARK's largest holding for the past three years. Wood believes that Tesla is such a company \"located at the intersection of multiple industries\", integrating<a href=\"https://laohu8.com/S/300024\">Robot</a>, artificial intelligence, and energy storage all in one, traditional automotive analysts \"don't know what to do.\"When Tesla's stock price hovered at $320 in August 2018, Musk once considered taking the company private and buying back all shares at a price of $420 per share.Wood was the 1% voice when 99% of the market was bearish on Tesla。 She immediately sent an open letter to Musk, predicting that Tesla's stock price would reach a maximum of $4,000 within five years, and opposed its privatization of the company.Since that open letter, Tesla has released Model 3, and its stock price has soared from US $320 to US $3,500 (adjusted according to a 1-to-5 stock split ratio). Wood's unique vision has also been verified.According to ARK's 2021 investment report, in addition to Bitcoin and electric vehicles, Wood is now focusing on many emerging fields such as deep learning, new generation gene sequencing, and data center re-creation. As always, he is not hesitant to pay attention to these symbols of disruptive innovation. vocabulary put into infinite enthusiasm.<img src=\"https://static.tigerbbs.com/736971a7c4e609eeaee76c1d1f93c2c0\" tg-width=\"775\" tg-height=\"1072\" referrerpolicy=\"no-referrer\">Source: Alotta MoneySecond, as Wood imagined, ARK never sticks to traditional indicators and rules from analysts themselves to investment strategies, and is full of wild ways, but it is beautiful.Traditional ETFs mainly invest passively in indexes, while Wood's ETFs adopt active stock selection and active management strategies, which is very rare. Even today, when active ETFs are becoming more and more popular, they only account for 3% of the total assets of US ETFs.. As mentioned earlier, Wood dislikes indexes very much, thinking that they measure past achievements.Her employees are also completely different from traditional funds, with more than 30 employees in total, few with Wall Street backgrounds or MBA degrees, and most of them are professionals in different industries-cancer scientists, artificial intelligence analysts, game engineers, and even captains. They don't understand moving averages, they don't understand momentum indicators, and some don't even use Bloomberg terminals.Wood doesn't care about this. What she likes is professionalism in different backgrounds and fields.She also seems to believe in the idea of \"philosophy comes from the cafe\" very much, and manages the company in a very relaxed mode. The office on East 28th Street in Manhattan has no cubicles. Next to the bar-style high chairs, all the tables are surrounded in a circle, and the staff move around freely, communicate and talk, ready to exchange ideas at any time.Third, traditional asset management companies always love to hide their \"exclusive information\", but ARK is completely different. Wood's attitude is: transparent and open, and \"information attracts information\".ARK's weekly \"brainstorming\" sessions can be attended by anyone, including industry experts and competitors. Teams can share research results and cooperate with scientists, engineers, doctors and other experts, which is illegal in many traditional fund companies and will be expelled.Not only that, Wood will also publish free research reports on social platforms such as Reddit forums, announce changes in positions every day, and even personally discuss investment targets with netizens, which has accumulated a large number of loyal fans for him. She believes that this helps ARK reflect on where there are disagreements or misunderstandings with the market and better understand what is happening in the world.Investing in ARK = believing in God and the future?The so-called deviant, people either regard him as a genius or laugh at him as a madman. The success of investing in Tesla is like a shot in the arm, making more people willing to believe that Wood belongs to the former.So these three fires have somewhat buried a bit of fanaticism in the hearts of fans. It seems that Wood has guaranteed the unlimited innovation prospects of his stock pool-here at ARK, as long as you pay the time cost, you can get money returns.But more importantly,The above sentence, which is run through the concepts of God, faith, future, unloads the cliché cloak and sounds impassioned and inspiring.Think about it, investing in ARK is linked to believing in the future.If Buffett and Munger's version of value investing is regarded as the king of empiricism, then ARK's vigorous statement is somewhat metaphysical.Generally speaking, people are still fantastical animals, and they are always easy to believe in illusory things. You can not believe in Tesla or Bitcoin, but do you believe in technology and the development of technology? You can not believe in ARK, but do you believe in \"God's mission\"? You say you are not a Christian, do you believe in the future? When ARK vows to paint the future, can you shout the same volume and retort, \"The future is not the case?\"After all, the Tesla, which everyone calls a liar, really did it, didn't it? It subverted the whole automobile industry, from metals to energy-and what about Bitcoin? So what about ARK that is optimistic about Tesla all the way to the present?The power of this set of thinking is much greater than imagined.Even if they suffer some hardships on the way, such as the net worth plummeting by 30 points or something... Some investors will feel that they are paying for the future. There are two roads in the forest, and they choose the one full of thorns. The one who persists until the end laughs the loudest.<img src=\"https://static.tigerbbs.com/eaf28c6de9e5b0e0e414e8b6c9db7dd0\" tg-width=\"1174\" tg-height=\"400\" referrerpolicy=\"no-referrer\">As of 3/8, ARK's five best-performing ETFs have fallen by nearly 30 points on average from their highs. The picture shows the net value curve of the flagship fund ARKKBut it is true. Who can tell the future? Can a limited wallet really pay for unlimited beliefs? Even if this is the case in the future, how far into the future will it be?For example, what will be the outcome of this year?2021 has undoubtedly been a year of severe challenges for ARK. The turbulent months have passed, and the inextricable connection between ARK, Tesla, and Bitcoin has almost created a \"trinity\" risk pattern. At the end of last year, Wood also told the media that he is determined to invest investors in the next five years. The money has tripled, but unexpectedly, only two months after entering 2021, the stock price has begun to turn downward, with a bad start.The love of small-cap stocks has always been a big hidden danger. For example, some analysts gave an example. 20 of the targets held by ARK's ARKG fund exceed 5% of the circulating share capital, accounting for 45.45% of all targets held. ARK has become the largest shareholder of many targets. Once the market environment is not good or The sector's popularity declines, the net value of the fund may experience a sharp drop caused by negative superimposed liquidity risks.In panic, people once again recalled the U.S. stock market in the 1990s-the high-rise building made of bubbles collapsed overnight, and a group of newly rising \"asset management stars\" were buried under the ruins.For example, Bill Miller, a star fund manager who outperformed the S&P 500 index for 15 consecutive years from 1991 to 2005, suffered a tragic defeat during the 2008 financial crisis, and was once described by the market as \"no guarantee in the late festival\".Another example is Janus, a mutual fund company (two-faced god in ancient Roman mythology). From the end of 1998 to March 2000, it grew from the 20th largest mutual fund company in the United States to the fifth largest, and its scale expanded from US $3 billion to 300 billion in just ten years. Even Clinton, the former president of the United States, entrusted his personal account to Janus.However, with the bursting of the Internet bubble, the net value of some of its fund products suddenly plummeted by two-thirds, and the myth of \"two-faced gods\" was wiped out. Like ARK, Janus happens to have a soft spot for technology stocks and small-cap stocks, and he also happens to be a confident posture of looking to the future and striking hard once he is optimistic.So will today's ARK become the next two-faced god? Will today's Wood be the next Miller to fall from the altar? Or will they become the next Tesla and Musk to weather difficult times and truly stand at the center of industry change?More than two years ago, Musk took a sip of marijuana and a sip of alcohol on the show, frowning through Tesla's most difficult days. Now, is Wood also ushering in such a time?Then, Musk really became a disruptor in the automotive field, and traditional car companies had to turn around and catch up. Will Wood clear the clouds like this?Will there be more ARK on Wall Street? Is a more transparent, open and dynamic asset management industry taking shape?Obeying God's word, Noah built the ark, which survived the great flood that year. God said, \"When I make clouds cover the earth, there will be a rainbow in the clouds\".Now \"following the entrustment of the Holy Spirit\", Wood has also reached its seventh year of building ARK. The great flood has turned into a storm in the financial market, and clouds and mist have blocked the view. Can Wood lead the whole ship over the flood and really set off the wind of industry change? Can she see the rainbow from God?","source":"wallstreetcn_api","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>The woman who \"allocates funds for God\"!</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\">\nThe woman who \"allocates funds for God\"!\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-03-29 12:25\n\n</h4>\n</header>\n<article>\n\"Sister Wood\" Cathie Wood: Give me some fulcrums and let me shake the whole world. It's hard to imagine such a pattern that shakes the market:She invests<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, betting that it will subvert the automotive field; She invested in Bitcoin, betting that it would overturn the monetary system; She prepares a space fund and looks at the future of Mars; She invests in streaming platform Roku, mobile payments company Square, 3D printing company<a href=\"https://laohu8.com/S/SSYS\">Stratasys</a>, they are at the forefront of technological progress and jointly move the lever of contemporary life change.She said to give me a few fulcrums and let me pry the whole world.She is betting on disruptors from all walks of life, and she is also at the center of the storm in the asset management industry. Born on Wall Street, she abandoned tradition, ignored \"discipline\", and finally embarked on a deviant investment path. Today, she once enjoyed infinite scenery and was questioned. When a building overturns or overnight, as many people have seen it rise, as many people want to see it overturn.To ask how it all started, Cathie Wood, the founder of ARK Invest and now a household name \"Queen of the Bull Market\" of the year, who is over 65 years old, sat in a comfortable seat, stroked her shoulder-length taupe hair, steadied her iconic black-rimmed glasses, and slowly recalled that summer afternoon many years ago:<img src=\"https://static.tigerbbs.com/1c69c183f3df90b688867160c4eb35b5\" tg-width=\"795\" tg-height=\"441\" referrerpolicy=\"no-referrer\">It was a beautiful summer day, and I came home surrounded by a strange silence. Three kids had gone to Christ Camp, among other things, and it dawned on me that I was going to spend the next two weeks alone. I've been separated from these days for too long. Walking into the kitchen, I was neither happy nor sad, just in a trance … until a sudden shake cut through the air, and I seemed to hear the Holy Spirit speaking to me-\"Come, open your plan.\" I heard him say. She said, look, you have been studying disruptive innovation all your life, so why not try to subvert your own industry? Why not revolutionize it with new technology? Why not bring the new idea to the public and spread it on social media? Why not call competitors and collide with the sparks of thinking together? He said so, and I did so. \"She said so, and I did so.\" So in 2014, 57-year-old Wood resigned from the famous asset management giant Alliance Bernstein and founded this asset management company of his own, named it after the ARK of Holy Relics (ARK) in the Bible.Just as the Israelites in the Old Testament fought with the ARK of the Covenant and believed that God was with the ARK of the Covenant, this devout Catholic firmly believed that ARK was destined to invest its capital in innovation, in the future, and in the \"handwriting of God\", which was in fulfilling the mission entrusted by God.Nowadays, many Chinese media have translated ARK as \"ARK\". Although it is not Wood's original intention, it also has the charm of \"bearing the destiny of the world\".<img src=\"https://static.tigerbbs.com/e2ef328f314a2d1785b3d3ba7f27e1f1\" tg-width=\"641\" tg-height=\"361\" referrerpolicy=\"no-referrer\">The Image of the \"Ark of the Covenant\" in the BibleSix years later, 2020 is undoubtedly a historic year for ARK. The epic fluctuations in March were like a trumpet. The U.S. stock market that hit the epidemic fully recovered from the central bank's flood release. ARK became the number one beneficiary of this round of bull market because it had previously bought technology stocks and small-cap stocks under the banner of \"disruptive innovation\". Its ETFs won the annual first, second and third place among national funds. The average annual return of the five best-performing ETFs reached 141%, and the maximum scale increased by more than 10 times, as if God had finally given grace to its loyal believers.However, the time has come to February this year again. ARK, which was still prosperous at the beginning of the month, plunged all the way with the decline of technology stocks at the end of the month. More and more questioning voices began to emerge. People say, will Wood repeat the mistakes of a large number of star fund managers during the Internet bubble in 1990s? First they took off, and then they fell into defeat as the bubble burst.Amid the ups and downs, reports on ARK and Wood himself have been overwhelming for months.People later found that this \"Queen of the Bull Market\" who claimed to allocate capital for God was either a \"missionary\" master in the faith world and a flower in the fund world, or she might really be a subverter who was born in the asset management industry and a \"prophet\" who heralded the future innovation direction.A traveling childhood curious childTo really trace Wood's soft spot for new things, we may have to start with her unstable childhood.In 1955, Wood was born in a Catholic immigrant family in Los Angeles, USA. He recited scriptures and went to church since childhood. Her parents are both from Ireland, and her father served in the Irish Army and the United States Air Force before becoming a successful radar systems engineer.Because of my father's work, I often have to move my family from one military base to another.As a child, Wood never stayed anywhere for a long time. At the age of 12, he had moved ten times.Fortunately, probably inheriting his mother's lively and open-minded personality, Wood didn't feel too uneasy about the frequent changes around him. Instead, he constantly became curious about life in generate from adapting to the new environment and exploring new things.When she grew up a little, like many children from immigrant families, she began to receive a good education and gradually showed her talent in learning. After graduating from high school at Notre Dame College, in 1981, she graduated with honors and cum laude with a bachelor's degree in financial economics from the University of Southern California (USC).At the beginning of his promotion to Southern California, Wood's vision of the future was also vague. In the two years before choosing a major in her junior year, she worked in a supermarket to earn tuition fees, while thinking about possible further study directions: geology, astronomy, engineering... It seems that many can be tried, but none of them can be said to be a firm choice.Until one semester, at his father's suggestion, Wood first tasted macroeconomics-the wonderful thing about fate is that at that moment, his whole heart and soul tells you that it is it.Wood was deeply fascinated by the \"grand views\" born from economic activity and above the micro and concrete-the \"grand views\" that were distant, overview and pointed straight to the future. According to her own account, she found how damningly fascinating macroscopic research was, and it was more important to make people boldly imagine how the world would work in the future than to study existing theories.Looking back, this was the first time that his preference for the unknown had helped Wood make an important life choice in a way that hit him directly on the forehead.Learning from a famous family allowed Wood to walk faster than others on this road. Her mentor, economics professor Arthur Laffer, is the author of the famous \"Laffer Curve\".Although he was an undergraduate, Wood still took part in the graduate courses he taught, and was highly valued for his excellent endowment.<img src=\"https://static.tigerbbs.com/fcf68e0010cae1663dd31058f8a34c7e\" tg-width=\"1000\" tg-height=\"563\" referrerpolicy=\"no-referrer\">Wood and Laffer on the NYSE rostrum on October 21, 2014 Source: Investors' Business DailyYoung Chief: On the Other Side of the ConsensusAlso under the help of Laffer, at the age of 22, Wood joined the traditional asset management giant Capital Group as an assistant economist and started her career.In 1980, she moved to New York by chance and became the chief economist of Jennison Associates, an investment advisory firm.That is to say, in just three years, Wood went from assistant to chief at the age of 25.At the beginning of her big responsibility, the American economy is also undergoing great changes.In the early 1980s, the United States was in the abyss of high stagflation. While production declined and unemployment soared, prices generally rose sharply instead of falling, resulting in a rare situation of high inflation, high unemployment and low economic growth. At that time, Paul Volcker, the newly appointed chairman of the Federal Reserve, tried to shrink the money supply to combat high inflation, but with little success.<img src=\"https://static.tigerbbs.com/f1b08eb3a10fa740d150c2486a9ea158\" tg-width=\"715\" tg-height=\"337\" referrerpolicy=\"no-referrer\">U.S. inflation rose to a high point in 1980Against this background, a group of the most authoritative economists in the United States at that time, such as \"Dr. Doom\" Henry Kaufman and Milton Friedman, desperately believed that inflation had become the norm and deeply ingrained.Wood thinks otherwise,Interest rates and inflation have peaked, she insists.Jennison's co-founder Spiros Segalas and Wood were both teachers and friends. During that time, he often invited these academic celebrities to the company to share their predictions, and for the purpose of training, testing, or communication, Wood stood on the \"opposite side\", argue with them one-on-one.On the one hand, there are veterans who have been in the Jianghu for many years and have a huge camp, and on the other hand, there are minority players who have just become the chief and seem to have no experience just by their age.We can't know whether the \"Kaufmans\" are seriously participating in this academic confrontation, or performing with the mentality of teaching younger generations, but the facts finally proved that Wood's judgment was very accurate. After the Reagan administration came to power in 1980, inflation and interest rates were well controlled, falling all the way from the peak.After witnessing many debates, Segalas made this evaluation of Wood:A lady with incredibly strong convictions. She's the sharpest one so far.Wood later said that it was those days that really shaped her ability to go her own way and challenge authority, and made her deeply aware of the need to always be alert to those so-called \"consensus\", which seemed irrefutable, but often had room for discussion-And those behaviors that violate the \"consensus\" may have great potential.Looking back on the past of the newborn calf decades later, Wood will find that when he made this accurate prediction, he was standing at the intersection of himself and history.Once interest rates fall, what will follow will be a 40-year bull market in technology stocks, and she will soon participate in it, fighting with the same \"maverick\" attitude for several years until it makes a storm. By then, she will \"disobey\" not the \"Kaufman\" of several academic circles, but the whole Wall Street.She didn't expect this at that time.Moving to Stocks: Looking for Scraps Under the TableAll she can smell is that the wind is going to blow in tech stocks for a while. Lower interest rates have brought more room for growth to technology companies that have been hit hard before. Wood, who has loved astronomy and engineering, quickly decided to get on this bus.So in 1985, she shifted from macro to stock research at Jennison, and in 1990, she also served as the company's portfolio manager, always focusing on technology stocks.<img src=\"https://static.tigerbbs.com/3ab2a3e6a38a1e6cadb57da984a401bb\" tg-width=\"768\" tg-height=\"615\" referrerpolicy=\"no-referrer\">Wood in his youthCredit: Jesus CallingAmid the hustle and bustle of tech stocks, she left the big army again.Unlike interest rate forecasts, this time, the belief of violating consensus and looking for new things really \"actively\" played a role.Wood asked himself as soon as he came up, other analysts must have studied all the good technology stocks for a round, and they will not let go of any of them, so what is left? What is left for me? Which are my stocks?She immediately had the answer.So, with great tendency and even paranoia, Wood began to try to find two types of stocks:<ul><li>Those areas that are too advanced, so advanced that people haven't paid attention to it and have no time to swarm;</li><li>Certain stocks lie at the intersection of multiple industries without analysts following up on any side. Wood believes that this is likely to be where innovation is also born.</li></ul>She describes herself as \"a puppy looking for scraps under the table\".She said, \"When analysts and fund managers agree that certain stocks are insignificant or don't fit perfectly into any portfolio, they usually look twice.\" They may be temporarily undervalued, but over time, Exponential growth may explode.When studying stocks, Wood has no fixed procedures or routines at all.Just greedily absorbing all the information he can touch, digesting and judging it.Incumbent<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Lisa Shalett, chief investment officer who worked with her for a while, recalled:\"Cathie's curiosity seems to be never satisfied. She eagerly absorbs research results from various channels, large and small, and works tirelessly 24 hours a day to ensure that the team has the most in-depth research and generates the most unique opinions.\"Sometimes she even listened to what her intuition said.For example, when investing in Reuters, it is generally difficult for people to understand this business model of \"publishing databases\"-collecting data from financial companies and then selling all the data back to them. What is this?Wood can't say it well herself, but she thinks this model is very innovative. She later recalled: \"At that time, I just thought it was doing something big. Now we know that this is the epitome of today's Internet concept.\"As we will see later, this \"reckless\" investment style has been retained by Wood to this day.In this way, Wood stayed at Jennison for 18 years. In the remaining years, while raising her three children, she went further and further on the road of stock research, and also became more and more sophisticated in her unique stock selection doorway.<img src=\"https://static.tigerbbs.com/7db68c3edd34e7c90a2ace397b8ebc1c\" tg-width=\"768\" tg-height=\"512\" referrerpolicy=\"no-referrer\">Wood and kidsCredit: Jesus CallingAfter Wood left Jennison in 1998, he first worked as a limited partner at the hedge fund Tupelo Capital for three years. In 2001, he officially joined AllianceBernstein as a fund manager and special research strategist. With a management scale of US $5 billion, Wood continued to concentrate on the stock field at AllianceBernstein, starting another career stage that lasted for 12 years.At that time, she didn't realize that with the financial turmoil, this period of time would be a key turning point for her self-reliance in the future.Get rid of traditional self-establishmentAt AllianceBernstein, Wood continues his consistent investment style, taking the path of high-growth, high-risk, and small-cap stocks. Since the second half of 2002, the U.S. stock market has been in a bull market, and Wood's investment portfolio has also performed quite well.But two things that happened then gave her the idea of getting rid of the traditional fund investment analysis framework.First, in 2006, the real estate bubble in the United States had reached a very high level, and various contradictory signals began to appear in the market. Wood predicted that the bubble would burst soon. She immediately reduced her portfolio positions significantly.However, the feast of subprime mortgages continued for more than a year. The price of waking up too early was that Wood's yield that year was only 5%, underperforming the broader market (12%-13%) by nearly 1,000 basis points.Wood was devastated. And when she told her mentor in the Catholic Church about this story and sought an explanation from him, the mentor left a meaningful remark, which completely reversed her original perspective: You can't worship any idol, but now the market benchmark has become your idol.The next year, Wood made up for most of the losses, but recalled the words of her mentor in prayer and meditation, saying that sheThe sudden realization that the success of index investing belongs to the past, and God doesn't want us to stay in the past, He wants us to enter a new creation.From then on, a thought gradually became deeply rooted in Wood's mind-To change the original investment method, the real mission of investment is to move towards the future guided by God and to allocate capital for God.The time came to the 2008-09 financial crisis, and the high-risk investment strategy made Wood's fund's pullback/retracement significantly greater than the market level during the U.S. stock market crash. AllianceBernstein couldn't stand it anymore and asked Wood to add indexes such as the S&P 500 to his holdings to reduce volatility.But this time, Wood doesn't want to be subject to so-called market \"benchmarks\" anymore.She retorted bluntly: \"I think we believe in the benchmark investment method too much and invest too little in innovation. Now the price of some innovative companies in the public market is even only 10% of that in the private market, which is a huge opportunity!\"These two events were like a prelude to ups and downs, which eventually led Wood in the same direction: in 2014, Wood quit his stable job at AllianceBernstein and set out to build his own startup.She realized that if she wants to truly get rid of the constraints under the investment framework of traditional fund companies, truly practice a set of her own standards and investment philosophies, and boldly invest money in innovative fields, she can only stand on her own feet.The era of ARK begins.Deviant ARKTherefore, it can be said that ARK was born from the very beginning to bypass the rules and regulations of traditional asset management, and naturally it is not the same path as everyone.Wood, who no longer depended on others, released it to the limit and went further and further in the deviant direction.She drew a clear line with traditional asset management in one sentence:\"What we really want to do is encourage new creation, God's new creation.We need to allocate capital where it can be most efficient and useful-those transformative technologies that are expected to change and improve the world. And they, those other fund operators, just invest their money in the past, which is the safest path. \"\"We\", and \"They\"-on the one hand, they are challenge-free, transformative, pioneering, connecting to the future, and distributing assets for \"God's creation\"; On the other hand, it is safe, turning over old scores, turning a blind eye to emerging technologies, and having no self-motivation and sense of mission at all.Which side do you choose, she asked?Naturally, the words are not just talk,Wood's \"three fires for new officials\" continue to this day.OneJust like the plan Wood claimed to have planted by the Holy Spirit in his heart that summer afternoon, since its establishment, ARK's mission has been to target its investment in those disruptive technologies that are beginning to bloom.Many emerging companies that scoff at traditional funds are greatly encouraged, which is completely different from the latter's investment strategy of fearing volatility and stabilizing returns.Tesla is probably the most famous and successful example of them all.Wood invested in Tesla five years ago, when it was around $50, and Tesla has been ARK's largest holding for the past three years. Wood believes that Tesla is such a company \"located at the intersection of multiple industries\", integrating<a href=\"https://laohu8.com/S/300024\">Robot</a>, artificial intelligence, and energy storage all in one, traditional automotive analysts \"don't know what to do.\"When Tesla's stock price hovered at $320 in August 2018, Musk once considered taking the company private and buying back all shares at a price of $420 per share.Wood was the 1% voice when 99% of the market was bearish on Tesla。 She immediately sent an open letter to Musk, predicting that Tesla's stock price would reach a maximum of $4,000 within five years, and opposed its privatization of the company.Since that open letter, Tesla has released Model 3, and its stock price has soared from US $320 to US $3,500 (adjusted according to a 1-to-5 stock split ratio). Wood's unique vision has also been verified.According to ARK's 2021 investment report, in addition to Bitcoin and electric vehicles, Wood is now focusing on many emerging fields such as deep learning, new generation gene sequencing, and data center re-creation. As always, he is not hesitant to pay attention to these symbols of disruptive innovation. vocabulary put into infinite enthusiasm.<img src=\"https://static.tigerbbs.com/736971a7c4e609eeaee76c1d1f93c2c0\" tg-width=\"775\" tg-height=\"1072\" referrerpolicy=\"no-referrer\">Source: Alotta MoneySecond, as Wood imagined, ARK never sticks to traditional indicators and rules from analysts themselves to investment strategies, and is full of wild ways, but it is beautiful.Traditional ETFs mainly invest passively in indexes, while Wood's ETFs adopt active stock selection and active management strategies, which is very rare. Even today, when active ETFs are becoming more and more popular, they only account for 3% of the total assets of US ETFs.. As mentioned earlier, Wood dislikes indexes very much, thinking that they measure past achievements.Her employees are also completely different from traditional funds, with more than 30 employees in total, few with Wall Street backgrounds or MBA degrees, and most of them are professionals in different industries-cancer scientists, artificial intelligence analysts, game engineers, and even captains. They don't understand moving averages, they don't understand momentum indicators, and some don't even use Bloomberg terminals.Wood doesn't care about this. What she likes is professionalism in different backgrounds and fields.She also seems to believe in the idea of \"philosophy comes from the cafe\" very much, and manages the company in a very relaxed mode. The office on East 28th Street in Manhattan has no cubicles. Next to the bar-style high chairs, all the tables are surrounded in a circle, and the staff move around freely, communicate and talk, ready to exchange ideas at any time.Third, traditional asset management companies always love to hide their \"exclusive information\", but ARK is completely different. Wood's attitude is: transparent and open, and \"information attracts information\".ARK's weekly \"brainstorming\" sessions can be attended by anyone, including industry experts and competitors. Teams can share research results and cooperate with scientists, engineers, doctors and other experts, which is illegal in many traditional fund companies and will be expelled.Not only that, Wood will also publish free research reports on social platforms such as Reddit forums, announce changes in positions every day, and even personally discuss investment targets with netizens, which has accumulated a large number of loyal fans for him. She believes that this helps ARK reflect on where there are disagreements or misunderstandings with the market and better understand what is happening in the world.Investing in ARK = believing in God and the future?The so-called deviant, people either regard him as a genius or laugh at him as a madman. The success of investing in Tesla is like a shot in the arm, making more people willing to believe that Wood belongs to the former.So these three fires have somewhat buried a bit of fanaticism in the hearts of fans. It seems that Wood has guaranteed the unlimited innovation prospects of his stock pool-here at ARK, as long as you pay the time cost, you can get money returns.But more importantly,The above sentence, which is run through the concepts of God, faith, future, unloads the cliché cloak and sounds impassioned and inspiring.Think about it, investing in ARK is linked to believing in the future.If Buffett and Munger's version of value investing is regarded as the king of empiricism, then ARK's vigorous statement is somewhat metaphysical.Generally speaking, people are still fantastical animals, and they are always easy to believe in illusory things. You can not believe in Tesla or Bitcoin, but do you believe in technology and the development of technology? You can not believe in ARK, but do you believe in \"God's mission\"? You say you are not a Christian, do you believe in the future? When ARK vows to paint the future, can you shout the same volume and retort, \"The future is not the case?\"After all, the Tesla, which everyone calls a liar, really did it, didn't it? It subverted the whole automobile industry, from metals to energy-and what about Bitcoin? So what about ARK that is optimistic about Tesla all the way to the present?The power of this set of thinking is much greater than imagined.Even if they suffer some hardships on the way, such as the net worth plummeting by 30 points or something... Some investors will feel that they are paying for the future. There are two roads in the forest, and they choose the one full of thorns. The one who persists until the end laughs the loudest.<img src=\"https://static.tigerbbs.com/eaf28c6de9e5b0e0e414e8b6c9db7dd0\" tg-width=\"1174\" tg-height=\"400\" referrerpolicy=\"no-referrer\">As of 3/8, ARK's five best-performing ETFs have fallen by nearly 30 points on average from their highs. The picture shows the net value curve of the flagship fund ARKKBut it is true. Who can tell the future? Can a limited wallet really pay for unlimited beliefs? Even if this is the case in the future, how far into the future will it be?For example, what will be the outcome of this year?2021 has undoubtedly been a year of severe challenges for ARK. The turbulent months have passed, and the inextricable connection between ARK, Tesla, and Bitcoin has almost created a \"trinity\" risk pattern. At the end of last year, Wood also told the media that he is determined to invest investors in the next five years. The money has tripled, but unexpectedly, only two months after entering 2021, the stock price has begun to turn downward, with a bad start.The love of small-cap stocks has always been a big hidden danger. For example, some analysts gave an example. 20 of the targets held by ARK's ARKG fund exceed 5% of the circulating share capital, accounting for 45.45% of all targets held. ARK has become the largest shareholder of many targets. Once the market environment is not good or The sector's popularity declines, the net value of the fund may experience a sharp drop caused by negative superimposed liquidity risks.In panic, people once again recalled the U.S. stock market in the 1990s-the high-rise building made of bubbles collapsed overnight, and a group of newly rising \"asset management stars\" were buried under the ruins.For example, Bill Miller, a star fund manager who outperformed the S&P 500 index for 15 consecutive years from 1991 to 2005, suffered a tragic defeat during the 2008 financial crisis, and was once described by the market as \"no guarantee in the late festival\".Another example is Janus, a mutual fund company (two-faced god in ancient Roman mythology). From the end of 1998 to March 2000, it grew from the 20th largest mutual fund company in the United States to the fifth largest, and its scale expanded from US $3 billion to 300 billion in just ten years. Even Clinton, the former president of the United States, entrusted his personal account to Janus.However, with the bursting of the Internet bubble, the net value of some of its fund products suddenly plummeted by two-thirds, and the myth of \"two-faced gods\" was wiped out. Like ARK, Janus happens to have a soft spot for technology stocks and small-cap stocks, and he also happens to be a confident posture of looking to the future and striking hard once he is optimistic.So will today's ARK become the next two-faced god? Will today's Wood be the next Miller to fall from the altar? Or will they become the next Tesla and Musk to weather difficult times and truly stand at the center of industry change?More than two years ago, Musk took a sip of marijuana and a sip of alcohol on the show, frowning through Tesla's most difficult days. Now, is Wood also ushering in such a time?Then, Musk really became a disruptor in the automotive field, and traditional car companies had to turn around and catch up. Will Wood clear the clouds like this?Will there be more ARK on Wall Street? Is a more transparent, open and dynamic asset management industry taking shape?Obeying God's word, Noah built the ark, which survived the great flood that year. God said, \"When I make clouds cover the earth, there will be a rainbow in the clouds\".Now \"following the entrustment of the Holy Spirit\", Wood has also reached its seventh year of building ARK. The great flood has turned into a storm in the financial market, and clouds and mist have blocked the view. Can Wood lead the whole ship over the flood and really set off the wind of industry change? Can she see the rainbow from God?\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3623490\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1c69c183f3df90b688867160c4eb35b5","relate_stocks":{"ARKF":"ARK Fintech Innovation ETF",".DJI":"道琼斯","ARKK":"ARK Innovation ETF",".SPX":"S&P 500 Index","TSLA":"特斯拉",".IXIC":"NASDAQ Composite"},"source_url":"https://wallstreetcn.com/articles/3623490","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2123790280","content_text":"“木头姐”Cathie Wood：给我几个支点，让我撬动整个世界。很难想象这样一番撼动市场的格局：她投资特斯拉，赌它颠覆汽车领域；她投资比特币，赌它掀翻货币体系；她筹备太空基金，放眼火星未来；她投资流媒体平台Roku、移动支付公司Square、3D打印公司Stratasys，它们走在技术进步的前沿，共同拨动着当代生活变革的杠杆。她说给我几个支点，让我撬动整个世界。她将赌注下在各行各业的颠覆者上，自己也站在资管业风暴的中心。生于华尔街，她却抛弃传统，不顾“纪律”，最终走上一条离经叛道的投资之路，时至今日，一度风光无限，又备受质疑。楼之倾覆或在一夜之间，多少人看过它高楼起，就多少人想看它楼倾覆。而要问这一切是如何开始的，ARK Invest的创始人、这位如今家喻户晓的年度“牛市女皇”——年过65岁的伍德女士（Cathie Wood），坐在某张舒服的座椅上，捋了捋及肩的灰褐色长发，扶稳了她的标志性黑框眼镜，徐徐回忆起多年前那个夏天的午后：那是个美丽的夏日，我回到家里，周围是一片陌生的静寂。三个孩子去基督营了，还有别的什么活动，我突然意识到，接下来两周我都要一个人度过了。我和这样的日子分别太久了。走进厨房，我既不快乐也不悲伤，只是有些恍惚……直到一阵突如其来的撼动划破空气，我仿佛听到圣灵在对我说话——“来吧，开启你的计划。”我听到他说。她说你看，你一辈子都在研究颠覆性创新，何不试着颠覆下自己的行业呢？何不用新的技术革新它？何不将新的想法公之于众，用社交媒体传播它？何不叫上竞争对手，一起碰撞思维的火花？他这样说，我遂这样做了。“她这样说，我遂这样做了”，于是2014年，57岁的伍德从大名鼎鼎的资管巨头联博（Alliance Bernstein）辞职，创立了这家属于自己的资管公司，并以《圣经》中圣物约柜（ARK）的名字为它命名。正如旧约时代的以色列人带着约柜征战，相信神与约柜同在一样，这位虔诚的天主教徒坚信，ARK注定要将资本投向创新，投向未来，投向“神的手笔”，这是在完成上帝交托的使命。现在很多中文媒体都将ARK译作“方舟”，虽非伍德本意，却也颇有其自视“身负世界命运”的神韵。《圣经》中的“约柜”形象六年过去，对ARK来说，2020年无疑是历史性的一年。3月的史诗级波动如一声号响，撞上疫情的美股在央行大放水中全面复苏，ARK则由于此前打着“颠覆性创新”的旗号狂买科技股和小盘股，成了本轮牛市的头号受益者，旗下ETF包揽全美基金年度冠亚季军，5只表现最好的ETF年度回报平均达141%，规模最高涨超10倍，仿佛神终于为其忠实的信徒降下恩典。不过时间又来到今年二月，月初还风光无限的ARK，到了月底就随科技股下跌一路俯冲。越来越多质疑的声音开始涌现。人们说，伍德是否将重蹈上世纪90年代互联网泡沫时期那一大批明星基金经理的覆辙？他们先是飘飘然起飞，又随着泡沫破裂摔得一败涂地。大起大落之中，几个月来，有关ARK和伍德本人的报道铺天盖地。人们后知后觉地发现，这位自称替上帝配资本的“牛市女皇”，要不就是信仰界的“传教”高手、基金界的昙花一朵，要不，就可能真是资管业横空出世的颠覆者、是预示未来创新方向的“先知”。游历的童年 好奇的孩子真要追溯伍德对新生事物的情有独钟，可能还得从她不算安定的童年讲起。1955年，伍德出生在美国洛杉矶的一个天主教移民家庭，从小诵经读卷，去教堂做礼拜。她的父母都来自爱尔兰，父亲曾经在爱尔兰陆军和美国空军服役，后来成为了一名成功的雷达系统工程师。由于父亲工作的缘故，经常需要带着全家从一个军事基地搬到另一个基地，小时候的伍德从没在哪个地方待过很久，12岁就已经搬了十次家。好在，大概是继承了母亲活泼开明的个性，伍德并未对周遭频繁的变动感到太多不安，反而从适应新环境和探索新事物中，不断迸发出对生活的好奇。略微长大之后，和许多移民家庭的孩子一样，她开始经受良好的教育，并在学习上逐渐显露出天赋。圣母学院高中毕业后，1981年，她在南加州大学（USC）获得金融经济学学士学位，以优异的成绩荣誉毕业。升入南加大的最初，伍德对未来的设想也很模糊。大三选专业前的两年时间里，她一边在超市打工赚着学费，一边思忖着可能的进修方向：地质学、天文学、工程学……似乎很多都可以尝试，但又没有哪个说得上是多么坚定的选择。直到某一学期，在父亲的建议之下，伍德初尝到了宏观经济学的味道——命运的神妙之处就是在那一刻，全身心的感应都告诉你：就是它了。伍德深深地着迷于那些从经济活动中诞生，而又凌驾于微观和具体之上的“宏大观点”——遥远的、纵览全局的、直指未来的“宏大观点”。按照她自己的说法，她发现宏观研究是多么该死的迷人，让人大胆地畅想，畅想未来世界运转的方式，比起研究那些已经存在的理论，这是更加要紧的事。回头来看，这是头一回，那股对未知事物一脉相承的偏爱，以一种直击脑门的方式，帮伍德做了一个重大的人生抉择。师从名门让伍德在这条路上比其他人走得更快了些。她的导师——经济学教授Arthur Laffer正是著名的“拉弗曲线”的提出者。虽是本科生，伍德仍然参加了他教授的研究生课程，凭借着优秀的禀赋深得器重。2014年10月21日，Wood和Laffer在纽交所主席台上亮相 图源：Investors’Business Daily年轻的首席：站在共识另一边也是在拉弗的牵线下，22岁时，伍德进入传统资管巨头Capital Group就任助理经济学家，开启了她的职业生涯。1980年，她又在一次偶然机遇下移居纽约，成为了投顾公司Jennison Associates的首席经济学家。也就是说，仅仅三年，伍德就在年仅25岁之时从助理做到了首席。正值她初担大任之际，美国经济也正经历一番风起云涌的巨变。20世纪80年代初的美国正处于高度滞胀的深渊，生产下降和失业率猛增的同时，物价不但没有下跌反而普遍大幅上涨，出现了高通胀、高失业和低经济增长并存的罕见局面。当时美联储新上任的主席保罗·沃尔克试图缩减货币供应来对抗高企的通胀，但始终收效甚微。美国通胀在1980年升至高点这一背景下，“末日博士”亨利·考夫曼和米尔顿·弗里德曼等一批当时美国最具权威性的经济学家都绝望地认为，通货膨胀已经成为常态，根深蒂固了。伍德则认为不然，她坚持，利率和通货膨胀已经见顶。Jennison的联合创始人Spiros Segalas与伍德亦师亦友，那段时间，他经常邀请这些学界知名人士来公司分享他们的预测，又出于或训练、或考验、或交流的目的，让伍德站在“反方”，跟他们一对一辩上一辩。一边是江湖多年、拥有庞大阵营的老将，一边是刚刚做上首席、单看年龄就好像没什么经验的少数派选手，我们无法知道“考夫曼们”究竟是在认真参与这场学术对垒，还是抱着指教后辈的心态倾情演出，但事实最终证明，伍德的判断十分准确，1980年里根政府上台后，通胀和利率得到了不错的控制，从高峰一路下跌。目睹了许多场辩论之后，Segalas对伍德做出这样的评价：一位有着不可思议坚定信念的女士。她是目前为止最犀利的一个。伍德后来说，正是那段日子真正塑造了她自行其是、挑战权威的能力，让她深刻意识到，要时刻警惕那些所谓的“共识”，它们看似不容辩驳，却往往有可商榷的空间——而那些有违“共识”的行为，反而可能有巨大的潜力。几十年后回首初生牛犊的往昔，伍德会发现，自己做下这一精准预测之时，正站在自身和历史转折交汇的当口。利率一经回落，随之而来的将是一场长达40年的科技股牛市，而她不久后将参与其中，以同样“特立独行”的姿态战斗数年，直到掀起一番风浪。届时，她将“忤逆”的不再是几位学界的“考夫曼”，而是一整个华尔街。那时的她并未料到这一点。转战股票：在桌子底下寻找残羹剩饭她能嗅到的只是，科技股的风要刮上一阵子了。利率下行为之前深受冲击的科技公司带来了更多成长空间，伍德本来就热爱天文学和工程学，很快决定得坐上这班车。于是1985年，她在Jennison从宏观转向股票研究，1990年又兼任该公司的投资组合经理，始终聚焦科技股领域。年轻时的伍德 图源：Jesus Calling在科技股熙熙攘攘的人潮中，她又一次离开了大部队。和利率预测时不同，这一次，违背共识、寻找新事物的信念真正“主动”发挥了作用。伍德一上来就问自己，别的分析师肯定把不错的科技股都研究过一轮了，一个也不会放过，那还剩下什么？留给我的是什么？哪些是属于我的股票？她随即有了答案。于是，极具倾向性、甚至有些偏执地，伍德开始努力寻找两类股票：那些过于超前，超前到人们还没引起重视、还来不及一拥而上的领域；某些股票位于多个行业的交汇处，而没有任何方面的分析师跟进。伍德认为，这很可能也是创新诞生的地方。她将自己形容为“一只小狗，在桌子底下寻找残羹剩饭”。她说，“当分析师和基金经理都认为某些股票不足挂齿，或无法完美地融入任意一个投资组合中时，通常得多看两眼”，它们可能暂时被低估，但随着时间推移，可能爆发指数级的增长。研究股票时，伍德没什么固定的程序、套路可言，只是贪婪地汲取着所能触及的所有信息，加以消化和判断。现任摩根士丹利首席投资官的Lisa Shalett曾同她工作过一段时间，回忆说：“Cathie的好奇心像是永远得不到满足，她如饥似渴地吸收来自大大小小各类渠道的研究成果，一天24小时不知疲倦地工作，以确保团队拥有最深入的研究，生成最独到的观点。”有时候，她甚至会听一听直觉讲的话。比如投资路透社（Reuters）时，人们普遍很难理解这种“出版数据库”的商业模式——从金融公司收集数据，再把数据全部卖回给它们，这算什么呢？伍德自己也说不好，但她认为这种模式非常创新。她后来回忆说：“当时只是觉得它在干件大事，现在我们知道了，这正是当今互联网概念的缩影。”我们后面会看到，这种“肆意妄为”的投资风格，一直被伍德保留到了今天。就这样，伍德在Jennison一待就是18年。余下的几年时光，她一边将三个孩子抚养长大，一边在股票研究的道路上越走越远，也在其独特的选股门道上越走越精。Wood和孩子们 图源：Jesus Calling1998年，伍德离开Jennison后，先是在对冲基金Tupelo Capital做了3年的有限合伙人，2001年正式加入联博，担任基金经理和专题研究策略师。揣着50亿美元资金的管理规模，伍德在联博继续潜心股票领域，开启了长达12年的又一个职业阶段。那时她尚未意识到，伴随着一阵金融风暴的来袭，这段岁月将成为其日后自立门户的关键转折。摆脱传统 自立门户在联博，伍德延续一贯的投资风格，走着高增长、高风险、小盘股的路径。2002年下半年开始，美股正值一轮牛市，伍德的投资组合也表现得相当不错。但随后发生的两件事，让她萌生了摆脱传统基金投资分析框架的想法。先是2006年，美国房地产泡沫已经达到了相当高的水平，市场上开始出现各种各样矛盾的信号，伍德预计泡沫不久就会破裂。她随即大幅降低了投资组合的头寸。然而次贷的盛宴又继续了一年多，清醒得太早的代价是，伍德当年的收益率仅5%，跑输了大盘（12%-13%）将近一千个基点。伍德深受打击。而当她对天主教会的导师诉说这件事，向其寻求开解的时候，导师留下一句意味深长的话，完全扭转了她原先看问题的角度：你不能崇拜任何偶像，而现在，市场基准却成了你的偶像。第二年，伍德弥补了大部分损失，但在祈祷和冥想中回味起导师的话，她说自己突然意识到，指数投资的成功属于过去，而上帝并不希望我们停留在过去，他希望我们进入新的创造。从这时起，一个念头逐渐被深耕在伍德心里——要变革原有的投资方式，投资的真正使命是要走向上帝所指引的未来，是要替上帝分配资本。时间到了08-09年金融危机，高风险的投资策略使得伍德的基金在美股崩盘中，回撤明显大于市场水平。联博看不下去了，要求伍德在持仓中加入标普500等指数来减小波动性。但是这一次，伍德不愿再受制于所谓的市场“基准”了。她直截了当地反驳道：“我认为我们太过信奉基准投资法了，针对创新领域的投资则太少。现在有些创新公司在公开市场的价格，甚至只有私募市场的10%，这是个巨大的机会！”这两件事如一段抑扬顿挫的前奏，最终将伍德引向了同一个方向：2014年，伍德辞去了联博收入稳定的工作，着手建立属于自己的初创公司。她意识到，想要真正摆脱传统基金公司投资框架下的束手束脚，想要真正践行一套自己的标准和投资理念、大胆把钱投在创新领域，那就只有自立门户。ARK的时代就此开始了。离经叛道的ARK因而可以说，ARK从最开始就是为了绕开传统资管的条条框框而生的，自然和大家走的不是一条路子。不再寄人篱下的伍德，将其不拘一格释放到极限，向着离经叛道的方向越走越远。她用一句话就和传统资管划清了界限：“我们真正要做的是鼓励新的创造，上帝的新创造。我们要将资本配置到它能发挥最高效益的、最有用的地方——那些有望改变世界、改善世界的变革性技术之上。而他们，那些其他的基金业者，只是把钱投向过去，那是最安全的路径。”“我们”，和“他们”——一边是无惧挑战的、变革性的、先锋的、连接未来的、为“神的创造”分配资产的；另一边，是安全的、翻旧账的、对新兴技术视而不见的、毫无上进心和使命感可言的。她问，你选哪一方？话自然不只说说而已，伍德的“新官上任三把火”延续至今。一则就像那个夏日午后，伍德自称圣灵在自己心里种下的计划一样，成立以来，ARK使命必达地将投资瞄准那些初绽头角的颠覆性技术，对不少传统基金嗤之以鼻的新兴企业都大为鼓励，这与后者怕波动、稳收益的投资策略截然不同。特斯拉可能是其中最著名、也最成功的例子了。伍德五年前就投资了特斯拉，当时股价50美元左右，过去三年，特斯拉一直是ARK的最大持股。伍德认为，特斯拉就是那样一个“位于多个行业的交汇处”的企业，集机器人、人工智能、能源储存于一身，传统的汽车分析师“不知道该怎么办”。2018年8月特斯拉股价徘徊在320美元时，马斯克一度考虑将公司私有化，用420美元/股的价格回购所有股票。伍德却是当时99%的市场看跌特斯拉时那1%的声音。她随即向马斯克发了一封公开信，预测称特斯拉在五年内股价最高能达到4000美元，反对其私有化公司。那封公开信至今，特斯拉已经发布了Model3，股价从320美元飙升至3500美元(按1比5的拆股比例调整)，伍德独到的眼光也得到了验证。根据ARK 2021年投资报告，除了比特币和电动车，如今伍德又将目光驻足到深度学习、新一代基因测序、数据中心再创造等等多个新兴领域，一如既往不吝对这些象征颠覆性创新的词汇付诸无限热情。图源：Alotta Money二则，和伍德所设想的一样，ARK公司从分析师本身到投资策略，从不拘泥于传统的指标、规则，十足的野路子打法，却不失漂亮。传统ETF主要被动投资于指数，而伍德的ETF采取主动选股、积极管理策略，这是很罕见的，即便在主动型ETF越来越受欢迎的今天，也只占美国ETF总资产的3%。正如前文提到，伍德很不喜欢指数，认为那衡量是过去的成就。她的雇员和传统基金也完全不同，总共30多名员工，很少有华尔街背景或MBA学位的，大多数都是不同行业的专业人士——癌症科学家、人工智能分析师、游戏工程师，甚至船长。他们不懂移动平均线，不懂动量指标，有些甚至连彭博终端都不会用。伍德不在乎这些，她看中的就是不同背景、不同领域的专业性。她似乎也非常信奉“咖啡馆里出哲学”的理念，以一种极轻松的模式管理着公司。曼哈顿东28街的办公室没有隔间，酒吧式的高脚椅旁边，所有桌子围成一圈，职员们自由地走动、交流、对谈，随时准备着思维的交锋。三则，传统资管公司总爱深藏不露自己掌握的“独家信息”，ARK则完全不同。伍德的态度是：透明、开放，“信息吸引信息”。ARK的周度“头脑风暴”会议任何人都可以参加，包括行业专家和竞争对手。团队可以与科学家、工程师、医生和其他专家分享研究成果并进行合作，这在很多传统基金公司是违规行为，是要被开除的。不仅如此，伍德还会在Reddit论坛等社交平台上免费发布研究报告，每天公布持仓变动，甚至亲自和网友讨论投资标的，这为其积攒下一大批忠实的粉丝。她认为，这有助于ARK对与市场存在分歧或误解的地方进行反思，更好地理解世界在发生什么。投资ARK=信上帝、信未来？所谓离经叛道者，人们要么视其为天才，要么笑其为疯子，投资特斯拉的成功有如一剂强心剂，让更多人愿意相信伍德归属前者。于是这三把火多少在粉丝心中埋下了几分狂热因子，似乎伍德已经为其股票池无可限量的创新前景打了包票——在ARK这里，只要付出时间成本，就能获得金钱回报。但更重要的一点是，上面这句话在上帝、信仰、未来这些概念的贯穿下，卸下了俗套的外衣，听起来慷慨激昂，振奋人心。想想吧，投资ARK，和笃信未来挂了钩。如果巴菲特、芒格版价值投资算是经验主义的王道，那么ARK这套轰轰烈烈的说法就有些形而上的架势了。总的来说，人还是爱幻想的动物，对于虚无缥缈着的东西总容易信点什么。你可以不信特斯拉、不信比特币，但你信技术吗，信技术的发展吗？你可以不信ARK，但你信“上帝的使命”吗？你说你不是基督徒，那你信未来吗？当ARK信誓旦旦地描画着未来，你又能喊出同样的音量反驳说，未来并非如此吗？毕竟，那个被所有人称作是骗子的特斯拉真的干成了不是吗，它颠覆了整个汽车业，从金属到能源也为之改变——那么比特币呢？那么一路看好特斯拉到现在的ARK呢？这套思维的力量比想象中要大得多。就算在路途中受了些苦，比如净值暴跌了30个点什么的……一些投资者也会觉得自己是在为未来买单，是林中有两条路，选择了布满荆棘的那条，是坚持到最后的人笑得最大声。截至3/8，ARK五只表现最好的ETF自高点平均下跌近30个点，图为旗舰基金ARKK净值曲线但确实如此，谁又说得准未来呢？有限的钱包是否真的可以为无限的信仰买单，即便未来确乎如此，坚持得到的又是多远的未来？比如，今年的结局又将是如何。2021年对ARK无疑是严峻挑战的一年。风风火火的几个月过去，ARK与特斯拉、比特币之间千丝万缕的联系几乎酿成了“三位一体”的风险格局，去年年底伍德还告诉媒体，有决心未来五年把投资人的钱翻三倍，不料进入2021年才两个月，股价就开始掉头向下，开局不利。对小盘股的钟爱还始终是一大隐患。有分析师举例，ARK旗下ARKG基金持仓的标的中有20家超过流通股本的5%，占全部持仓标的比例为45.45%，ARK已经成为不少标的的第一大股东，一旦市场环境不好或板块热度下降，基金净值可能会出现利空叠加流动性风险带来的大幅下跌。人们在恐慌中再次回想起上世纪90年代的美股市场——那座用泡沫堆成的高楼一夜之间轰然倒塌，也将一众刚升起不久的“资管新星”埋在废墟之下。比如，曾在1991年至2005连续15年间跑赢标普500指数的明星基金经理比尔·米勒（Bill Miller），08年金融危机时却惨遭滑铁卢，一度被市场形容为“晚节不保”。又比如共同基金公司Janus（古罗马神话中的两面神），1998年底至2000年3月间，从美国第20大共同基金公司发展到第5大，短短十年规模从30亿美元扩张到3000亿。就连曾任美国总统的克林顿都把个人账户交托Janus管理。但随着互联网泡沫破裂，其部分基金产品净值一下子暴跌三分之二，“两面神”的神话也就此灰飞烟灭。和ARK一样，Janus恰好也对科技股和小盘股情有独钟，也恰好是一副放眼未来，一旦看好就重拳出击的自信架势。那么如今的ARK，会成为下一个两面神吗？如今的伍德，会是下一个跌落神坛的米勒吗？还是，它们将成为下一个特斯拉和马斯克，度过艰难的日子，真正站上行业变革的中心？两年多前马斯克在节目上一口大麻一口酒，愁眉不展地度过特斯拉最艰难的日子。如今，伍德也正迎来这样的时候吗？而后，马斯克真的成了汽车领域的颠覆者，传统车企不得不大象掉头奋起直追，伍德也将这样地拨云开雾吗？华尔街将出现更多的ARK吗？更透明、更开放、更具活力的资管业正在形成吗？遵从上帝的话，诺亚建好了方舟，那年方舟从大洪水中存活下来，神说“我使云彩盖地的时候，必有虹现在云中”。如今“遵从圣灵之托”，伍德建成ARK也来到第七个年头，大洪水化身金融市场的风暴袭来，云雾遮挡视线。伍德能够带领整船的人翻过洪水，真正掀起行业变革的风吗？她能见到，神降下的虹吗？","news_type":1,"symbols_score_info":{"TSLA":0.9,"ARKK":0.9,"ARKF":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3919781,"gmtCreate":1617090854630,"gmtModify":1680782283598,"authorId":3571636388098753,"author":{"id":3571636388098753,"idStr":"3571636388098753","authorId":3571636388098753,"name":"DK玩美股","avatar":"https://static.tigerbbs.com/a26e3b065d76a67645b7020be96c2254","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":355538237,"type":1,"supId":3919504,"prevId":0,"content":"希望快点雄起吧，考验耐心的时候到了","text":"希望快点雄起吧，考验耐心的时候到了","html":"希望快点雄起吧，考验耐心的时候到了"},{"id":3919868,"gmtCreate":1617091834850,"gmtModify":1680782279472,"authorId":3573770138092863,"author":{"id":3573770138092863,"idStr":"3573770138092863","authorId":3573770138092863,"name":"只薅羊毛","avatar":"https://static.tigerbbs.com/48dff810a533c5ec2c5a558b5b7feb95","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":355538237,"type":1,"supId":0,"prevId":0,"content":"大佬，美债又涨了，这是要我们的命吗[流泪][流泪] 大盘接下来会怎么走啊[流泪][流泪]","text":"大佬，美债又涨了，这是要我们的命吗[流泪][流泪] 大盘接下来会怎么走啊[流泪][流泪]","html":"大佬，美债又涨了，这是要我们的命吗[流泪][流泪] 大盘接下来会怎么走啊[流泪][流泪]"},{"id":3919198,"gmtCreate":1617083402438,"gmtModify":1680782276717,"authorId":3573770138092863,"author":{"id":3573770138092863,"idStr":"3573770138092863","authorId":3573770138092863,"name":"只薅羊毛","avatar":"https://static.tigerbbs.com/48dff810a533c5ec2c5a558b5b7feb95","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":355538237,"type":1,"supId":0,"prevId":0,"content":"所以，嘉楠买起来啊，木头姐都买了比特币了","text":"所以，嘉楠买起来啊，木头姐都买了比特币了","html":"所以，嘉楠买起来啊，木头姐都买了比特币了"},{"id":3919504,"gmtCreate":1617087445274,"gmtModify":1680782272562,"authorId":3539311341975310,"author":{"id":3539311341975310,"idStr":"3539311341975310","authorId":3539311341975310,"name":"peppermint_","avatar":"https://static.tigerbbs.com/d9f7e89d5241e1e7ff37d271f28f1fa2","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":355538237,"type":1,"supId":0,"prevId":0,"content":"这个扶不起的纳斯达克还要躺多久啊??","text":"这个扶不起的纳斯达克还要躺多久啊??","html":"这个扶不起的纳斯达克还要躺多久啊??"},{"id":3919200,"gmtCreate":1617083451262,"gmtModify":1680782271284,"authorId":3571636388098753,"author":{"id":3571636388098753,"idStr":"3571636388098753","authorId":3571636388098753,"name":"DK玩美股","avatar":"https://static.tigerbbs.com/a26e3b065d76a67645b7020be96c2254","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":355538237,"type":1,"supId":3919198,"prevId":0,"content":"哈哈，支持你这么有信仰，好样的","text":"哈哈，支持你这么有信仰，好样的","html":"哈哈，支持你这么有信仰，好样的"}],"langContent":"CN"},{"id":355505441,"gmtCreate":1617081177983,"gmtModify":1704801712066,"author":{"id":"3574457223260243","authorId":"3574457223260243","name":"Tom168","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3574457223260243","authorIdStr":"3574457223260243"},"htmlText":"盈虧同源","listText":"盈虧同源","text":"盈虧同源","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/355505441","repostId":2123790280,"repostType":4,"repost":{"id":"2123790280","kind":"news","pubTimestamp":1616991909,"share":"https://ttm.financial/m/news/2123790280?lang=en_US&edition=fundamental","pubTime":"2021-03-29 12:25","market":"us","language":"zh","title":"The woman who \"allocates funds for God\"!","url":"https://stock-news.laohu8.com/highlight/detail?id=2123790280","media":"华尔街见闻","summary":"“木头姐”Cathie Wood：给我几个支点，让我撬动整个世界。","content":"\"Sister Wood\" Cathie Wood: Give me some fulcrums and let me shake the whole world. It's hard to imagine such a pattern that shakes the market:She invests<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, betting that it will subvert the automotive field; She invested in Bitcoin, betting that it would overturn the monetary system; She prepares a space fund and looks at the future of Mars; She invests in streaming platform Roku, mobile payments company Square, 3D printing company<a href=\"https://laohu8.com/S/SSYS\">Stratasys</a>, they are at the forefront of technological progress and jointly move the lever of contemporary life change.She said to give me a few fulcrums and let me pry the whole world.She is betting on disruptors from all walks of life, and she is also at the center of the storm in the asset management industry. Born on Wall Street, she abandoned tradition, ignored \"discipline\", and finally embarked on a deviant investment path. Today, she once enjoyed infinite scenery and was questioned. When a building overturns or overnight, as many people have seen it rise, as many people want to see it overturn.To ask how it all started, Cathie Wood, the founder of ARK Invest and now a household name \"Queen of the Bull Market\" of the year, who is over 65 years old, sat in a comfortable seat, stroked her shoulder-length taupe hair, steadied her iconic black-rimmed glasses, and slowly recalled that summer afternoon many years ago:<img src=\"https://static.tigerbbs.com/1c69c183f3df90b688867160c4eb35b5\" tg-width=\"795\" tg-height=\"441\" referrerpolicy=\"no-referrer\">It was a beautiful summer day, and I came home surrounded by a strange silence. Three kids had gone to Christ Camp, among other things, and it dawned on me that I was going to spend the next two weeks alone. I've been separated from these days for too long. Walking into the kitchen, I was neither happy nor sad, just in a trance … until a sudden shake cut through the air, and I seemed to hear the Holy Spirit speaking to me-\"Come, open your plan.\" I heard him say. She said, look, you have been studying disruptive innovation all your life, so why not try to subvert your own industry? Why not revolutionize it with new technology? Why not bring the new idea to the public and spread it on social media? Why not call competitors and collide with the sparks of thinking together? He said so, and I did so. \"She said so, and I did so.\" So in 2014, 57-year-old Wood resigned from the famous asset management giant Alliance Bernstein and founded this asset management company of his own, named it after the ARK of Holy Relics (ARK) in the Bible.Just as the Israelites in the Old Testament fought with the ARK of the Covenant and believed that God was with the ARK of the Covenant, this devout Catholic firmly believed that ARK was destined to invest its capital in innovation, in the future, and in the \"handwriting of God\", which was in fulfilling the mission entrusted by God.Nowadays, many Chinese media have translated ARK as \"ARK\". Although it is not Wood's original intention, it also has the charm of \"bearing the destiny of the world\".<img src=\"https://static.tigerbbs.com/e2ef328f314a2d1785b3d3ba7f27e1f1\" tg-width=\"641\" tg-height=\"361\" referrerpolicy=\"no-referrer\">The Image of the \"Ark of the Covenant\" in the BibleSix years later, 2020 is undoubtedly a historic year for ARK. The epic fluctuations in March were like a trumpet. The U.S. stock market that hit the epidemic fully recovered from the central bank's flood release. ARK became the number one beneficiary of this round of bull market because it had previously bought technology stocks and small-cap stocks under the banner of \"disruptive innovation\". Its ETFs won the annual first, second and third place among national funds. The average annual return of the five best-performing ETFs reached 141%, and the maximum scale increased by more than 10 times, as if God had finally given grace to its loyal believers.However, the time has come to February this year again. ARK, which was still prosperous at the beginning of the month, plunged all the way with the decline of technology stocks at the end of the month. More and more questioning voices began to emerge. People say, will Wood repeat the mistakes of a large number of star fund managers during the Internet bubble in 1990s? First they took off, and then they fell into defeat as the bubble burst.Amid the ups and downs, reports on ARK and Wood himself have been overwhelming for months.People later found that this \"Queen of the Bull Market\" who claimed to allocate capital for God was either a \"missionary\" master in the faith world and a flower in the fund world, or she might really be a subverter who was born in the asset management industry and a \"prophet\" who heralded the future innovation direction.A traveling childhood curious childTo really trace Wood's soft spot for new things, we may have to start with her unstable childhood.In 1955, Wood was born in a Catholic immigrant family in Los Angeles, USA. He recited scriptures and went to church since childhood. Her parents are both from Ireland, and her father served in the Irish Army and the United States Air Force before becoming a successful radar systems engineer.Because of my father's work, I often have to move my family from one military base to another.As a child, Wood never stayed anywhere for a long time. At the age of 12, he had moved ten times.Fortunately, probably inheriting his mother's lively and open-minded personality, Wood didn't feel too uneasy about the frequent changes around him. Instead, he constantly became curious about life in generate from adapting to the new environment and exploring new things.When she grew up a little, like many children from immigrant families, she began to receive a good education and gradually showed her talent in learning. After graduating from high school at Notre Dame College, in 1981, she graduated with honors and cum laude with a bachelor's degree in financial economics from the University of Southern California (USC).At the beginning of his promotion to Southern California, Wood's vision of the future was also vague. In the two years before choosing a major in her junior year, she worked in a supermarket to earn tuition fees, while thinking about possible further study directions: geology, astronomy, engineering... It seems that many can be tried, but none of them can be said to be a firm choice.Until one semester, at his father's suggestion, Wood first tasted macroeconomics-the wonderful thing about fate is that at that moment, his whole heart and soul tells you that it is it.Wood was deeply fascinated by the \"grand views\" born from economic activity and above the micro and concrete-the \"grand views\" that were distant, overview and pointed straight to the future. According to her own account, she found how damningly fascinating macroscopic research was, and it was more important to make people boldly imagine how the world would work in the future than to study existing theories.Looking back, this was the first time that his preference for the unknown had helped Wood make an important life choice in a way that hit him directly on the forehead.Learning from a famous family allowed Wood to walk faster than others on this road. Her mentor, economics professor Arthur Laffer, is the author of the famous \"Laffer Curve\".Although he was an undergraduate, Wood still took part in the graduate courses he taught, and was highly valued for his excellent endowment.<img src=\"https://static.tigerbbs.com/fcf68e0010cae1663dd31058f8a34c7e\" tg-width=\"1000\" tg-height=\"563\" referrerpolicy=\"no-referrer\">Wood and Laffer on the NYSE rostrum on October 21, 2014 Source: Investors' Business DailyYoung Chief: On the Other Side of the ConsensusAlso under the help of Laffer, at the age of 22, Wood joined the traditional asset management giant Capital Group as an assistant economist and started her career.In 1980, she moved to New York by chance and became the chief economist of Jennison Associates, an investment advisory firm.That is to say, in just three years, Wood went from assistant to chief at the age of 25.At the beginning of her big responsibility, the American economy is also undergoing great changes.In the early 1980s, the United States was in the abyss of high stagflation. While production declined and unemployment soared, prices generally rose sharply instead of falling, resulting in a rare situation of high inflation, high unemployment and low economic growth. At that time, Paul Volcker, the newly appointed chairman of the Federal Reserve, tried to shrink the money supply to combat high inflation, but with little success.<img src=\"https://static.tigerbbs.com/f1b08eb3a10fa740d150c2486a9ea158\" tg-width=\"715\" tg-height=\"337\" referrerpolicy=\"no-referrer\">U.S. inflation rose to a high point in 1980Against this background, a group of the most authoritative economists in the United States at that time, such as \"Dr. Doom\" Henry Kaufman and Milton Friedman, desperately believed that inflation had become the norm and deeply ingrained.Wood thinks otherwise,Interest rates and inflation have peaked, she insists.Jennison's co-founder Spiros Segalas and Wood were both teachers and friends. During that time, he often invited these academic celebrities to the company to share their predictions, and for the purpose of training, testing, or communication, Wood stood on the \"opposite side\", argue with them one-on-one.On the one hand, there are veterans who have been in the Jianghu for many years and have a huge camp, and on the other hand, there are minority players who have just become the chief and seem to have no experience just by their age.We can't know whether the \"Kaufmans\" are seriously participating in this academic confrontation, or performing with the mentality of teaching younger generations, but the facts finally proved that Wood's judgment was very accurate. After the Reagan administration came to power in 1980, inflation and interest rates were well controlled, falling all the way from the peak.After witnessing many debates, Segalas made this evaluation of Wood:A lady with incredibly strong convictions. She's the sharpest one so far.Wood later said that it was those days that really shaped her ability to go her own way and challenge authority, and made her deeply aware of the need to always be alert to those so-called \"consensus\", which seemed irrefutable, but often had room for discussion-And those behaviors that violate the \"consensus\" may have great potential.Looking back on the past of the newborn calf decades later, Wood will find that when he made this accurate prediction, he was standing at the intersection of himself and history.Once interest rates fall, what will follow will be a 40-year bull market in technology stocks, and she will soon participate in it, fighting with the same \"maverick\" attitude for several years until it makes a storm. By then, she will \"disobey\" not the \"Kaufman\" of several academic circles, but the whole Wall Street.She didn't expect this at that time.Moving to Stocks: Looking for Scraps Under the TableAll she can smell is that the wind is going to blow in tech stocks for a while. Lower interest rates have brought more room for growth to technology companies that have been hit hard before. Wood, who has loved astronomy and engineering, quickly decided to get on this bus.So in 1985, she shifted from macro to stock research at Jennison, and in 1990, she also served as the company's portfolio manager, always focusing on technology stocks.<img src=\"https://static.tigerbbs.com/3ab2a3e6a38a1e6cadb57da984a401bb\" tg-width=\"768\" tg-height=\"615\" referrerpolicy=\"no-referrer\">Wood in his youthCredit: Jesus CallingAmid the hustle and bustle of tech stocks, she left the big army again.Unlike interest rate forecasts, this time, the belief of violating consensus and looking for new things really \"actively\" played a role.Wood asked himself as soon as he came up, other analysts must have studied all the good technology stocks for a round, and they will not let go of any of them, so what is left? What is left for me? Which are my stocks?She immediately had the answer.So, with great tendency and even paranoia, Wood began to try to find two types of stocks:<ul><li>Those areas that are too advanced, so advanced that people haven't paid attention to it and have no time to swarm;</li><li>Certain stocks lie at the intersection of multiple industries without analysts following up on any side. Wood believes that this is likely to be where innovation is also born.</li></ul>She describes herself as \"a puppy looking for scraps under the table\".She said, \"When analysts and fund managers agree that certain stocks are insignificant or don't fit perfectly into any portfolio, they usually look twice.\" They may be temporarily undervalued, but over time, Exponential growth may explode.When studying stocks, Wood has no fixed procedures or routines at all.Just greedily absorbing all the information he can touch, digesting and judging it.Incumbent<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Lisa Shalett, chief investment officer who worked with her for a while, recalled:\"Cathie's curiosity seems to be never satisfied. She eagerly absorbs research results from various channels, large and small, and works tirelessly 24 hours a day to ensure that the team has the most in-depth research and generates the most unique opinions.\"Sometimes she even listened to what her intuition said.For example, when investing in Reuters, it is generally difficult for people to understand this business model of \"publishing databases\"-collecting data from financial companies and then selling all the data back to them. What is this?Wood can't say it well herself, but she thinks this model is very innovative. She later recalled: \"At that time, I just thought it was doing something big. Now we know that this is the epitome of today's Internet concept.\"As we will see later, this \"reckless\" investment style has been retained by Wood to this day.In this way, Wood stayed at Jennison for 18 years. In the remaining years, while raising her three children, she went further and further on the road of stock research, and also became more and more sophisticated in her unique stock selection doorway.<img src=\"https://static.tigerbbs.com/7db68c3edd34e7c90a2ace397b8ebc1c\" tg-width=\"768\" tg-height=\"512\" referrerpolicy=\"no-referrer\">Wood and kidsCredit: Jesus CallingAfter Wood left Jennison in 1998, he first worked as a limited partner at the hedge fund Tupelo Capital for three years. In 2001, he officially joined AllianceBernstein as a fund manager and special research strategist. With a management scale of US $5 billion, Wood continued to concentrate on the stock field at AllianceBernstein, starting another career stage that lasted for 12 years.At that time, she didn't realize that with the financial turmoil, this period of time would be a key turning point for her self-reliance in the future.Get rid of traditional self-establishmentAt AllianceBernstein, Wood continues his consistent investment style, taking the path of high-growth, high-risk, and small-cap stocks. Since the second half of 2002, the U.S. stock market has been in a bull market, and Wood's investment portfolio has also performed quite well.But two things that happened then gave her the idea of getting rid of the traditional fund investment analysis framework.First, in 2006, the real estate bubble in the United States had reached a very high level, and various contradictory signals began to appear in the market. Wood predicted that the bubble would burst soon. She immediately reduced her portfolio positions significantly.However, the feast of subprime mortgages continued for more than a year. The price of waking up too early was that Wood's yield that year was only 5%, underperforming the broader market (12%-13%) by nearly 1,000 basis points.Wood was devastated. And when she told her mentor in the Catholic Church about this story and sought an explanation from him, the mentor left a meaningful remark, which completely reversed her original perspective: You can't worship any idol, but now the market benchmark has become your idol.The next year, Wood made up for most of the losses, but recalled the words of her mentor in prayer and meditation, saying that sheThe sudden realization that the success of index investing belongs to the past, and God doesn't want us to stay in the past, He wants us to enter a new creation.From then on, a thought gradually became deeply rooted in Wood's mind-To change the original investment method, the real mission of investment is to move towards the future guided by God and to allocate capital for God.The time came to the 2008-09 financial crisis, and the high-risk investment strategy made Wood's fund's pullback/retracement significantly greater than the market level during the U.S. stock market crash. AllianceBernstein couldn't stand it anymore and asked Wood to add indexes such as the S&P 500 to his holdings to reduce volatility.But this time, Wood doesn't want to be subject to so-called market \"benchmarks\" anymore.She retorted bluntly: \"I think we believe in the benchmark investment method too much and invest too little in innovation. Now the price of some innovative companies in the public market is even only 10% of that in the private market, which is a huge opportunity!\"These two events were like a prelude to ups and downs, which eventually led Wood in the same direction: in 2014, Wood quit his stable job at AllianceBernstein and set out to build his own startup.She realized that if she wants to truly get rid of the constraints under the investment framework of traditional fund companies, truly practice a set of her own standards and investment philosophies, and boldly invest money in innovative fields, she can only stand on her own feet.The era of ARK begins.Deviant ARKTherefore, it can be said that ARK was born from the very beginning to bypass the rules and regulations of traditional asset management, and naturally it is not the same path as everyone.Wood, who no longer depended on others, released it to the limit and went further and further in the deviant direction.She drew a clear line with traditional asset management in one sentence:\"What we really want to do is encourage new creation, God's new creation.We need to allocate capital where it can be most efficient and useful-those transformative technologies that are expected to change and improve the world. And they, those other fund operators, just invest their money in the past, which is the safest path. \"\"We\", and \"They\"-on the one hand, they are challenge-free, transformative, pioneering, connecting to the future, and distributing assets for \"God's creation\"; On the other hand, it is safe, turning over old scores, turning a blind eye to emerging technologies, and having no self-motivation and sense of mission at all.Which side do you choose, she asked?Naturally, the words are not just talk,Wood's \"three fires for new officials\" continue to this day.OneJust like the plan Wood claimed to have planted by the Holy Spirit in his heart that summer afternoon, since its establishment, ARK's mission has been to target its investment in those disruptive technologies that are beginning to bloom.Many emerging companies that scoff at traditional funds are greatly encouraged, which is completely different from the latter's investment strategy of fearing volatility and stabilizing returns.Tesla is probably the most famous and successful example of them all.Wood invested in Tesla five years ago, when it was around $50, and Tesla has been ARK's largest holding for the past three years. Wood believes that Tesla is such a company \"located at the intersection of multiple industries\", integrating<a href=\"https://laohu8.com/S/300024\">Robot</a>, artificial intelligence, and energy storage all in one, traditional automotive analysts \"don't know what to do.\"When Tesla's stock price hovered at $320 in August 2018, Musk once considered taking the company private and buying back all shares at a price of $420 per share.Wood was the 1% voice when 99% of the market was bearish on Tesla。 She immediately sent an open letter to Musk, predicting that Tesla's stock price would reach a maximum of $4,000 within five years, and opposed its privatization of the company.Since that open letter, Tesla has released Model 3, and its stock price has soared from US $320 to US $3,500 (adjusted according to a 1-to-5 stock split ratio). Wood's unique vision has also been verified.According to ARK's 2021 investment report, in addition to Bitcoin and electric vehicles, Wood is now focusing on many emerging fields such as deep learning, new generation gene sequencing, and data center re-creation. As always, he is not hesitant to pay attention to these symbols of disruptive innovation. vocabulary put into infinite enthusiasm.<img src=\"https://static.tigerbbs.com/736971a7c4e609eeaee76c1d1f93c2c0\" tg-width=\"775\" tg-height=\"1072\" referrerpolicy=\"no-referrer\">Source: Alotta MoneySecond, as Wood imagined, ARK never sticks to traditional indicators and rules from analysts themselves to investment strategies, and is full of wild ways, but it is beautiful.Traditional ETFs mainly invest passively in indexes, while Wood's ETFs adopt active stock selection and active management strategies, which is very rare. Even today, when active ETFs are becoming more and more popular, they only account for 3% of the total assets of US ETFs.. As mentioned earlier, Wood dislikes indexes very much, thinking that they measure past achievements.Her employees are also completely different from traditional funds, with more than 30 employees in total, few with Wall Street backgrounds or MBA degrees, and most of them are professionals in different industries-cancer scientists, artificial intelligence analysts, game engineers, and even captains. They don't understand moving averages, they don't understand momentum indicators, and some don't even use Bloomberg terminals.Wood doesn't care about this. What she likes is professionalism in different backgrounds and fields.She also seems to believe in the idea of \"philosophy comes from the cafe\" very much, and manages the company in a very relaxed mode. The office on East 28th Street in Manhattan has no cubicles. Next to the bar-style high chairs, all the tables are surrounded in a circle, and the staff move around freely, communicate and talk, ready to exchange ideas at any time.Third, traditional asset management companies always love to hide their \"exclusive information\", but ARK is completely different. Wood's attitude is: transparent and open, and \"information attracts information\".ARK's weekly \"brainstorming\" sessions can be attended by anyone, including industry experts and competitors. Teams can share research results and cooperate with scientists, engineers, doctors and other experts, which is illegal in many traditional fund companies and will be expelled.Not only that, Wood will also publish free research reports on social platforms such as Reddit forums, announce changes in positions every day, and even personally discuss investment targets with netizens, which has accumulated a large number of loyal fans for him. She believes that this helps ARK reflect on where there are disagreements or misunderstandings with the market and better understand what is happening in the world.Investing in ARK = believing in God and the future?The so-called deviant, people either regard him as a genius or laugh at him as a madman. The success of investing in Tesla is like a shot in the arm, making more people willing to believe that Wood belongs to the former.So these three fires have somewhat buried a bit of fanaticism in the hearts of fans. It seems that Wood has guaranteed the unlimited innovation prospects of his stock pool-here at ARK, as long as you pay the time cost, you can get money returns.But more importantly,The above sentence, which is run through the concepts of God, faith, future, unloads the cliché cloak and sounds impassioned and inspiring.Think about it, investing in ARK is linked to believing in the future.If Buffett and Munger's version of value investing is regarded as the king of empiricism, then ARK's vigorous statement is somewhat metaphysical.Generally speaking, people are still fantastical animals, and they are always easy to believe in illusory things. You can not believe in Tesla or Bitcoin, but do you believe in technology and the development of technology? You can not believe in ARK, but do you believe in \"God's mission\"? You say you are not a Christian, do you believe in the future? When ARK vows to paint the future, can you shout the same volume and retort, \"The future is not the case?\"After all, the Tesla, which everyone calls a liar, really did it, didn't it? It subverted the whole automobile industry, from metals to energy-and what about Bitcoin? So what about ARK that is optimistic about Tesla all the way to the present?The power of this set of thinking is much greater than imagined.Even if they suffer some hardships on the way, such as the net worth plummeting by 30 points or something... Some investors will feel that they are paying for the future. There are two roads in the forest, and they choose the one full of thorns. The one who persists until the end laughs the loudest.<img src=\"https://static.tigerbbs.com/eaf28c6de9e5b0e0e414e8b6c9db7dd0\" tg-width=\"1174\" tg-height=\"400\" referrerpolicy=\"no-referrer\">As of 3/8, ARK's five best-performing ETFs have fallen by nearly 30 points on average from their highs. The picture shows the net value curve of the flagship fund ARKKBut it is true. Who can tell the future? Can a limited wallet really pay for unlimited beliefs? Even if this is the case in the future, how far into the future will it be?For example, what will be the outcome of this year?2021 has undoubtedly been a year of severe challenges for ARK. The turbulent months have passed, and the inextricable connection between ARK, Tesla, and Bitcoin has almost created a \"trinity\" risk pattern. At the end of last year, Wood also told the media that he is determined to invest investors in the next five years. The money has tripled, but unexpectedly, only two months after entering 2021, the stock price has begun to turn downward, with a bad start.The love of small-cap stocks has always been a big hidden danger. For example, some analysts gave an example. 20 of the targets held by ARK's ARKG fund exceed 5% of the circulating share capital, accounting for 45.45% of all targets held. ARK has become the largest shareholder of many targets. Once the market environment is not good or The sector's popularity declines, the net value of the fund may experience a sharp drop caused by negative superimposed liquidity risks.In panic, people once again recalled the U.S. stock market in the 1990s-the high-rise building made of bubbles collapsed overnight, and a group of newly rising \"asset management stars\" were buried under the ruins.For example, Bill Miller, a star fund manager who outperformed the S&P 500 index for 15 consecutive years from 1991 to 2005, suffered a tragic defeat during the 2008 financial crisis, and was once described by the market as \"no guarantee in the late festival\".Another example is Janus, a mutual fund company (two-faced god in ancient Roman mythology). From the end of 1998 to March 2000, it grew from the 20th largest mutual fund company in the United States to the fifth largest, and its scale expanded from US $3 billion to 300 billion in just ten years. Even Clinton, the former president of the United States, entrusted his personal account to Janus.However, with the bursting of the Internet bubble, the net value of some of its fund products suddenly plummeted by two-thirds, and the myth of \"two-faced gods\" was wiped out. Like ARK, Janus happens to have a soft spot for technology stocks and small-cap stocks, and he also happens to be a confident posture of looking to the future and striking hard once he is optimistic.So will today's ARK become the next two-faced god? Will today's Wood be the next Miller to fall from the altar? Or will they become the next Tesla and Musk to weather difficult times and truly stand at the center of industry change?More than two years ago, Musk took a sip of marijuana and a sip of alcohol on the show, frowning through Tesla's most difficult days. Now, is Wood also ushering in such a time?Then, Musk really became a disruptor in the automotive field, and traditional car companies had to turn around and catch up. Will Wood clear the clouds like this?Will there be more ARK on Wall Street? Is a more transparent, open and dynamic asset management industry taking shape?Obeying God's word, Noah built the ark, which survived the great flood that year. God said, \"When I make clouds cover the earth, there will be a rainbow in the clouds\".Now \"following the entrustment of the Holy Spirit\", Wood has also reached its seventh year of building ARK. The great flood has turned into a storm in the financial market, and clouds and mist have blocked the view. Can Wood lead the whole ship over the flood and really set off the wind of industry change? Can she see the rainbow from God?","source":"wallstreetcn_api","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>The woman who \"allocates funds for God\"!</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\">\nThe woman who \"allocates funds for God\"!\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-03-29 12:25\n\n</h4>\n</header>\n<article>\n\"Sister Wood\" Cathie Wood: Give me some fulcrums and let me shake the whole world. It's hard to imagine such a pattern that shakes the market:She invests<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, betting that it will subvert the automotive field; She invested in Bitcoin, betting that it would overturn the monetary system; She prepares a space fund and looks at the future of Mars; She invests in streaming platform Roku, mobile payments company Square, 3D printing company<a href=\"https://laohu8.com/S/SSYS\">Stratasys</a>, they are at the forefront of technological progress and jointly move the lever of contemporary life change.She said to give me a few fulcrums and let me pry the whole world.She is betting on disruptors from all walks of life, and she is also at the center of the storm in the asset management industry. Born on Wall Street, she abandoned tradition, ignored \"discipline\", and finally embarked on a deviant investment path. Today, she once enjoyed infinite scenery and was questioned. When a building overturns or overnight, as many people have seen it rise, as many people want to see it overturn.To ask how it all started, Cathie Wood, the founder of ARK Invest and now a household name \"Queen of the Bull Market\" of the year, who is over 65 years old, sat in a comfortable seat, stroked her shoulder-length taupe hair, steadied her iconic black-rimmed glasses, and slowly recalled that summer afternoon many years ago:<img src=\"https://static.tigerbbs.com/1c69c183f3df90b688867160c4eb35b5\" tg-width=\"795\" tg-height=\"441\" referrerpolicy=\"no-referrer\">It was a beautiful summer day, and I came home surrounded by a strange silence. Three kids had gone to Christ Camp, among other things, and it dawned on me that I was going to spend the next two weeks alone. I've been separated from these days for too long. Walking into the kitchen, I was neither happy nor sad, just in a trance … until a sudden shake cut through the air, and I seemed to hear the Holy Spirit speaking to me-\"Come, open your plan.\" I heard him say. She said, look, you have been studying disruptive innovation all your life, so why not try to subvert your own industry? Why not revolutionize it with new technology? Why not bring the new idea to the public and spread it on social media? Why not call competitors and collide with the sparks of thinking together? He said so, and I did so. \"She said so, and I did so.\" So in 2014, 57-year-old Wood resigned from the famous asset management giant Alliance Bernstein and founded this asset management company of his own, named it after the ARK of Holy Relics (ARK) in the Bible.Just as the Israelites in the Old Testament fought with the ARK of the Covenant and believed that God was with the ARK of the Covenant, this devout Catholic firmly believed that ARK was destined to invest its capital in innovation, in the future, and in the \"handwriting of God\", which was in fulfilling the mission entrusted by God.Nowadays, many Chinese media have translated ARK as \"ARK\". Although it is not Wood's original intention, it also has the charm of \"bearing the destiny of the world\".<img src=\"https://static.tigerbbs.com/e2ef328f314a2d1785b3d3ba7f27e1f1\" tg-width=\"641\" tg-height=\"361\" referrerpolicy=\"no-referrer\">The Image of the \"Ark of the Covenant\" in the BibleSix years later, 2020 is undoubtedly a historic year for ARK. The epic fluctuations in March were like a trumpet. The U.S. stock market that hit the epidemic fully recovered from the central bank's flood release. ARK became the number one beneficiary of this round of bull market because it had previously bought technology stocks and small-cap stocks under the banner of \"disruptive innovation\". Its ETFs won the annual first, second and third place among national funds. The average annual return of the five best-performing ETFs reached 141%, and the maximum scale increased by more than 10 times, as if God had finally given grace to its loyal believers.However, the time has come to February this year again. ARK, which was still prosperous at the beginning of the month, plunged all the way with the decline of technology stocks at the end of the month. More and more questioning voices began to emerge. People say, will Wood repeat the mistakes of a large number of star fund managers during the Internet bubble in 1990s? First they took off, and then they fell into defeat as the bubble burst.Amid the ups and downs, reports on ARK and Wood himself have been overwhelming for months.People later found that this \"Queen of the Bull Market\" who claimed to allocate capital for God was either a \"missionary\" master in the faith world and a flower in the fund world, or she might really be a subverter who was born in the asset management industry and a \"prophet\" who heralded the future innovation direction.A traveling childhood curious childTo really trace Wood's soft spot for new things, we may have to start with her unstable childhood.In 1955, Wood was born in a Catholic immigrant family in Los Angeles, USA. He recited scriptures and went to church since childhood. Her parents are both from Ireland, and her father served in the Irish Army and the United States Air Force before becoming a successful radar systems engineer.Because of my father's work, I often have to move my family from one military base to another.As a child, Wood never stayed anywhere for a long time. At the age of 12, he had moved ten times.Fortunately, probably inheriting his mother's lively and open-minded personality, Wood didn't feel too uneasy about the frequent changes around him. Instead, he constantly became curious about life in generate from adapting to the new environment and exploring new things.When she grew up a little, like many children from immigrant families, she began to receive a good education and gradually showed her talent in learning. After graduating from high school at Notre Dame College, in 1981, she graduated with honors and cum laude with a bachelor's degree in financial economics from the University of Southern California (USC).At the beginning of his promotion to Southern California, Wood's vision of the future was also vague. In the two years before choosing a major in her junior year, she worked in a supermarket to earn tuition fees, while thinking about possible further study directions: geology, astronomy, engineering... It seems that many can be tried, but none of them can be said to be a firm choice.Until one semester, at his father's suggestion, Wood first tasted macroeconomics-the wonderful thing about fate is that at that moment, his whole heart and soul tells you that it is it.Wood was deeply fascinated by the \"grand views\" born from economic activity and above the micro and concrete-the \"grand views\" that were distant, overview and pointed straight to the future. According to her own account, she found how damningly fascinating macroscopic research was, and it was more important to make people boldly imagine how the world would work in the future than to study existing theories.Looking back, this was the first time that his preference for the unknown had helped Wood make an important life choice in a way that hit him directly on the forehead.Learning from a famous family allowed Wood to walk faster than others on this road. Her mentor, economics professor Arthur Laffer, is the author of the famous \"Laffer Curve\".Although he was an undergraduate, Wood still took part in the graduate courses he taught, and was highly valued for his excellent endowment.<img src=\"https://static.tigerbbs.com/fcf68e0010cae1663dd31058f8a34c7e\" tg-width=\"1000\" tg-height=\"563\" referrerpolicy=\"no-referrer\">Wood and Laffer on the NYSE rostrum on October 21, 2014 Source: Investors' Business DailyYoung Chief: On the Other Side of the ConsensusAlso under the help of Laffer, at the age of 22, Wood joined the traditional asset management giant Capital Group as an assistant economist and started her career.In 1980, she moved to New York by chance and became the chief economist of Jennison Associates, an investment advisory firm.That is to say, in just three years, Wood went from assistant to chief at the age of 25.At the beginning of her big responsibility, the American economy is also undergoing great changes.In the early 1980s, the United States was in the abyss of high stagflation. While production declined and unemployment soared, prices generally rose sharply instead of falling, resulting in a rare situation of high inflation, high unemployment and low economic growth. At that time, Paul Volcker, the newly appointed chairman of the Federal Reserve, tried to shrink the money supply to combat high inflation, but with little success.<img src=\"https://static.tigerbbs.com/f1b08eb3a10fa740d150c2486a9ea158\" tg-width=\"715\" tg-height=\"337\" referrerpolicy=\"no-referrer\">U.S. inflation rose to a high point in 1980Against this background, a group of the most authoritative economists in the United States at that time, such as \"Dr. Doom\" Henry Kaufman and Milton Friedman, desperately believed that inflation had become the norm and deeply ingrained.Wood thinks otherwise,Interest rates and inflation have peaked, she insists.Jennison's co-founder Spiros Segalas and Wood were both teachers and friends. During that time, he often invited these academic celebrities to the company to share their predictions, and for the purpose of training, testing, or communication, Wood stood on the \"opposite side\", argue with them one-on-one.On the one hand, there are veterans who have been in the Jianghu for many years and have a huge camp, and on the other hand, there are minority players who have just become the chief and seem to have no experience just by their age.We can't know whether the \"Kaufmans\" are seriously participating in this academic confrontation, or performing with the mentality of teaching younger generations, but the facts finally proved that Wood's judgment was very accurate. After the Reagan administration came to power in 1980, inflation and interest rates were well controlled, falling all the way from the peak.After witnessing many debates, Segalas made this evaluation of Wood:A lady with incredibly strong convictions. She's the sharpest one so far.Wood later said that it was those days that really shaped her ability to go her own way and challenge authority, and made her deeply aware of the need to always be alert to those so-called \"consensus\", which seemed irrefutable, but often had room for discussion-And those behaviors that violate the \"consensus\" may have great potential.Looking back on the past of the newborn calf decades later, Wood will find that when he made this accurate prediction, he was standing at the intersection of himself and history.Once interest rates fall, what will follow will be a 40-year bull market in technology stocks, and she will soon participate in it, fighting with the same \"maverick\" attitude for several years until it makes a storm. By then, she will \"disobey\" not the \"Kaufman\" of several academic circles, but the whole Wall Street.She didn't expect this at that time.Moving to Stocks: Looking for Scraps Under the TableAll she can smell is that the wind is going to blow in tech stocks for a while. Lower interest rates have brought more room for growth to technology companies that have been hit hard before. Wood, who has loved astronomy and engineering, quickly decided to get on this bus.So in 1985, she shifted from macro to stock research at Jennison, and in 1990, she also served as the company's portfolio manager, always focusing on technology stocks.<img src=\"https://static.tigerbbs.com/3ab2a3e6a38a1e6cadb57da984a401bb\" tg-width=\"768\" tg-height=\"615\" referrerpolicy=\"no-referrer\">Wood in his youthCredit: Jesus CallingAmid the hustle and bustle of tech stocks, she left the big army again.Unlike interest rate forecasts, this time, the belief of violating consensus and looking for new things really \"actively\" played a role.Wood asked himself as soon as he came up, other analysts must have studied all the good technology stocks for a round, and they will not let go of any of them, so what is left? What is left for me? Which are my stocks?She immediately had the answer.So, with great tendency and even paranoia, Wood began to try to find two types of stocks:<ul><li>Those areas that are too advanced, so advanced that people haven't paid attention to it and have no time to swarm;</li><li>Certain stocks lie at the intersection of multiple industries without analysts following up on any side. Wood believes that this is likely to be where innovation is also born.</li></ul>She describes herself as \"a puppy looking for scraps under the table\".She said, \"When analysts and fund managers agree that certain stocks are insignificant or don't fit perfectly into any portfolio, they usually look twice.\" They may be temporarily undervalued, but over time, Exponential growth may explode.When studying stocks, Wood has no fixed procedures or routines at all.Just greedily absorbing all the information he can touch, digesting and judging it.Incumbent<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Lisa Shalett, chief investment officer who worked with her for a while, recalled:\"Cathie's curiosity seems to be never satisfied. She eagerly absorbs research results from various channels, large and small, and works tirelessly 24 hours a day to ensure that the team has the most in-depth research and generates the most unique opinions.\"Sometimes she even listened to what her intuition said.For example, when investing in Reuters, it is generally difficult for people to understand this business model of \"publishing databases\"-collecting data from financial companies and then selling all the data back to them. What is this?Wood can't say it well herself, but she thinks this model is very innovative. She later recalled: \"At that time, I just thought it was doing something big. Now we know that this is the epitome of today's Internet concept.\"As we will see later, this \"reckless\" investment style has been retained by Wood to this day.In this way, Wood stayed at Jennison for 18 years. In the remaining years, while raising her three children, she went further and further on the road of stock research, and also became more and more sophisticated in her unique stock selection doorway.<img src=\"https://static.tigerbbs.com/7db68c3edd34e7c90a2ace397b8ebc1c\" tg-width=\"768\" tg-height=\"512\" referrerpolicy=\"no-referrer\">Wood and kidsCredit: Jesus CallingAfter Wood left Jennison in 1998, he first worked as a limited partner at the hedge fund Tupelo Capital for three years. In 2001, he officially joined AllianceBernstein as a fund manager and special research strategist. With a management scale of US $5 billion, Wood continued to concentrate on the stock field at AllianceBernstein, starting another career stage that lasted for 12 years.At that time, she didn't realize that with the financial turmoil, this period of time would be a key turning point for her self-reliance in the future.Get rid of traditional self-establishmentAt AllianceBernstein, Wood continues his consistent investment style, taking the path of high-growth, high-risk, and small-cap stocks. Since the second half of 2002, the U.S. stock market has been in a bull market, and Wood's investment portfolio has also performed quite well.But two things that happened then gave her the idea of getting rid of the traditional fund investment analysis framework.First, in 2006, the real estate bubble in the United States had reached a very high level, and various contradictory signals began to appear in the market. Wood predicted that the bubble would burst soon. She immediately reduced her portfolio positions significantly.However, the feast of subprime mortgages continued for more than a year. The price of waking up too early was that Wood's yield that year was only 5%, underperforming the broader market (12%-13%) by nearly 1,000 basis points.Wood was devastated. And when she told her mentor in the Catholic Church about this story and sought an explanation from him, the mentor left a meaningful remark, which completely reversed her original perspective: You can't worship any idol, but now the market benchmark has become your idol.The next year, Wood made up for most of the losses, but recalled the words of her mentor in prayer and meditation, saying that sheThe sudden realization that the success of index investing belongs to the past, and God doesn't want us to stay in the past, He wants us to enter a new creation.From then on, a thought gradually became deeply rooted in Wood's mind-To change the original investment method, the real mission of investment is to move towards the future guided by God and to allocate capital for God.The time came to the 2008-09 financial crisis, and the high-risk investment strategy made Wood's fund's pullback/retracement significantly greater than the market level during the U.S. stock market crash. AllianceBernstein couldn't stand it anymore and asked Wood to add indexes such as the S&P 500 to his holdings to reduce volatility.But this time, Wood doesn't want to be subject to so-called market \"benchmarks\" anymore.She retorted bluntly: \"I think we believe in the benchmark investment method too much and invest too little in innovation. Now the price of some innovative companies in the public market is even only 10% of that in the private market, which is a huge opportunity!\"These two events were like a prelude to ups and downs, which eventually led Wood in the same direction: in 2014, Wood quit his stable job at AllianceBernstein and set out to build his own startup.She realized that if she wants to truly get rid of the constraints under the investment framework of traditional fund companies, truly practice a set of her own standards and investment philosophies, and boldly invest money in innovative fields, she can only stand on her own feet.The era of ARK begins.Deviant ARKTherefore, it can be said that ARK was born from the very beginning to bypass the rules and regulations of traditional asset management, and naturally it is not the same path as everyone.Wood, who no longer depended on others, released it to the limit and went further and further in the deviant direction.She drew a clear line with traditional asset management in one sentence:\"What we really want to do is encourage new creation, God's new creation.We need to allocate capital where it can be most efficient and useful-those transformative technologies that are expected to change and improve the world. And they, those other fund operators, just invest their money in the past, which is the safest path. \"\"We\", and \"They\"-on the one hand, they are challenge-free, transformative, pioneering, connecting to the future, and distributing assets for \"God's creation\"; On the other hand, it is safe, turning over old scores, turning a blind eye to emerging technologies, and having no self-motivation and sense of mission at all.Which side do you choose, she asked?Naturally, the words are not just talk,Wood's \"three fires for new officials\" continue to this day.OneJust like the plan Wood claimed to have planted by the Holy Spirit in his heart that summer afternoon, since its establishment, ARK's mission has been to target its investment in those disruptive technologies that are beginning to bloom.Many emerging companies that scoff at traditional funds are greatly encouraged, which is completely different from the latter's investment strategy of fearing volatility and stabilizing returns.Tesla is probably the most famous and successful example of them all.Wood invested in Tesla five years ago, when it was around $50, and Tesla has been ARK's largest holding for the past three years. Wood believes that Tesla is such a company \"located at the intersection of multiple industries\", integrating<a href=\"https://laohu8.com/S/300024\">Robot</a>, artificial intelligence, and energy storage all in one, traditional automotive analysts \"don't know what to do.\"When Tesla's stock price hovered at $320 in August 2018, Musk once considered taking the company private and buying back all shares at a price of $420 per share.Wood was the 1% voice when 99% of the market was bearish on Tesla。 She immediately sent an open letter to Musk, predicting that Tesla's stock price would reach a maximum of $4,000 within five years, and opposed its privatization of the company.Since that open letter, Tesla has released Model 3, and its stock price has soared from US $320 to US $3,500 (adjusted according to a 1-to-5 stock split ratio). Wood's unique vision has also been verified.According to ARK's 2021 investment report, in addition to Bitcoin and electric vehicles, Wood is now focusing on many emerging fields such as deep learning, new generation gene sequencing, and data center re-creation. As always, he is not hesitant to pay attention to these symbols of disruptive innovation. vocabulary put into infinite enthusiasm.<img src=\"https://static.tigerbbs.com/736971a7c4e609eeaee76c1d1f93c2c0\" tg-width=\"775\" tg-height=\"1072\" referrerpolicy=\"no-referrer\">Source: Alotta MoneySecond, as Wood imagined, ARK never sticks to traditional indicators and rules from analysts themselves to investment strategies, and is full of wild ways, but it is beautiful.Traditional ETFs mainly invest passively in indexes, while Wood's ETFs adopt active stock selection and active management strategies, which is very rare. Even today, when active ETFs are becoming more and more popular, they only account for 3% of the total assets of US ETFs.. As mentioned earlier, Wood dislikes indexes very much, thinking that they measure past achievements.Her employees are also completely different from traditional funds, with more than 30 employees in total, few with Wall Street backgrounds or MBA degrees, and most of them are professionals in different industries-cancer scientists, artificial intelligence analysts, game engineers, and even captains. They don't understand moving averages, they don't understand momentum indicators, and some don't even use Bloomberg terminals.Wood doesn't care about this. What she likes is professionalism in different backgrounds and fields.She also seems to believe in the idea of \"philosophy comes from the cafe\" very much, and manages the company in a very relaxed mode. The office on East 28th Street in Manhattan has no cubicles. Next to the bar-style high chairs, all the tables are surrounded in a circle, and the staff move around freely, communicate and talk, ready to exchange ideas at any time.Third, traditional asset management companies always love to hide their \"exclusive information\", but ARK is completely different. Wood's attitude is: transparent and open, and \"information attracts information\".ARK's weekly \"brainstorming\" sessions can be attended by anyone, including industry experts and competitors. Teams can share research results and cooperate with scientists, engineers, doctors and other experts, which is illegal in many traditional fund companies and will be expelled.Not only that, Wood will also publish free research reports on social platforms such as Reddit forums, announce changes in positions every day, and even personally discuss investment targets with netizens, which has accumulated a large number of loyal fans for him. She believes that this helps ARK reflect on where there are disagreements or misunderstandings with the market and better understand what is happening in the world.Investing in ARK = believing in God and the future?The so-called deviant, people either regard him as a genius or laugh at him as a madman. The success of investing in Tesla is like a shot in the arm, making more people willing to believe that Wood belongs to the former.So these three fires have somewhat buried a bit of fanaticism in the hearts of fans. It seems that Wood has guaranteed the unlimited innovation prospects of his stock pool-here at ARK, as long as you pay the time cost, you can get money returns.But more importantly,The above sentence, which is run through the concepts of God, faith, future, unloads the cliché cloak and sounds impassioned and inspiring.Think about it, investing in ARK is linked to believing in the future.If Buffett and Munger's version of value investing is regarded as the king of empiricism, then ARK's vigorous statement is somewhat metaphysical.Generally speaking, people are still fantastical animals, and they are always easy to believe in illusory things. You can not believe in Tesla or Bitcoin, but do you believe in technology and the development of technology? You can not believe in ARK, but do you believe in \"God's mission\"? You say you are not a Christian, do you believe in the future? When ARK vows to paint the future, can you shout the same volume and retort, \"The future is not the case?\"After all, the Tesla, which everyone calls a liar, really did it, didn't it? It subverted the whole automobile industry, from metals to energy-and what about Bitcoin? So what about ARK that is optimistic about Tesla all the way to the present?The power of this set of thinking is much greater than imagined.Even if they suffer some hardships on the way, such as the net worth plummeting by 30 points or something... Some investors will feel that they are paying for the future. There are two roads in the forest, and they choose the one full of thorns. The one who persists until the end laughs the loudest.<img src=\"https://static.tigerbbs.com/eaf28c6de9e5b0e0e414e8b6c9db7dd0\" tg-width=\"1174\" tg-height=\"400\" referrerpolicy=\"no-referrer\">As of 3/8, ARK's five best-performing ETFs have fallen by nearly 30 points on average from their highs. The picture shows the net value curve of the flagship fund ARKKBut it is true. Who can tell the future? Can a limited wallet really pay for unlimited beliefs? Even if this is the case in the future, how far into the future will it be?For example, what will be the outcome of this year?2021 has undoubtedly been a year of severe challenges for ARK. The turbulent months have passed, and the inextricable connection between ARK, Tesla, and Bitcoin has almost created a \"trinity\" risk pattern. At the end of last year, Wood also told the media that he is determined to invest investors in the next five years. The money has tripled, but unexpectedly, only two months after entering 2021, the stock price has begun to turn downward, with a bad start.The love of small-cap stocks has always been a big hidden danger. For example, some analysts gave an example. 20 of the targets held by ARK's ARKG fund exceed 5% of the circulating share capital, accounting for 45.45% of all targets held. ARK has become the largest shareholder of many targets. Once the market environment is not good or The sector's popularity declines, the net value of the fund may experience a sharp drop caused by negative superimposed liquidity risks.In panic, people once again recalled the U.S. stock market in the 1990s-the high-rise building made of bubbles collapsed overnight, and a group of newly rising \"asset management stars\" were buried under the ruins.For example, Bill Miller, a star fund manager who outperformed the S&P 500 index for 15 consecutive years from 1991 to 2005, suffered a tragic defeat during the 2008 financial crisis, and was once described by the market as \"no guarantee in the late festival\".Another example is Janus, a mutual fund company (two-faced god in ancient Roman mythology). From the end of 1998 to March 2000, it grew from the 20th largest mutual fund company in the United States to the fifth largest, and its scale expanded from US $3 billion to 300 billion in just ten years. Even Clinton, the former president of the United States, entrusted his personal account to Janus.However, with the bursting of the Internet bubble, the net value of some of its fund products suddenly plummeted by two-thirds, and the myth of \"two-faced gods\" was wiped out. Like ARK, Janus happens to have a soft spot for technology stocks and small-cap stocks, and he also happens to be a confident posture of looking to the future and striking hard once he is optimistic.So will today's ARK become the next two-faced god? Will today's Wood be the next Miller to fall from the altar? Or will they become the next Tesla and Musk to weather difficult times and truly stand at the center of industry change?More than two years ago, Musk took a sip of marijuana and a sip of alcohol on the show, frowning through Tesla's most difficult days. Now, is Wood also ushering in such a time?Then, Musk really became a disruptor in the automotive field, and traditional car companies had to turn around and catch up. Will Wood clear the clouds like this?Will there be more ARK on Wall Street? Is a more transparent, open and dynamic asset management industry taking shape?Obeying God's word, Noah built the ark, which survived the great flood that year. God said, \"When I make clouds cover the earth, there will be a rainbow in the clouds\".Now \"following the entrustment of the Holy Spirit\", Wood has also reached its seventh year of building ARK. The great flood has turned into a storm in the financial market, and clouds and mist have blocked the view. Can Wood lead the whole ship over the flood and really set off the wind of industry change? Can she see the rainbow from God?\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3623490\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1c69c183f3df90b688867160c4eb35b5","relate_stocks":{"ARKF":"ARK Fintech Innovation ETF",".DJI":"道琼斯","ARKK":"ARK Innovation ETF",".SPX":"S&P 500 Index","TSLA":"特斯拉",".IXIC":"NASDAQ Composite"},"source_url":"https://wallstreetcn.com/articles/3623490","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2123790280","content_text":"“木头姐”Cathie Wood：给我几个支点，让我撬动整个世界。很难想象这样一番撼动市场的格局：她投资特斯拉，赌它颠覆汽车领域；她投资比特币，赌它掀翻货币体系；她筹备太空基金，放眼火星未来；她投资流媒体平台Roku、移动支付公司Square、3D打印公司Stratasys，它们走在技术进步的前沿，共同拨动着当代生活变革的杠杆。她说给我几个支点，让我撬动整个世界。她将赌注下在各行各业的颠覆者上，自己也站在资管业风暴的中心。生于华尔街，她却抛弃传统，不顾“纪律”，最终走上一条离经叛道的投资之路，时至今日，一度风光无限，又备受质疑。楼之倾覆或在一夜之间，多少人看过它高楼起，就多少人想看它楼倾覆。而要问这一切是如何开始的，ARK Invest的创始人、这位如今家喻户晓的年度“牛市女皇”——年过65岁的伍德女士（Cathie Wood），坐在某张舒服的座椅上，捋了捋及肩的灰褐色长发，扶稳了她的标志性黑框眼镜，徐徐回忆起多年前那个夏天的午后：那是个美丽的夏日，我回到家里，周围是一片陌生的静寂。三个孩子去基督营了，还有别的什么活动，我突然意识到，接下来两周我都要一个人度过了。我和这样的日子分别太久了。走进厨房，我既不快乐也不悲伤，只是有些恍惚……直到一阵突如其来的撼动划破空气，我仿佛听到圣灵在对我说话——“来吧，开启你的计划。”我听到他说。她说你看，你一辈子都在研究颠覆性创新，何不试着颠覆下自己的行业呢？何不用新的技术革新它？何不将新的想法公之于众，用社交媒体传播它？何不叫上竞争对手，一起碰撞思维的火花？他这样说，我遂这样做了。“她这样说，我遂这样做了”，于是2014年，57岁的伍德从大名鼎鼎的资管巨头联博（Alliance Bernstein）辞职，创立了这家属于自己的资管公司，并以《圣经》中圣物约柜（ARK）的名字为它命名。正如旧约时代的以色列人带着约柜征战，相信神与约柜同在一样，这位虔诚的天主教徒坚信，ARK注定要将资本投向创新，投向未来，投向“神的手笔”，这是在完成上帝交托的使命。现在很多中文媒体都将ARK译作“方舟”，虽非伍德本意，却也颇有其自视“身负世界命运”的神韵。《圣经》中的“约柜”形象六年过去，对ARK来说，2020年无疑是历史性的一年。3月的史诗级波动如一声号响，撞上疫情的美股在央行大放水中全面复苏，ARK则由于此前打着“颠覆性创新”的旗号狂买科技股和小盘股，成了本轮牛市的头号受益者，旗下ETF包揽全美基金年度冠亚季军，5只表现最好的ETF年度回报平均达141%，规模最高涨超10倍，仿佛神终于为其忠实的信徒降下恩典。不过时间又来到今年二月，月初还风光无限的ARK，到了月底就随科技股下跌一路俯冲。越来越多质疑的声音开始涌现。人们说，伍德是否将重蹈上世纪90年代互联网泡沫时期那一大批明星基金经理的覆辙？他们先是飘飘然起飞，又随着泡沫破裂摔得一败涂地。大起大落之中，几个月来，有关ARK和伍德本人的报道铺天盖地。人们后知后觉地发现，这位自称替上帝配资本的“牛市女皇”，要不就是信仰界的“传教”高手、基金界的昙花一朵，要不，就可能真是资管业横空出世的颠覆者、是预示未来创新方向的“先知”。游历的童年 好奇的孩子真要追溯伍德对新生事物的情有独钟，可能还得从她不算安定的童年讲起。1955年，伍德出生在美国洛杉矶的一个天主教移民家庭，从小诵经读卷，去教堂做礼拜。她的父母都来自爱尔兰，父亲曾经在爱尔兰陆军和美国空军服役，后来成为了一名成功的雷达系统工程师。由于父亲工作的缘故，经常需要带着全家从一个军事基地搬到另一个基地，小时候的伍德从没在哪个地方待过很久，12岁就已经搬了十次家。好在，大概是继承了母亲活泼开明的个性，伍德并未对周遭频繁的变动感到太多不安，反而从适应新环境和探索新事物中，不断迸发出对生活的好奇。略微长大之后，和许多移民家庭的孩子一样，她开始经受良好的教育，并在学习上逐渐显露出天赋。圣母学院高中毕业后，1981年，她在南加州大学（USC）获得金融经济学学士学位，以优异的成绩荣誉毕业。升入南加大的最初，伍德对未来的设想也很模糊。大三选专业前的两年时间里，她一边在超市打工赚着学费，一边思忖着可能的进修方向：地质学、天文学、工程学……似乎很多都可以尝试，但又没有哪个说得上是多么坚定的选择。直到某一学期，在父亲的建议之下，伍德初尝到了宏观经济学的味道——命运的神妙之处就是在那一刻，全身心的感应都告诉你：就是它了。伍德深深地着迷于那些从经济活动中诞生，而又凌驾于微观和具体之上的“宏大观点”——遥远的、纵览全局的、直指未来的“宏大观点”。按照她自己的说法，她发现宏观研究是多么该死的迷人，让人大胆地畅想，畅想未来世界运转的方式，比起研究那些已经存在的理论，这是更加要紧的事。回头来看，这是头一回，那股对未知事物一脉相承的偏爱，以一种直击脑门的方式，帮伍德做了一个重大的人生抉择。师从名门让伍德在这条路上比其他人走得更快了些。她的导师——经济学教授Arthur Laffer正是著名的“拉弗曲线”的提出者。虽是本科生，伍德仍然参加了他教授的研究生课程，凭借着优秀的禀赋深得器重。2014年10月21日，Wood和Laffer在纽交所主席台上亮相 图源：Investors’Business Daily年轻的首席：站在共识另一边也是在拉弗的牵线下，22岁时，伍德进入传统资管巨头Capital Group就任助理经济学家，开启了她的职业生涯。1980年，她又在一次偶然机遇下移居纽约，成为了投顾公司Jennison Associates的首席经济学家。也就是说，仅仅三年，伍德就在年仅25岁之时从助理做到了首席。正值她初担大任之际，美国经济也正经历一番风起云涌的巨变。20世纪80年代初的美国正处于高度滞胀的深渊，生产下降和失业率猛增的同时，物价不但没有下跌反而普遍大幅上涨，出现了高通胀、高失业和低经济增长并存的罕见局面。当时美联储新上任的主席保罗·沃尔克试图缩减货币供应来对抗高企的通胀，但始终收效甚微。美国通胀在1980年升至高点这一背景下，“末日博士”亨利·考夫曼和米尔顿·弗里德曼等一批当时美国最具权威性的经济学家都绝望地认为，通货膨胀已经成为常态，根深蒂固了。伍德则认为不然，她坚持，利率和通货膨胀已经见顶。Jennison的联合创始人Spiros Segalas与伍德亦师亦友，那段时间，他经常邀请这些学界知名人士来公司分享他们的预测，又出于或训练、或考验、或交流的目的，让伍德站在“反方”，跟他们一对一辩上一辩。一边是江湖多年、拥有庞大阵营的老将，一边是刚刚做上首席、单看年龄就好像没什么经验的少数派选手，我们无法知道“考夫曼们”究竟是在认真参与这场学术对垒，还是抱着指教后辈的心态倾情演出，但事实最终证明，伍德的判断十分准确，1980年里根政府上台后，通胀和利率得到了不错的控制，从高峰一路下跌。目睹了许多场辩论之后，Segalas对伍德做出这样的评价：一位有着不可思议坚定信念的女士。她是目前为止最犀利的一个。伍德后来说，正是那段日子真正塑造了她自行其是、挑战权威的能力，让她深刻意识到，要时刻警惕那些所谓的“共识”，它们看似不容辩驳，却往往有可商榷的空间——而那些有违“共识”的行为，反而可能有巨大的潜力。几十年后回首初生牛犊的往昔，伍德会发现，自己做下这一精准预测之时，正站在自身和历史转折交汇的当口。利率一经回落，随之而来的将是一场长达40年的科技股牛市，而她不久后将参与其中，以同样“特立独行”的姿态战斗数年，直到掀起一番风浪。届时，她将“忤逆”的不再是几位学界的“考夫曼”，而是一整个华尔街。那时的她并未料到这一点。转战股票：在桌子底下寻找残羹剩饭她能嗅到的只是，科技股的风要刮上一阵子了。利率下行为之前深受冲击的科技公司带来了更多成长空间，伍德本来就热爱天文学和工程学，很快决定得坐上这班车。于是1985年，她在Jennison从宏观转向股票研究，1990年又兼任该公司的投资组合经理，始终聚焦科技股领域。年轻时的伍德 图源：Jesus Calling在科技股熙熙攘攘的人潮中，她又一次离开了大部队。和利率预测时不同，这一次，违背共识、寻找新事物的信念真正“主动”发挥了作用。伍德一上来就问自己，别的分析师肯定把不错的科技股都研究过一轮了，一个也不会放过，那还剩下什么？留给我的是什么？哪些是属于我的股票？她随即有了答案。于是，极具倾向性、甚至有些偏执地，伍德开始努力寻找两类股票：那些过于超前，超前到人们还没引起重视、还来不及一拥而上的领域；某些股票位于多个行业的交汇处，而没有任何方面的分析师跟进。伍德认为，这很可能也是创新诞生的地方。她将自己形容为“一只小狗，在桌子底下寻找残羹剩饭”。她说，“当分析师和基金经理都认为某些股票不足挂齿，或无法完美地融入任意一个投资组合中时，通常得多看两眼”，它们可能暂时被低估，但随着时间推移，可能爆发指数级的增长。研究股票时，伍德没什么固定的程序、套路可言，只是贪婪地汲取着所能触及的所有信息，加以消化和判断。现任摩根士丹利首席投资官的Lisa Shalett曾同她工作过一段时间，回忆说：“Cathie的好奇心像是永远得不到满足，她如饥似渴地吸收来自大大小小各类渠道的研究成果，一天24小时不知疲倦地工作，以确保团队拥有最深入的研究，生成最独到的观点。”有时候，她甚至会听一听直觉讲的话。比如投资路透社（Reuters）时，人们普遍很难理解这种“出版数据库”的商业模式——从金融公司收集数据，再把数据全部卖回给它们，这算什么呢？伍德自己也说不好，但她认为这种模式非常创新。她后来回忆说：“当时只是觉得它在干件大事，现在我们知道了，这正是当今互联网概念的缩影。”我们后面会看到，这种“肆意妄为”的投资风格，一直被伍德保留到了今天。就这样，伍德在Jennison一待就是18年。余下的几年时光，她一边将三个孩子抚养长大，一边在股票研究的道路上越走越远，也在其独特的选股门道上越走越精。Wood和孩子们 图源：Jesus Calling1998年，伍德离开Jennison后，先是在对冲基金Tupelo Capital做了3年的有限合伙人，2001年正式加入联博，担任基金经理和专题研究策略师。揣着50亿美元资金的管理规模，伍德在联博继续潜心股票领域，开启了长达12年的又一个职业阶段。那时她尚未意识到，伴随着一阵金融风暴的来袭，这段岁月将成为其日后自立门户的关键转折。摆脱传统 自立门户在联博，伍德延续一贯的投资风格，走着高增长、高风险、小盘股的路径。2002年下半年开始，美股正值一轮牛市，伍德的投资组合也表现得相当不错。但随后发生的两件事，让她萌生了摆脱传统基金投资分析框架的想法。先是2006年，美国房地产泡沫已经达到了相当高的水平，市场上开始出现各种各样矛盾的信号，伍德预计泡沫不久就会破裂。她随即大幅降低了投资组合的头寸。然而次贷的盛宴又继续了一年多，清醒得太早的代价是，伍德当年的收益率仅5%，跑输了大盘（12%-13%）将近一千个基点。伍德深受打击。而当她对天主教会的导师诉说这件事，向其寻求开解的时候，导师留下一句意味深长的话，完全扭转了她原先看问题的角度：你不能崇拜任何偶像，而现在，市场基准却成了你的偶像。第二年，伍德弥补了大部分损失，但在祈祷和冥想中回味起导师的话，她说自己突然意识到，指数投资的成功属于过去，而上帝并不希望我们停留在过去，他希望我们进入新的创造。从这时起，一个念头逐渐被深耕在伍德心里——要变革原有的投资方式，投资的真正使命是要走向上帝所指引的未来，是要替上帝分配资本。时间到了08-09年金融危机，高风险的投资策略使得伍德的基金在美股崩盘中，回撤明显大于市场水平。联博看不下去了，要求伍德在持仓中加入标普500等指数来减小波动性。但是这一次，伍德不愿再受制于所谓的市场“基准”了。她直截了当地反驳道：“我认为我们太过信奉基准投资法了，针对创新领域的投资则太少。现在有些创新公司在公开市场的价格，甚至只有私募市场的10%，这是个巨大的机会！”这两件事如一段抑扬顿挫的前奏，最终将伍德引向了同一个方向：2014年，伍德辞去了联博收入稳定的工作，着手建立属于自己的初创公司。她意识到，想要真正摆脱传统基金公司投资框架下的束手束脚，想要真正践行一套自己的标准和投资理念、大胆把钱投在创新领域，那就只有自立门户。ARK的时代就此开始了。离经叛道的ARK因而可以说，ARK从最开始就是为了绕开传统资管的条条框框而生的，自然和大家走的不是一条路子。不再寄人篱下的伍德，将其不拘一格释放到极限，向着离经叛道的方向越走越远。她用一句话就和传统资管划清了界限：“我们真正要做的是鼓励新的创造，上帝的新创造。我们要将资本配置到它能发挥最高效益的、最有用的地方——那些有望改变世界、改善世界的变革性技术之上。而他们，那些其他的基金业者，只是把钱投向过去，那是最安全的路径。”“我们”，和“他们”——一边是无惧挑战的、变革性的、先锋的、连接未来的、为“神的创造”分配资产的；另一边，是安全的、翻旧账的、对新兴技术视而不见的、毫无上进心和使命感可言的。她问，你选哪一方？话自然不只说说而已，伍德的“新官上任三把火”延续至今。一则就像那个夏日午后，伍德自称圣灵在自己心里种下的计划一样，成立以来，ARK使命必达地将投资瞄准那些初绽头角的颠覆性技术，对不少传统基金嗤之以鼻的新兴企业都大为鼓励，这与后者怕波动、稳收益的投资策略截然不同。特斯拉可能是其中最著名、也最成功的例子了。伍德五年前就投资了特斯拉，当时股价50美元左右，过去三年，特斯拉一直是ARK的最大持股。伍德认为，特斯拉就是那样一个“位于多个行业的交汇处”的企业，集机器人、人工智能、能源储存于一身，传统的汽车分析师“不知道该怎么办”。2018年8月特斯拉股价徘徊在320美元时，马斯克一度考虑将公司私有化，用420美元/股的价格回购所有股票。伍德却是当时99%的市场看跌特斯拉时那1%的声音。她随即向马斯克发了一封公开信，预测称特斯拉在五年内股价最高能达到4000美元，反对其私有化公司。那封公开信至今，特斯拉已经发布了Model3，股价从320美元飙升至3500美元(按1比5的拆股比例调整)，伍德独到的眼光也得到了验证。根据ARK 2021年投资报告，除了比特币和电动车，如今伍德又将目光驻足到深度学习、新一代基因测序、数据中心再创造等等多个新兴领域，一如既往不吝对这些象征颠覆性创新的词汇付诸无限热情。图源：Alotta Money二则，和伍德所设想的一样，ARK公司从分析师本身到投资策略，从不拘泥于传统的指标、规则，十足的野路子打法，却不失漂亮。传统ETF主要被动投资于指数，而伍德的ETF采取主动选股、积极管理策略，这是很罕见的，即便在主动型ETF越来越受欢迎的今天，也只占美国ETF总资产的3%。正如前文提到，伍德很不喜欢指数，认为那衡量是过去的成就。她的雇员和传统基金也完全不同，总共30多名员工，很少有华尔街背景或MBA学位的，大多数都是不同行业的专业人士——癌症科学家、人工智能分析师、游戏工程师，甚至船长。他们不懂移动平均线，不懂动量指标，有些甚至连彭博终端都不会用。伍德不在乎这些，她看中的就是不同背景、不同领域的专业性。她似乎也非常信奉“咖啡馆里出哲学”的理念，以一种极轻松的模式管理着公司。曼哈顿东28街的办公室没有隔间，酒吧式的高脚椅旁边，所有桌子围成一圈，职员们自由地走动、交流、对谈，随时准备着思维的交锋。三则，传统资管公司总爱深藏不露自己掌握的“独家信息”，ARK则完全不同。伍德的态度是：透明、开放，“信息吸引信息”。ARK的周度“头脑风暴”会议任何人都可以参加，包括行业专家和竞争对手。团队可以与科学家、工程师、医生和其他专家分享研究成果并进行合作，这在很多传统基金公司是违规行为，是要被开除的。不仅如此，伍德还会在Reddit论坛等社交平台上免费发布研究报告，每天公布持仓变动，甚至亲自和网友讨论投资标的，这为其积攒下一大批忠实的粉丝。她认为，这有助于ARK对与市场存在分歧或误解的地方进行反思，更好地理解世界在发生什么。投资ARK=信上帝、信未来？所谓离经叛道者，人们要么视其为天才，要么笑其为疯子，投资特斯拉的成功有如一剂强心剂，让更多人愿意相信伍德归属前者。于是这三把火多少在粉丝心中埋下了几分狂热因子，似乎伍德已经为其股票池无可限量的创新前景打了包票——在ARK这里，只要付出时间成本，就能获得金钱回报。但更重要的一点是，上面这句话在上帝、信仰、未来这些概念的贯穿下，卸下了俗套的外衣，听起来慷慨激昂，振奋人心。想想吧，投资ARK，和笃信未来挂了钩。如果巴菲特、芒格版价值投资算是经验主义的王道，那么ARK这套轰轰烈烈的说法就有些形而上的架势了。总的来说，人还是爱幻想的动物，对于虚无缥缈着的东西总容易信点什么。你可以不信特斯拉、不信比特币，但你信技术吗，信技术的发展吗？你可以不信ARK，但你信“上帝的使命”吗？你说你不是基督徒，那你信未来吗？当ARK信誓旦旦地描画着未来，你又能喊出同样的音量反驳说，未来并非如此吗？毕竟，那个被所有人称作是骗子的特斯拉真的干成了不是吗，它颠覆了整个汽车业，从金属到能源也为之改变——那么比特币呢？那么一路看好特斯拉到现在的ARK呢？这套思维的力量比想象中要大得多。就算在路途中受了些苦，比如净值暴跌了30个点什么的……一些投资者也会觉得自己是在为未来买单，是林中有两条路，选择了布满荆棘的那条，是坚持到最后的人笑得最大声。截至3/8，ARK五只表现最好的ETF自高点平均下跌近30个点，图为旗舰基金ARKK净值曲线但确实如此，谁又说得准未来呢？有限的钱包是否真的可以为无限的信仰买单，即便未来确乎如此，坚持得到的又是多远的未来？比如，今年的结局又将是如何。2021年对ARK无疑是严峻挑战的一年。风风火火的几个月过去，ARK与特斯拉、比特币之间千丝万缕的联系几乎酿成了“三位一体”的风险格局，去年年底伍德还告诉媒体，有决心未来五年把投资人的钱翻三倍，不料进入2021年才两个月，股价就开始掉头向下，开局不利。对小盘股的钟爱还始终是一大隐患。有分析师举例，ARK旗下ARKG基金持仓的标的中有20家超过流通股本的5%，占全部持仓标的比例为45.45%，ARK已经成为不少标的的第一大股东，一旦市场环境不好或板块热度下降，基金净值可能会出现利空叠加流动性风险带来的大幅下跌。人们在恐慌中再次回想起上世纪90年代的美股市场——那座用泡沫堆成的高楼一夜之间轰然倒塌，也将一众刚升起不久的“资管新星”埋在废墟之下。比如，曾在1991年至2005连续15年间跑赢标普500指数的明星基金经理比尔·米勒（Bill Miller），08年金融危机时却惨遭滑铁卢，一度被市场形容为“晚节不保”。又比如共同基金公司Janus（古罗马神话中的两面神），1998年底至2000年3月间，从美国第20大共同基金公司发展到第5大，短短十年规模从30亿美元扩张到3000亿。就连曾任美国总统的克林顿都把个人账户交托Janus管理。但随着互联网泡沫破裂，其部分基金产品净值一下子暴跌三分之二，“两面神”的神话也就此灰飞烟灭。和ARK一样，Janus恰好也对科技股和小盘股情有独钟，也恰好是一副放眼未来，一旦看好就重拳出击的自信架势。那么如今的ARK，会成为下一个两面神吗？如今的伍德，会是下一个跌落神坛的米勒吗？还是，它们将成为下一个特斯拉和马斯克，度过艰难的日子，真正站上行业变革的中心？两年多前马斯克在节目上一口大麻一口酒，愁眉不展地度过特斯拉最艰难的日子。如今，伍德也正迎来这样的时候吗？而后，马斯克真的成了汽车领域的颠覆者，传统车企不得不大象掉头奋起直追，伍德也将这样地拨云开雾吗？华尔街将出现更多的ARK吗？更透明、更开放、更具活力的资管业正在形成吗？遵从上帝的话，诺亚建好了方舟，那年方舟从大洪水中存活下来，神说“我使云彩盖地的时候，必有虹现在云中”。如今“遵从圣灵之托”，伍德建成ARK也来到第七个年头，大洪水化身金融市场的风暴袭来，云雾遮挡视线。伍德能够带领整船的人翻过洪水，真正掀起行业变革的风吗？她能见到，神降下的虹吗？","news_type":1,"symbols_score_info":{"TSLA":0.9,"ARKK":0.9,"ARKF":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":355243216,"gmtCreate":1617079221735,"gmtModify":1704801677873,"author":{"id":"3573119962682037","authorId":"3573119962682037","name":"FreedomKim","avatar":"https://static.tigerbbs.com/4300b07a250f193db050a2a7c7e36dfd","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3573119962682037","authorIdStr":"3573119962682037"},"htmlText":"Ark","listText":"Ark","text":"Ark","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/355243216","repostId":2123790280,"repostType":4,"repost":{"id":"2123790280","kind":"news","pubTimestamp":1616991909,"share":"https://ttm.financial/m/news/2123790280?lang=en_US&edition=fundamental","pubTime":"2021-03-29 12:25","market":"us","language":"zh","title":"The woman who \"allocates funds for God\"!","url":"https://stock-news.laohu8.com/highlight/detail?id=2123790280","media":"华尔街见闻","summary":"“木头姐”Cathie Wood：给我几个支点，让我撬动整个世界。","content":"\"Sister Wood\" Cathie Wood: Give me some fulcrums and let me shake the whole world. It's hard to imagine such a pattern that shakes the market:She invests<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, betting that it will subvert the automotive field; She invested in Bitcoin, betting that it would overturn the monetary system; She prepares a space fund and looks at the future of Mars; She invests in streaming platform Roku, mobile payments company Square, 3D printing company<a href=\"https://laohu8.com/S/SSYS\">Stratasys</a>, they are at the forefront of technological progress and jointly move the lever of contemporary life change.She said to give me a few fulcrums and let me pry the whole world.She is betting on disruptors from all walks of life, and she is also at the center of the storm in the asset management industry. Born on Wall Street, she abandoned tradition, ignored \"discipline\", and finally embarked on a deviant investment path. Today, she once enjoyed infinite scenery and was questioned. When a building overturns or overnight, as many people have seen it rise, as many people want to see it overturn.To ask how it all started, Cathie Wood, the founder of ARK Invest and now a household name \"Queen of the Bull Market\" of the year, who is over 65 years old, sat in a comfortable seat, stroked her shoulder-length taupe hair, steadied her iconic black-rimmed glasses, and slowly recalled that summer afternoon many years ago:<img src=\"https://static.tigerbbs.com/1c69c183f3df90b688867160c4eb35b5\" tg-width=\"795\" tg-height=\"441\" referrerpolicy=\"no-referrer\">It was a beautiful summer day, and I came home surrounded by a strange silence. Three kids had gone to Christ Camp, among other things, and it dawned on me that I was going to spend the next two weeks alone. I've been separated from these days for too long. Walking into the kitchen, I was neither happy nor sad, just in a trance … until a sudden shake cut through the air, and I seemed to hear the Holy Spirit speaking to me-\"Come, open your plan.\" I heard him say. She said, look, you have been studying disruptive innovation all your life, so why not try to subvert your own industry? Why not revolutionize it with new technology? Why not bring the new idea to the public and spread it on social media? Why not call competitors and collide with the sparks of thinking together? He said so, and I did so. \"She said so, and I did so.\" So in 2014, 57-year-old Wood resigned from the famous asset management giant Alliance Bernstein and founded this asset management company of his own, named it after the ARK of Holy Relics (ARK) in the Bible.Just as the Israelites in the Old Testament fought with the ARK of the Covenant and believed that God was with the ARK of the Covenant, this devout Catholic firmly believed that ARK was destined to invest its capital in innovation, in the future, and in the \"handwriting of God\", which was in fulfilling the mission entrusted by God.Nowadays, many Chinese media have translated ARK as \"ARK\". Although it is not Wood's original intention, it also has the charm of \"bearing the destiny of the world\".<img src=\"https://static.tigerbbs.com/e2ef328f314a2d1785b3d3ba7f27e1f1\" tg-width=\"641\" tg-height=\"361\" referrerpolicy=\"no-referrer\">The Image of the \"Ark of the Covenant\" in the BibleSix years later, 2020 is undoubtedly a historic year for ARK. The epic fluctuations in March were like a trumpet. The U.S. stock market that hit the epidemic fully recovered from the central bank's flood release. ARK became the number one beneficiary of this round of bull market because it had previously bought technology stocks and small-cap stocks under the banner of \"disruptive innovation\". Its ETFs won the annual first, second and third place among national funds. The average annual return of the five best-performing ETFs reached 141%, and the maximum scale increased by more than 10 times, as if God had finally given grace to its loyal believers.However, the time has come to February this year again. ARK, which was still prosperous at the beginning of the month, plunged all the way with the decline of technology stocks at the end of the month. More and more questioning voices began to emerge. People say, will Wood repeat the mistakes of a large number of star fund managers during the Internet bubble in 1990s? First they took off, and then they fell into defeat as the bubble burst.Amid the ups and downs, reports on ARK and Wood himself have been overwhelming for months.People later found that this \"Queen of the Bull Market\" who claimed to allocate capital for God was either a \"missionary\" master in the faith world and a flower in the fund world, or she might really be a subverter who was born in the asset management industry and a \"prophet\" who heralded the future innovation direction.A traveling childhood curious childTo really trace Wood's soft spot for new things, we may have to start with her unstable childhood.In 1955, Wood was born in a Catholic immigrant family in Los Angeles, USA. He recited scriptures and went to church since childhood. Her parents are both from Ireland, and her father served in the Irish Army and the United States Air Force before becoming a successful radar systems engineer.Because of my father's work, I often have to move my family from one military base to another.As a child, Wood never stayed anywhere for a long time. At the age of 12, he had moved ten times.Fortunately, probably inheriting his mother's lively and open-minded personality, Wood didn't feel too uneasy about the frequent changes around him. Instead, he constantly became curious about life in generate from adapting to the new environment and exploring new things.When she grew up a little, like many children from immigrant families, she began to receive a good education and gradually showed her talent in learning. After graduating from high school at Notre Dame College, in 1981, she graduated with honors and cum laude with a bachelor's degree in financial economics from the University of Southern California (USC).At the beginning of his promotion to Southern California, Wood's vision of the future was also vague. In the two years before choosing a major in her junior year, she worked in a supermarket to earn tuition fees, while thinking about possible further study directions: geology, astronomy, engineering... It seems that many can be tried, but none of them can be said to be a firm choice.Until one semester, at his father's suggestion, Wood first tasted macroeconomics-the wonderful thing about fate is that at that moment, his whole heart and soul tells you that it is it.Wood was deeply fascinated by the \"grand views\" born from economic activity and above the micro and concrete-the \"grand views\" that were distant, overview and pointed straight to the future. According to her own account, she found how damningly fascinating macroscopic research was, and it was more important to make people boldly imagine how the world would work in the future than to study existing theories.Looking back, this was the first time that his preference for the unknown had helped Wood make an important life choice in a way that hit him directly on the forehead.Learning from a famous family allowed Wood to walk faster than others on this road. Her mentor, economics professor Arthur Laffer, is the author of the famous \"Laffer Curve\".Although he was an undergraduate, Wood still took part in the graduate courses he taught, and was highly valued for his excellent endowment.<img src=\"https://static.tigerbbs.com/fcf68e0010cae1663dd31058f8a34c7e\" tg-width=\"1000\" tg-height=\"563\" referrerpolicy=\"no-referrer\">Wood and Laffer on the NYSE rostrum on October 21, 2014 Source: Investors' Business DailyYoung Chief: On the Other Side of the ConsensusAlso under the help of Laffer, at the age of 22, Wood joined the traditional asset management giant Capital Group as an assistant economist and started her career.In 1980, she moved to New York by chance and became the chief economist of Jennison Associates, an investment advisory firm.That is to say, in just three years, Wood went from assistant to chief at the age of 25.At the beginning of her big responsibility, the American economy is also undergoing great changes.In the early 1980s, the United States was in the abyss of high stagflation. While production declined and unemployment soared, prices generally rose sharply instead of falling, resulting in a rare situation of high inflation, high unemployment and low economic growth. At that time, Paul Volcker, the newly appointed chairman of the Federal Reserve, tried to shrink the money supply to combat high inflation, but with little success.<img src=\"https://static.tigerbbs.com/f1b08eb3a10fa740d150c2486a9ea158\" tg-width=\"715\" tg-height=\"337\" referrerpolicy=\"no-referrer\">U.S. inflation rose to a high point in 1980Against this background, a group of the most authoritative economists in the United States at that time, such as \"Dr. Doom\" Henry Kaufman and Milton Friedman, desperately believed that inflation had become the norm and deeply ingrained.Wood thinks otherwise,Interest rates and inflation have peaked, she insists.Jennison's co-founder Spiros Segalas and Wood were both teachers and friends. During that time, he often invited these academic celebrities to the company to share their predictions, and for the purpose of training, testing, or communication, Wood stood on the \"opposite side\", argue with them one-on-one.On the one hand, there are veterans who have been in the Jianghu for many years and have a huge camp, and on the other hand, there are minority players who have just become the chief and seem to have no experience just by their age.We can't know whether the \"Kaufmans\" are seriously participating in this academic confrontation, or performing with the mentality of teaching younger generations, but the facts finally proved that Wood's judgment was very accurate. After the Reagan administration came to power in 1980, inflation and interest rates were well controlled, falling all the way from the peak.After witnessing many debates, Segalas made this evaluation of Wood:A lady with incredibly strong convictions. She's the sharpest one so far.Wood later said that it was those days that really shaped her ability to go her own way and challenge authority, and made her deeply aware of the need to always be alert to those so-called \"consensus\", which seemed irrefutable, but often had room for discussion-And those behaviors that violate the \"consensus\" may have great potential.Looking back on the past of the newborn calf decades later, Wood will find that when he made this accurate prediction, he was standing at the intersection of himself and history.Once interest rates fall, what will follow will be a 40-year bull market in technology stocks, and she will soon participate in it, fighting with the same \"maverick\" attitude for several years until it makes a storm. By then, she will \"disobey\" not the \"Kaufman\" of several academic circles, but the whole Wall Street.She didn't expect this at that time.Moving to Stocks: Looking for Scraps Under the TableAll she can smell is that the wind is going to blow in tech stocks for a while. Lower interest rates have brought more room for growth to technology companies that have been hit hard before. Wood, who has loved astronomy and engineering, quickly decided to get on this bus.So in 1985, she shifted from macro to stock research at Jennison, and in 1990, she also served as the company's portfolio manager, always focusing on technology stocks.<img src=\"https://static.tigerbbs.com/3ab2a3e6a38a1e6cadb57da984a401bb\" tg-width=\"768\" tg-height=\"615\" referrerpolicy=\"no-referrer\">Wood in his youthCredit: Jesus CallingAmid the hustle and bustle of tech stocks, she left the big army again.Unlike interest rate forecasts, this time, the belief of violating consensus and looking for new things really \"actively\" played a role.Wood asked himself as soon as he came up, other analysts must have studied all the good technology stocks for a round, and they will not let go of any of them, so what is left? What is left for me? Which are my stocks?She immediately had the answer.So, with great tendency and even paranoia, Wood began to try to find two types of stocks:<ul><li>Those areas that are too advanced, so advanced that people haven't paid attention to it and have no time to swarm;</li><li>Certain stocks lie at the intersection of multiple industries without analysts following up on any side. Wood believes that this is likely to be where innovation is also born.</li></ul>She describes herself as \"a puppy looking for scraps under the table\".She said, \"When analysts and fund managers agree that certain stocks are insignificant or don't fit perfectly into any portfolio, they usually look twice.\" They may be temporarily undervalued, but over time, Exponential growth may explode.When studying stocks, Wood has no fixed procedures or routines at all.Just greedily absorbing all the information he can touch, digesting and judging it.Incumbent<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Lisa Shalett, chief investment officer who worked with her for a while, recalled:\"Cathie's curiosity seems to be never satisfied. She eagerly absorbs research results from various channels, large and small, and works tirelessly 24 hours a day to ensure that the team has the most in-depth research and generates the most unique opinions.\"Sometimes she even listened to what her intuition said.For example, when investing in Reuters, it is generally difficult for people to understand this business model of \"publishing databases\"-collecting data from financial companies and then selling all the data back to them. What is this?Wood can't say it well herself, but she thinks this model is very innovative. She later recalled: \"At that time, I just thought it was doing something big. Now we know that this is the epitome of today's Internet concept.\"As we will see later, this \"reckless\" investment style has been retained by Wood to this day.In this way, Wood stayed at Jennison for 18 years. In the remaining years, while raising her three children, she went further and further on the road of stock research, and also became more and more sophisticated in her unique stock selection doorway.<img src=\"https://static.tigerbbs.com/7db68c3edd34e7c90a2ace397b8ebc1c\" tg-width=\"768\" tg-height=\"512\" referrerpolicy=\"no-referrer\">Wood and kidsCredit: Jesus CallingAfter Wood left Jennison in 1998, he first worked as a limited partner at the hedge fund Tupelo Capital for three years. In 2001, he officially joined AllianceBernstein as a fund manager and special research strategist. With a management scale of US $5 billion, Wood continued to concentrate on the stock field at AllianceBernstein, starting another career stage that lasted for 12 years.At that time, she didn't realize that with the financial turmoil, this period of time would be a key turning point for her self-reliance in the future.Get rid of traditional self-establishmentAt AllianceBernstein, Wood continues his consistent investment style, taking the path of high-growth, high-risk, and small-cap stocks. Since the second half of 2002, the U.S. stock market has been in a bull market, and Wood's investment portfolio has also performed quite well.But two things that happened then gave her the idea of getting rid of the traditional fund investment analysis framework.First, in 2006, the real estate bubble in the United States had reached a very high level, and various contradictory signals began to appear in the market. Wood predicted that the bubble would burst soon. She immediately reduced her portfolio positions significantly.However, the feast of subprime mortgages continued for more than a year. The price of waking up too early was that Wood's yield that year was only 5%, underperforming the broader market (12%-13%) by nearly 1,000 basis points.Wood was devastated. And when she told her mentor in the Catholic Church about this story and sought an explanation from him, the mentor left a meaningful remark, which completely reversed her original perspective: You can't worship any idol, but now the market benchmark has become your idol.The next year, Wood made up for most of the losses, but recalled the words of her mentor in prayer and meditation, saying that sheThe sudden realization that the success of index investing belongs to the past, and God doesn't want us to stay in the past, He wants us to enter a new creation.From then on, a thought gradually became deeply rooted in Wood's mind-To change the original investment method, the real mission of investment is to move towards the future guided by God and to allocate capital for God.The time came to the 2008-09 financial crisis, and the high-risk investment strategy made Wood's fund's pullback/retracement significantly greater than the market level during the U.S. stock market crash. AllianceBernstein couldn't stand it anymore and asked Wood to add indexes such as the S&P 500 to his holdings to reduce volatility.But this time, Wood doesn't want to be subject to so-called market \"benchmarks\" anymore.She retorted bluntly: \"I think we believe in the benchmark investment method too much and invest too little in innovation. Now the price of some innovative companies in the public market is even only 10% of that in the private market, which is a huge opportunity!\"These two events were like a prelude to ups and downs, which eventually led Wood in the same direction: in 2014, Wood quit his stable job at AllianceBernstein and set out to build his own startup.She realized that if she wants to truly get rid of the constraints under the investment framework of traditional fund companies, truly practice a set of her own standards and investment philosophies, and boldly invest money in innovative fields, she can only stand on her own feet.The era of ARK begins.Deviant ARKTherefore, it can be said that ARK was born from the very beginning to bypass the rules and regulations of traditional asset management, and naturally it is not the same path as everyone.Wood, who no longer depended on others, released it to the limit and went further and further in the deviant direction.She drew a clear line with traditional asset management in one sentence:\"What we really want to do is encourage new creation, God's new creation.We need to allocate capital where it can be most efficient and useful-those transformative technologies that are expected to change and improve the world. And they, those other fund operators, just invest their money in the past, which is the safest path. \"\"We\", and \"They\"-on the one hand, they are challenge-free, transformative, pioneering, connecting to the future, and distributing assets for \"God's creation\"; On the other hand, it is safe, turning over old scores, turning a blind eye to emerging technologies, and having no self-motivation and sense of mission at all.Which side do you choose, she asked?Naturally, the words are not just talk,Wood's \"three fires for new officials\" continue to this day.OneJust like the plan Wood claimed to have planted by the Holy Spirit in his heart that summer afternoon, since its establishment, ARK's mission has been to target its investment in those disruptive technologies that are beginning to bloom.Many emerging companies that scoff at traditional funds are greatly encouraged, which is completely different from the latter's investment strategy of fearing volatility and stabilizing returns.Tesla is probably the most famous and successful example of them all.Wood invested in Tesla five years ago, when it was around $50, and Tesla has been ARK's largest holding for the past three years. Wood believes that Tesla is such a company \"located at the intersection of multiple industries\", integrating<a href=\"https://laohu8.com/S/300024\">Robot</a>, artificial intelligence, and energy storage all in one, traditional automotive analysts \"don't know what to do.\"When Tesla's stock price hovered at $320 in August 2018, Musk once considered taking the company private and buying back all shares at a price of $420 per share.Wood was the 1% voice when 99% of the market was bearish on Tesla。 She immediately sent an open letter to Musk, predicting that Tesla's stock price would reach a maximum of $4,000 within five years, and opposed its privatization of the company.Since that open letter, Tesla has released Model 3, and its stock price has soared from US $320 to US $3,500 (adjusted according to a 1-to-5 stock split ratio). Wood's unique vision has also been verified.According to ARK's 2021 investment report, in addition to Bitcoin and electric vehicles, Wood is now focusing on many emerging fields such as deep learning, new generation gene sequencing, and data center re-creation. As always, he is not hesitant to pay attention to these symbols of disruptive innovation. vocabulary put into infinite enthusiasm.<img src=\"https://static.tigerbbs.com/736971a7c4e609eeaee76c1d1f93c2c0\" tg-width=\"775\" tg-height=\"1072\" referrerpolicy=\"no-referrer\">Source: Alotta MoneySecond, as Wood imagined, ARK never sticks to traditional indicators and rules from analysts themselves to investment strategies, and is full of wild ways, but it is beautiful.Traditional ETFs mainly invest passively in indexes, while Wood's ETFs adopt active stock selection and active management strategies, which is very rare. Even today, when active ETFs are becoming more and more popular, they only account for 3% of the total assets of US ETFs.. As mentioned earlier, Wood dislikes indexes very much, thinking that they measure past achievements.Her employees are also completely different from traditional funds, with more than 30 employees in total, few with Wall Street backgrounds or MBA degrees, and most of them are professionals in different industries-cancer scientists, artificial intelligence analysts, game engineers, and even captains. They don't understand moving averages, they don't understand momentum indicators, and some don't even use Bloomberg terminals.Wood doesn't care about this. What she likes is professionalism in different backgrounds and fields.She also seems to believe in the idea of \"philosophy comes from the cafe\" very much, and manages the company in a very relaxed mode. The office on East 28th Street in Manhattan has no cubicles. Next to the bar-style high chairs, all the tables are surrounded in a circle, and the staff move around freely, communicate and talk, ready to exchange ideas at any time.Third, traditional asset management companies always love to hide their \"exclusive information\", but ARK is completely different. Wood's attitude is: transparent and open, and \"information attracts information\".ARK's weekly \"brainstorming\" sessions can be attended by anyone, including industry experts and competitors. Teams can share research results and cooperate with scientists, engineers, doctors and other experts, which is illegal in many traditional fund companies and will be expelled.Not only that, Wood will also publish free research reports on social platforms such as Reddit forums, announce changes in positions every day, and even personally discuss investment targets with netizens, which has accumulated a large number of loyal fans for him. She believes that this helps ARK reflect on where there are disagreements or misunderstandings with the market and better understand what is happening in the world.Investing in ARK = believing in God and the future?The so-called deviant, people either regard him as a genius or laugh at him as a madman. The success of investing in Tesla is like a shot in the arm, making more people willing to believe that Wood belongs to the former.So these three fires have somewhat buried a bit of fanaticism in the hearts of fans. It seems that Wood has guaranteed the unlimited innovation prospects of his stock pool-here at ARK, as long as you pay the time cost, you can get money returns.But more importantly,The above sentence, which is run through the concepts of God, faith, future, unloads the cliché cloak and sounds impassioned and inspiring.Think about it, investing in ARK is linked to believing in the future.If Buffett and Munger's version of value investing is regarded as the king of empiricism, then ARK's vigorous statement is somewhat metaphysical.Generally speaking, people are still fantastical animals, and they are always easy to believe in illusory things. You can not believe in Tesla or Bitcoin, but do you believe in technology and the development of technology? You can not believe in ARK, but do you believe in \"God's mission\"? You say you are not a Christian, do you believe in the future? When ARK vows to paint the future, can you shout the same volume and retort, \"The future is not the case?\"After all, the Tesla, which everyone calls a liar, really did it, didn't it? It subverted the whole automobile industry, from metals to energy-and what about Bitcoin? So what about ARK that is optimistic about Tesla all the way to the present?The power of this set of thinking is much greater than imagined.Even if they suffer some hardships on the way, such as the net worth plummeting by 30 points or something... Some investors will feel that they are paying for the future. There are two roads in the forest, and they choose the one full of thorns. The one who persists until the end laughs the loudest.<img src=\"https://static.tigerbbs.com/eaf28c6de9e5b0e0e414e8b6c9db7dd0\" tg-width=\"1174\" tg-height=\"400\" referrerpolicy=\"no-referrer\">As of 3/8, ARK's five best-performing ETFs have fallen by nearly 30 points on average from their highs. The picture shows the net value curve of the flagship fund ARKKBut it is true. Who can tell the future? Can a limited wallet really pay for unlimited beliefs? Even if this is the case in the future, how far into the future will it be?For example, what will be the outcome of this year?2021 has undoubtedly been a year of severe challenges for ARK. The turbulent months have passed, and the inextricable connection between ARK, Tesla, and Bitcoin has almost created a \"trinity\" risk pattern. At the end of last year, Wood also told the media that he is determined to invest investors in the next five years. The money has tripled, but unexpectedly, only two months after entering 2021, the stock price has begun to turn downward, with a bad start.The love of small-cap stocks has always been a big hidden danger. For example, some analysts gave an example. 20 of the targets held by ARK's ARKG fund exceed 5% of the circulating share capital, accounting for 45.45% of all targets held. ARK has become the largest shareholder of many targets. Once the market environment is not good or The sector's popularity declines, the net value of the fund may experience a sharp drop caused by negative superimposed liquidity risks.In panic, people once again recalled the U.S. stock market in the 1990s-the high-rise building made of bubbles collapsed overnight, and a group of newly rising \"asset management stars\" were buried under the ruins.For example, Bill Miller, a star fund manager who outperformed the S&P 500 index for 15 consecutive years from 1991 to 2005, suffered a tragic defeat during the 2008 financial crisis, and was once described by the market as \"no guarantee in the late festival\".Another example is Janus, a mutual fund company (two-faced god in ancient Roman mythology). From the end of 1998 to March 2000, it grew from the 20th largest mutual fund company in the United States to the fifth largest, and its scale expanded from US $3 billion to 300 billion in just ten years. Even Clinton, the former president of the United States, entrusted his personal account to Janus.However, with the bursting of the Internet bubble, the net value of some of its fund products suddenly plummeted by two-thirds, and the myth of \"two-faced gods\" was wiped out. Like ARK, Janus happens to have a soft spot for technology stocks and small-cap stocks, and he also happens to be a confident posture of looking to the future and striking hard once he is optimistic.So will today's ARK become the next two-faced god? Will today's Wood be the next Miller to fall from the altar? Or will they become the next Tesla and Musk to weather difficult times and truly stand at the center of industry change?More than two years ago, Musk took a sip of marijuana and a sip of alcohol on the show, frowning through Tesla's most difficult days. Now, is Wood also ushering in such a time?Then, Musk really became a disruptor in the automotive field, and traditional car companies had to turn around and catch up. Will Wood clear the clouds like this?Will there be more ARK on Wall Street? Is a more transparent, open and dynamic asset management industry taking shape?Obeying God's word, Noah built the ark, which survived the great flood that year. God said, \"When I make clouds cover the earth, there will be a rainbow in the clouds\".Now \"following the entrustment of the Holy Spirit\", Wood has also reached its seventh year of building ARK. The great flood has turned into a storm in the financial market, and clouds and mist have blocked the view. Can Wood lead the whole ship over the flood and really set off the wind of industry change? Can she see the rainbow from God?","source":"wallstreetcn_api","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>The woman who \"allocates funds for God\"!</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\">\nThe woman who \"allocates funds for God\"!\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-03-29 12:25\n\n</h4>\n</header>\n<article>\n\"Sister Wood\" Cathie Wood: Give me some fulcrums and let me shake the whole world. It's hard to imagine such a pattern that shakes the market:She invests<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, betting that it will subvert the automotive field; She invested in Bitcoin, betting that it would overturn the monetary system; She prepares a space fund and looks at the future of Mars; She invests in streaming platform Roku, mobile payments company Square, 3D printing company<a href=\"https://laohu8.com/S/SSYS\">Stratasys</a>, they are at the forefront of technological progress and jointly move the lever of contemporary life change.She said to give me a few fulcrums and let me pry the whole world.She is betting on disruptors from all walks of life, and she is also at the center of the storm in the asset management industry. Born on Wall Street, she abandoned tradition, ignored \"discipline\", and finally embarked on a deviant investment path. Today, she once enjoyed infinite scenery and was questioned. When a building overturns or overnight, as many people have seen it rise, as many people want to see it overturn.To ask how it all started, Cathie Wood, the founder of ARK Invest and now a household name \"Queen of the Bull Market\" of the year, who is over 65 years old, sat in a comfortable seat, stroked her shoulder-length taupe hair, steadied her iconic black-rimmed glasses, and slowly recalled that summer afternoon many years ago:<img src=\"https://static.tigerbbs.com/1c69c183f3df90b688867160c4eb35b5\" tg-width=\"795\" tg-height=\"441\" referrerpolicy=\"no-referrer\">It was a beautiful summer day, and I came home surrounded by a strange silence. Three kids had gone to Christ Camp, among other things, and it dawned on me that I was going to spend the next two weeks alone. I've been separated from these days for too long. Walking into the kitchen, I was neither happy nor sad, just in a trance … until a sudden shake cut through the air, and I seemed to hear the Holy Spirit speaking to me-\"Come, open your plan.\" I heard him say. She said, look, you have been studying disruptive innovation all your life, so why not try to subvert your own industry? Why not revolutionize it with new technology? Why not bring the new idea to the public and spread it on social media? Why not call competitors and collide with the sparks of thinking together? He said so, and I did so. \"She said so, and I did so.\" So in 2014, 57-year-old Wood resigned from the famous asset management giant Alliance Bernstein and founded this asset management company of his own, named it after the ARK of Holy Relics (ARK) in the Bible.Just as the Israelites in the Old Testament fought with the ARK of the Covenant and believed that God was with the ARK of the Covenant, this devout Catholic firmly believed that ARK was destined to invest its capital in innovation, in the future, and in the \"handwriting of God\", which was in fulfilling the mission entrusted by God.Nowadays, many Chinese media have translated ARK as \"ARK\". Although it is not Wood's original intention, it also has the charm of \"bearing the destiny of the world\".<img src=\"https://static.tigerbbs.com/e2ef328f314a2d1785b3d3ba7f27e1f1\" tg-width=\"641\" tg-height=\"361\" referrerpolicy=\"no-referrer\">The Image of the \"Ark of the Covenant\" in the BibleSix years later, 2020 is undoubtedly a historic year for ARK. The epic fluctuations in March were like a trumpet. The U.S. stock market that hit the epidemic fully recovered from the central bank's flood release. ARK became the number one beneficiary of this round of bull market because it had previously bought technology stocks and small-cap stocks under the banner of \"disruptive innovation\". Its ETFs won the annual first, second and third place among national funds. The average annual return of the five best-performing ETFs reached 141%, and the maximum scale increased by more than 10 times, as if God had finally given grace to its loyal believers.However, the time has come to February this year again. ARK, which was still prosperous at the beginning of the month, plunged all the way with the decline of technology stocks at the end of the month. More and more questioning voices began to emerge. People say, will Wood repeat the mistakes of a large number of star fund managers during the Internet bubble in 1990s? First they took off, and then they fell into defeat as the bubble burst.Amid the ups and downs, reports on ARK and Wood himself have been overwhelming for months.People later found that this \"Queen of the Bull Market\" who claimed to allocate capital for God was either a \"missionary\" master in the faith world and a flower in the fund world, or she might really be a subverter who was born in the asset management industry and a \"prophet\" who heralded the future innovation direction.A traveling childhood curious childTo really trace Wood's soft spot for new things, we may have to start with her unstable childhood.In 1955, Wood was born in a Catholic immigrant family in Los Angeles, USA. He recited scriptures and went to church since childhood. Her parents are both from Ireland, and her father served in the Irish Army and the United States Air Force before becoming a successful radar systems engineer.Because of my father's work, I often have to move my family from one military base to another.As a child, Wood never stayed anywhere for a long time. At the age of 12, he had moved ten times.Fortunately, probably inheriting his mother's lively and open-minded personality, Wood didn't feel too uneasy about the frequent changes around him. Instead, he constantly became curious about life in generate from adapting to the new environment and exploring new things.When she grew up a little, like many children from immigrant families, she began to receive a good education and gradually showed her talent in learning. After graduating from high school at Notre Dame College, in 1981, she graduated with honors and cum laude with a bachelor's degree in financial economics from the University of Southern California (USC).At the beginning of his promotion to Southern California, Wood's vision of the future was also vague. In the two years before choosing a major in her junior year, she worked in a supermarket to earn tuition fees, while thinking about possible further study directions: geology, astronomy, engineering... It seems that many can be tried, but none of them can be said to be a firm choice.Until one semester, at his father's suggestion, Wood first tasted macroeconomics-the wonderful thing about fate is that at that moment, his whole heart and soul tells you that it is it.Wood was deeply fascinated by the \"grand views\" born from economic activity and above the micro and concrete-the \"grand views\" that were distant, overview and pointed straight to the future. According to her own account, she found how damningly fascinating macroscopic research was, and it was more important to make people boldly imagine how the world would work in the future than to study existing theories.Looking back, this was the first time that his preference for the unknown had helped Wood make an important life choice in a way that hit him directly on the forehead.Learning from a famous family allowed Wood to walk faster than others on this road. Her mentor, economics professor Arthur Laffer, is the author of the famous \"Laffer Curve\".Although he was an undergraduate, Wood still took part in the graduate courses he taught, and was highly valued for his excellent endowment.<img src=\"https://static.tigerbbs.com/fcf68e0010cae1663dd31058f8a34c7e\" tg-width=\"1000\" tg-height=\"563\" referrerpolicy=\"no-referrer\">Wood and Laffer on the NYSE rostrum on October 21, 2014 Source: Investors' Business DailyYoung Chief: On the Other Side of the ConsensusAlso under the help of Laffer, at the age of 22, Wood joined the traditional asset management giant Capital Group as an assistant economist and started her career.In 1980, she moved to New York by chance and became the chief economist of Jennison Associates, an investment advisory firm.That is to say, in just three years, Wood went from assistant to chief at the age of 25.At the beginning of her big responsibility, the American economy is also undergoing great changes.In the early 1980s, the United States was in the abyss of high stagflation. While production declined and unemployment soared, prices generally rose sharply instead of falling, resulting in a rare situation of high inflation, high unemployment and low economic growth. At that time, Paul Volcker, the newly appointed chairman of the Federal Reserve, tried to shrink the money supply to combat high inflation, but with little success.<img src=\"https://static.tigerbbs.com/f1b08eb3a10fa740d150c2486a9ea158\" tg-width=\"715\" tg-height=\"337\" referrerpolicy=\"no-referrer\">U.S. inflation rose to a high point in 1980Against this background, a group of the most authoritative economists in the United States at that time, such as \"Dr. Doom\" Henry Kaufman and Milton Friedman, desperately believed that inflation had become the norm and deeply ingrained.Wood thinks otherwise,Interest rates and inflation have peaked, she insists.Jennison's co-founder Spiros Segalas and Wood were both teachers and friends. During that time, he often invited these academic celebrities to the company to share their predictions, and for the purpose of training, testing, or communication, Wood stood on the \"opposite side\", argue with them one-on-one.On the one hand, there are veterans who have been in the Jianghu for many years and have a huge camp, and on the other hand, there are minority players who have just become the chief and seem to have no experience just by their age.We can't know whether the \"Kaufmans\" are seriously participating in this academic confrontation, or performing with the mentality of teaching younger generations, but the facts finally proved that Wood's judgment was very accurate. After the Reagan administration came to power in 1980, inflation and interest rates were well controlled, falling all the way from the peak.After witnessing many debates, Segalas made this evaluation of Wood:A lady with incredibly strong convictions. She's the sharpest one so far.Wood later said that it was those days that really shaped her ability to go her own way and challenge authority, and made her deeply aware of the need to always be alert to those so-called \"consensus\", which seemed irrefutable, but often had room for discussion-And those behaviors that violate the \"consensus\" may have great potential.Looking back on the past of the newborn calf decades later, Wood will find that when he made this accurate prediction, he was standing at the intersection of himself and history.Once interest rates fall, what will follow will be a 40-year bull market in technology stocks, and she will soon participate in it, fighting with the same \"maverick\" attitude for several years until it makes a storm. By then, she will \"disobey\" not the \"Kaufman\" of several academic circles, but the whole Wall Street.She didn't expect this at that time.Moving to Stocks: Looking for Scraps Under the TableAll she can smell is that the wind is going to blow in tech stocks for a while. Lower interest rates have brought more room for growth to technology companies that have been hit hard before. Wood, who has loved astronomy and engineering, quickly decided to get on this bus.So in 1985, she shifted from macro to stock research at Jennison, and in 1990, she also served as the company's portfolio manager, always focusing on technology stocks.<img src=\"https://static.tigerbbs.com/3ab2a3e6a38a1e6cadb57da984a401bb\" tg-width=\"768\" tg-height=\"615\" referrerpolicy=\"no-referrer\">Wood in his youthCredit: Jesus CallingAmid the hustle and bustle of tech stocks, she left the big army again.Unlike interest rate forecasts, this time, the belief of violating consensus and looking for new things really \"actively\" played a role.Wood asked himself as soon as he came up, other analysts must have studied all the good technology stocks for a round, and they will not let go of any of them, so what is left? What is left for me? Which are my stocks?She immediately had the answer.So, with great tendency and even paranoia, Wood began to try to find two types of stocks:<ul><li>Those areas that are too advanced, so advanced that people haven't paid attention to it and have no time to swarm;</li><li>Certain stocks lie at the intersection of multiple industries without analysts following up on any side. Wood believes that this is likely to be where innovation is also born.</li></ul>She describes herself as \"a puppy looking for scraps under the table\".She said, \"When analysts and fund managers agree that certain stocks are insignificant or don't fit perfectly into any portfolio, they usually look twice.\" They may be temporarily undervalued, but over time, Exponential growth may explode.When studying stocks, Wood has no fixed procedures or routines at all.Just greedily absorbing all the information he can touch, digesting and judging it.Incumbent<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Lisa Shalett, chief investment officer who worked with her for a while, recalled:\"Cathie's curiosity seems to be never satisfied. She eagerly absorbs research results from various channels, large and small, and works tirelessly 24 hours a day to ensure that the team has the most in-depth research and generates the most unique opinions.\"Sometimes she even listened to what her intuition said.For example, when investing in Reuters, it is generally difficult for people to understand this business model of \"publishing databases\"-collecting data from financial companies and then selling all the data back to them. What is this?Wood can't say it well herself, but she thinks this model is very innovative. She later recalled: \"At that time, I just thought it was doing something big. Now we know that this is the epitome of today's Internet concept.\"As we will see later, this \"reckless\" investment style has been retained by Wood to this day.In this way, Wood stayed at Jennison for 18 years. In the remaining years, while raising her three children, she went further and further on the road of stock research, and also became more and more sophisticated in her unique stock selection doorway.<img src=\"https://static.tigerbbs.com/7db68c3edd34e7c90a2ace397b8ebc1c\" tg-width=\"768\" tg-height=\"512\" referrerpolicy=\"no-referrer\">Wood and kidsCredit: Jesus CallingAfter Wood left Jennison in 1998, he first worked as a limited partner at the hedge fund Tupelo Capital for three years. In 2001, he officially joined AllianceBernstein as a fund manager and special research strategist. With a management scale of US $5 billion, Wood continued to concentrate on the stock field at AllianceBernstein, starting another career stage that lasted for 12 years.At that time, she didn't realize that with the financial turmoil, this period of time would be a key turning point for her self-reliance in the future.Get rid of traditional self-establishmentAt AllianceBernstein, Wood continues his consistent investment style, taking the path of high-growth, high-risk, and small-cap stocks. Since the second half of 2002, the U.S. stock market has been in a bull market, and Wood's investment portfolio has also performed quite well.But two things that happened then gave her the idea of getting rid of the traditional fund investment analysis framework.First, in 2006, the real estate bubble in the United States had reached a very high level, and various contradictory signals began to appear in the market. Wood predicted that the bubble would burst soon. She immediately reduced her portfolio positions significantly.However, the feast of subprime mortgages continued for more than a year. The price of waking up too early was that Wood's yield that year was only 5%, underperforming the broader market (12%-13%) by nearly 1,000 basis points.Wood was devastated. And when she told her mentor in the Catholic Church about this story and sought an explanation from him, the mentor left a meaningful remark, which completely reversed her original perspective: You can't worship any idol, but now the market benchmark has become your idol.The next year, Wood made up for most of the losses, but recalled the words of her mentor in prayer and meditation, saying that sheThe sudden realization that the success of index investing belongs to the past, and God doesn't want us to stay in the past, He wants us to enter a new creation.From then on, a thought gradually became deeply rooted in Wood's mind-To change the original investment method, the real mission of investment is to move towards the future guided by God and to allocate capital for God.The time came to the 2008-09 financial crisis, and the high-risk investment strategy made Wood's fund's pullback/retracement significantly greater than the market level during the U.S. stock market crash. AllianceBernstein couldn't stand it anymore and asked Wood to add indexes such as the S&P 500 to his holdings to reduce volatility.But this time, Wood doesn't want to be subject to so-called market \"benchmarks\" anymore.She retorted bluntly: \"I think we believe in the benchmark investment method too much and invest too little in innovation. Now the price of some innovative companies in the public market is even only 10% of that in the private market, which is a huge opportunity!\"These two events were like a prelude to ups and downs, which eventually led Wood in the same direction: in 2014, Wood quit his stable job at AllianceBernstein and set out to build his own startup.She realized that if she wants to truly get rid of the constraints under the investment framework of traditional fund companies, truly practice a set of her own standards and investment philosophies, and boldly invest money in innovative fields, she can only stand on her own feet.The era of ARK begins.Deviant ARKTherefore, it can be said that ARK was born from the very beginning to bypass the rules and regulations of traditional asset management, and naturally it is not the same path as everyone.Wood, who no longer depended on others, released it to the limit and went further and further in the deviant direction.She drew a clear line with traditional asset management in one sentence:\"What we really want to do is encourage new creation, God's new creation.We need to allocate capital where it can be most efficient and useful-those transformative technologies that are expected to change and improve the world. And they, those other fund operators, just invest their money in the past, which is the safest path. \"\"We\", and \"They\"-on the one hand, they are challenge-free, transformative, pioneering, connecting to the future, and distributing assets for \"God's creation\"; On the other hand, it is safe, turning over old scores, turning a blind eye to emerging technologies, and having no self-motivation and sense of mission at all.Which side do you choose, she asked?Naturally, the words are not just talk,Wood's \"three fires for new officials\" continue to this day.OneJust like the plan Wood claimed to have planted by the Holy Spirit in his heart that summer afternoon, since its establishment, ARK's mission has been to target its investment in those disruptive technologies that are beginning to bloom.Many emerging companies that scoff at traditional funds are greatly encouraged, which is completely different from the latter's investment strategy of fearing volatility and stabilizing returns.Tesla is probably the most famous and successful example of them all.Wood invested in Tesla five years ago, when it was around $50, and Tesla has been ARK's largest holding for the past three years. Wood believes that Tesla is such a company \"located at the intersection of multiple industries\", integrating<a href=\"https://laohu8.com/S/300024\">Robot</a>, artificial intelligence, and energy storage all in one, traditional automotive analysts \"don't know what to do.\"When Tesla's stock price hovered at $320 in August 2018, Musk once considered taking the company private and buying back all shares at a price of $420 per share.Wood was the 1% voice when 99% of the market was bearish on Tesla。 She immediately sent an open letter to Musk, predicting that Tesla's stock price would reach a maximum of $4,000 within five years, and opposed its privatization of the company.Since that open letter, Tesla has released Model 3, and its stock price has soared from US $320 to US $3,500 (adjusted according to a 1-to-5 stock split ratio). Wood's unique vision has also been verified.According to ARK's 2021 investment report, in addition to Bitcoin and electric vehicles, Wood is now focusing on many emerging fields such as deep learning, new generation gene sequencing, and data center re-creation. As always, he is not hesitant to pay attention to these symbols of disruptive innovation. vocabulary put into infinite enthusiasm.<img src=\"https://static.tigerbbs.com/736971a7c4e609eeaee76c1d1f93c2c0\" tg-width=\"775\" tg-height=\"1072\" referrerpolicy=\"no-referrer\">Source: Alotta MoneySecond, as Wood imagined, ARK never sticks to traditional indicators and rules from analysts themselves to investment strategies, and is full of wild ways, but it is beautiful.Traditional ETFs mainly invest passively in indexes, while Wood's ETFs adopt active stock selection and active management strategies, which is very rare. Even today, when active ETFs are becoming more and more popular, they only account for 3% of the total assets of US ETFs.. As mentioned earlier, Wood dislikes indexes very much, thinking that they measure past achievements.Her employees are also completely different from traditional funds, with more than 30 employees in total, few with Wall Street backgrounds or MBA degrees, and most of them are professionals in different industries-cancer scientists, artificial intelligence analysts, game engineers, and even captains. They don't understand moving averages, they don't understand momentum indicators, and some don't even use Bloomberg terminals.Wood doesn't care about this. What she likes is professionalism in different backgrounds and fields.She also seems to believe in the idea of \"philosophy comes from the cafe\" very much, and manages the company in a very relaxed mode. The office on East 28th Street in Manhattan has no cubicles. Next to the bar-style high chairs, all the tables are surrounded in a circle, and the staff move around freely, communicate and talk, ready to exchange ideas at any time.Third, traditional asset management companies always love to hide their \"exclusive information\", but ARK is completely different. Wood's attitude is: transparent and open, and \"information attracts information\".ARK's weekly \"brainstorming\" sessions can be attended by anyone, including industry experts and competitors. Teams can share research results and cooperate with scientists, engineers, doctors and other experts, which is illegal in many traditional fund companies and will be expelled.Not only that, Wood will also publish free research reports on social platforms such as Reddit forums, announce changes in positions every day, and even personally discuss investment targets with netizens, which has accumulated a large number of loyal fans for him. She believes that this helps ARK reflect on where there are disagreements or misunderstandings with the market and better understand what is happening in the world.Investing in ARK = believing in God and the future?The so-called deviant, people either regard him as a genius or laugh at him as a madman. The success of investing in Tesla is like a shot in the arm, making more people willing to believe that Wood belongs to the former.So these three fires have somewhat buried a bit of fanaticism in the hearts of fans. It seems that Wood has guaranteed the unlimited innovation prospects of his stock pool-here at ARK, as long as you pay the time cost, you can get money returns.But more importantly,The above sentence, which is run through the concepts of God, faith, future, unloads the cliché cloak and sounds impassioned and inspiring.Think about it, investing in ARK is linked to believing in the future.If Buffett and Munger's version of value investing is regarded as the king of empiricism, then ARK's vigorous statement is somewhat metaphysical.Generally speaking, people are still fantastical animals, and they are always easy to believe in illusory things. You can not believe in Tesla or Bitcoin, but do you believe in technology and the development of technology? You can not believe in ARK, but do you believe in \"God's mission\"? You say you are not a Christian, do you believe in the future? When ARK vows to paint the future, can you shout the same volume and retort, \"The future is not the case?\"After all, the Tesla, which everyone calls a liar, really did it, didn't it? It subverted the whole automobile industry, from metals to energy-and what about Bitcoin? So what about ARK that is optimistic about Tesla all the way to the present?The power of this set of thinking is much greater than imagined.Even if they suffer some hardships on the way, such as the net worth plummeting by 30 points or something... Some investors will feel that they are paying for the future. There are two roads in the forest, and they choose the one full of thorns. The one who persists until the end laughs the loudest.<img src=\"https://static.tigerbbs.com/eaf28c6de9e5b0e0e414e8b6c9db7dd0\" tg-width=\"1174\" tg-height=\"400\" referrerpolicy=\"no-referrer\">As of 3/8, ARK's five best-performing ETFs have fallen by nearly 30 points on average from their highs. The picture shows the net value curve of the flagship fund ARKKBut it is true. Who can tell the future? Can a limited wallet really pay for unlimited beliefs? Even if this is the case in the future, how far into the future will it be?For example, what will be the outcome of this year?2021 has undoubtedly been a year of severe challenges for ARK. The turbulent months have passed, and the inextricable connection between ARK, Tesla, and Bitcoin has almost created a \"trinity\" risk pattern. At the end of last year, Wood also told the media that he is determined to invest investors in the next five years. The money has tripled, but unexpectedly, only two months after entering 2021, the stock price has begun to turn downward, with a bad start.The love of small-cap stocks has always been a big hidden danger. For example, some analysts gave an example. 20 of the targets held by ARK's ARKG fund exceed 5% of the circulating share capital, accounting for 45.45% of all targets held. ARK has become the largest shareholder of many targets. Once the market environment is not good or The sector's popularity declines, the net value of the fund may experience a sharp drop caused by negative superimposed liquidity risks.In panic, people once again recalled the U.S. stock market in the 1990s-the high-rise building made of bubbles collapsed overnight, and a group of newly rising \"asset management stars\" were buried under the ruins.For example, Bill Miller, a star fund manager who outperformed the S&P 500 index for 15 consecutive years from 1991 to 2005, suffered a tragic defeat during the 2008 financial crisis, and was once described by the market as \"no guarantee in the late festival\".Another example is Janus, a mutual fund company (two-faced god in ancient Roman mythology). From the end of 1998 to March 2000, it grew from the 20th largest mutual fund company in the United States to the fifth largest, and its scale expanded from US $3 billion to 300 billion in just ten years. Even Clinton, the former president of the United States, entrusted his personal account to Janus.However, with the bursting of the Internet bubble, the net value of some of its fund products suddenly plummeted by two-thirds, and the myth of \"two-faced gods\" was wiped out. Like ARK, Janus happens to have a soft spot for technology stocks and small-cap stocks, and he also happens to be a confident posture of looking to the future and striking hard once he is optimistic.So will today's ARK become the next two-faced god? Will today's Wood be the next Miller to fall from the altar? Or will they become the next Tesla and Musk to weather difficult times and truly stand at the center of industry change?More than two years ago, Musk took a sip of marijuana and a sip of alcohol on the show, frowning through Tesla's most difficult days. Now, is Wood also ushering in such a time?Then, Musk really became a disruptor in the automotive field, and traditional car companies had to turn around and catch up. Will Wood clear the clouds like this?Will there be more ARK on Wall Street? Is a more transparent, open and dynamic asset management industry taking shape?Obeying God's word, Noah built the ark, which survived the great flood that year. God said, \"When I make clouds cover the earth, there will be a rainbow in the clouds\".Now \"following the entrustment of the Holy Spirit\", Wood has also reached its seventh year of building ARK. The great flood has turned into a storm in the financial market, and clouds and mist have blocked the view. Can Wood lead the whole ship over the flood and really set off the wind of industry change? Can she see the rainbow from God?\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3623490\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1c69c183f3df90b688867160c4eb35b5","relate_stocks":{"ARKF":"ARK Fintech Innovation ETF",".DJI":"道琼斯","ARKK":"ARK Innovation ETF",".SPX":"S&P 500 Index","TSLA":"特斯拉",".IXIC":"NASDAQ Composite"},"source_url":"https://wallstreetcn.com/articles/3623490","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2123790280","content_text":"“木头姐”Cathie Wood：给我几个支点，让我撬动整个世界。很难想象这样一番撼动市场的格局：她投资特斯拉，赌它颠覆汽车领域；她投资比特币，赌它掀翻货币体系；她筹备太空基金，放眼火星未来；她投资流媒体平台Roku、移动支付公司Square、3D打印公司Stratasys，它们走在技术进步的前沿，共同拨动着当代生活变革的杠杆。她说给我几个支点，让我撬动整个世界。她将赌注下在各行各业的颠覆者上，自己也站在资管业风暴的中心。生于华尔街，她却抛弃传统，不顾“纪律”，最终走上一条离经叛道的投资之路，时至今日，一度风光无限，又备受质疑。楼之倾覆或在一夜之间，多少人看过它高楼起，就多少人想看它楼倾覆。而要问这一切是如何开始的，ARK Invest的创始人、这位如今家喻户晓的年度“牛市女皇”——年过65岁的伍德女士（Cathie Wood），坐在某张舒服的座椅上，捋了捋及肩的灰褐色长发，扶稳了她的标志性黑框眼镜，徐徐回忆起多年前那个夏天的午后：那是个美丽的夏日，我回到家里，周围是一片陌生的静寂。三个孩子去基督营了，还有别的什么活动，我突然意识到，接下来两周我都要一个人度过了。我和这样的日子分别太久了。走进厨房，我既不快乐也不悲伤，只是有些恍惚……直到一阵突如其来的撼动划破空气，我仿佛听到圣灵在对我说话——“来吧，开启你的计划。”我听到他说。她说你看，你一辈子都在研究颠覆性创新，何不试着颠覆下自己的行业呢？何不用新的技术革新它？何不将新的想法公之于众，用社交媒体传播它？何不叫上竞争对手，一起碰撞思维的火花？他这样说，我遂这样做了。“她这样说，我遂这样做了”，于是2014年，57岁的伍德从大名鼎鼎的资管巨头联博（Alliance Bernstein）辞职，创立了这家属于自己的资管公司，并以《圣经》中圣物约柜（ARK）的名字为它命名。正如旧约时代的以色列人带着约柜征战，相信神与约柜同在一样，这位虔诚的天主教徒坚信，ARK注定要将资本投向创新，投向未来，投向“神的手笔”，这是在完成上帝交托的使命。现在很多中文媒体都将ARK译作“方舟”，虽非伍德本意，却也颇有其自视“身负世界命运”的神韵。《圣经》中的“约柜”形象六年过去，对ARK来说，2020年无疑是历史性的一年。3月的史诗级波动如一声号响，撞上疫情的美股在央行大放水中全面复苏，ARK则由于此前打着“颠覆性创新”的旗号狂买科技股和小盘股，成了本轮牛市的头号受益者，旗下ETF包揽全美基金年度冠亚季军，5只表现最好的ETF年度回报平均达141%，规模最高涨超10倍，仿佛神终于为其忠实的信徒降下恩典。不过时间又来到今年二月，月初还风光无限的ARK，到了月底就随科技股下跌一路俯冲。越来越多质疑的声音开始涌现。人们说，伍德是否将重蹈上世纪90年代互联网泡沫时期那一大批明星基金经理的覆辙？他们先是飘飘然起飞，又随着泡沫破裂摔得一败涂地。大起大落之中，几个月来，有关ARK和伍德本人的报道铺天盖地。人们后知后觉地发现，这位自称替上帝配资本的“牛市女皇”，要不就是信仰界的“传教”高手、基金界的昙花一朵，要不，就可能真是资管业横空出世的颠覆者、是预示未来创新方向的“先知”。游历的童年 好奇的孩子真要追溯伍德对新生事物的情有独钟，可能还得从她不算安定的童年讲起。1955年，伍德出生在美国洛杉矶的一个天主教移民家庭，从小诵经读卷，去教堂做礼拜。她的父母都来自爱尔兰，父亲曾经在爱尔兰陆军和美国空军服役，后来成为了一名成功的雷达系统工程师。由于父亲工作的缘故，经常需要带着全家从一个军事基地搬到另一个基地，小时候的伍德从没在哪个地方待过很久，12岁就已经搬了十次家。好在，大概是继承了母亲活泼开明的个性，伍德并未对周遭频繁的变动感到太多不安，反而从适应新环境和探索新事物中，不断迸发出对生活的好奇。略微长大之后，和许多移民家庭的孩子一样，她开始经受良好的教育，并在学习上逐渐显露出天赋。圣母学院高中毕业后，1981年，她在南加州大学（USC）获得金融经济学学士学位，以优异的成绩荣誉毕业。升入南加大的最初，伍德对未来的设想也很模糊。大三选专业前的两年时间里，她一边在超市打工赚着学费，一边思忖着可能的进修方向：地质学、天文学、工程学……似乎很多都可以尝试，但又没有哪个说得上是多么坚定的选择。直到某一学期，在父亲的建议之下，伍德初尝到了宏观经济学的味道——命运的神妙之处就是在那一刻，全身心的感应都告诉你：就是它了。伍德深深地着迷于那些从经济活动中诞生，而又凌驾于微观和具体之上的“宏大观点”——遥远的、纵览全局的、直指未来的“宏大观点”。按照她自己的说法，她发现宏观研究是多么该死的迷人，让人大胆地畅想，畅想未来世界运转的方式，比起研究那些已经存在的理论，这是更加要紧的事。回头来看，这是头一回，那股对未知事物一脉相承的偏爱，以一种直击脑门的方式，帮伍德做了一个重大的人生抉择。师从名门让伍德在这条路上比其他人走得更快了些。她的导师——经济学教授Arthur Laffer正是著名的“拉弗曲线”的提出者。虽是本科生，伍德仍然参加了他教授的研究生课程，凭借着优秀的禀赋深得器重。2014年10月21日，Wood和Laffer在纽交所主席台上亮相 图源：Investors’Business Daily年轻的首席：站在共识另一边也是在拉弗的牵线下，22岁时，伍德进入传统资管巨头Capital Group就任助理经济学家，开启了她的职业生涯。1980年，她又在一次偶然机遇下移居纽约，成为了投顾公司Jennison Associates的首席经济学家。也就是说，仅仅三年，伍德就在年仅25岁之时从助理做到了首席。正值她初担大任之际，美国经济也正经历一番风起云涌的巨变。20世纪80年代初的美国正处于高度滞胀的深渊，生产下降和失业率猛增的同时，物价不但没有下跌反而普遍大幅上涨，出现了高通胀、高失业和低经济增长并存的罕见局面。当时美联储新上任的主席保罗·沃尔克试图缩减货币供应来对抗高企的通胀，但始终收效甚微。美国通胀在1980年升至高点这一背景下，“末日博士”亨利·考夫曼和米尔顿·弗里德曼等一批当时美国最具权威性的经济学家都绝望地认为，通货膨胀已经成为常态，根深蒂固了。伍德则认为不然，她坚持，利率和通货膨胀已经见顶。Jennison的联合创始人Spiros Segalas与伍德亦师亦友，那段时间，他经常邀请这些学界知名人士来公司分享他们的预测，又出于或训练、或考验、或交流的目的，让伍德站在“反方”，跟他们一对一辩上一辩。一边是江湖多年、拥有庞大阵营的老将，一边是刚刚做上首席、单看年龄就好像没什么经验的少数派选手，我们无法知道“考夫曼们”究竟是在认真参与这场学术对垒，还是抱着指教后辈的心态倾情演出，但事实最终证明，伍德的判断十分准确，1980年里根政府上台后，通胀和利率得到了不错的控制，从高峰一路下跌。目睹了许多场辩论之后，Segalas对伍德做出这样的评价：一位有着不可思议坚定信念的女士。她是目前为止最犀利的一个。伍德后来说，正是那段日子真正塑造了她自行其是、挑战权威的能力，让她深刻意识到，要时刻警惕那些所谓的“共识”，它们看似不容辩驳，却往往有可商榷的空间——而那些有违“共识”的行为，反而可能有巨大的潜力。几十年后回首初生牛犊的往昔，伍德会发现，自己做下这一精准预测之时，正站在自身和历史转折交汇的当口。利率一经回落，随之而来的将是一场长达40年的科技股牛市，而她不久后将参与其中，以同样“特立独行”的姿态战斗数年，直到掀起一番风浪。届时，她将“忤逆”的不再是几位学界的“考夫曼”，而是一整个华尔街。那时的她并未料到这一点。转战股票：在桌子底下寻找残羹剩饭她能嗅到的只是，科技股的风要刮上一阵子了。利率下行为之前深受冲击的科技公司带来了更多成长空间，伍德本来就热爱天文学和工程学，很快决定得坐上这班车。于是1985年，她在Jennison从宏观转向股票研究，1990年又兼任该公司的投资组合经理，始终聚焦科技股领域。年轻时的伍德 图源：Jesus Calling在科技股熙熙攘攘的人潮中，她又一次离开了大部队。和利率预测时不同，这一次，违背共识、寻找新事物的信念真正“主动”发挥了作用。伍德一上来就问自己，别的分析师肯定把不错的科技股都研究过一轮了，一个也不会放过，那还剩下什么？留给我的是什么？哪些是属于我的股票？她随即有了答案。于是，极具倾向性、甚至有些偏执地，伍德开始努力寻找两类股票：那些过于超前，超前到人们还没引起重视、还来不及一拥而上的领域；某些股票位于多个行业的交汇处，而没有任何方面的分析师跟进。伍德认为，这很可能也是创新诞生的地方。她将自己形容为“一只小狗，在桌子底下寻找残羹剩饭”。她说，“当分析师和基金经理都认为某些股票不足挂齿，或无法完美地融入任意一个投资组合中时，通常得多看两眼”，它们可能暂时被低估，但随着时间推移，可能爆发指数级的增长。研究股票时，伍德没什么固定的程序、套路可言，只是贪婪地汲取着所能触及的所有信息，加以消化和判断。现任摩根士丹利首席投资官的Lisa Shalett曾同她工作过一段时间，回忆说：“Cathie的好奇心像是永远得不到满足，她如饥似渴地吸收来自大大小小各类渠道的研究成果，一天24小时不知疲倦地工作，以确保团队拥有最深入的研究，生成最独到的观点。”有时候，她甚至会听一听直觉讲的话。比如投资路透社（Reuters）时，人们普遍很难理解这种“出版数据库”的商业模式——从金融公司收集数据，再把数据全部卖回给它们，这算什么呢？伍德自己也说不好，但她认为这种模式非常创新。她后来回忆说：“当时只是觉得它在干件大事，现在我们知道了，这正是当今互联网概念的缩影。”我们后面会看到，这种“肆意妄为”的投资风格，一直被伍德保留到了今天。就这样，伍德在Jennison一待就是18年。余下的几年时光，她一边将三个孩子抚养长大，一边在股票研究的道路上越走越远，也在其独特的选股门道上越走越精。Wood和孩子们 图源：Jesus Calling1998年，伍德离开Jennison后，先是在对冲基金Tupelo Capital做了3年的有限合伙人，2001年正式加入联博，担任基金经理和专题研究策略师。揣着50亿美元资金的管理规模，伍德在联博继续潜心股票领域，开启了长达12年的又一个职业阶段。那时她尚未意识到，伴随着一阵金融风暴的来袭，这段岁月将成为其日后自立门户的关键转折。摆脱传统 自立门户在联博，伍德延续一贯的投资风格，走着高增长、高风险、小盘股的路径。2002年下半年开始，美股正值一轮牛市，伍德的投资组合也表现得相当不错。但随后发生的两件事，让她萌生了摆脱传统基金投资分析框架的想法。先是2006年，美国房地产泡沫已经达到了相当高的水平，市场上开始出现各种各样矛盾的信号，伍德预计泡沫不久就会破裂。她随即大幅降低了投资组合的头寸。然而次贷的盛宴又继续了一年多，清醒得太早的代价是，伍德当年的收益率仅5%，跑输了大盘（12%-13%）将近一千个基点。伍德深受打击。而当她对天主教会的导师诉说这件事，向其寻求开解的时候，导师留下一句意味深长的话，完全扭转了她原先看问题的角度：你不能崇拜任何偶像，而现在，市场基准却成了你的偶像。第二年，伍德弥补了大部分损失，但在祈祷和冥想中回味起导师的话，她说自己突然意识到，指数投资的成功属于过去，而上帝并不希望我们停留在过去，他希望我们进入新的创造。从这时起，一个念头逐渐被深耕在伍德心里——要变革原有的投资方式，投资的真正使命是要走向上帝所指引的未来，是要替上帝分配资本。时间到了08-09年金融危机，高风险的投资策略使得伍德的基金在美股崩盘中，回撤明显大于市场水平。联博看不下去了，要求伍德在持仓中加入标普500等指数来减小波动性。但是这一次，伍德不愿再受制于所谓的市场“基准”了。她直截了当地反驳道：“我认为我们太过信奉基准投资法了，针对创新领域的投资则太少。现在有些创新公司在公开市场的价格，甚至只有私募市场的10%，这是个巨大的机会！”这两件事如一段抑扬顿挫的前奏，最终将伍德引向了同一个方向：2014年，伍德辞去了联博收入稳定的工作，着手建立属于自己的初创公司。她意识到，想要真正摆脱传统基金公司投资框架下的束手束脚，想要真正践行一套自己的标准和投资理念、大胆把钱投在创新领域，那就只有自立门户。ARK的时代就此开始了。离经叛道的ARK因而可以说，ARK从最开始就是为了绕开传统资管的条条框框而生的，自然和大家走的不是一条路子。不再寄人篱下的伍德，将其不拘一格释放到极限，向着离经叛道的方向越走越远。她用一句话就和传统资管划清了界限：“我们真正要做的是鼓励新的创造，上帝的新创造。我们要将资本配置到它能发挥最高效益的、最有用的地方——那些有望改变世界、改善世界的变革性技术之上。而他们，那些其他的基金业者，只是把钱投向过去，那是最安全的路径。”“我们”，和“他们”——一边是无惧挑战的、变革性的、先锋的、连接未来的、为“神的创造”分配资产的；另一边，是安全的、翻旧账的、对新兴技术视而不见的、毫无上进心和使命感可言的。她问，你选哪一方？话自然不只说说而已，伍德的“新官上任三把火”延续至今。一则就像那个夏日午后，伍德自称圣灵在自己心里种下的计划一样，成立以来，ARK使命必达地将投资瞄准那些初绽头角的颠覆性技术，对不少传统基金嗤之以鼻的新兴企业都大为鼓励，这与后者怕波动、稳收益的投资策略截然不同。特斯拉可能是其中最著名、也最成功的例子了。伍德五年前就投资了特斯拉，当时股价50美元左右，过去三年，特斯拉一直是ARK的最大持股。伍德认为，特斯拉就是那样一个“位于多个行业的交汇处”的企业，集机器人、人工智能、能源储存于一身，传统的汽车分析师“不知道该怎么办”。2018年8月特斯拉股价徘徊在320美元时，马斯克一度考虑将公司私有化，用420美元/股的价格回购所有股票。伍德却是当时99%的市场看跌特斯拉时那1%的声音。她随即向马斯克发了一封公开信，预测称特斯拉在五年内股价最高能达到4000美元，反对其私有化公司。那封公开信至今，特斯拉已经发布了Model3，股价从320美元飙升至3500美元(按1比5的拆股比例调整)，伍德独到的眼光也得到了验证。根据ARK 2021年投资报告，除了比特币和电动车，如今伍德又将目光驻足到深度学习、新一代基因测序、数据中心再创造等等多个新兴领域，一如既往不吝对这些象征颠覆性创新的词汇付诸无限热情。图源：Alotta Money二则，和伍德所设想的一样，ARK公司从分析师本身到投资策略，从不拘泥于传统的指标、规则，十足的野路子打法，却不失漂亮。传统ETF主要被动投资于指数，而伍德的ETF采取主动选股、积极管理策略，这是很罕见的，即便在主动型ETF越来越受欢迎的今天，也只占美国ETF总资产的3%。正如前文提到，伍德很不喜欢指数，认为那衡量是过去的成就。她的雇员和传统基金也完全不同，总共30多名员工，很少有华尔街背景或MBA学位的，大多数都是不同行业的专业人士——癌症科学家、人工智能分析师、游戏工程师，甚至船长。他们不懂移动平均线，不懂动量指标，有些甚至连彭博终端都不会用。伍德不在乎这些，她看中的就是不同背景、不同领域的专业性。她似乎也非常信奉“咖啡馆里出哲学”的理念，以一种极轻松的模式管理着公司。曼哈顿东28街的办公室没有隔间，酒吧式的高脚椅旁边，所有桌子围成一圈，职员们自由地走动、交流、对谈，随时准备着思维的交锋。三则，传统资管公司总爱深藏不露自己掌握的“独家信息”，ARK则完全不同。伍德的态度是：透明、开放，“信息吸引信息”。ARK的周度“头脑风暴”会议任何人都可以参加，包括行业专家和竞争对手。团队可以与科学家、工程师、医生和其他专家分享研究成果并进行合作，这在很多传统基金公司是违规行为，是要被开除的。不仅如此，伍德还会在Reddit论坛等社交平台上免费发布研究报告，每天公布持仓变动，甚至亲自和网友讨论投资标的，这为其积攒下一大批忠实的粉丝。她认为，这有助于ARK对与市场存在分歧或误解的地方进行反思，更好地理解世界在发生什么。投资ARK=信上帝、信未来？所谓离经叛道者，人们要么视其为天才，要么笑其为疯子，投资特斯拉的成功有如一剂强心剂，让更多人愿意相信伍德归属前者。于是这三把火多少在粉丝心中埋下了几分狂热因子，似乎伍德已经为其股票池无可限量的创新前景打了包票——在ARK这里，只要付出时间成本，就能获得金钱回报。但更重要的一点是，上面这句话在上帝、信仰、未来这些概念的贯穿下，卸下了俗套的外衣，听起来慷慨激昂，振奋人心。想想吧，投资ARK，和笃信未来挂了钩。如果巴菲特、芒格版价值投资算是经验主义的王道，那么ARK这套轰轰烈烈的说法就有些形而上的架势了。总的来说，人还是爱幻想的动物，对于虚无缥缈着的东西总容易信点什么。你可以不信特斯拉、不信比特币，但你信技术吗，信技术的发展吗？你可以不信ARK，但你信“上帝的使命”吗？你说你不是基督徒，那你信未来吗？当ARK信誓旦旦地描画着未来，你又能喊出同样的音量反驳说，未来并非如此吗？毕竟，那个被所有人称作是骗子的特斯拉真的干成了不是吗，它颠覆了整个汽车业，从金属到能源也为之改变——那么比特币呢？那么一路看好特斯拉到现在的ARK呢？这套思维的力量比想象中要大得多。就算在路途中受了些苦，比如净值暴跌了30个点什么的……一些投资者也会觉得自己是在为未来买单，是林中有两条路，选择了布满荆棘的那条，是坚持到最后的人笑得最大声。截至3/8，ARK五只表现最好的ETF自高点平均下跌近30个点，图为旗舰基金ARKK净值曲线但确实如此，谁又说得准未来呢？有限的钱包是否真的可以为无限的信仰买单，即便未来确乎如此，坚持得到的又是多远的未来？比如，今年的结局又将是如何。2021年对ARK无疑是严峻挑战的一年。风风火火的几个月过去，ARK与特斯拉、比特币之间千丝万缕的联系几乎酿成了“三位一体”的风险格局，去年年底伍德还告诉媒体，有决心未来五年把投资人的钱翻三倍，不料进入2021年才两个月，股价就开始掉头向下，开局不利。对小盘股的钟爱还始终是一大隐患。有分析师举例，ARK旗下ARKG基金持仓的标的中有20家超过流通股本的5%，占全部持仓标的比例为45.45%，ARK已经成为不少标的的第一大股东，一旦市场环境不好或板块热度下降，基金净值可能会出现利空叠加流动性风险带来的大幅下跌。人们在恐慌中再次回想起上世纪90年代的美股市场——那座用泡沫堆成的高楼一夜之间轰然倒塌，也将一众刚升起不久的“资管新星”埋在废墟之下。比如，曾在1991年至2005连续15年间跑赢标普500指数的明星基金经理比尔·米勒（Bill Miller），08年金融危机时却惨遭滑铁卢，一度被市场形容为“晚节不保”。又比如共同基金公司Janus（古罗马神话中的两面神），1998年底至2000年3月间，从美国第20大共同基金公司发展到第5大，短短十年规模从30亿美元扩张到3000亿。就连曾任美国总统的克林顿都把个人账户交托Janus管理。但随着互联网泡沫破裂，其部分基金产品净值一下子暴跌三分之二，“两面神”的神话也就此灰飞烟灭。和ARK一样，Janus恰好也对科技股和小盘股情有独钟，也恰好是一副放眼未来，一旦看好就重拳出击的自信架势。那么如今的ARK，会成为下一个两面神吗？如今的伍德，会是下一个跌落神坛的米勒吗？还是，它们将成为下一个特斯拉和马斯克，度过艰难的日子，真正站上行业变革的中心？两年多前马斯克在节目上一口大麻一口酒，愁眉不展地度过特斯拉最艰难的日子。如今，伍德也正迎来这样的时候吗？而后，马斯克真的成了汽车领域的颠覆者，传统车企不得不大象掉头奋起直追，伍德也将这样地拨云开雾吗？华尔街将出现更多的ARK吗？更透明、更开放、更具活力的资管业正在形成吗？遵从上帝的话，诺亚建好了方舟，那年方舟从大洪水中存活下来，神说“我使云彩盖地的时候，必有虹现在云中”。如今“遵从圣灵之托”，伍德建成ARK也来到第七个年头，大洪水化身金融市场的风暴袭来，云雾遮挡视线。伍德能够带领整船的人翻过洪水，真正掀起行业变革的风吗？她能见到，神降下的虹吗？","news_type":1,"symbols_score_info":{"TSLA":0.9,"ARKK":0.9,"ARKF":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":355268988,"gmtCreate":1617076257444,"gmtModify":1704801639434,"author":{"id":"3546599737343263","authorId":"3546599737343263","name":"21Clifton","avatar":"https://static.tigerbbs.com/5abcb50c876dfc33f477e9a005a11bcd","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3546599737343263","authorIdStr":"3546599737343263"},"htmlText":"我相信科技改變世界&nbsp;&nbsp;科技股價一定會再次騰飛","listText":"我相信科技改變世界&nbsp;&nbsp;科技股價一定會再次騰飛","text":"我相信科技改變世界 科技股價一定會再次騰飛","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/355268988","repostId":2123790280,"repostType":4,"repost":{"id":"2123790280","kind":"news","pubTimestamp":1616991909,"share":"https://ttm.financial/m/news/2123790280?lang=en_US&edition=fundamental","pubTime":"2021-03-29 12:25","market":"us","language":"zh","title":"The woman who \"allocates funds for God\"!","url":"https://stock-news.laohu8.com/highlight/detail?id=2123790280","media":"华尔街见闻","summary":"“木头姐”Cathie Wood：给我几个支点，让我撬动整个世界。","content":"\"Sister Wood\" Cathie Wood: Give me some fulcrums and let me shake the whole world. It's hard to imagine such a pattern that shakes the market:She invests<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, betting that it will subvert the automotive field; She invested in Bitcoin, betting that it would overturn the monetary system; She prepares a space fund and looks at the future of Mars; She invests in streaming platform Roku, mobile payments company Square, 3D printing company<a href=\"https://laohu8.com/S/SSYS\">Stratasys</a>, they are at the forefront of technological progress and jointly move the lever of contemporary life change.She said to give me a few fulcrums and let me pry the whole world.She is betting on disruptors from all walks of life, and she is also at the center of the storm in the asset management industry. Born on Wall Street, she abandoned tradition, ignored \"discipline\", and finally embarked on a deviant investment path. Today, she once enjoyed infinite scenery and was questioned. When a building overturns or overnight, as many people have seen it rise, as many people want to see it overturn.To ask how it all started, Cathie Wood, the founder of ARK Invest and now a household name \"Queen of the Bull Market\" of the year, who is over 65 years old, sat in a comfortable seat, stroked her shoulder-length taupe hair, steadied her iconic black-rimmed glasses, and slowly recalled that summer afternoon many years ago:<img src=\"https://static.tigerbbs.com/1c69c183f3df90b688867160c4eb35b5\" tg-width=\"795\" tg-height=\"441\" referrerpolicy=\"no-referrer\">It was a beautiful summer day, and I came home surrounded by a strange silence. Three kids had gone to Christ Camp, among other things, and it dawned on me that I was going to spend the next two weeks alone. I've been separated from these days for too long. Walking into the kitchen, I was neither happy nor sad, just in a trance … until a sudden shake cut through the air, and I seemed to hear the Holy Spirit speaking to me-\"Come, open your plan.\" I heard him say. She said, look, you have been studying disruptive innovation all your life, so why not try to subvert your own industry? Why not revolutionize it with new technology? Why not bring the new idea to the public and spread it on social media? Why not call competitors and collide with the sparks of thinking together? He said so, and I did so. \"She said so, and I did so.\" So in 2014, 57-year-old Wood resigned from the famous asset management giant Alliance Bernstein and founded this asset management company of his own, named it after the ARK of Holy Relics (ARK) in the Bible.Just as the Israelites in the Old Testament fought with the ARK of the Covenant and believed that God was with the ARK of the Covenant, this devout Catholic firmly believed that ARK was destined to invest its capital in innovation, in the future, and in the \"handwriting of God\", which was in fulfilling the mission entrusted by God.Nowadays, many Chinese media have translated ARK as \"ARK\". Although it is not Wood's original intention, it also has the charm of \"bearing the destiny of the world\".<img src=\"https://static.tigerbbs.com/e2ef328f314a2d1785b3d3ba7f27e1f1\" tg-width=\"641\" tg-height=\"361\" referrerpolicy=\"no-referrer\">The Image of the \"Ark of the Covenant\" in the BibleSix years later, 2020 is undoubtedly a historic year for ARK. The epic fluctuations in March were like a trumpet. The U.S. stock market that hit the epidemic fully recovered from the central bank's flood release. ARK became the number one beneficiary of this round of bull market because it had previously bought technology stocks and small-cap stocks under the banner of \"disruptive innovation\". Its ETFs won the annual first, second and third place among national funds. The average annual return of the five best-performing ETFs reached 141%, and the maximum scale increased by more than 10 times, as if God had finally given grace to its loyal believers.However, the time has come to February this year again. ARK, which was still prosperous at the beginning of the month, plunged all the way with the decline of technology stocks at the end of the month. More and more questioning voices began to emerge. People say, will Wood repeat the mistakes of a large number of star fund managers during the Internet bubble in 1990s? First they took off, and then they fell into defeat as the bubble burst.Amid the ups and downs, reports on ARK and Wood himself have been overwhelming for months.People later found that this \"Queen of the Bull Market\" who claimed to allocate capital for God was either a \"missionary\" master in the faith world and a flower in the fund world, or she might really be a subverter who was born in the asset management industry and a \"prophet\" who heralded the future innovation direction.A traveling childhood curious childTo really trace Wood's soft spot for new things, we may have to start with her unstable childhood.In 1955, Wood was born in a Catholic immigrant family in Los Angeles, USA. He recited scriptures and went to church since childhood. Her parents are both from Ireland, and her father served in the Irish Army and the United States Air Force before becoming a successful radar systems engineer.Because of my father's work, I often have to move my family from one military base to another.As a child, Wood never stayed anywhere for a long time. At the age of 12, he had moved ten times.Fortunately, probably inheriting his mother's lively and open-minded personality, Wood didn't feel too uneasy about the frequent changes around him. Instead, he constantly became curious about life in generate from adapting to the new environment and exploring new things.When she grew up a little, like many children from immigrant families, she began to receive a good education and gradually showed her talent in learning. After graduating from high school at Notre Dame College, in 1981, she graduated with honors and cum laude with a bachelor's degree in financial economics from the University of Southern California (USC).At the beginning of his promotion to Southern California, Wood's vision of the future was also vague. In the two years before choosing a major in her junior year, she worked in a supermarket to earn tuition fees, while thinking about possible further study directions: geology, astronomy, engineering... It seems that many can be tried, but none of them can be said to be a firm choice.Until one semester, at his father's suggestion, Wood first tasted macroeconomics-the wonderful thing about fate is that at that moment, his whole heart and soul tells you that it is it.Wood was deeply fascinated by the \"grand views\" born from economic activity and above the micro and concrete-the \"grand views\" that were distant, overview and pointed straight to the future. According to her own account, she found how damningly fascinating macroscopic research was, and it was more important to make people boldly imagine how the world would work in the future than to study existing theories.Looking back, this was the first time that his preference for the unknown had helped Wood make an important life choice in a way that hit him directly on the forehead.Learning from a famous family allowed Wood to walk faster than others on this road. Her mentor, economics professor Arthur Laffer, is the author of the famous \"Laffer Curve\".Although he was an undergraduate, Wood still took part in the graduate courses he taught, and was highly valued for his excellent endowment.<img src=\"https://static.tigerbbs.com/fcf68e0010cae1663dd31058f8a34c7e\" tg-width=\"1000\" tg-height=\"563\" referrerpolicy=\"no-referrer\">Wood and Laffer on the NYSE rostrum on October 21, 2014 Source: Investors' Business DailyYoung Chief: On the Other Side of the ConsensusAlso under the help of Laffer, at the age of 22, Wood joined the traditional asset management giant Capital Group as an assistant economist and started her career.In 1980, she moved to New York by chance and became the chief economist of Jennison Associates, an investment advisory firm.That is to say, in just three years, Wood went from assistant to chief at the age of 25.At the beginning of her big responsibility, the American economy is also undergoing great changes.In the early 1980s, the United States was in the abyss of high stagflation. While production declined and unemployment soared, prices generally rose sharply instead of falling, resulting in a rare situation of high inflation, high unemployment and low economic growth. At that time, Paul Volcker, the newly appointed chairman of the Federal Reserve, tried to shrink the money supply to combat high inflation, but with little success.<img src=\"https://static.tigerbbs.com/f1b08eb3a10fa740d150c2486a9ea158\" tg-width=\"715\" tg-height=\"337\" referrerpolicy=\"no-referrer\">U.S. inflation rose to a high point in 1980Against this background, a group of the most authoritative economists in the United States at that time, such as \"Dr. Doom\" Henry Kaufman and Milton Friedman, desperately believed that inflation had become the norm and deeply ingrained.Wood thinks otherwise,Interest rates and inflation have peaked, she insists.Jennison's co-founder Spiros Segalas and Wood were both teachers and friends. During that time, he often invited these academic celebrities to the company to share their predictions, and for the purpose of training, testing, or communication, Wood stood on the \"opposite side\", argue with them one-on-one.On the one hand, there are veterans who have been in the Jianghu for many years and have a huge camp, and on the other hand, there are minority players who have just become the chief and seem to have no experience just by their age.We can't know whether the \"Kaufmans\" are seriously participating in this academic confrontation, or performing with the mentality of teaching younger generations, but the facts finally proved that Wood's judgment was very accurate. After the Reagan administration came to power in 1980, inflation and interest rates were well controlled, falling all the way from the peak.After witnessing many debates, Segalas made this evaluation of Wood:A lady with incredibly strong convictions. She's the sharpest one so far.Wood later said that it was those days that really shaped her ability to go her own way and challenge authority, and made her deeply aware of the need to always be alert to those so-called \"consensus\", which seemed irrefutable, but often had room for discussion-And those behaviors that violate the \"consensus\" may have great potential.Looking back on the past of the newborn calf decades later, Wood will find that when he made this accurate prediction, he was standing at the intersection of himself and history.Once interest rates fall, what will follow will be a 40-year bull market in technology stocks, and she will soon participate in it, fighting with the same \"maverick\" attitude for several years until it makes a storm. By then, she will \"disobey\" not the \"Kaufman\" of several academic circles, but the whole Wall Street.She didn't expect this at that time.Moving to Stocks: Looking for Scraps Under the TableAll she can smell is that the wind is going to blow in tech stocks for a while. Lower interest rates have brought more room for growth to technology companies that have been hit hard before. Wood, who has loved astronomy and engineering, quickly decided to get on this bus.So in 1985, she shifted from macro to stock research at Jennison, and in 1990, she also served as the company's portfolio manager, always focusing on technology stocks.<img src=\"https://static.tigerbbs.com/3ab2a3e6a38a1e6cadb57da984a401bb\" tg-width=\"768\" tg-height=\"615\" referrerpolicy=\"no-referrer\">Wood in his youthCredit: Jesus CallingAmid the hustle and bustle of tech stocks, she left the big army again.Unlike interest rate forecasts, this time, the belief of violating consensus and looking for new things really \"actively\" played a role.Wood asked himself as soon as he came up, other analysts must have studied all the good technology stocks for a round, and they will not let go of any of them, so what is left? What is left for me? Which are my stocks?She immediately had the answer.So, with great tendency and even paranoia, Wood began to try to find two types of stocks:<ul><li>Those areas that are too advanced, so advanced that people haven't paid attention to it and have no time to swarm;</li><li>Certain stocks lie at the intersection of multiple industries without analysts following up on any side. Wood believes that this is likely to be where innovation is also born.</li></ul>She describes herself as \"a puppy looking for scraps under the table\".She said, \"When analysts and fund managers agree that certain stocks are insignificant or don't fit perfectly into any portfolio, they usually look twice.\" They may be temporarily undervalued, but over time, Exponential growth may explode.When studying stocks, Wood has no fixed procedures or routines at all.Just greedily absorbing all the information he can touch, digesting and judging it.Incumbent<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Lisa Shalett, chief investment officer who worked with her for a while, recalled:\"Cathie's curiosity seems to be never satisfied. She eagerly absorbs research results from various channels, large and small, and works tirelessly 24 hours a day to ensure that the team has the most in-depth research and generates the most unique opinions.\"Sometimes she even listened to what her intuition said.For example, when investing in Reuters, it is generally difficult for people to understand this business model of \"publishing databases\"-collecting data from financial companies and then selling all the data back to them. What is this?Wood can't say it well herself, but she thinks this model is very innovative. She later recalled: \"At that time, I just thought it was doing something big. Now we know that this is the epitome of today's Internet concept.\"As we will see later, this \"reckless\" investment style has been retained by Wood to this day.In this way, Wood stayed at Jennison for 18 years. In the remaining years, while raising her three children, she went further and further on the road of stock research, and also became more and more sophisticated in her unique stock selection doorway.<img src=\"https://static.tigerbbs.com/7db68c3edd34e7c90a2ace397b8ebc1c\" tg-width=\"768\" tg-height=\"512\" referrerpolicy=\"no-referrer\">Wood and kidsCredit: Jesus CallingAfter Wood left Jennison in 1998, he first worked as a limited partner at the hedge fund Tupelo Capital for three years. In 2001, he officially joined AllianceBernstein as a fund manager and special research strategist. With a management scale of US $5 billion, Wood continued to concentrate on the stock field at AllianceBernstein, starting another career stage that lasted for 12 years.At that time, she didn't realize that with the financial turmoil, this period of time would be a key turning point for her self-reliance in the future.Get rid of traditional self-establishmentAt AllianceBernstein, Wood continues his consistent investment style, taking the path of high-growth, high-risk, and small-cap stocks. Since the second half of 2002, the U.S. stock market has been in a bull market, and Wood's investment portfolio has also performed quite well.But two things that happened then gave her the idea of getting rid of the traditional fund investment analysis framework.First, in 2006, the real estate bubble in the United States had reached a very high level, and various contradictory signals began to appear in the market. Wood predicted that the bubble would burst soon. She immediately reduced her portfolio positions significantly.However, the feast of subprime mortgages continued for more than a year. The price of waking up too early was that Wood's yield that year was only 5%, underperforming the broader market (12%-13%) by nearly 1,000 basis points.Wood was devastated. And when she told her mentor in the Catholic Church about this story and sought an explanation from him, the mentor left a meaningful remark, which completely reversed her original perspective: You can't worship any idol, but now the market benchmark has become your idol.The next year, Wood made up for most of the losses, but recalled the words of her mentor in prayer and meditation, saying that sheThe sudden realization that the success of index investing belongs to the past, and God doesn't want us to stay in the past, He wants us to enter a new creation.From then on, a thought gradually became deeply rooted in Wood's mind-To change the original investment method, the real mission of investment is to move towards the future guided by God and to allocate capital for God.The time came to the 2008-09 financial crisis, and the high-risk investment strategy made Wood's fund's pullback/retracement significantly greater than the market level during the U.S. stock market crash. AllianceBernstein couldn't stand it anymore and asked Wood to add indexes such as the S&P 500 to his holdings to reduce volatility.But this time, Wood doesn't want to be subject to so-called market \"benchmarks\" anymore.She retorted bluntly: \"I think we believe in the benchmark investment method too much and invest too little in innovation. Now the price of some innovative companies in the public market is even only 10% of that in the private market, which is a huge opportunity!\"These two events were like a prelude to ups and downs, which eventually led Wood in the same direction: in 2014, Wood quit his stable job at AllianceBernstein and set out to build his own startup.She realized that if she wants to truly get rid of the constraints under the investment framework of traditional fund companies, truly practice a set of her own standards and investment philosophies, and boldly invest money in innovative fields, she can only stand on her own feet.The era of ARK begins.Deviant ARKTherefore, it can be said that ARK was born from the very beginning to bypass the rules and regulations of traditional asset management, and naturally it is not the same path as everyone.Wood, who no longer depended on others, released it to the limit and went further and further in the deviant direction.She drew a clear line with traditional asset management in one sentence:\"What we really want to do is encourage new creation, God's new creation.We need to allocate capital where it can be most efficient and useful-those transformative technologies that are expected to change and improve the world. And they, those other fund operators, just invest their money in the past, which is the safest path. \"\"We\", and \"They\"-on the one hand, they are challenge-free, transformative, pioneering, connecting to the future, and distributing assets for \"God's creation\"; On the other hand, it is safe, turning over old scores, turning a blind eye to emerging technologies, and having no self-motivation and sense of mission at all.Which side do you choose, she asked?Naturally, the words are not just talk,Wood's \"three fires for new officials\" continue to this day.OneJust like the plan Wood claimed to have planted by the Holy Spirit in his heart that summer afternoon, since its establishment, ARK's mission has been to target its investment in those disruptive technologies that are beginning to bloom.Many emerging companies that scoff at traditional funds are greatly encouraged, which is completely different from the latter's investment strategy of fearing volatility and stabilizing returns.Tesla is probably the most famous and successful example of them all.Wood invested in Tesla five years ago, when it was around $50, and Tesla has been ARK's largest holding for the past three years. Wood believes that Tesla is such a company \"located at the intersection of multiple industries\", integrating<a href=\"https://laohu8.com/S/300024\">Robot</a>, artificial intelligence, and energy storage all in one, traditional automotive analysts \"don't know what to do.\"When Tesla's stock price hovered at $320 in August 2018, Musk once considered taking the company private and buying back all shares at a price of $420 per share.Wood was the 1% voice when 99% of the market was bearish on Tesla。 She immediately sent an open letter to Musk, predicting that Tesla's stock price would reach a maximum of $4,000 within five years, and opposed its privatization of the company.Since that open letter, Tesla has released Model 3, and its stock price has soared from US $320 to US $3,500 (adjusted according to a 1-to-5 stock split ratio). Wood's unique vision has also been verified.According to ARK's 2021 investment report, in addition to Bitcoin and electric vehicles, Wood is now focusing on many emerging fields such as deep learning, new generation gene sequencing, and data center re-creation. As always, he is not hesitant to pay attention to these symbols of disruptive innovation. vocabulary put into infinite enthusiasm.<img src=\"https://static.tigerbbs.com/736971a7c4e609eeaee76c1d1f93c2c0\" tg-width=\"775\" tg-height=\"1072\" referrerpolicy=\"no-referrer\">Source: Alotta MoneySecond, as Wood imagined, ARK never sticks to traditional indicators and rules from analysts themselves to investment strategies, and is full of wild ways, but it is beautiful.Traditional ETFs mainly invest passively in indexes, while Wood's ETFs adopt active stock selection and active management strategies, which is very rare. Even today, when active ETFs are becoming more and more popular, they only account for 3% of the total assets of US ETFs.. As mentioned earlier, Wood dislikes indexes very much, thinking that they measure past achievements.Her employees are also completely different from traditional funds, with more than 30 employees in total, few with Wall Street backgrounds or MBA degrees, and most of them are professionals in different industries-cancer scientists, artificial intelligence analysts, game engineers, and even captains. They don't understand moving averages, they don't understand momentum indicators, and some don't even use Bloomberg terminals.Wood doesn't care about this. What she likes is professionalism in different backgrounds and fields.She also seems to believe in the idea of \"philosophy comes from the cafe\" very much, and manages the company in a very relaxed mode. The office on East 28th Street in Manhattan has no cubicles. Next to the bar-style high chairs, all the tables are surrounded in a circle, and the staff move around freely, communicate and talk, ready to exchange ideas at any time.Third, traditional asset management companies always love to hide their \"exclusive information\", but ARK is completely different. Wood's attitude is: transparent and open, and \"information attracts information\".ARK's weekly \"brainstorming\" sessions can be attended by anyone, including industry experts and competitors. Teams can share research results and cooperate with scientists, engineers, doctors and other experts, which is illegal in many traditional fund companies and will be expelled.Not only that, Wood will also publish free research reports on social platforms such as Reddit forums, announce changes in positions every day, and even personally discuss investment targets with netizens, which has accumulated a large number of loyal fans for him. She believes that this helps ARK reflect on where there are disagreements or misunderstandings with the market and better understand what is happening in the world.Investing in ARK = believing in God and the future?The so-called deviant, people either regard him as a genius or laugh at him as a madman. The success of investing in Tesla is like a shot in the arm, making more people willing to believe that Wood belongs to the former.So these three fires have somewhat buried a bit of fanaticism in the hearts of fans. It seems that Wood has guaranteed the unlimited innovation prospects of his stock pool-here at ARK, as long as you pay the time cost, you can get money returns.But more importantly,The above sentence, which is run through the concepts of God, faith, future, unloads the cliché cloak and sounds impassioned and inspiring.Think about it, investing in ARK is linked to believing in the future.If Buffett and Munger's version of value investing is regarded as the king of empiricism, then ARK's vigorous statement is somewhat metaphysical.Generally speaking, people are still fantastical animals, and they are always easy to believe in illusory things. You can not believe in Tesla or Bitcoin, but do you believe in technology and the development of technology? You can not believe in ARK, but do you believe in \"God's mission\"? You say you are not a Christian, do you believe in the future? When ARK vows to paint the future, can you shout the same volume and retort, \"The future is not the case?\"After all, the Tesla, which everyone calls a liar, really did it, didn't it? It subverted the whole automobile industry, from metals to energy-and what about Bitcoin? So what about ARK that is optimistic about Tesla all the way to the present?The power of this set of thinking is much greater than imagined.Even if they suffer some hardships on the way, such as the net worth plummeting by 30 points or something... Some investors will feel that they are paying for the future. There are two roads in the forest, and they choose the one full of thorns. The one who persists until the end laughs the loudest.<img src=\"https://static.tigerbbs.com/eaf28c6de9e5b0e0e414e8b6c9db7dd0\" tg-width=\"1174\" tg-height=\"400\" referrerpolicy=\"no-referrer\">As of 3/8, ARK's five best-performing ETFs have fallen by nearly 30 points on average from their highs. The picture shows the net value curve of the flagship fund ARKKBut it is true. Who can tell the future? Can a limited wallet really pay for unlimited beliefs? Even if this is the case in the future, how far into the future will it be?For example, what will be the outcome of this year?2021 has undoubtedly been a year of severe challenges for ARK. The turbulent months have passed, and the inextricable connection between ARK, Tesla, and Bitcoin has almost created a \"trinity\" risk pattern. At the end of last year, Wood also told the media that he is determined to invest investors in the next five years. The money has tripled, but unexpectedly, only two months after entering 2021, the stock price has begun to turn downward, with a bad start.The love of small-cap stocks has always been a big hidden danger. For example, some analysts gave an example. 20 of the targets held by ARK's ARKG fund exceed 5% of the circulating share capital, accounting for 45.45% of all targets held. ARK has become the largest shareholder of many targets. Once the market environment is not good or The sector's popularity declines, the net value of the fund may experience a sharp drop caused by negative superimposed liquidity risks.In panic, people once again recalled the U.S. stock market in the 1990s-the high-rise building made of bubbles collapsed overnight, and a group of newly rising \"asset management stars\" were buried under the ruins.For example, Bill Miller, a star fund manager who outperformed the S&P 500 index for 15 consecutive years from 1991 to 2005, suffered a tragic defeat during the 2008 financial crisis, and was once described by the market as \"no guarantee in the late festival\".Another example is Janus, a mutual fund company (two-faced god in ancient Roman mythology). From the end of 1998 to March 2000, it grew from the 20th largest mutual fund company in the United States to the fifth largest, and its scale expanded from US $3 billion to 300 billion in just ten years. Even Clinton, the former president of the United States, entrusted his personal account to Janus.However, with the bursting of the Internet bubble, the net value of some of its fund products suddenly plummeted by two-thirds, and the myth of \"two-faced gods\" was wiped out. Like ARK, Janus happens to have a soft spot for technology stocks and small-cap stocks, and he also happens to be a confident posture of looking to the future and striking hard once he is optimistic.So will today's ARK become the next two-faced god? Will today's Wood be the next Miller to fall from the altar? Or will they become the next Tesla and Musk to weather difficult times and truly stand at the center of industry change?More than two years ago, Musk took a sip of marijuana and a sip of alcohol on the show, frowning through Tesla's most difficult days. Now, is Wood also ushering in such a time?Then, Musk really became a disruptor in the automotive field, and traditional car companies had to turn around and catch up. Will Wood clear the clouds like this?Will there be more ARK on Wall Street? Is a more transparent, open and dynamic asset management industry taking shape?Obeying God's word, Noah built the ark, which survived the great flood that year. God said, \"When I make clouds cover the earth, there will be a rainbow in the clouds\".Now \"following the entrustment of the Holy Spirit\", Wood has also reached its seventh year of building ARK. The great flood has turned into a storm in the financial market, and clouds and mist have blocked the view. Can Wood lead the whole ship over the flood and really set off the wind of industry change? Can she see the rainbow from God?","source":"wallstreetcn_api","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>The woman who \"allocates funds for God\"!</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\">\nThe woman who \"allocates funds for God\"!\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-03-29 12:25\n\n</h4>\n</header>\n<article>\n\"Sister Wood\" Cathie Wood: Give me some fulcrums and let me shake the whole world. It's hard to imagine such a pattern that shakes the market:She invests<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, betting that it will subvert the automotive field; She invested in Bitcoin, betting that it would overturn the monetary system; She prepares a space fund and looks at the future of Mars; She invests in streaming platform Roku, mobile payments company Square, 3D printing company<a href=\"https://laohu8.com/S/SSYS\">Stratasys</a>, they are at the forefront of technological progress and jointly move the lever of contemporary life change.She said to give me a few fulcrums and let me pry the whole world.She is betting on disruptors from all walks of life, and she is also at the center of the storm in the asset management industry. Born on Wall Street, she abandoned tradition, ignored \"discipline\", and finally embarked on a deviant investment path. Today, she once enjoyed infinite scenery and was questioned. When a building overturns or overnight, as many people have seen it rise, as many people want to see it overturn.To ask how it all started, Cathie Wood, the founder of ARK Invest and now a household name \"Queen of the Bull Market\" of the year, who is over 65 years old, sat in a comfortable seat, stroked her shoulder-length taupe hair, steadied her iconic black-rimmed glasses, and slowly recalled that summer afternoon many years ago:<img src=\"https://static.tigerbbs.com/1c69c183f3df90b688867160c4eb35b5\" tg-width=\"795\" tg-height=\"441\" referrerpolicy=\"no-referrer\">It was a beautiful summer day, and I came home surrounded by a strange silence. Three kids had gone to Christ Camp, among other things, and it dawned on me that I was going to spend the next two weeks alone. I've been separated from these days for too long. Walking into the kitchen, I was neither happy nor sad, just in a trance … until a sudden shake cut through the air, and I seemed to hear the Holy Spirit speaking to me-\"Come, open your plan.\" I heard him say. She said, look, you have been studying disruptive innovation all your life, so why not try to subvert your own industry? Why not revolutionize it with new technology? Why not bring the new idea to the public and spread it on social media? Why not call competitors and collide with the sparks of thinking together? He said so, and I did so. \"She said so, and I did so.\" So in 2014, 57-year-old Wood resigned from the famous asset management giant Alliance Bernstein and founded this asset management company of his own, named it after the ARK of Holy Relics (ARK) in the Bible.Just as the Israelites in the Old Testament fought with the ARK of the Covenant and believed that God was with the ARK of the Covenant, this devout Catholic firmly believed that ARK was destined to invest its capital in innovation, in the future, and in the \"handwriting of God\", which was in fulfilling the mission entrusted by God.Nowadays, many Chinese media have translated ARK as \"ARK\". Although it is not Wood's original intention, it also has the charm of \"bearing the destiny of the world\".<img src=\"https://static.tigerbbs.com/e2ef328f314a2d1785b3d3ba7f27e1f1\" tg-width=\"641\" tg-height=\"361\" referrerpolicy=\"no-referrer\">The Image of the \"Ark of the Covenant\" in the BibleSix years later, 2020 is undoubtedly a historic year for ARK. The epic fluctuations in March were like a trumpet. The U.S. stock market that hit the epidemic fully recovered from the central bank's flood release. ARK became the number one beneficiary of this round of bull market because it had previously bought technology stocks and small-cap stocks under the banner of \"disruptive innovation\". Its ETFs won the annual first, second and third place among national funds. The average annual return of the five best-performing ETFs reached 141%, and the maximum scale increased by more than 10 times, as if God had finally given grace to its loyal believers.However, the time has come to February this year again. ARK, which was still prosperous at the beginning of the month, plunged all the way with the decline of technology stocks at the end of the month. More and more questioning voices began to emerge. People say, will Wood repeat the mistakes of a large number of star fund managers during the Internet bubble in 1990s? First they took off, and then they fell into defeat as the bubble burst.Amid the ups and downs, reports on ARK and Wood himself have been overwhelming for months.People later found that this \"Queen of the Bull Market\" who claimed to allocate capital for God was either a \"missionary\" master in the faith world and a flower in the fund world, or she might really be a subverter who was born in the asset management industry and a \"prophet\" who heralded the future innovation direction.A traveling childhood curious childTo really trace Wood's soft spot for new things, we may have to start with her unstable childhood.In 1955, Wood was born in a Catholic immigrant family in Los Angeles, USA. He recited scriptures and went to church since childhood. Her parents are both from Ireland, and her father served in the Irish Army and the United States Air Force before becoming a successful radar systems engineer.Because of my father's work, I often have to move my family from one military base to another.As a child, Wood never stayed anywhere for a long time. At the age of 12, he had moved ten times.Fortunately, probably inheriting his mother's lively and open-minded personality, Wood didn't feel too uneasy about the frequent changes around him. Instead, he constantly became curious about life in generate from adapting to the new environment and exploring new things.When she grew up a little, like many children from immigrant families, she began to receive a good education and gradually showed her talent in learning. After graduating from high school at Notre Dame College, in 1981, she graduated with honors and cum laude with a bachelor's degree in financial economics from the University of Southern California (USC).At the beginning of his promotion to Southern California, Wood's vision of the future was also vague. In the two years before choosing a major in her junior year, she worked in a supermarket to earn tuition fees, while thinking about possible further study directions: geology, astronomy, engineering... It seems that many can be tried, but none of them can be said to be a firm choice.Until one semester, at his father's suggestion, Wood first tasted macroeconomics-the wonderful thing about fate is that at that moment, his whole heart and soul tells you that it is it.Wood was deeply fascinated by the \"grand views\" born from economic activity and above the micro and concrete-the \"grand views\" that were distant, overview and pointed straight to the future. According to her own account, she found how damningly fascinating macroscopic research was, and it was more important to make people boldly imagine how the world would work in the future than to study existing theories.Looking back, this was the first time that his preference for the unknown had helped Wood make an important life choice in a way that hit him directly on the forehead.Learning from a famous family allowed Wood to walk faster than others on this road. Her mentor, economics professor Arthur Laffer, is the author of the famous \"Laffer Curve\".Although he was an undergraduate, Wood still took part in the graduate courses he taught, and was highly valued for his excellent endowment.<img src=\"https://static.tigerbbs.com/fcf68e0010cae1663dd31058f8a34c7e\" tg-width=\"1000\" tg-height=\"563\" referrerpolicy=\"no-referrer\">Wood and Laffer on the NYSE rostrum on October 21, 2014 Source: Investors' Business DailyYoung Chief: On the Other Side of the ConsensusAlso under the help of Laffer, at the age of 22, Wood joined the traditional asset management giant Capital Group as an assistant economist and started her career.In 1980, she moved to New York by chance and became the chief economist of Jennison Associates, an investment advisory firm.That is to say, in just three years, Wood went from assistant to chief at the age of 25.At the beginning of her big responsibility, the American economy is also undergoing great changes.In the early 1980s, the United States was in the abyss of high stagflation. While production declined and unemployment soared, prices generally rose sharply instead of falling, resulting in a rare situation of high inflation, high unemployment and low economic growth. At that time, Paul Volcker, the newly appointed chairman of the Federal Reserve, tried to shrink the money supply to combat high inflation, but with little success.<img src=\"https://static.tigerbbs.com/f1b08eb3a10fa740d150c2486a9ea158\" tg-width=\"715\" tg-height=\"337\" referrerpolicy=\"no-referrer\">U.S. inflation rose to a high point in 1980Against this background, a group of the most authoritative economists in the United States at that time, such as \"Dr. Doom\" Henry Kaufman and Milton Friedman, desperately believed that inflation had become the norm and deeply ingrained.Wood thinks otherwise,Interest rates and inflation have peaked, she insists.Jennison's co-founder Spiros Segalas and Wood were both teachers and friends. During that time, he often invited these academic celebrities to the company to share their predictions, and for the purpose of training, testing, or communication, Wood stood on the \"opposite side\", argue with them one-on-one.On the one hand, there are veterans who have been in the Jianghu for many years and have a huge camp, and on the other hand, there are minority players who have just become the chief and seem to have no experience just by their age.We can't know whether the \"Kaufmans\" are seriously participating in this academic confrontation, or performing with the mentality of teaching younger generations, but the facts finally proved that Wood's judgment was very accurate. After the Reagan administration came to power in 1980, inflation and interest rates were well controlled, falling all the way from the peak.After witnessing many debates, Segalas made this evaluation of Wood:A lady with incredibly strong convictions. She's the sharpest one so far.Wood later said that it was those days that really shaped her ability to go her own way and challenge authority, and made her deeply aware of the need to always be alert to those so-called \"consensus\", which seemed irrefutable, but often had room for discussion-And those behaviors that violate the \"consensus\" may have great potential.Looking back on the past of the newborn calf decades later, Wood will find that when he made this accurate prediction, he was standing at the intersection of himself and history.Once interest rates fall, what will follow will be a 40-year bull market in technology stocks, and she will soon participate in it, fighting with the same \"maverick\" attitude for several years until it makes a storm. By then, she will \"disobey\" not the \"Kaufman\" of several academic circles, but the whole Wall Street.She didn't expect this at that time.Moving to Stocks: Looking for Scraps Under the TableAll she can smell is that the wind is going to blow in tech stocks for a while. Lower interest rates have brought more room for growth to technology companies that have been hit hard before. Wood, who has loved astronomy and engineering, quickly decided to get on this bus.So in 1985, she shifted from macro to stock research at Jennison, and in 1990, she also served as the company's portfolio manager, always focusing on technology stocks.<img src=\"https://static.tigerbbs.com/3ab2a3e6a38a1e6cadb57da984a401bb\" tg-width=\"768\" tg-height=\"615\" referrerpolicy=\"no-referrer\">Wood in his youthCredit: Jesus CallingAmid the hustle and bustle of tech stocks, she left the big army again.Unlike interest rate forecasts, this time, the belief of violating consensus and looking for new things really \"actively\" played a role.Wood asked himself as soon as he came up, other analysts must have studied all the good technology stocks for a round, and they will not let go of any of them, so what is left? What is left for me? Which are my stocks?She immediately had the answer.So, with great tendency and even paranoia, Wood began to try to find two types of stocks:<ul><li>Those areas that are too advanced, so advanced that people haven't paid attention to it and have no time to swarm;</li><li>Certain stocks lie at the intersection of multiple industries without analysts following up on any side. Wood believes that this is likely to be where innovation is also born.</li></ul>She describes herself as \"a puppy looking for scraps under the table\".She said, \"When analysts and fund managers agree that certain stocks are insignificant or don't fit perfectly into any portfolio, they usually look twice.\" They may be temporarily undervalued, but over time, Exponential growth may explode.When studying stocks, Wood has no fixed procedures or routines at all.Just greedily absorbing all the information he can touch, digesting and judging it.Incumbent<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Lisa Shalett, chief investment officer who worked with her for a while, recalled:\"Cathie's curiosity seems to be never satisfied. She eagerly absorbs research results from various channels, large and small, and works tirelessly 24 hours a day to ensure that the team has the most in-depth research and generates the most unique opinions.\"Sometimes she even listened to what her intuition said.For example, when investing in Reuters, it is generally difficult for people to understand this business model of \"publishing databases\"-collecting data from financial companies and then selling all the data back to them. What is this?Wood can't say it well herself, but she thinks this model is very innovative. She later recalled: \"At that time, I just thought it was doing something big. Now we know that this is the epitome of today's Internet concept.\"As we will see later, this \"reckless\" investment style has been retained by Wood to this day.In this way, Wood stayed at Jennison for 18 years. In the remaining years, while raising her three children, she went further and further on the road of stock research, and also became more and more sophisticated in her unique stock selection doorway.<img src=\"https://static.tigerbbs.com/7db68c3edd34e7c90a2ace397b8ebc1c\" tg-width=\"768\" tg-height=\"512\" referrerpolicy=\"no-referrer\">Wood and kidsCredit: Jesus CallingAfter Wood left Jennison in 1998, he first worked as a limited partner at the hedge fund Tupelo Capital for three years. In 2001, he officially joined AllianceBernstein as a fund manager and special research strategist. With a management scale of US $5 billion, Wood continued to concentrate on the stock field at AllianceBernstein, starting another career stage that lasted for 12 years.At that time, she didn't realize that with the financial turmoil, this period of time would be a key turning point for her self-reliance in the future.Get rid of traditional self-establishmentAt AllianceBernstein, Wood continues his consistent investment style, taking the path of high-growth, high-risk, and small-cap stocks. Since the second half of 2002, the U.S. stock market has been in a bull market, and Wood's investment portfolio has also performed quite well.But two things that happened then gave her the idea of getting rid of the traditional fund investment analysis framework.First, in 2006, the real estate bubble in the United States had reached a very high level, and various contradictory signals began to appear in the market. Wood predicted that the bubble would burst soon. She immediately reduced her portfolio positions significantly.However, the feast of subprime mortgages continued for more than a year. The price of waking up too early was that Wood's yield that year was only 5%, underperforming the broader market (12%-13%) by nearly 1,000 basis points.Wood was devastated. And when she told her mentor in the Catholic Church about this story and sought an explanation from him, the mentor left a meaningful remark, which completely reversed her original perspective: You can't worship any idol, but now the market benchmark has become your idol.The next year, Wood made up for most of the losses, but recalled the words of her mentor in prayer and meditation, saying that sheThe sudden realization that the success of index investing belongs to the past, and God doesn't want us to stay in the past, He wants us to enter a new creation.From then on, a thought gradually became deeply rooted in Wood's mind-To change the original investment method, the real mission of investment is to move towards the future guided by God and to allocate capital for God.The time came to the 2008-09 financial crisis, and the high-risk investment strategy made Wood's fund's pullback/retracement significantly greater than the market level during the U.S. stock market crash. AllianceBernstein couldn't stand it anymore and asked Wood to add indexes such as the S&P 500 to his holdings to reduce volatility.But this time, Wood doesn't want to be subject to so-called market \"benchmarks\" anymore.She retorted bluntly: \"I think we believe in the benchmark investment method too much and invest too little in innovation. Now the price of some innovative companies in the public market is even only 10% of that in the private market, which is a huge opportunity!\"These two events were like a prelude to ups and downs, which eventually led Wood in the same direction: in 2014, Wood quit his stable job at AllianceBernstein and set out to build his own startup.She realized that if she wants to truly get rid of the constraints under the investment framework of traditional fund companies, truly practice a set of her own standards and investment philosophies, and boldly invest money in innovative fields, she can only stand on her own feet.The era of ARK begins.Deviant ARKTherefore, it can be said that ARK was born from the very beginning to bypass the rules and regulations of traditional asset management, and naturally it is not the same path as everyone.Wood, who no longer depended on others, released it to the limit and went further and further in the deviant direction.She drew a clear line with traditional asset management in one sentence:\"What we really want to do is encourage new creation, God's new creation.We need to allocate capital where it can be most efficient and useful-those transformative technologies that are expected to change and improve the world. And they, those other fund operators, just invest their money in the past, which is the safest path. \"\"We\", and \"They\"-on the one hand, they are challenge-free, transformative, pioneering, connecting to the future, and distributing assets for \"God's creation\"; On the other hand, it is safe, turning over old scores, turning a blind eye to emerging technologies, and having no self-motivation and sense of mission at all.Which side do you choose, she asked?Naturally, the words are not just talk,Wood's \"three fires for new officials\" continue to this day.OneJust like the plan Wood claimed to have planted by the Holy Spirit in his heart that summer afternoon, since its establishment, ARK's mission has been to target its investment in those disruptive technologies that are beginning to bloom.Many emerging companies that scoff at traditional funds are greatly encouraged, which is completely different from the latter's investment strategy of fearing volatility and stabilizing returns.Tesla is probably the most famous and successful example of them all.Wood invested in Tesla five years ago, when it was around $50, and Tesla has been ARK's largest holding for the past three years. Wood believes that Tesla is such a company \"located at the intersection of multiple industries\", integrating<a href=\"https://laohu8.com/S/300024\">Robot</a>, artificial intelligence, and energy storage all in one, traditional automotive analysts \"don't know what to do.\"When Tesla's stock price hovered at $320 in August 2018, Musk once considered taking the company private and buying back all shares at a price of $420 per share.Wood was the 1% voice when 99% of the market was bearish on Tesla。 She immediately sent an open letter to Musk, predicting that Tesla's stock price would reach a maximum of $4,000 within five years, and opposed its privatization of the company.Since that open letter, Tesla has released Model 3, and its stock price has soared from US $320 to US $3,500 (adjusted according to a 1-to-5 stock split ratio). Wood's unique vision has also been verified.According to ARK's 2021 investment report, in addition to Bitcoin and electric vehicles, Wood is now focusing on many emerging fields such as deep learning, new generation gene sequencing, and data center re-creation. As always, he is not hesitant to pay attention to these symbols of disruptive innovation. vocabulary put into infinite enthusiasm.<img src=\"https://static.tigerbbs.com/736971a7c4e609eeaee76c1d1f93c2c0\" tg-width=\"775\" tg-height=\"1072\" referrerpolicy=\"no-referrer\">Source: Alotta MoneySecond, as Wood imagined, ARK never sticks to traditional indicators and rules from analysts themselves to investment strategies, and is full of wild ways, but it is beautiful.Traditional ETFs mainly invest passively in indexes, while Wood's ETFs adopt active stock selection and active management strategies, which is very rare. Even today, when active ETFs are becoming more and more popular, they only account for 3% of the total assets of US ETFs.. As mentioned earlier, Wood dislikes indexes very much, thinking that they measure past achievements.Her employees are also completely different from traditional funds, with more than 30 employees in total, few with Wall Street backgrounds or MBA degrees, and most of them are professionals in different industries-cancer scientists, artificial intelligence analysts, game engineers, and even captains. They don't understand moving averages, they don't understand momentum indicators, and some don't even use Bloomberg terminals.Wood doesn't care about this. What she likes is professionalism in different backgrounds and fields.She also seems to believe in the idea of \"philosophy comes from the cafe\" very much, and manages the company in a very relaxed mode. The office on East 28th Street in Manhattan has no cubicles. Next to the bar-style high chairs, all the tables are surrounded in a circle, and the staff move around freely, communicate and talk, ready to exchange ideas at any time.Third, traditional asset management companies always love to hide their \"exclusive information\", but ARK is completely different. Wood's attitude is: transparent and open, and \"information attracts information\".ARK's weekly \"brainstorming\" sessions can be attended by anyone, including industry experts and competitors. Teams can share research results and cooperate with scientists, engineers, doctors and other experts, which is illegal in many traditional fund companies and will be expelled.Not only that, Wood will also publish free research reports on social platforms such as Reddit forums, announce changes in positions every day, and even personally discuss investment targets with netizens, which has accumulated a large number of loyal fans for him. She believes that this helps ARK reflect on where there are disagreements or misunderstandings with the market and better understand what is happening in the world.Investing in ARK = believing in God and the future?The so-called deviant, people either regard him as a genius or laugh at him as a madman. The success of investing in Tesla is like a shot in the arm, making more people willing to believe that Wood belongs to the former.So these three fires have somewhat buried a bit of fanaticism in the hearts of fans. It seems that Wood has guaranteed the unlimited innovation prospects of his stock pool-here at ARK, as long as you pay the time cost, you can get money returns.But more importantly,The above sentence, which is run through the concepts of God, faith, future, unloads the cliché cloak and sounds impassioned and inspiring.Think about it, investing in ARK is linked to believing in the future.If Buffett and Munger's version of value investing is regarded as the king of empiricism, then ARK's vigorous statement is somewhat metaphysical.Generally speaking, people are still fantastical animals, and they are always easy to believe in illusory things. You can not believe in Tesla or Bitcoin, but do you believe in technology and the development of technology? You can not believe in ARK, but do you believe in \"God's mission\"? You say you are not a Christian, do you believe in the future? When ARK vows to paint the future, can you shout the same volume and retort, \"The future is not the case?\"After all, the Tesla, which everyone calls a liar, really did it, didn't it? It subverted the whole automobile industry, from metals to energy-and what about Bitcoin? So what about ARK that is optimistic about Tesla all the way to the present?The power of this set of thinking is much greater than imagined.Even if they suffer some hardships on the way, such as the net worth plummeting by 30 points or something... Some investors will feel that they are paying for the future. There are two roads in the forest, and they choose the one full of thorns. The one who persists until the end laughs the loudest.<img src=\"https://static.tigerbbs.com/eaf28c6de9e5b0e0e414e8b6c9db7dd0\" tg-width=\"1174\" tg-height=\"400\" referrerpolicy=\"no-referrer\">As of 3/8, ARK's five best-performing ETFs have fallen by nearly 30 points on average from their highs. The picture shows the net value curve of the flagship fund ARKKBut it is true. Who can tell the future? Can a limited wallet really pay for unlimited beliefs? Even if this is the case in the future, how far into the future will it be?For example, what will be the outcome of this year?2021 has undoubtedly been a year of severe challenges for ARK. The turbulent months have passed, and the inextricable connection between ARK, Tesla, and Bitcoin has almost created a \"trinity\" risk pattern. At the end of last year, Wood also told the media that he is determined to invest investors in the next five years. The money has tripled, but unexpectedly, only two months after entering 2021, the stock price has begun to turn downward, with a bad start.The love of small-cap stocks has always been a big hidden danger. For example, some analysts gave an example. 20 of the targets held by ARK's ARKG fund exceed 5% of the circulating share capital, accounting for 45.45% of all targets held. ARK has become the largest shareholder of many targets. Once the market environment is not good or The sector's popularity declines, the net value of the fund may experience a sharp drop caused by negative superimposed liquidity risks.In panic, people once again recalled the U.S. stock market in the 1990s-the high-rise building made of bubbles collapsed overnight, and a group of newly rising \"asset management stars\" were buried under the ruins.For example, Bill Miller, a star fund manager who outperformed the S&P 500 index for 15 consecutive years from 1991 to 2005, suffered a tragic defeat during the 2008 financial crisis, and was once described by the market as \"no guarantee in the late festival\".Another example is Janus, a mutual fund company (two-faced god in ancient Roman mythology). From the end of 1998 to March 2000, it grew from the 20th largest mutual fund company in the United States to the fifth largest, and its scale expanded from US $3 billion to 300 billion in just ten years. Even Clinton, the former president of the United States, entrusted his personal account to Janus.However, with the bursting of the Internet bubble, the net value of some of its fund products suddenly plummeted by two-thirds, and the myth of \"two-faced gods\" was wiped out. Like ARK, Janus happens to have a soft spot for technology stocks and small-cap stocks, and he also happens to be a confident posture of looking to the future and striking hard once he is optimistic.So will today's ARK become the next two-faced god? Will today's Wood be the next Miller to fall from the altar? Or will they become the next Tesla and Musk to weather difficult times and truly stand at the center of industry change?More than two years ago, Musk took a sip of marijuana and a sip of alcohol on the show, frowning through Tesla's most difficult days. Now, is Wood also ushering in such a time?Then, Musk really became a disruptor in the automotive field, and traditional car companies had to turn around and catch up. Will Wood clear the clouds like this?Will there be more ARK on Wall Street? Is a more transparent, open and dynamic asset management industry taking shape?Obeying God's word, Noah built the ark, which survived the great flood that year. God said, \"When I make clouds cover the earth, there will be a rainbow in the clouds\".Now \"following the entrustment of the Holy Spirit\", Wood has also reached its seventh year of building ARK. The great flood has turned into a storm in the financial market, and clouds and mist have blocked the view. Can Wood lead the whole ship over the flood and really set off the wind of industry change? Can she see the rainbow from God?\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3623490\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1c69c183f3df90b688867160c4eb35b5","relate_stocks":{"ARKF":"ARK Fintech Innovation ETF",".DJI":"道琼斯","ARKK":"ARK Innovation ETF",".SPX":"S&P 500 Index","TSLA":"特斯拉",".IXIC":"NASDAQ Composite"},"source_url":"https://wallstreetcn.com/articles/3623490","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2123790280","content_text":"“木头姐”Cathie Wood：给我几个支点，让我撬动整个世界。很难想象这样一番撼动市场的格局：她投资特斯拉，赌它颠覆汽车领域；她投资比特币，赌它掀翻货币体系；她筹备太空基金，放眼火星未来；她投资流媒体平台Roku、移动支付公司Square、3D打印公司Stratasys，它们走在技术进步的前沿，共同拨动着当代生活变革的杠杆。她说给我几个支点，让我撬动整个世界。她将赌注下在各行各业的颠覆者上，自己也站在资管业风暴的中心。生于华尔街，她却抛弃传统，不顾“纪律”，最终走上一条离经叛道的投资之路，时至今日，一度风光无限，又备受质疑。楼之倾覆或在一夜之间，多少人看过它高楼起，就多少人想看它楼倾覆。而要问这一切是如何开始的，ARK Invest的创始人、这位如今家喻户晓的年度“牛市女皇”——年过65岁的伍德女士（Cathie Wood），坐在某张舒服的座椅上，捋了捋及肩的灰褐色长发，扶稳了她的标志性黑框眼镜，徐徐回忆起多年前那个夏天的午后：那是个美丽的夏日，我回到家里，周围是一片陌生的静寂。三个孩子去基督营了，还有别的什么活动，我突然意识到，接下来两周我都要一个人度过了。我和这样的日子分别太久了。走进厨房，我既不快乐也不悲伤，只是有些恍惚……直到一阵突如其来的撼动划破空气，我仿佛听到圣灵在对我说话——“来吧，开启你的计划。”我听到他说。她说你看，你一辈子都在研究颠覆性创新，何不试着颠覆下自己的行业呢？何不用新的技术革新它？何不将新的想法公之于众，用社交媒体传播它？何不叫上竞争对手，一起碰撞思维的火花？他这样说，我遂这样做了。“她这样说，我遂这样做了”，于是2014年，57岁的伍德从大名鼎鼎的资管巨头联博（Alliance Bernstein）辞职，创立了这家属于自己的资管公司，并以《圣经》中圣物约柜（ARK）的名字为它命名。正如旧约时代的以色列人带着约柜征战，相信神与约柜同在一样，这位虔诚的天主教徒坚信，ARK注定要将资本投向创新，投向未来，投向“神的手笔”，这是在完成上帝交托的使命。现在很多中文媒体都将ARK译作“方舟”，虽非伍德本意，却也颇有其自视“身负世界命运”的神韵。《圣经》中的“约柜”形象六年过去，对ARK来说，2020年无疑是历史性的一年。3月的史诗级波动如一声号响，撞上疫情的美股在央行大放水中全面复苏，ARK则由于此前打着“颠覆性创新”的旗号狂买科技股和小盘股，成了本轮牛市的头号受益者，旗下ETF包揽全美基金年度冠亚季军，5只表现最好的ETF年度回报平均达141%，规模最高涨超10倍，仿佛神终于为其忠实的信徒降下恩典。不过时间又来到今年二月，月初还风光无限的ARK，到了月底就随科技股下跌一路俯冲。越来越多质疑的声音开始涌现。人们说，伍德是否将重蹈上世纪90年代互联网泡沫时期那一大批明星基金经理的覆辙？他们先是飘飘然起飞，又随着泡沫破裂摔得一败涂地。大起大落之中，几个月来，有关ARK和伍德本人的报道铺天盖地。人们后知后觉地发现，这位自称替上帝配资本的“牛市女皇”，要不就是信仰界的“传教”高手、基金界的昙花一朵，要不，就可能真是资管业横空出世的颠覆者、是预示未来创新方向的“先知”。游历的童年 好奇的孩子真要追溯伍德对新生事物的情有独钟，可能还得从她不算安定的童年讲起。1955年，伍德出生在美国洛杉矶的一个天主教移民家庭，从小诵经读卷，去教堂做礼拜。她的父母都来自爱尔兰，父亲曾经在爱尔兰陆军和美国空军服役，后来成为了一名成功的雷达系统工程师。由于父亲工作的缘故，经常需要带着全家从一个军事基地搬到另一个基地，小时候的伍德从没在哪个地方待过很久，12岁就已经搬了十次家。好在，大概是继承了母亲活泼开明的个性，伍德并未对周遭频繁的变动感到太多不安，反而从适应新环境和探索新事物中，不断迸发出对生活的好奇。略微长大之后，和许多移民家庭的孩子一样，她开始经受良好的教育，并在学习上逐渐显露出天赋。圣母学院高中毕业后，1981年，她在南加州大学（USC）获得金融经济学学士学位，以优异的成绩荣誉毕业。升入南加大的最初，伍德对未来的设想也很模糊。大三选专业前的两年时间里，她一边在超市打工赚着学费，一边思忖着可能的进修方向：地质学、天文学、工程学……似乎很多都可以尝试，但又没有哪个说得上是多么坚定的选择。直到某一学期，在父亲的建议之下，伍德初尝到了宏观经济学的味道——命运的神妙之处就是在那一刻，全身心的感应都告诉你：就是它了。伍德深深地着迷于那些从经济活动中诞生，而又凌驾于微观和具体之上的“宏大观点”——遥远的、纵览全局的、直指未来的“宏大观点”。按照她自己的说法，她发现宏观研究是多么该死的迷人，让人大胆地畅想，畅想未来世界运转的方式，比起研究那些已经存在的理论，这是更加要紧的事。回头来看，这是头一回，那股对未知事物一脉相承的偏爱，以一种直击脑门的方式，帮伍德做了一个重大的人生抉择。师从名门让伍德在这条路上比其他人走得更快了些。她的导师——经济学教授Arthur Laffer正是著名的“拉弗曲线”的提出者。虽是本科生，伍德仍然参加了他教授的研究生课程，凭借着优秀的禀赋深得器重。2014年10月21日，Wood和Laffer在纽交所主席台上亮相 图源：Investors’Business Daily年轻的首席：站在共识另一边也是在拉弗的牵线下，22岁时，伍德进入传统资管巨头Capital Group就任助理经济学家，开启了她的职业生涯。1980年，她又在一次偶然机遇下移居纽约，成为了投顾公司Jennison Associates的首席经济学家。也就是说，仅仅三年，伍德就在年仅25岁之时从助理做到了首席。正值她初担大任之际，美国经济也正经历一番风起云涌的巨变。20世纪80年代初的美国正处于高度滞胀的深渊，生产下降和失业率猛增的同时，物价不但没有下跌反而普遍大幅上涨，出现了高通胀、高失业和低经济增长并存的罕见局面。当时美联储新上任的主席保罗·沃尔克试图缩减货币供应来对抗高企的通胀，但始终收效甚微。美国通胀在1980年升至高点这一背景下，“末日博士”亨利·考夫曼和米尔顿·弗里德曼等一批当时美国最具权威性的经济学家都绝望地认为，通货膨胀已经成为常态，根深蒂固了。伍德则认为不然，她坚持，利率和通货膨胀已经见顶。Jennison的联合创始人Spiros Segalas与伍德亦师亦友，那段时间，他经常邀请这些学界知名人士来公司分享他们的预测，又出于或训练、或考验、或交流的目的，让伍德站在“反方”，跟他们一对一辩上一辩。一边是江湖多年、拥有庞大阵营的老将，一边是刚刚做上首席、单看年龄就好像没什么经验的少数派选手，我们无法知道“考夫曼们”究竟是在认真参与这场学术对垒，还是抱着指教后辈的心态倾情演出，但事实最终证明，伍德的判断十分准确，1980年里根政府上台后，通胀和利率得到了不错的控制，从高峰一路下跌。目睹了许多场辩论之后，Segalas对伍德做出这样的评价：一位有着不可思议坚定信念的女士。她是目前为止最犀利的一个。伍德后来说，正是那段日子真正塑造了她自行其是、挑战权威的能力，让她深刻意识到，要时刻警惕那些所谓的“共识”，它们看似不容辩驳，却往往有可商榷的空间——而那些有违“共识”的行为，反而可能有巨大的潜力。几十年后回首初生牛犊的往昔，伍德会发现，自己做下这一精准预测之时，正站在自身和历史转折交汇的当口。利率一经回落，随之而来的将是一场长达40年的科技股牛市，而她不久后将参与其中，以同样“特立独行”的姿态战斗数年，直到掀起一番风浪。届时，她将“忤逆”的不再是几位学界的“考夫曼”，而是一整个华尔街。那时的她并未料到这一点。转战股票：在桌子底下寻找残羹剩饭她能嗅到的只是，科技股的风要刮上一阵子了。利率下行为之前深受冲击的科技公司带来了更多成长空间，伍德本来就热爱天文学和工程学，很快决定得坐上这班车。于是1985年，她在Jennison从宏观转向股票研究，1990年又兼任该公司的投资组合经理，始终聚焦科技股领域。年轻时的伍德 图源：Jesus Calling在科技股熙熙攘攘的人潮中，她又一次离开了大部队。和利率预测时不同，这一次，违背共识、寻找新事物的信念真正“主动”发挥了作用。伍德一上来就问自己，别的分析师肯定把不错的科技股都研究过一轮了，一个也不会放过，那还剩下什么？留给我的是什么？哪些是属于我的股票？她随即有了答案。于是，极具倾向性、甚至有些偏执地，伍德开始努力寻找两类股票：那些过于超前，超前到人们还没引起重视、还来不及一拥而上的领域；某些股票位于多个行业的交汇处，而没有任何方面的分析师跟进。伍德认为，这很可能也是创新诞生的地方。她将自己形容为“一只小狗，在桌子底下寻找残羹剩饭”。她说，“当分析师和基金经理都认为某些股票不足挂齿，或无法完美地融入任意一个投资组合中时，通常得多看两眼”，它们可能暂时被低估，但随着时间推移，可能爆发指数级的增长。研究股票时，伍德没什么固定的程序、套路可言，只是贪婪地汲取着所能触及的所有信息，加以消化和判断。现任摩根士丹利首席投资官的Lisa Shalett曾同她工作过一段时间，回忆说：“Cathie的好奇心像是永远得不到满足，她如饥似渴地吸收来自大大小小各类渠道的研究成果，一天24小时不知疲倦地工作，以确保团队拥有最深入的研究，生成最独到的观点。”有时候，她甚至会听一听直觉讲的话。比如投资路透社（Reuters）时，人们普遍很难理解这种“出版数据库”的商业模式——从金融公司收集数据，再把数据全部卖回给它们，这算什么呢？伍德自己也说不好，但她认为这种模式非常创新。她后来回忆说：“当时只是觉得它在干件大事，现在我们知道了，这正是当今互联网概念的缩影。”我们后面会看到，这种“肆意妄为”的投资风格，一直被伍德保留到了今天。就这样，伍德在Jennison一待就是18年。余下的几年时光，她一边将三个孩子抚养长大，一边在股票研究的道路上越走越远，也在其独特的选股门道上越走越精。Wood和孩子们 图源：Jesus Calling1998年，伍德离开Jennison后，先是在对冲基金Tupelo Capital做了3年的有限合伙人，2001年正式加入联博，担任基金经理和专题研究策略师。揣着50亿美元资金的管理规模，伍德在联博继续潜心股票领域，开启了长达12年的又一个职业阶段。那时她尚未意识到，伴随着一阵金融风暴的来袭，这段岁月将成为其日后自立门户的关键转折。摆脱传统 自立门户在联博，伍德延续一贯的投资风格，走着高增长、高风险、小盘股的路径。2002年下半年开始，美股正值一轮牛市，伍德的投资组合也表现得相当不错。但随后发生的两件事，让她萌生了摆脱传统基金投资分析框架的想法。先是2006年，美国房地产泡沫已经达到了相当高的水平，市场上开始出现各种各样矛盾的信号，伍德预计泡沫不久就会破裂。她随即大幅降低了投资组合的头寸。然而次贷的盛宴又继续了一年多，清醒得太早的代价是，伍德当年的收益率仅5%，跑输了大盘（12%-13%）将近一千个基点。伍德深受打击。而当她对天主教会的导师诉说这件事，向其寻求开解的时候，导师留下一句意味深长的话，完全扭转了她原先看问题的角度：你不能崇拜任何偶像，而现在，市场基准却成了你的偶像。第二年，伍德弥补了大部分损失，但在祈祷和冥想中回味起导师的话，她说自己突然意识到，指数投资的成功属于过去，而上帝并不希望我们停留在过去，他希望我们进入新的创造。从这时起，一个念头逐渐被深耕在伍德心里——要变革原有的投资方式，投资的真正使命是要走向上帝所指引的未来，是要替上帝分配资本。时间到了08-09年金融危机，高风险的投资策略使得伍德的基金在美股崩盘中，回撤明显大于市场水平。联博看不下去了，要求伍德在持仓中加入标普500等指数来减小波动性。但是这一次，伍德不愿再受制于所谓的市场“基准”了。她直截了当地反驳道：“我认为我们太过信奉基准投资法了，针对创新领域的投资则太少。现在有些创新公司在公开市场的价格，甚至只有私募市场的10%，这是个巨大的机会！”这两件事如一段抑扬顿挫的前奏，最终将伍德引向了同一个方向：2014年，伍德辞去了联博收入稳定的工作，着手建立属于自己的初创公司。她意识到，想要真正摆脱传统基金公司投资框架下的束手束脚，想要真正践行一套自己的标准和投资理念、大胆把钱投在创新领域，那就只有自立门户。ARK的时代就此开始了。离经叛道的ARK因而可以说，ARK从最开始就是为了绕开传统资管的条条框框而生的，自然和大家走的不是一条路子。不再寄人篱下的伍德，将其不拘一格释放到极限，向着离经叛道的方向越走越远。她用一句话就和传统资管划清了界限：“我们真正要做的是鼓励新的创造，上帝的新创造。我们要将资本配置到它能发挥最高效益的、最有用的地方——那些有望改变世界、改善世界的变革性技术之上。而他们，那些其他的基金业者，只是把钱投向过去，那是最安全的路径。”“我们”，和“他们”——一边是无惧挑战的、变革性的、先锋的、连接未来的、为“神的创造”分配资产的；另一边，是安全的、翻旧账的、对新兴技术视而不见的、毫无上进心和使命感可言的。她问，你选哪一方？话自然不只说说而已，伍德的“新官上任三把火”延续至今。一则就像那个夏日午后，伍德自称圣灵在自己心里种下的计划一样，成立以来，ARK使命必达地将投资瞄准那些初绽头角的颠覆性技术，对不少传统基金嗤之以鼻的新兴企业都大为鼓励，这与后者怕波动、稳收益的投资策略截然不同。特斯拉可能是其中最著名、也最成功的例子了。伍德五年前就投资了特斯拉，当时股价50美元左右，过去三年，特斯拉一直是ARK的最大持股。伍德认为，特斯拉就是那样一个“位于多个行业的交汇处”的企业，集机器人、人工智能、能源储存于一身，传统的汽车分析师“不知道该怎么办”。2018年8月特斯拉股价徘徊在320美元时，马斯克一度考虑将公司私有化，用420美元/股的价格回购所有股票。伍德却是当时99%的市场看跌特斯拉时那1%的声音。她随即向马斯克发了一封公开信，预测称特斯拉在五年内股价最高能达到4000美元，反对其私有化公司。那封公开信至今，特斯拉已经发布了Model3，股价从320美元飙升至3500美元(按1比5的拆股比例调整)，伍德独到的眼光也得到了验证。根据ARK 2021年投资报告，除了比特币和电动车，如今伍德又将目光驻足到深度学习、新一代基因测序、数据中心再创造等等多个新兴领域，一如既往不吝对这些象征颠覆性创新的词汇付诸无限热情。图源：Alotta Money二则，和伍德所设想的一样，ARK公司从分析师本身到投资策略，从不拘泥于传统的指标、规则，十足的野路子打法，却不失漂亮。传统ETF主要被动投资于指数，而伍德的ETF采取主动选股、积极管理策略，这是很罕见的，即便在主动型ETF越来越受欢迎的今天，也只占美国ETF总资产的3%。正如前文提到，伍德很不喜欢指数，认为那衡量是过去的成就。她的雇员和传统基金也完全不同，总共30多名员工，很少有华尔街背景或MBA学位的，大多数都是不同行业的专业人士——癌症科学家、人工智能分析师、游戏工程师，甚至船长。他们不懂移动平均线，不懂动量指标，有些甚至连彭博终端都不会用。伍德不在乎这些，她看中的就是不同背景、不同领域的专业性。她似乎也非常信奉“咖啡馆里出哲学”的理念，以一种极轻松的模式管理着公司。曼哈顿东28街的办公室没有隔间，酒吧式的高脚椅旁边，所有桌子围成一圈，职员们自由地走动、交流、对谈，随时准备着思维的交锋。三则，传统资管公司总爱深藏不露自己掌握的“独家信息”，ARK则完全不同。伍德的态度是：透明、开放，“信息吸引信息”。ARK的周度“头脑风暴”会议任何人都可以参加，包括行业专家和竞争对手。团队可以与科学家、工程师、医生和其他专家分享研究成果并进行合作，这在很多传统基金公司是违规行为，是要被开除的。不仅如此，伍德还会在Reddit论坛等社交平台上免费发布研究报告，每天公布持仓变动，甚至亲自和网友讨论投资标的，这为其积攒下一大批忠实的粉丝。她认为，这有助于ARK对与市场存在分歧或误解的地方进行反思，更好地理解世界在发生什么。投资ARK=信上帝、信未来？所谓离经叛道者，人们要么视其为天才，要么笑其为疯子，投资特斯拉的成功有如一剂强心剂，让更多人愿意相信伍德归属前者。于是这三把火多少在粉丝心中埋下了几分狂热因子，似乎伍德已经为其股票池无可限量的创新前景打了包票——在ARK这里，只要付出时间成本，就能获得金钱回报。但更重要的一点是，上面这句话在上帝、信仰、未来这些概念的贯穿下，卸下了俗套的外衣，听起来慷慨激昂，振奋人心。想想吧，投资ARK，和笃信未来挂了钩。如果巴菲特、芒格版价值投资算是经验主义的王道，那么ARK这套轰轰烈烈的说法就有些形而上的架势了。总的来说，人还是爱幻想的动物，对于虚无缥缈着的东西总容易信点什么。你可以不信特斯拉、不信比特币，但你信技术吗，信技术的发展吗？你可以不信ARK，但你信“上帝的使命”吗？你说你不是基督徒，那你信未来吗？当ARK信誓旦旦地描画着未来，你又能喊出同样的音量反驳说，未来并非如此吗？毕竟，那个被所有人称作是骗子的特斯拉真的干成了不是吗，它颠覆了整个汽车业，从金属到能源也为之改变——那么比特币呢？那么一路看好特斯拉到现在的ARK呢？这套思维的力量比想象中要大得多。就算在路途中受了些苦，比如净值暴跌了30个点什么的……一些投资者也会觉得自己是在为未来买单，是林中有两条路，选择了布满荆棘的那条，是坚持到最后的人笑得最大声。截至3/8，ARK五只表现最好的ETF自高点平均下跌近30个点，图为旗舰基金ARKK净值曲线但确实如此，谁又说得准未来呢？有限的钱包是否真的可以为无限的信仰买单，即便未来确乎如此，坚持得到的又是多远的未来？比如，今年的结局又将是如何。2021年对ARK无疑是严峻挑战的一年。风风火火的几个月过去，ARK与特斯拉、比特币之间千丝万缕的联系几乎酿成了“三位一体”的风险格局，去年年底伍德还告诉媒体，有决心未来五年把投资人的钱翻三倍，不料进入2021年才两个月，股价就开始掉头向下，开局不利。对小盘股的钟爱还始终是一大隐患。有分析师举例，ARK旗下ARKG基金持仓的标的中有20家超过流通股本的5%，占全部持仓标的比例为45.45%，ARK已经成为不少标的的第一大股东，一旦市场环境不好或板块热度下降，基金净值可能会出现利空叠加流动性风险带来的大幅下跌。人们在恐慌中再次回想起上世纪90年代的美股市场——那座用泡沫堆成的高楼一夜之间轰然倒塌，也将一众刚升起不久的“资管新星”埋在废墟之下。比如，曾在1991年至2005连续15年间跑赢标普500指数的明星基金经理比尔·米勒（Bill Miller），08年金融危机时却惨遭滑铁卢，一度被市场形容为“晚节不保”。又比如共同基金公司Janus（古罗马神话中的两面神），1998年底至2000年3月间，从美国第20大共同基金公司发展到第5大，短短十年规模从30亿美元扩张到3000亿。就连曾任美国总统的克林顿都把个人账户交托Janus管理。但随着互联网泡沫破裂，其部分基金产品净值一下子暴跌三分之二，“两面神”的神话也就此灰飞烟灭。和ARK一样，Janus恰好也对科技股和小盘股情有独钟，也恰好是一副放眼未来，一旦看好就重拳出击的自信架势。那么如今的ARK，会成为下一个两面神吗？如今的伍德，会是下一个跌落神坛的米勒吗？还是，它们将成为下一个特斯拉和马斯克，度过艰难的日子，真正站上行业变革的中心？两年多前马斯克在节目上一口大麻一口酒，愁眉不展地度过特斯拉最艰难的日子。如今，伍德也正迎来这样的时候吗？而后，马斯克真的成了汽车领域的颠覆者，传统车企不得不大象掉头奋起直追，伍德也将这样地拨云开雾吗？华尔街将出现更多的ARK吗？更透明、更开放、更具活力的资管业正在形成吗？遵从上帝的话，诺亚建好了方舟，那年方舟从大洪水中存活下来，神说“我使云彩盖地的时候，必有虹现在云中”。如今“遵从圣灵之托”，伍德建成ARK也来到第七个年头，大洪水化身金融市场的风暴袭来，云雾遮挡视线。伍德能够带领整船的人翻过洪水，真正掀起行业变革的风吗？她能见到，神降下的虹吗？","news_type":1,"symbols_score_info":{"TSLA":0.9,"ARKK":0.9,"ARKF":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":355217606,"gmtCreate":1617075404905,"gmtModify":1704801625457,"author":{"id":"3571956573859456","authorId":"3571956573859456","name":"Erikson","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3571956573859456","authorIdStr":"3571956573859456"},"htmlText":"說說你對這篇新聞的看法...","listText":"說說你對這篇新聞的看法...","text":"說說你對這篇新聞的看法...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/355217606","repostId":2123790280,"repostType":4,"repost":{"id":"2123790280","kind":"news","pubTimestamp":1616991909,"share":"https://ttm.financial/m/news/2123790280?lang=en_US&edition=fundamental","pubTime":"2021-03-29 12:25","market":"us","language":"zh","title":"The woman who \"allocates funds for God\"!","url":"https://stock-news.laohu8.com/highlight/detail?id=2123790280","media":"华尔街见闻","summary":"“木头姐”Cathie Wood：给我几个支点，让我撬动整个世界。","content":"\"Sister Wood\" Cathie Wood: Give me some fulcrums and let me shake the whole world. It's hard to imagine such a pattern that shakes the market:She invests<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, betting that it will subvert the automotive field; She invested in Bitcoin, betting that it would overturn the monetary system; She prepares a space fund and looks at the future of Mars; She invests in streaming platform Roku, mobile payments company Square, 3D printing company<a href=\"https://laohu8.com/S/SSYS\">Stratasys</a>, they are at the forefront of technological progress and jointly move the lever of contemporary life change.She said to give me a few fulcrums and let me pry the whole world.She is betting on disruptors from all walks of life, and she is also at the center of the storm in the asset management industry. Born on Wall Street, she abandoned tradition, ignored \"discipline\", and finally embarked on a deviant investment path. Today, she once enjoyed infinite scenery and was questioned. When a building overturns or overnight, as many people have seen it rise, as many people want to see it overturn.To ask how it all started, Cathie Wood, the founder of ARK Invest and now a household name \"Queen of the Bull Market\" of the year, who is over 65 years old, sat in a comfortable seat, stroked her shoulder-length taupe hair, steadied her iconic black-rimmed glasses, and slowly recalled that summer afternoon many years ago:<img src=\"https://static.tigerbbs.com/1c69c183f3df90b688867160c4eb35b5\" tg-width=\"795\" tg-height=\"441\" referrerpolicy=\"no-referrer\">It was a beautiful summer day, and I came home surrounded by a strange silence. Three kids had gone to Christ Camp, among other things, and it dawned on me that I was going to spend the next two weeks alone. I've been separated from these days for too long. Walking into the kitchen, I was neither happy nor sad, just in a trance … until a sudden shake cut through the air, and I seemed to hear the Holy Spirit speaking to me-\"Come, open your plan.\" I heard him say. She said, look, you have been studying disruptive innovation all your life, so why not try to subvert your own industry? Why not revolutionize it with new technology? Why not bring the new idea to the public and spread it on social media? Why not call competitors and collide with the sparks of thinking together? He said so, and I did so. \"She said so, and I did so.\" So in 2014, 57-year-old Wood resigned from the famous asset management giant Alliance Bernstein and founded this asset management company of his own, named it after the ARK of Holy Relics (ARK) in the Bible.Just as the Israelites in the Old Testament fought with the ARK of the Covenant and believed that God was with the ARK of the Covenant, this devout Catholic firmly believed that ARK was destined to invest its capital in innovation, in the future, and in the \"handwriting of God\", which was in fulfilling the mission entrusted by God.Nowadays, many Chinese media have translated ARK as \"ARK\". Although it is not Wood's original intention, it also has the charm of \"bearing the destiny of the world\".<img src=\"https://static.tigerbbs.com/e2ef328f314a2d1785b3d3ba7f27e1f1\" tg-width=\"641\" tg-height=\"361\" referrerpolicy=\"no-referrer\">The Image of the \"Ark of the Covenant\" in the BibleSix years later, 2020 is undoubtedly a historic year for ARK. The epic fluctuations in March were like a trumpet. The U.S. stock market that hit the epidemic fully recovered from the central bank's flood release. ARK became the number one beneficiary of this round of bull market because it had previously bought technology stocks and small-cap stocks under the banner of \"disruptive innovation\". Its ETFs won the annual first, second and third place among national funds. The average annual return of the five best-performing ETFs reached 141%, and the maximum scale increased by more than 10 times, as if God had finally given grace to its loyal believers.However, the time has come to February this year again. ARK, which was still prosperous at the beginning of the month, plunged all the way with the decline of technology stocks at the end of the month. More and more questioning voices began to emerge. People say, will Wood repeat the mistakes of a large number of star fund managers during the Internet bubble in 1990s? First they took off, and then they fell into defeat as the bubble burst.Amid the ups and downs, reports on ARK and Wood himself have been overwhelming for months.People later found that this \"Queen of the Bull Market\" who claimed to allocate capital for God was either a \"missionary\" master in the faith world and a flower in the fund world, or she might really be a subverter who was born in the asset management industry and a \"prophet\" who heralded the future innovation direction.A traveling childhood curious childTo really trace Wood's soft spot for new things, we may have to start with her unstable childhood.In 1955, Wood was born in a Catholic immigrant family in Los Angeles, USA. He recited scriptures and went to church since childhood. Her parents are both from Ireland, and her father served in the Irish Army and the United States Air Force before becoming a successful radar systems engineer.Because of my father's work, I often have to move my family from one military base to another.As a child, Wood never stayed anywhere for a long time. At the age of 12, he had moved ten times.Fortunately, probably inheriting his mother's lively and open-minded personality, Wood didn't feel too uneasy about the frequent changes around him. Instead, he constantly became curious about life in generate from adapting to the new environment and exploring new things.When she grew up a little, like many children from immigrant families, she began to receive a good education and gradually showed her talent in learning. After graduating from high school at Notre Dame College, in 1981, she graduated with honors and cum laude with a bachelor's degree in financial economics from the University of Southern California (USC).At the beginning of his promotion to Southern California, Wood's vision of the future was also vague. In the two years before choosing a major in her junior year, she worked in a supermarket to earn tuition fees, while thinking about possible further study directions: geology, astronomy, engineering... It seems that many can be tried, but none of them can be said to be a firm choice.Until one semester, at his father's suggestion, Wood first tasted macroeconomics-the wonderful thing about fate is that at that moment, his whole heart and soul tells you that it is it.Wood was deeply fascinated by the \"grand views\" born from economic activity and above the micro and concrete-the \"grand views\" that were distant, overview and pointed straight to the future. According to her own account, she found how damningly fascinating macroscopic research was, and it was more important to make people boldly imagine how the world would work in the future than to study existing theories.Looking back, this was the first time that his preference for the unknown had helped Wood make an important life choice in a way that hit him directly on the forehead.Learning from a famous family allowed Wood to walk faster than others on this road. Her mentor, economics professor Arthur Laffer, is the author of the famous \"Laffer Curve\".Although he was an undergraduate, Wood still took part in the graduate courses he taught, and was highly valued for his excellent endowment.<img src=\"https://static.tigerbbs.com/fcf68e0010cae1663dd31058f8a34c7e\" tg-width=\"1000\" tg-height=\"563\" referrerpolicy=\"no-referrer\">Wood and Laffer on the NYSE rostrum on October 21, 2014 Source: Investors' Business DailyYoung Chief: On the Other Side of the ConsensusAlso under the help of Laffer, at the age of 22, Wood joined the traditional asset management giant Capital Group as an assistant economist and started her career.In 1980, she moved to New York by chance and became the chief economist of Jennison Associates, an investment advisory firm.That is to say, in just three years, Wood went from assistant to chief at the age of 25.At the beginning of her big responsibility, the American economy is also undergoing great changes.In the early 1980s, the United States was in the abyss of high stagflation. While production declined and unemployment soared, prices generally rose sharply instead of falling, resulting in a rare situation of high inflation, high unemployment and low economic growth. At that time, Paul Volcker, the newly appointed chairman of the Federal Reserve, tried to shrink the money supply to combat high inflation, but with little success.<img src=\"https://static.tigerbbs.com/f1b08eb3a10fa740d150c2486a9ea158\" tg-width=\"715\" tg-height=\"337\" referrerpolicy=\"no-referrer\">U.S. inflation rose to a high point in 1980Against this background, a group of the most authoritative economists in the United States at that time, such as \"Dr. Doom\" Henry Kaufman and Milton Friedman, desperately believed that inflation had become the norm and deeply ingrained.Wood thinks otherwise,Interest rates and inflation have peaked, she insists.Jennison's co-founder Spiros Segalas and Wood were both teachers and friends. During that time, he often invited these academic celebrities to the company to share their predictions, and for the purpose of training, testing, or communication, Wood stood on the \"opposite side\", argue with them one-on-one.On the one hand, there are veterans who have been in the Jianghu for many years and have a huge camp, and on the other hand, there are minority players who have just become the chief and seem to have no experience just by their age.We can't know whether the \"Kaufmans\" are seriously participating in this academic confrontation, or performing with the mentality of teaching younger generations, but the facts finally proved that Wood's judgment was very accurate. After the Reagan administration came to power in 1980, inflation and interest rates were well controlled, falling all the way from the peak.After witnessing many debates, Segalas made this evaluation of Wood:A lady with incredibly strong convictions. She's the sharpest one so far.Wood later said that it was those days that really shaped her ability to go her own way and challenge authority, and made her deeply aware of the need to always be alert to those so-called \"consensus\", which seemed irrefutable, but often had room for discussion-And those behaviors that violate the \"consensus\" may have great potential.Looking back on the past of the newborn calf decades later, Wood will find that when he made this accurate prediction, he was standing at the intersection of himself and history.Once interest rates fall, what will follow will be a 40-year bull market in technology stocks, and she will soon participate in it, fighting with the same \"maverick\" attitude for several years until it makes a storm. By then, she will \"disobey\" not the \"Kaufman\" of several academic circles, but the whole Wall Street.She didn't expect this at that time.Moving to Stocks: Looking for Scraps Under the TableAll she can smell is that the wind is going to blow in tech stocks for a while. Lower interest rates have brought more room for growth to technology companies that have been hit hard before. Wood, who has loved astronomy and engineering, quickly decided to get on this bus.So in 1985, she shifted from macro to stock research at Jennison, and in 1990, she also served as the company's portfolio manager, always focusing on technology stocks.<img src=\"https://static.tigerbbs.com/3ab2a3e6a38a1e6cadb57da984a401bb\" tg-width=\"768\" tg-height=\"615\" referrerpolicy=\"no-referrer\">Wood in his youthCredit: Jesus CallingAmid the hustle and bustle of tech stocks, she left the big army again.Unlike interest rate forecasts, this time, the belief of violating consensus and looking for new things really \"actively\" played a role.Wood asked himself as soon as he came up, other analysts must have studied all the good technology stocks for a round, and they will not let go of any of them, so what is left? What is left for me? Which are my stocks?She immediately had the answer.So, with great tendency and even paranoia, Wood began to try to find two types of stocks:<ul><li>Those areas that are too advanced, so advanced that people haven't paid attention to it and have no time to swarm;</li><li>Certain stocks lie at the intersection of multiple industries without analysts following up on any side. Wood believes that this is likely to be where innovation is also born.</li></ul>She describes herself as \"a puppy looking for scraps under the table\".She said, \"When analysts and fund managers agree that certain stocks are insignificant or don't fit perfectly into any portfolio, they usually look twice.\" They may be temporarily undervalued, but over time, Exponential growth may explode.When studying stocks, Wood has no fixed procedures or routines at all.Just greedily absorbing all the information he can touch, digesting and judging it.Incumbent<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Lisa Shalett, chief investment officer who worked with her for a while, recalled:\"Cathie's curiosity seems to be never satisfied. She eagerly absorbs research results from various channels, large and small, and works tirelessly 24 hours a day to ensure that the team has the most in-depth research and generates the most unique opinions.\"Sometimes she even listened to what her intuition said.For example, when investing in Reuters, it is generally difficult for people to understand this business model of \"publishing databases\"-collecting data from financial companies and then selling all the data back to them. What is this?Wood can't say it well herself, but she thinks this model is very innovative. She later recalled: \"At that time, I just thought it was doing something big. Now we know that this is the epitome of today's Internet concept.\"As we will see later, this \"reckless\" investment style has been retained by Wood to this day.In this way, Wood stayed at Jennison for 18 years. In the remaining years, while raising her three children, she went further and further on the road of stock research, and also became more and more sophisticated in her unique stock selection doorway.<img src=\"https://static.tigerbbs.com/7db68c3edd34e7c90a2ace397b8ebc1c\" tg-width=\"768\" tg-height=\"512\" referrerpolicy=\"no-referrer\">Wood and kidsCredit: Jesus CallingAfter Wood left Jennison in 1998, he first worked as a limited partner at the hedge fund Tupelo Capital for three years. In 2001, he officially joined AllianceBernstein as a fund manager and special research strategist. With a management scale of US $5 billion, Wood continued to concentrate on the stock field at AllianceBernstein, starting another career stage that lasted for 12 years.At that time, she didn't realize that with the financial turmoil, this period of time would be a key turning point for her self-reliance in the future.Get rid of traditional self-establishmentAt AllianceBernstein, Wood continues his consistent investment style, taking the path of high-growth, high-risk, and small-cap stocks. Since the second half of 2002, the U.S. stock market has been in a bull market, and Wood's investment portfolio has also performed quite well.But two things that happened then gave her the idea of getting rid of the traditional fund investment analysis framework.First, in 2006, the real estate bubble in the United States had reached a very high level, and various contradictory signals began to appear in the market. Wood predicted that the bubble would burst soon. She immediately reduced her portfolio positions significantly.However, the feast of subprime mortgages continued for more than a year. The price of waking up too early was that Wood's yield that year was only 5%, underperforming the broader market (12%-13%) by nearly 1,000 basis points.Wood was devastated. And when she told her mentor in the Catholic Church about this story and sought an explanation from him, the mentor left a meaningful remark, which completely reversed her original perspective: You can't worship any idol, but now the market benchmark has become your idol.The next year, Wood made up for most of the losses, but recalled the words of her mentor in prayer and meditation, saying that sheThe sudden realization that the success of index investing belongs to the past, and God doesn't want us to stay in the past, He wants us to enter a new creation.From then on, a thought gradually became deeply rooted in Wood's mind-To change the original investment method, the real mission of investment is to move towards the future guided by God and to allocate capital for God.The time came to the 2008-09 financial crisis, and the high-risk investment strategy made Wood's fund's pullback/retracement significantly greater than the market level during the U.S. stock market crash. AllianceBernstein couldn't stand it anymore and asked Wood to add indexes such as the S&P 500 to his holdings to reduce volatility.But this time, Wood doesn't want to be subject to so-called market \"benchmarks\" anymore.She retorted bluntly: \"I think we believe in the benchmark investment method too much and invest too little in innovation. Now the price of some innovative companies in the public market is even only 10% of that in the private market, which is a huge opportunity!\"These two events were like a prelude to ups and downs, which eventually led Wood in the same direction: in 2014, Wood quit his stable job at AllianceBernstein and set out to build his own startup.She realized that if she wants to truly get rid of the constraints under the investment framework of traditional fund companies, truly practice a set of her own standards and investment philosophies, and boldly invest money in innovative fields, she can only stand on her own feet.The era of ARK begins.Deviant ARKTherefore, it can be said that ARK was born from the very beginning to bypass the rules and regulations of traditional asset management, and naturally it is not the same path as everyone.Wood, who no longer depended on others, released it to the limit and went further and further in the deviant direction.She drew a clear line with traditional asset management in one sentence:\"What we really want to do is encourage new creation, God's new creation.We need to allocate capital where it can be most efficient and useful-those transformative technologies that are expected to change and improve the world. And they, those other fund operators, just invest their money in the past, which is the safest path. \"\"We\", and \"They\"-on the one hand, they are challenge-free, transformative, pioneering, connecting to the future, and distributing assets for \"God's creation\"; On the other hand, it is safe, turning over old scores, turning a blind eye to emerging technologies, and having no self-motivation and sense of mission at all.Which side do you choose, she asked?Naturally, the words are not just talk,Wood's \"three fires for new officials\" continue to this day.OneJust like the plan Wood claimed to have planted by the Holy Spirit in his heart that summer afternoon, since its establishment, ARK's mission has been to target its investment in those disruptive technologies that are beginning to bloom.Many emerging companies that scoff at traditional funds are greatly encouraged, which is completely different from the latter's investment strategy of fearing volatility and stabilizing returns.Tesla is probably the most famous and successful example of them all.Wood invested in Tesla five years ago, when it was around $50, and Tesla has been ARK's largest holding for the past three years. Wood believes that Tesla is such a company \"located at the intersection of multiple industries\", integrating<a href=\"https://laohu8.com/S/300024\">Robot</a>, artificial intelligence, and energy storage all in one, traditional automotive analysts \"don't know what to do.\"When Tesla's stock price hovered at $320 in August 2018, Musk once considered taking the company private and buying back all shares at a price of $420 per share.Wood was the 1% voice when 99% of the market was bearish on Tesla。 She immediately sent an open letter to Musk, predicting that Tesla's stock price would reach a maximum of $4,000 within five years, and opposed its privatization of the company.Since that open letter, Tesla has released Model 3, and its stock price has soared from US $320 to US $3,500 (adjusted according to a 1-to-5 stock split ratio). Wood's unique vision has also been verified.According to ARK's 2021 investment report, in addition to Bitcoin and electric vehicles, Wood is now focusing on many emerging fields such as deep learning, new generation gene sequencing, and data center re-creation. As always, he is not hesitant to pay attention to these symbols of disruptive innovation. vocabulary put into infinite enthusiasm.<img src=\"https://static.tigerbbs.com/736971a7c4e609eeaee76c1d1f93c2c0\" tg-width=\"775\" tg-height=\"1072\" referrerpolicy=\"no-referrer\">Source: Alotta MoneySecond, as Wood imagined, ARK never sticks to traditional indicators and rules from analysts themselves to investment strategies, and is full of wild ways, but it is beautiful.Traditional ETFs mainly invest passively in indexes, while Wood's ETFs adopt active stock selection and active management strategies, which is very rare. Even today, when active ETFs are becoming more and more popular, they only account for 3% of the total assets of US ETFs.. As mentioned earlier, Wood dislikes indexes very much, thinking that they measure past achievements.Her employees are also completely different from traditional funds, with more than 30 employees in total, few with Wall Street backgrounds or MBA degrees, and most of them are professionals in different industries-cancer scientists, artificial intelligence analysts, game engineers, and even captains. They don't understand moving averages, they don't understand momentum indicators, and some don't even use Bloomberg terminals.Wood doesn't care about this. What she likes is professionalism in different backgrounds and fields.She also seems to believe in the idea of \"philosophy comes from the cafe\" very much, and manages the company in a very relaxed mode. The office on East 28th Street in Manhattan has no cubicles. Next to the bar-style high chairs, all the tables are surrounded in a circle, and the staff move around freely, communicate and talk, ready to exchange ideas at any time.Third, traditional asset management companies always love to hide their \"exclusive information\", but ARK is completely different. Wood's attitude is: transparent and open, and \"information attracts information\".ARK's weekly \"brainstorming\" sessions can be attended by anyone, including industry experts and competitors. Teams can share research results and cooperate with scientists, engineers, doctors and other experts, which is illegal in many traditional fund companies and will be expelled.Not only that, Wood will also publish free research reports on social platforms such as Reddit forums, announce changes in positions every day, and even personally discuss investment targets with netizens, which has accumulated a large number of loyal fans for him. She believes that this helps ARK reflect on where there are disagreements or misunderstandings with the market and better understand what is happening in the world.Investing in ARK = believing in God and the future?The so-called deviant, people either regard him as a genius or laugh at him as a madman. The success of investing in Tesla is like a shot in the arm, making more people willing to believe that Wood belongs to the former.So these three fires have somewhat buried a bit of fanaticism in the hearts of fans. It seems that Wood has guaranteed the unlimited innovation prospects of his stock pool-here at ARK, as long as you pay the time cost, you can get money returns.But more importantly,The above sentence, which is run through the concepts of God, faith, future, unloads the cliché cloak and sounds impassioned and inspiring.Think about it, investing in ARK is linked to believing in the future.If Buffett and Munger's version of value investing is regarded as the king of empiricism, then ARK's vigorous statement is somewhat metaphysical.Generally speaking, people are still fantastical animals, and they are always easy to believe in illusory things. You can not believe in Tesla or Bitcoin, but do you believe in technology and the development of technology? You can not believe in ARK, but do you believe in \"God's mission\"? You say you are not a Christian, do you believe in the future? When ARK vows to paint the future, can you shout the same volume and retort, \"The future is not the case?\"After all, the Tesla, which everyone calls a liar, really did it, didn't it? It subverted the whole automobile industry, from metals to energy-and what about Bitcoin? So what about ARK that is optimistic about Tesla all the way to the present?The power of this set of thinking is much greater than imagined.Even if they suffer some hardships on the way, such as the net worth plummeting by 30 points or something... Some investors will feel that they are paying for the future. There are two roads in the forest, and they choose the one full of thorns. The one who persists until the end laughs the loudest.<img src=\"https://static.tigerbbs.com/eaf28c6de9e5b0e0e414e8b6c9db7dd0\" tg-width=\"1174\" tg-height=\"400\" referrerpolicy=\"no-referrer\">As of 3/8, ARK's five best-performing ETFs have fallen by nearly 30 points on average from their highs. The picture shows the net value curve of the flagship fund ARKKBut it is true. Who can tell the future? Can a limited wallet really pay for unlimited beliefs? Even if this is the case in the future, how far into the future will it be?For example, what will be the outcome of this year?2021 has undoubtedly been a year of severe challenges for ARK. The turbulent months have passed, and the inextricable connection between ARK, Tesla, and Bitcoin has almost created a \"trinity\" risk pattern. At the end of last year, Wood also told the media that he is determined to invest investors in the next five years. The money has tripled, but unexpectedly, only two months after entering 2021, the stock price has begun to turn downward, with a bad start.The love of small-cap stocks has always been a big hidden danger. For example, some analysts gave an example. 20 of the targets held by ARK's ARKG fund exceed 5% of the circulating share capital, accounting for 45.45% of all targets held. ARK has become the largest shareholder of many targets. Once the market environment is not good or The sector's popularity declines, the net value of the fund may experience a sharp drop caused by negative superimposed liquidity risks.In panic, people once again recalled the U.S. stock market in the 1990s-the high-rise building made of bubbles collapsed overnight, and a group of newly rising \"asset management stars\" were buried under the ruins.For example, Bill Miller, a star fund manager who outperformed the S&P 500 index for 15 consecutive years from 1991 to 2005, suffered a tragic defeat during the 2008 financial crisis, and was once described by the market as \"no guarantee in the late festival\".Another example is Janus, a mutual fund company (two-faced god in ancient Roman mythology). From the end of 1998 to March 2000, it grew from the 20th largest mutual fund company in the United States to the fifth largest, and its scale expanded from US $3 billion to 300 billion in just ten years. Even Clinton, the former president of the United States, entrusted his personal account to Janus.However, with the bursting of the Internet bubble, the net value of some of its fund products suddenly plummeted by two-thirds, and the myth of \"two-faced gods\" was wiped out. Like ARK, Janus happens to have a soft spot for technology stocks and small-cap stocks, and he also happens to be a confident posture of looking to the future and striking hard once he is optimistic.So will today's ARK become the next two-faced god? Will today's Wood be the next Miller to fall from the altar? Or will they become the next Tesla and Musk to weather difficult times and truly stand at the center of industry change?More than two years ago, Musk took a sip of marijuana and a sip of alcohol on the show, frowning through Tesla's most difficult days. Now, is Wood also ushering in such a time?Then, Musk really became a disruptor in the automotive field, and traditional car companies had to turn around and catch up. Will Wood clear the clouds like this?Will there be more ARK on Wall Street? Is a more transparent, open and dynamic asset management industry taking shape?Obeying God's word, Noah built the ark, which survived the great flood that year. God said, \"When I make clouds cover the earth, there will be a rainbow in the clouds\".Now \"following the entrustment of the Holy Spirit\", Wood has also reached its seventh year of building ARK. The great flood has turned into a storm in the financial market, and clouds and mist have blocked the view. Can Wood lead the whole ship over the flood and really set off the wind of industry change? Can she see the rainbow from God?","source":"wallstreetcn_api","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>The woman who \"allocates funds for God\"!</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\">\nThe woman who \"allocates funds for God\"!\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-03-29 12:25\n\n</h4>\n</header>\n<article>\n\"Sister Wood\" Cathie Wood: Give me some fulcrums and let me shake the whole world. It's hard to imagine such a pattern that shakes the market:She invests<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, betting that it will subvert the automotive field; She invested in Bitcoin, betting that it would overturn the monetary system; She prepares a space fund and looks at the future of Mars; She invests in streaming platform Roku, mobile payments company Square, 3D printing company<a href=\"https://laohu8.com/S/SSYS\">Stratasys</a>, they are at the forefront of technological progress and jointly move the lever of contemporary life change.She said to give me a few fulcrums and let me pry the whole world.She is betting on disruptors from all walks of life, and she is also at the center of the storm in the asset management industry. Born on Wall Street, she abandoned tradition, ignored \"discipline\", and finally embarked on a deviant investment path. Today, she once enjoyed infinite scenery and was questioned. When a building overturns or overnight, as many people have seen it rise, as many people want to see it overturn.To ask how it all started, Cathie Wood, the founder of ARK Invest and now a household name \"Queen of the Bull Market\" of the year, who is over 65 years old, sat in a comfortable seat, stroked her shoulder-length taupe hair, steadied her iconic black-rimmed glasses, and slowly recalled that summer afternoon many years ago:<img src=\"https://static.tigerbbs.com/1c69c183f3df90b688867160c4eb35b5\" tg-width=\"795\" tg-height=\"441\" referrerpolicy=\"no-referrer\">It was a beautiful summer day, and I came home surrounded by a strange silence. Three kids had gone to Christ Camp, among other things, and it dawned on me that I was going to spend the next two weeks alone. I've been separated from these days for too long. Walking into the kitchen, I was neither happy nor sad, just in a trance … until a sudden shake cut through the air, and I seemed to hear the Holy Spirit speaking to me-\"Come, open your plan.\" I heard him say. She said, look, you have been studying disruptive innovation all your life, so why not try to subvert your own industry? Why not revolutionize it with new technology? Why not bring the new idea to the public and spread it on social media? Why not call competitors and collide with the sparks of thinking together? He said so, and I did so. \"She said so, and I did so.\" So in 2014, 57-year-old Wood resigned from the famous asset management giant Alliance Bernstein and founded this asset management company of his own, named it after the ARK of Holy Relics (ARK) in the Bible.Just as the Israelites in the Old Testament fought with the ARK of the Covenant and believed that God was with the ARK of the Covenant, this devout Catholic firmly believed that ARK was destined to invest its capital in innovation, in the future, and in the \"handwriting of God\", which was in fulfilling the mission entrusted by God.Nowadays, many Chinese media have translated ARK as \"ARK\". Although it is not Wood's original intention, it also has the charm of \"bearing the destiny of the world\".<img src=\"https://static.tigerbbs.com/e2ef328f314a2d1785b3d3ba7f27e1f1\" tg-width=\"641\" tg-height=\"361\" referrerpolicy=\"no-referrer\">The Image of the \"Ark of the Covenant\" in the BibleSix years later, 2020 is undoubtedly a historic year for ARK. The epic fluctuations in March were like a trumpet. The U.S. stock market that hit the epidemic fully recovered from the central bank's flood release. ARK became the number one beneficiary of this round of bull market because it had previously bought technology stocks and small-cap stocks under the banner of \"disruptive innovation\". Its ETFs won the annual first, second and third place among national funds. The average annual return of the five best-performing ETFs reached 141%, and the maximum scale increased by more than 10 times, as if God had finally given grace to its loyal believers.However, the time has come to February this year again. ARK, which was still prosperous at the beginning of the month, plunged all the way with the decline of technology stocks at the end of the month. More and more questioning voices began to emerge. People say, will Wood repeat the mistakes of a large number of star fund managers during the Internet bubble in 1990s? First they took off, and then they fell into defeat as the bubble burst.Amid the ups and downs, reports on ARK and Wood himself have been overwhelming for months.People later found that this \"Queen of the Bull Market\" who claimed to allocate capital for God was either a \"missionary\" master in the faith world and a flower in the fund world, or she might really be a subverter who was born in the asset management industry and a \"prophet\" who heralded the future innovation direction.A traveling childhood curious childTo really trace Wood's soft spot for new things, we may have to start with her unstable childhood.In 1955, Wood was born in a Catholic immigrant family in Los Angeles, USA. He recited scriptures and went to church since childhood. Her parents are both from Ireland, and her father served in the Irish Army and the United States Air Force before becoming a successful radar systems engineer.Because of my father's work, I often have to move my family from one military base to another.As a child, Wood never stayed anywhere for a long time. At the age of 12, he had moved ten times.Fortunately, probably inheriting his mother's lively and open-minded personality, Wood didn't feel too uneasy about the frequent changes around him. Instead, he constantly became curious about life in generate from adapting to the new environment and exploring new things.When she grew up a little, like many children from immigrant families, she began to receive a good education and gradually showed her talent in learning. After graduating from high school at Notre Dame College, in 1981, she graduated with honors and cum laude with a bachelor's degree in financial economics from the University of Southern California (USC).At the beginning of his promotion to Southern California, Wood's vision of the future was also vague. In the two years before choosing a major in her junior year, she worked in a supermarket to earn tuition fees, while thinking about possible further study directions: geology, astronomy, engineering... It seems that many can be tried, but none of them can be said to be a firm choice.Until one semester, at his father's suggestion, Wood first tasted macroeconomics-the wonderful thing about fate is that at that moment, his whole heart and soul tells you that it is it.Wood was deeply fascinated by the \"grand views\" born from economic activity and above the micro and concrete-the \"grand views\" that were distant, overview and pointed straight to the future. According to her own account, she found how damningly fascinating macroscopic research was, and it was more important to make people boldly imagine how the world would work in the future than to study existing theories.Looking back, this was the first time that his preference for the unknown had helped Wood make an important life choice in a way that hit him directly on the forehead.Learning from a famous family allowed Wood to walk faster than others on this road. Her mentor, economics professor Arthur Laffer, is the author of the famous \"Laffer Curve\".Although he was an undergraduate, Wood still took part in the graduate courses he taught, and was highly valued for his excellent endowment.<img src=\"https://static.tigerbbs.com/fcf68e0010cae1663dd31058f8a34c7e\" tg-width=\"1000\" tg-height=\"563\" referrerpolicy=\"no-referrer\">Wood and Laffer on the NYSE rostrum on October 21, 2014 Source: Investors' Business DailyYoung Chief: On the Other Side of the ConsensusAlso under the help of Laffer, at the age of 22, Wood joined the traditional asset management giant Capital Group as an assistant economist and started her career.In 1980, she moved to New York by chance and became the chief economist of Jennison Associates, an investment advisory firm.That is to say, in just three years, Wood went from assistant to chief at the age of 25.At the beginning of her big responsibility, the American economy is also undergoing great changes.In the early 1980s, the United States was in the abyss of high stagflation. While production declined and unemployment soared, prices generally rose sharply instead of falling, resulting in a rare situation of high inflation, high unemployment and low economic growth. At that time, Paul Volcker, the newly appointed chairman of the Federal Reserve, tried to shrink the money supply to combat high inflation, but with little success.<img src=\"https://static.tigerbbs.com/f1b08eb3a10fa740d150c2486a9ea158\" tg-width=\"715\" tg-height=\"337\" referrerpolicy=\"no-referrer\">U.S. inflation rose to a high point in 1980Against this background, a group of the most authoritative economists in the United States at that time, such as \"Dr. Doom\" Henry Kaufman and Milton Friedman, desperately believed that inflation had become the norm and deeply ingrained.Wood thinks otherwise,Interest rates and inflation have peaked, she insists.Jennison's co-founder Spiros Segalas and Wood were both teachers and friends. During that time, he often invited these academic celebrities to the company to share their predictions, and for the purpose of training, testing, or communication, Wood stood on the \"opposite side\", argue with them one-on-one.On the one hand, there are veterans who have been in the Jianghu for many years and have a huge camp, and on the other hand, there are minority players who have just become the chief and seem to have no experience just by their age.We can't know whether the \"Kaufmans\" are seriously participating in this academic confrontation, or performing with the mentality of teaching younger generations, but the facts finally proved that Wood's judgment was very accurate. After the Reagan administration came to power in 1980, inflation and interest rates were well controlled, falling all the way from the peak.After witnessing many debates, Segalas made this evaluation of Wood:A lady with incredibly strong convictions. She's the sharpest one so far.Wood later said that it was those days that really shaped her ability to go her own way and challenge authority, and made her deeply aware of the need to always be alert to those so-called \"consensus\", which seemed irrefutable, but often had room for discussion-And those behaviors that violate the \"consensus\" may have great potential.Looking back on the past of the newborn calf decades later, Wood will find that when he made this accurate prediction, he was standing at the intersection of himself and history.Once interest rates fall, what will follow will be a 40-year bull market in technology stocks, and she will soon participate in it, fighting with the same \"maverick\" attitude for several years until it makes a storm. By then, she will \"disobey\" not the \"Kaufman\" of several academic circles, but the whole Wall Street.She didn't expect this at that time.Moving to Stocks: Looking for Scraps Under the TableAll she can smell is that the wind is going to blow in tech stocks for a while. Lower interest rates have brought more room for growth to technology companies that have been hit hard before. Wood, who has loved astronomy and engineering, quickly decided to get on this bus.So in 1985, she shifted from macro to stock research at Jennison, and in 1990, she also served as the company's portfolio manager, always focusing on technology stocks.<img src=\"https://static.tigerbbs.com/3ab2a3e6a38a1e6cadb57da984a401bb\" tg-width=\"768\" tg-height=\"615\" referrerpolicy=\"no-referrer\">Wood in his youthCredit: Jesus CallingAmid the hustle and bustle of tech stocks, she left the big army again.Unlike interest rate forecasts, this time, the belief of violating consensus and looking for new things really \"actively\" played a role.Wood asked himself as soon as he came up, other analysts must have studied all the good technology stocks for a round, and they will not let go of any of them, so what is left? What is left for me? Which are my stocks?She immediately had the answer.So, with great tendency and even paranoia, Wood began to try to find two types of stocks:<ul><li>Those areas that are too advanced, so advanced that people haven't paid attention to it and have no time to swarm;</li><li>Certain stocks lie at the intersection of multiple industries without analysts following up on any side. Wood believes that this is likely to be where innovation is also born.</li></ul>She describes herself as \"a puppy looking for scraps under the table\".She said, \"When analysts and fund managers agree that certain stocks are insignificant or don't fit perfectly into any portfolio, they usually look twice.\" They may be temporarily undervalued, but over time, Exponential growth may explode.When studying stocks, Wood has no fixed procedures or routines at all.Just greedily absorbing all the information he can touch, digesting and judging it.Incumbent<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Lisa Shalett, chief investment officer who worked with her for a while, recalled:\"Cathie's curiosity seems to be never satisfied. She eagerly absorbs research results from various channels, large and small, and works tirelessly 24 hours a day to ensure that the team has the most in-depth research and generates the most unique opinions.\"Sometimes she even listened to what her intuition said.For example, when investing in Reuters, it is generally difficult for people to understand this business model of \"publishing databases\"-collecting data from financial companies and then selling all the data back to them. What is this?Wood can't say it well herself, but she thinks this model is very innovative. She later recalled: \"At that time, I just thought it was doing something big. Now we know that this is the epitome of today's Internet concept.\"As we will see later, this \"reckless\" investment style has been retained by Wood to this day.In this way, Wood stayed at Jennison for 18 years. In the remaining years, while raising her three children, she went further and further on the road of stock research, and also became more and more sophisticated in her unique stock selection doorway.<img src=\"https://static.tigerbbs.com/7db68c3edd34e7c90a2ace397b8ebc1c\" tg-width=\"768\" tg-height=\"512\" referrerpolicy=\"no-referrer\">Wood and kidsCredit: Jesus CallingAfter Wood left Jennison in 1998, he first worked as a limited partner at the hedge fund Tupelo Capital for three years. In 2001, he officially joined AllianceBernstein as a fund manager and special research strategist. With a management scale of US $5 billion, Wood continued to concentrate on the stock field at AllianceBernstein, starting another career stage that lasted for 12 years.At that time, she didn't realize that with the financial turmoil, this period of time would be a key turning point for her self-reliance in the future.Get rid of traditional self-establishmentAt AllianceBernstein, Wood continues his consistent investment style, taking the path of high-growth, high-risk, and small-cap stocks. Since the second half of 2002, the U.S. stock market has been in a bull market, and Wood's investment portfolio has also performed quite well.But two things that happened then gave her the idea of getting rid of the traditional fund investment analysis framework.First, in 2006, the real estate bubble in the United States had reached a very high level, and various contradictory signals began to appear in the market. Wood predicted that the bubble would burst soon. She immediately reduced her portfolio positions significantly.However, the feast of subprime mortgages continued for more than a year. The price of waking up too early was that Wood's yield that year was only 5%, underperforming the broader market (12%-13%) by nearly 1,000 basis points.Wood was devastated. And when she told her mentor in the Catholic Church about this story and sought an explanation from him, the mentor left a meaningful remark, which completely reversed her original perspective: You can't worship any idol, but now the market benchmark has become your idol.The next year, Wood made up for most of the losses, but recalled the words of her mentor in prayer and meditation, saying that sheThe sudden realization that the success of index investing belongs to the past, and God doesn't want us to stay in the past, He wants us to enter a new creation.From then on, a thought gradually became deeply rooted in Wood's mind-To change the original investment method, the real mission of investment is to move towards the future guided by God and to allocate capital for God.The time came to the 2008-09 financial crisis, and the high-risk investment strategy made Wood's fund's pullback/retracement significantly greater than the market level during the U.S. stock market crash. AllianceBernstein couldn't stand it anymore and asked Wood to add indexes such as the S&P 500 to his holdings to reduce volatility.But this time, Wood doesn't want to be subject to so-called market \"benchmarks\" anymore.She retorted bluntly: \"I think we believe in the benchmark investment method too much and invest too little in innovation. Now the price of some innovative companies in the public market is even only 10% of that in the private market, which is a huge opportunity!\"These two events were like a prelude to ups and downs, which eventually led Wood in the same direction: in 2014, Wood quit his stable job at AllianceBernstein and set out to build his own startup.She realized that if she wants to truly get rid of the constraints under the investment framework of traditional fund companies, truly practice a set of her own standards and investment philosophies, and boldly invest money in innovative fields, she can only stand on her own feet.The era of ARK begins.Deviant ARKTherefore, it can be said that ARK was born from the very beginning to bypass the rules and regulations of traditional asset management, and naturally it is not the same path as everyone.Wood, who no longer depended on others, released it to the limit and went further and further in the deviant direction.She drew a clear line with traditional asset management in one sentence:\"What we really want to do is encourage new creation, God's new creation.We need to allocate capital where it can be most efficient and useful-those transformative technologies that are expected to change and improve the world. And they, those other fund operators, just invest their money in the past, which is the safest path. \"\"We\", and \"They\"-on the one hand, they are challenge-free, transformative, pioneering, connecting to the future, and distributing assets for \"God's creation\"; On the other hand, it is safe, turning over old scores, turning a blind eye to emerging technologies, and having no self-motivation and sense of mission at all.Which side do you choose, she asked?Naturally, the words are not just talk,Wood's \"three fires for new officials\" continue to this day.OneJust like the plan Wood claimed to have planted by the Holy Spirit in his heart that summer afternoon, since its establishment, ARK's mission has been to target its investment in those disruptive technologies that are beginning to bloom.Many emerging companies that scoff at traditional funds are greatly encouraged, which is completely different from the latter's investment strategy of fearing volatility and stabilizing returns.Tesla is probably the most famous and successful example of them all.Wood invested in Tesla five years ago, when it was around $50, and Tesla has been ARK's largest holding for the past three years. Wood believes that Tesla is such a company \"located at the intersection of multiple industries\", integrating<a href=\"https://laohu8.com/S/300024\">Robot</a>, artificial intelligence, and energy storage all in one, traditional automotive analysts \"don't know what to do.\"When Tesla's stock price hovered at $320 in August 2018, Musk once considered taking the company private and buying back all shares at a price of $420 per share.Wood was the 1% voice when 99% of the market was bearish on Tesla。 She immediately sent an open letter to Musk, predicting that Tesla's stock price would reach a maximum of $4,000 within five years, and opposed its privatization of the company.Since that open letter, Tesla has released Model 3, and its stock price has soared from US $320 to US $3,500 (adjusted according to a 1-to-5 stock split ratio). Wood's unique vision has also been verified.According to ARK's 2021 investment report, in addition to Bitcoin and electric vehicles, Wood is now focusing on many emerging fields such as deep learning, new generation gene sequencing, and data center re-creation. As always, he is not hesitant to pay attention to these symbols of disruptive innovation. vocabulary put into infinite enthusiasm.<img src=\"https://static.tigerbbs.com/736971a7c4e609eeaee76c1d1f93c2c0\" tg-width=\"775\" tg-height=\"1072\" referrerpolicy=\"no-referrer\">Source: Alotta MoneySecond, as Wood imagined, ARK never sticks to traditional indicators and rules from analysts themselves to investment strategies, and is full of wild ways, but it is beautiful.Traditional ETFs mainly invest passively in indexes, while Wood's ETFs adopt active stock selection and active management strategies, which is very rare. Even today, when active ETFs are becoming more and more popular, they only account for 3% of the total assets of US ETFs.. As mentioned earlier, Wood dislikes indexes very much, thinking that they measure past achievements.Her employees are also completely different from traditional funds, with more than 30 employees in total, few with Wall Street backgrounds or MBA degrees, and most of them are professionals in different industries-cancer scientists, artificial intelligence analysts, game engineers, and even captains. They don't understand moving averages, they don't understand momentum indicators, and some don't even use Bloomberg terminals.Wood doesn't care about this. What she likes is professionalism in different backgrounds and fields.She also seems to believe in the idea of \"philosophy comes from the cafe\" very much, and manages the company in a very relaxed mode. The office on East 28th Street in Manhattan has no cubicles. Next to the bar-style high chairs, all the tables are surrounded in a circle, and the staff move around freely, communicate and talk, ready to exchange ideas at any time.Third, traditional asset management companies always love to hide their \"exclusive information\", but ARK is completely different. Wood's attitude is: transparent and open, and \"information attracts information\".ARK's weekly \"brainstorming\" sessions can be attended by anyone, including industry experts and competitors. Teams can share research results and cooperate with scientists, engineers, doctors and other experts, which is illegal in many traditional fund companies and will be expelled.Not only that, Wood will also publish free research reports on social platforms such as Reddit forums, announce changes in positions every day, and even personally discuss investment targets with netizens, which has accumulated a large number of loyal fans for him. She believes that this helps ARK reflect on where there are disagreements or misunderstandings with the market and better understand what is happening in the world.Investing in ARK = believing in God and the future?The so-called deviant, people either regard him as a genius or laugh at him as a madman. The success of investing in Tesla is like a shot in the arm, making more people willing to believe that Wood belongs to the former.So these three fires have somewhat buried a bit of fanaticism in the hearts of fans. It seems that Wood has guaranteed the unlimited innovation prospects of his stock pool-here at ARK, as long as you pay the time cost, you can get money returns.But more importantly,The above sentence, which is run through the concepts of God, faith, future, unloads the cliché cloak and sounds impassioned and inspiring.Think about it, investing in ARK is linked to believing in the future.If Buffett and Munger's version of value investing is regarded as the king of empiricism, then ARK's vigorous statement is somewhat metaphysical.Generally speaking, people are still fantastical animals, and they are always easy to believe in illusory things. You can not believe in Tesla or Bitcoin, but do you believe in technology and the development of technology? You can not believe in ARK, but do you believe in \"God's mission\"? You say you are not a Christian, do you believe in the future? When ARK vows to paint the future, can you shout the same volume and retort, \"The future is not the case?\"After all, the Tesla, which everyone calls a liar, really did it, didn't it? It subverted the whole automobile industry, from metals to energy-and what about Bitcoin? So what about ARK that is optimistic about Tesla all the way to the present?The power of this set of thinking is much greater than imagined.Even if they suffer some hardships on the way, such as the net worth plummeting by 30 points or something... Some investors will feel that they are paying for the future. There are two roads in the forest, and they choose the one full of thorns. The one who persists until the end laughs the loudest.<img src=\"https://static.tigerbbs.com/eaf28c6de9e5b0e0e414e8b6c9db7dd0\" tg-width=\"1174\" tg-height=\"400\" referrerpolicy=\"no-referrer\">As of 3/8, ARK's five best-performing ETFs have fallen by nearly 30 points on average from their highs. The picture shows the net value curve of the flagship fund ARKKBut it is true. Who can tell the future? Can a limited wallet really pay for unlimited beliefs? Even if this is the case in the future, how far into the future will it be?For example, what will be the outcome of this year?2021 has undoubtedly been a year of severe challenges for ARK. The turbulent months have passed, and the inextricable connection between ARK, Tesla, and Bitcoin has almost created a \"trinity\" risk pattern. At the end of last year, Wood also told the media that he is determined to invest investors in the next five years. The money has tripled, but unexpectedly, only two months after entering 2021, the stock price has begun to turn downward, with a bad start.The love of small-cap stocks has always been a big hidden danger. For example, some analysts gave an example. 20 of the targets held by ARK's ARKG fund exceed 5% of the circulating share capital, accounting for 45.45% of all targets held. ARK has become the largest shareholder of many targets. Once the market environment is not good or The sector's popularity declines, the net value of the fund may experience a sharp drop caused by negative superimposed liquidity risks.In panic, people once again recalled the U.S. stock market in the 1990s-the high-rise building made of bubbles collapsed overnight, and a group of newly rising \"asset management stars\" were buried under the ruins.For example, Bill Miller, a star fund manager who outperformed the S&P 500 index for 15 consecutive years from 1991 to 2005, suffered a tragic defeat during the 2008 financial crisis, and was once described by the market as \"no guarantee in the late festival\".Another example is Janus, a mutual fund company (two-faced god in ancient Roman mythology). From the end of 1998 to March 2000, it grew from the 20th largest mutual fund company in the United States to the fifth largest, and its scale expanded from US $3 billion to 300 billion in just ten years. Even Clinton, the former president of the United States, entrusted his personal account to Janus.However, with the bursting of the Internet bubble, the net value of some of its fund products suddenly plummeted by two-thirds, and the myth of \"two-faced gods\" was wiped out. Like ARK, Janus happens to have a soft spot for technology stocks and small-cap stocks, and he also happens to be a confident posture of looking to the future and striking hard once he is optimistic.So will today's ARK become the next two-faced god? Will today's Wood be the next Miller to fall from the altar? Or will they become the next Tesla and Musk to weather difficult times and truly stand at the center of industry change?More than two years ago, Musk took a sip of marijuana and a sip of alcohol on the show, frowning through Tesla's most difficult days. Now, is Wood also ushering in such a time?Then, Musk really became a disruptor in the automotive field, and traditional car companies had to turn around and catch up. Will Wood clear the clouds like this?Will there be more ARK on Wall Street? Is a more transparent, open and dynamic asset management industry taking shape?Obeying God's word, Noah built the ark, which survived the great flood that year. God said, \"When I make clouds cover the earth, there will be a rainbow in the clouds\".Now \"following the entrustment of the Holy Spirit\", Wood has also reached its seventh year of building ARK. The great flood has turned into a storm in the financial market, and clouds and mist have blocked the view. Can Wood lead the whole ship over the flood and really set off the wind of industry change? Can she see the rainbow from God?\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3623490\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1c69c183f3df90b688867160c4eb35b5","relate_stocks":{"ARKF":"ARK Fintech Innovation ETF",".DJI":"道琼斯","ARKK":"ARK Innovation ETF",".SPX":"S&P 500 Index","TSLA":"特斯拉",".IXIC":"NASDAQ Composite"},"source_url":"https://wallstreetcn.com/articles/3623490","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2123790280","content_text":"“木头姐”Cathie Wood：给我几个支点，让我撬动整个世界。很难想象这样一番撼动市场的格局：她投资特斯拉，赌它颠覆汽车领域；她投资比特币，赌它掀翻货币体系；她筹备太空基金，放眼火星未来；她投资流媒体平台Roku、移动支付公司Square、3D打印公司Stratasys，它们走在技术进步的前沿，共同拨动着当代生活变革的杠杆。她说给我几个支点，让我撬动整个世界。她将赌注下在各行各业的颠覆者上，自己也站在资管业风暴的中心。生于华尔街，她却抛弃传统，不顾“纪律”，最终走上一条离经叛道的投资之路，时至今日，一度风光无限，又备受质疑。楼之倾覆或在一夜之间，多少人看过它高楼起，就多少人想看它楼倾覆。而要问这一切是如何开始的，ARK Invest的创始人、这位如今家喻户晓的年度“牛市女皇”——年过65岁的伍德女士（Cathie Wood），坐在某张舒服的座椅上，捋了捋及肩的灰褐色长发，扶稳了她的标志性黑框眼镜，徐徐回忆起多年前那个夏天的午后：那是个美丽的夏日，我回到家里，周围是一片陌生的静寂。三个孩子去基督营了，还有别的什么活动，我突然意识到，接下来两周我都要一个人度过了。我和这样的日子分别太久了。走进厨房，我既不快乐也不悲伤，只是有些恍惚……直到一阵突如其来的撼动划破空气，我仿佛听到圣灵在对我说话——“来吧，开启你的计划。”我听到他说。她说你看，你一辈子都在研究颠覆性创新，何不试着颠覆下自己的行业呢？何不用新的技术革新它？何不将新的想法公之于众，用社交媒体传播它？何不叫上竞争对手，一起碰撞思维的火花？他这样说，我遂这样做了。“她这样说，我遂这样做了”，于是2014年，57岁的伍德从大名鼎鼎的资管巨头联博（Alliance Bernstein）辞职，创立了这家属于自己的资管公司，并以《圣经》中圣物约柜（ARK）的名字为它命名。正如旧约时代的以色列人带着约柜征战，相信神与约柜同在一样，这位虔诚的天主教徒坚信，ARK注定要将资本投向创新，投向未来，投向“神的手笔”，这是在完成上帝交托的使命。现在很多中文媒体都将ARK译作“方舟”，虽非伍德本意，却也颇有其自视“身负世界命运”的神韵。《圣经》中的“约柜”形象六年过去，对ARK来说，2020年无疑是历史性的一年。3月的史诗级波动如一声号响，撞上疫情的美股在央行大放水中全面复苏，ARK则由于此前打着“颠覆性创新”的旗号狂买科技股和小盘股，成了本轮牛市的头号受益者，旗下ETF包揽全美基金年度冠亚季军，5只表现最好的ETF年度回报平均达141%，规模最高涨超10倍，仿佛神终于为其忠实的信徒降下恩典。不过时间又来到今年二月，月初还风光无限的ARK，到了月底就随科技股下跌一路俯冲。越来越多质疑的声音开始涌现。人们说，伍德是否将重蹈上世纪90年代互联网泡沫时期那一大批明星基金经理的覆辙？他们先是飘飘然起飞，又随着泡沫破裂摔得一败涂地。大起大落之中，几个月来，有关ARK和伍德本人的报道铺天盖地。人们后知后觉地发现，这位自称替上帝配资本的“牛市女皇”，要不就是信仰界的“传教”高手、基金界的昙花一朵，要不，就可能真是资管业横空出世的颠覆者、是预示未来创新方向的“先知”。游历的童年 好奇的孩子真要追溯伍德对新生事物的情有独钟，可能还得从她不算安定的童年讲起。1955年，伍德出生在美国洛杉矶的一个天主教移民家庭，从小诵经读卷，去教堂做礼拜。她的父母都来自爱尔兰，父亲曾经在爱尔兰陆军和美国空军服役，后来成为了一名成功的雷达系统工程师。由于父亲工作的缘故，经常需要带着全家从一个军事基地搬到另一个基地，小时候的伍德从没在哪个地方待过很久，12岁就已经搬了十次家。好在，大概是继承了母亲活泼开明的个性，伍德并未对周遭频繁的变动感到太多不安，反而从适应新环境和探索新事物中，不断迸发出对生活的好奇。略微长大之后，和许多移民家庭的孩子一样，她开始经受良好的教育，并在学习上逐渐显露出天赋。圣母学院高中毕业后，1981年，她在南加州大学（USC）获得金融经济学学士学位，以优异的成绩荣誉毕业。升入南加大的最初，伍德对未来的设想也很模糊。大三选专业前的两年时间里，她一边在超市打工赚着学费，一边思忖着可能的进修方向：地质学、天文学、工程学……似乎很多都可以尝试，但又没有哪个说得上是多么坚定的选择。直到某一学期，在父亲的建议之下，伍德初尝到了宏观经济学的味道——命运的神妙之处就是在那一刻，全身心的感应都告诉你：就是它了。伍德深深地着迷于那些从经济活动中诞生，而又凌驾于微观和具体之上的“宏大观点”——遥远的、纵览全局的、直指未来的“宏大观点”。按照她自己的说法，她发现宏观研究是多么该死的迷人，让人大胆地畅想，畅想未来世界运转的方式，比起研究那些已经存在的理论，这是更加要紧的事。回头来看，这是头一回，那股对未知事物一脉相承的偏爱，以一种直击脑门的方式，帮伍德做了一个重大的人生抉择。师从名门让伍德在这条路上比其他人走得更快了些。她的导师——经济学教授Arthur Laffer正是著名的“拉弗曲线”的提出者。虽是本科生，伍德仍然参加了他教授的研究生课程，凭借着优秀的禀赋深得器重。2014年10月21日，Wood和Laffer在纽交所主席台上亮相 图源：Investors’Business Daily年轻的首席：站在共识另一边也是在拉弗的牵线下，22岁时，伍德进入传统资管巨头Capital Group就任助理经济学家，开启了她的职业生涯。1980年，她又在一次偶然机遇下移居纽约，成为了投顾公司Jennison Associates的首席经济学家。也就是说，仅仅三年，伍德就在年仅25岁之时从助理做到了首席。正值她初担大任之际，美国经济也正经历一番风起云涌的巨变。20世纪80年代初的美国正处于高度滞胀的深渊，生产下降和失业率猛增的同时，物价不但没有下跌反而普遍大幅上涨，出现了高通胀、高失业和低经济增长并存的罕见局面。当时美联储新上任的主席保罗·沃尔克试图缩减货币供应来对抗高企的通胀，但始终收效甚微。美国通胀在1980年升至高点这一背景下，“末日博士”亨利·考夫曼和米尔顿·弗里德曼等一批当时美国最具权威性的经济学家都绝望地认为，通货膨胀已经成为常态，根深蒂固了。伍德则认为不然，她坚持，利率和通货膨胀已经见顶。Jennison的联合创始人Spiros Segalas与伍德亦师亦友，那段时间，他经常邀请这些学界知名人士来公司分享他们的预测，又出于或训练、或考验、或交流的目的，让伍德站在“反方”，跟他们一对一辩上一辩。一边是江湖多年、拥有庞大阵营的老将，一边是刚刚做上首席、单看年龄就好像没什么经验的少数派选手，我们无法知道“考夫曼们”究竟是在认真参与这场学术对垒，还是抱着指教后辈的心态倾情演出，但事实最终证明，伍德的判断十分准确，1980年里根政府上台后，通胀和利率得到了不错的控制，从高峰一路下跌。目睹了许多场辩论之后，Segalas对伍德做出这样的评价：一位有着不可思议坚定信念的女士。她是目前为止最犀利的一个。伍德后来说，正是那段日子真正塑造了她自行其是、挑战权威的能力，让她深刻意识到，要时刻警惕那些所谓的“共识”，它们看似不容辩驳，却往往有可商榷的空间——而那些有违“共识”的行为，反而可能有巨大的潜力。几十年后回首初生牛犊的往昔，伍德会发现，自己做下这一精准预测之时，正站在自身和历史转折交汇的当口。利率一经回落，随之而来的将是一场长达40年的科技股牛市，而她不久后将参与其中，以同样“特立独行”的姿态战斗数年，直到掀起一番风浪。届时，她将“忤逆”的不再是几位学界的“考夫曼”，而是一整个华尔街。那时的她并未料到这一点。转战股票：在桌子底下寻找残羹剩饭她能嗅到的只是，科技股的风要刮上一阵子了。利率下行为之前深受冲击的科技公司带来了更多成长空间，伍德本来就热爱天文学和工程学，很快决定得坐上这班车。于是1985年，她在Jennison从宏观转向股票研究，1990年又兼任该公司的投资组合经理，始终聚焦科技股领域。年轻时的伍德 图源：Jesus Calling在科技股熙熙攘攘的人潮中，她又一次离开了大部队。和利率预测时不同，这一次，违背共识、寻找新事物的信念真正“主动”发挥了作用。伍德一上来就问自己，别的分析师肯定把不错的科技股都研究过一轮了，一个也不会放过，那还剩下什么？留给我的是什么？哪些是属于我的股票？她随即有了答案。于是，极具倾向性、甚至有些偏执地，伍德开始努力寻找两类股票：那些过于超前，超前到人们还没引起重视、还来不及一拥而上的领域；某些股票位于多个行业的交汇处，而没有任何方面的分析师跟进。伍德认为，这很可能也是创新诞生的地方。她将自己形容为“一只小狗，在桌子底下寻找残羹剩饭”。她说，“当分析师和基金经理都认为某些股票不足挂齿，或无法完美地融入任意一个投资组合中时，通常得多看两眼”，它们可能暂时被低估，但随着时间推移，可能爆发指数级的增长。研究股票时，伍德没什么固定的程序、套路可言，只是贪婪地汲取着所能触及的所有信息，加以消化和判断。现任摩根士丹利首席投资官的Lisa Shalett曾同她工作过一段时间，回忆说：“Cathie的好奇心像是永远得不到满足，她如饥似渴地吸收来自大大小小各类渠道的研究成果，一天24小时不知疲倦地工作，以确保团队拥有最深入的研究，生成最独到的观点。”有时候，她甚至会听一听直觉讲的话。比如投资路透社（Reuters）时，人们普遍很难理解这种“出版数据库”的商业模式——从金融公司收集数据，再把数据全部卖回给它们，这算什么呢？伍德自己也说不好，但她认为这种模式非常创新。她后来回忆说：“当时只是觉得它在干件大事，现在我们知道了，这正是当今互联网概念的缩影。”我们后面会看到，这种“肆意妄为”的投资风格，一直被伍德保留到了今天。就这样，伍德在Jennison一待就是18年。余下的几年时光，她一边将三个孩子抚养长大，一边在股票研究的道路上越走越远，也在其独特的选股门道上越走越精。Wood和孩子们 图源：Jesus Calling1998年，伍德离开Jennison后，先是在对冲基金Tupelo Capital做了3年的有限合伙人，2001年正式加入联博，担任基金经理和专题研究策略师。揣着50亿美元资金的管理规模，伍德在联博继续潜心股票领域，开启了长达12年的又一个职业阶段。那时她尚未意识到，伴随着一阵金融风暴的来袭，这段岁月将成为其日后自立门户的关键转折。摆脱传统 自立门户在联博，伍德延续一贯的投资风格，走着高增长、高风险、小盘股的路径。2002年下半年开始，美股正值一轮牛市，伍德的投资组合也表现得相当不错。但随后发生的两件事，让她萌生了摆脱传统基金投资分析框架的想法。先是2006年，美国房地产泡沫已经达到了相当高的水平，市场上开始出现各种各样矛盾的信号，伍德预计泡沫不久就会破裂。她随即大幅降低了投资组合的头寸。然而次贷的盛宴又继续了一年多，清醒得太早的代价是，伍德当年的收益率仅5%，跑输了大盘（12%-13%）将近一千个基点。伍德深受打击。而当她对天主教会的导师诉说这件事，向其寻求开解的时候，导师留下一句意味深长的话，完全扭转了她原先看问题的角度：你不能崇拜任何偶像，而现在，市场基准却成了你的偶像。第二年，伍德弥补了大部分损失，但在祈祷和冥想中回味起导师的话，她说自己突然意识到，指数投资的成功属于过去，而上帝并不希望我们停留在过去，他希望我们进入新的创造。从这时起，一个念头逐渐被深耕在伍德心里——要变革原有的投资方式，投资的真正使命是要走向上帝所指引的未来，是要替上帝分配资本。时间到了08-09年金融危机，高风险的投资策略使得伍德的基金在美股崩盘中，回撤明显大于市场水平。联博看不下去了，要求伍德在持仓中加入标普500等指数来减小波动性。但是这一次，伍德不愿再受制于所谓的市场“基准”了。她直截了当地反驳道：“我认为我们太过信奉基准投资法了，针对创新领域的投资则太少。现在有些创新公司在公开市场的价格，甚至只有私募市场的10%，这是个巨大的机会！”这两件事如一段抑扬顿挫的前奏，最终将伍德引向了同一个方向：2014年，伍德辞去了联博收入稳定的工作，着手建立属于自己的初创公司。她意识到，想要真正摆脱传统基金公司投资框架下的束手束脚，想要真正践行一套自己的标准和投资理念、大胆把钱投在创新领域，那就只有自立门户。ARK的时代就此开始了。离经叛道的ARK因而可以说，ARK从最开始就是为了绕开传统资管的条条框框而生的，自然和大家走的不是一条路子。不再寄人篱下的伍德，将其不拘一格释放到极限，向着离经叛道的方向越走越远。她用一句话就和传统资管划清了界限：“我们真正要做的是鼓励新的创造，上帝的新创造。我们要将资本配置到它能发挥最高效益的、最有用的地方——那些有望改变世界、改善世界的变革性技术之上。而他们，那些其他的基金业者，只是把钱投向过去，那是最安全的路径。”“我们”，和“他们”——一边是无惧挑战的、变革性的、先锋的、连接未来的、为“神的创造”分配资产的；另一边，是安全的、翻旧账的、对新兴技术视而不见的、毫无上进心和使命感可言的。她问，你选哪一方？话自然不只说说而已，伍德的“新官上任三把火”延续至今。一则就像那个夏日午后，伍德自称圣灵在自己心里种下的计划一样，成立以来，ARK使命必达地将投资瞄准那些初绽头角的颠覆性技术，对不少传统基金嗤之以鼻的新兴企业都大为鼓励，这与后者怕波动、稳收益的投资策略截然不同。特斯拉可能是其中最著名、也最成功的例子了。伍德五年前就投资了特斯拉，当时股价50美元左右，过去三年，特斯拉一直是ARK的最大持股。伍德认为，特斯拉就是那样一个“位于多个行业的交汇处”的企业，集机器人、人工智能、能源储存于一身，传统的汽车分析师“不知道该怎么办”。2018年8月特斯拉股价徘徊在320美元时，马斯克一度考虑将公司私有化，用420美元/股的价格回购所有股票。伍德却是当时99%的市场看跌特斯拉时那1%的声音。她随即向马斯克发了一封公开信，预测称特斯拉在五年内股价最高能达到4000美元，反对其私有化公司。那封公开信至今，特斯拉已经发布了Model3，股价从320美元飙升至3500美元(按1比5的拆股比例调整)，伍德独到的眼光也得到了验证。根据ARK 2021年投资报告，除了比特币和电动车，如今伍德又将目光驻足到深度学习、新一代基因测序、数据中心再创造等等多个新兴领域，一如既往不吝对这些象征颠覆性创新的词汇付诸无限热情。图源：Alotta Money二则，和伍德所设想的一样，ARK公司从分析师本身到投资策略，从不拘泥于传统的指标、规则，十足的野路子打法，却不失漂亮。传统ETF主要被动投资于指数，而伍德的ETF采取主动选股、积极管理策略，这是很罕见的，即便在主动型ETF越来越受欢迎的今天，也只占美国ETF总资产的3%。正如前文提到，伍德很不喜欢指数，认为那衡量是过去的成就。她的雇员和传统基金也完全不同，总共30多名员工，很少有华尔街背景或MBA学位的，大多数都是不同行业的专业人士——癌症科学家、人工智能分析师、游戏工程师，甚至船长。他们不懂移动平均线，不懂动量指标，有些甚至连彭博终端都不会用。伍德不在乎这些，她看中的就是不同背景、不同领域的专业性。她似乎也非常信奉“咖啡馆里出哲学”的理念，以一种极轻松的模式管理着公司。曼哈顿东28街的办公室没有隔间，酒吧式的高脚椅旁边，所有桌子围成一圈，职员们自由地走动、交流、对谈，随时准备着思维的交锋。三则，传统资管公司总爱深藏不露自己掌握的“独家信息”，ARK则完全不同。伍德的态度是：透明、开放，“信息吸引信息”。ARK的周度“头脑风暴”会议任何人都可以参加，包括行业专家和竞争对手。团队可以与科学家、工程师、医生和其他专家分享研究成果并进行合作，这在很多传统基金公司是违规行为，是要被开除的。不仅如此，伍德还会在Reddit论坛等社交平台上免费发布研究报告，每天公布持仓变动，甚至亲自和网友讨论投资标的，这为其积攒下一大批忠实的粉丝。她认为，这有助于ARK对与市场存在分歧或误解的地方进行反思，更好地理解世界在发生什么。投资ARK=信上帝、信未来？所谓离经叛道者，人们要么视其为天才，要么笑其为疯子，投资特斯拉的成功有如一剂强心剂，让更多人愿意相信伍德归属前者。于是这三把火多少在粉丝心中埋下了几分狂热因子，似乎伍德已经为其股票池无可限量的创新前景打了包票——在ARK这里，只要付出时间成本，就能获得金钱回报。但更重要的一点是，上面这句话在上帝、信仰、未来这些概念的贯穿下，卸下了俗套的外衣，听起来慷慨激昂，振奋人心。想想吧，投资ARK，和笃信未来挂了钩。如果巴菲特、芒格版价值投资算是经验主义的王道，那么ARK这套轰轰烈烈的说法就有些形而上的架势了。总的来说，人还是爱幻想的动物，对于虚无缥缈着的东西总容易信点什么。你可以不信特斯拉、不信比特币，但你信技术吗，信技术的发展吗？你可以不信ARK，但你信“上帝的使命”吗？你说你不是基督徒，那你信未来吗？当ARK信誓旦旦地描画着未来，你又能喊出同样的音量反驳说，未来并非如此吗？毕竟，那个被所有人称作是骗子的特斯拉真的干成了不是吗，它颠覆了整个汽车业，从金属到能源也为之改变——那么比特币呢？那么一路看好特斯拉到现在的ARK呢？这套思维的力量比想象中要大得多。就算在路途中受了些苦，比如净值暴跌了30个点什么的……一些投资者也会觉得自己是在为未来买单，是林中有两条路，选择了布满荆棘的那条，是坚持到最后的人笑得最大声。截至3/8，ARK五只表现最好的ETF自高点平均下跌近30个点，图为旗舰基金ARKK净值曲线但确实如此，谁又说得准未来呢？有限的钱包是否真的可以为无限的信仰买单，即便未来确乎如此，坚持得到的又是多远的未来？比如，今年的结局又将是如何。2021年对ARK无疑是严峻挑战的一年。风风火火的几个月过去，ARK与特斯拉、比特币之间千丝万缕的联系几乎酿成了“三位一体”的风险格局，去年年底伍德还告诉媒体，有决心未来五年把投资人的钱翻三倍，不料进入2021年才两个月，股价就开始掉头向下，开局不利。对小盘股的钟爱还始终是一大隐患。有分析师举例，ARK旗下ARKG基金持仓的标的中有20家超过流通股本的5%，占全部持仓标的比例为45.45%，ARK已经成为不少标的的第一大股东，一旦市场环境不好或板块热度下降，基金净值可能会出现利空叠加流动性风险带来的大幅下跌。人们在恐慌中再次回想起上世纪90年代的美股市场——那座用泡沫堆成的高楼一夜之间轰然倒塌，也将一众刚升起不久的“资管新星”埋在废墟之下。比如，曾在1991年至2005连续15年间跑赢标普500指数的明星基金经理比尔·米勒（Bill Miller），08年金融危机时却惨遭滑铁卢，一度被市场形容为“晚节不保”。又比如共同基金公司Janus（古罗马神话中的两面神），1998年底至2000年3月间，从美国第20大共同基金公司发展到第5大，短短十年规模从30亿美元扩张到3000亿。就连曾任美国总统的克林顿都把个人账户交托Janus管理。但随着互联网泡沫破裂，其部分基金产品净值一下子暴跌三分之二，“两面神”的神话也就此灰飞烟灭。和ARK一样，Janus恰好也对科技股和小盘股情有独钟，也恰好是一副放眼未来，一旦看好就重拳出击的自信架势。那么如今的ARK，会成为下一个两面神吗？如今的伍德，会是下一个跌落神坛的米勒吗？还是，它们将成为下一个特斯拉和马斯克，度过艰难的日子，真正站上行业变革的中心？两年多前马斯克在节目上一口大麻一口酒，愁眉不展地度过特斯拉最艰难的日子。如今，伍德也正迎来这样的时候吗？而后，马斯克真的成了汽车领域的颠覆者，传统车企不得不大象掉头奋起直追，伍德也将这样地拨云开雾吗？华尔街将出现更多的ARK吗？更透明、更开放、更具活力的资管业正在形成吗？遵从上帝的话，诺亚建好了方舟，那年方舟从大洪水中存活下来，神说“我使云彩盖地的时候，必有虹现在云中”。如今“遵从圣灵之托”，伍德建成ARK也来到第七个年头，大洪水化身金融市场的风暴袭来，云雾遮挡视线。伍德能够带领整船的人翻过洪水，真正掀起行业变革的风吗？她能见到，神降下的虹吗？","news_type":1,"symbols_score_info":{"TSLA":0.9,"ARKK":0.9,"ARKF":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":355617095,"gmtCreate":1617066695017,"gmtModify":1704801486808,"author":{"id":"3524004719033252","authorId":"3524004719033252","name":"smu227","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3524004719033252","authorIdStr":"3524004719033252"},"htmlText":"以刀劍爲生，必死於刀劍之下。","listText":"以刀劍爲生，必死於刀劍之下。","text":"以刀劍爲生，必死於刀劍之下。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/355617095","repostId":2123790280,"repostType":4,"repost":{"id":"2123790280","kind":"news","pubTimestamp":1616991909,"share":"https://ttm.financial/m/news/2123790280?lang=en_US&edition=fundamental","pubTime":"2021-03-29 12:25","market":"us","language":"zh","title":"The woman who \"allocates funds for God\"!","url":"https://stock-news.laohu8.com/highlight/detail?id=2123790280","media":"华尔街见闻","summary":"“木头姐”Cathie Wood：给我几个支点，让我撬动整个世界。","content":"\"Sister Wood\" Cathie Wood: Give me some fulcrums and let me shake the whole world. It's hard to imagine such a pattern that shakes the market:She invests<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, betting that it will subvert the automotive field; She invested in Bitcoin, betting that it would overturn the monetary system; She prepares a space fund and looks at the future of Mars; She invests in streaming platform Roku, mobile payments company Square, 3D printing company<a href=\"https://laohu8.com/S/SSYS\">Stratasys</a>, they are at the forefront of technological progress and jointly move the lever of contemporary life change.She said to give me a few fulcrums and let me pry the whole world.She is betting on disruptors from all walks of life, and she is also at the center of the storm in the asset management industry. Born on Wall Street, she abandoned tradition, ignored \"discipline\", and finally embarked on a deviant investment path. Today, she once enjoyed infinite scenery and was questioned. When a building overturns or overnight, as many people have seen it rise, as many people want to see it overturn.To ask how it all started, Cathie Wood, the founder of ARK Invest and now a household name \"Queen of the Bull Market\" of the year, who is over 65 years old, sat in a comfortable seat, stroked her shoulder-length taupe hair, steadied her iconic black-rimmed glasses, and slowly recalled that summer afternoon many years ago:<img src=\"https://static.tigerbbs.com/1c69c183f3df90b688867160c4eb35b5\" tg-width=\"795\" tg-height=\"441\" referrerpolicy=\"no-referrer\">It was a beautiful summer day, and I came home surrounded by a strange silence. Three kids had gone to Christ Camp, among other things, and it dawned on me that I was going to spend the next two weeks alone. I've been separated from these days for too long. Walking into the kitchen, I was neither happy nor sad, just in a trance … until a sudden shake cut through the air, and I seemed to hear the Holy Spirit speaking to me-\"Come, open your plan.\" I heard him say. She said, look, you have been studying disruptive innovation all your life, so why not try to subvert your own industry? Why not revolutionize it with new technology? Why not bring the new idea to the public and spread it on social media? Why not call competitors and collide with the sparks of thinking together? He said so, and I did so. \"She said so, and I did so.\" So in 2014, 57-year-old Wood resigned from the famous asset management giant Alliance Bernstein and founded this asset management company of his own, named it after the ARK of Holy Relics (ARK) in the Bible.Just as the Israelites in the Old Testament fought with the ARK of the Covenant and believed that God was with the ARK of the Covenant, this devout Catholic firmly believed that ARK was destined to invest its capital in innovation, in the future, and in the \"handwriting of God\", which was in fulfilling the mission entrusted by God.Nowadays, many Chinese media have translated ARK as \"ARK\". Although it is not Wood's original intention, it also has the charm of \"bearing the destiny of the world\".<img src=\"https://static.tigerbbs.com/e2ef328f314a2d1785b3d3ba7f27e1f1\" tg-width=\"641\" tg-height=\"361\" referrerpolicy=\"no-referrer\">The Image of the \"Ark of the Covenant\" in the BibleSix years later, 2020 is undoubtedly a historic year for ARK. The epic fluctuations in March were like a trumpet. The U.S. stock market that hit the epidemic fully recovered from the central bank's flood release. ARK became the number one beneficiary of this round of bull market because it had previously bought technology stocks and small-cap stocks under the banner of \"disruptive innovation\". Its ETFs won the annual first, second and third place among national funds. The average annual return of the five best-performing ETFs reached 141%, and the maximum scale increased by more than 10 times, as if God had finally given grace to its loyal believers.However, the time has come to February this year again. ARK, which was still prosperous at the beginning of the month, plunged all the way with the decline of technology stocks at the end of the month. More and more questioning voices began to emerge. People say, will Wood repeat the mistakes of a large number of star fund managers during the Internet bubble in 1990s? First they took off, and then they fell into defeat as the bubble burst.Amid the ups and downs, reports on ARK and Wood himself have been overwhelming for months.People later found that this \"Queen of the Bull Market\" who claimed to allocate capital for God was either a \"missionary\" master in the faith world and a flower in the fund world, or she might really be a subverter who was born in the asset management industry and a \"prophet\" who heralded the future innovation direction.A traveling childhood curious childTo really trace Wood's soft spot for new things, we may have to start with her unstable childhood.In 1955, Wood was born in a Catholic immigrant family in Los Angeles, USA. He recited scriptures and went to church since childhood. Her parents are both from Ireland, and her father served in the Irish Army and the United States Air Force before becoming a successful radar systems engineer.Because of my father's work, I often have to move my family from one military base to another.As a child, Wood never stayed anywhere for a long time. At the age of 12, he had moved ten times.Fortunately, probably inheriting his mother's lively and open-minded personality, Wood didn't feel too uneasy about the frequent changes around him. Instead, he constantly became curious about life in generate from adapting to the new environment and exploring new things.When she grew up a little, like many children from immigrant families, she began to receive a good education and gradually showed her talent in learning. After graduating from high school at Notre Dame College, in 1981, she graduated with honors and cum laude with a bachelor's degree in financial economics from the University of Southern California (USC).At the beginning of his promotion to Southern California, Wood's vision of the future was also vague. In the two years before choosing a major in her junior year, she worked in a supermarket to earn tuition fees, while thinking about possible further study directions: geology, astronomy, engineering... It seems that many can be tried, but none of them can be said to be a firm choice.Until one semester, at his father's suggestion, Wood first tasted macroeconomics-the wonderful thing about fate is that at that moment, his whole heart and soul tells you that it is it.Wood was deeply fascinated by the \"grand views\" born from economic activity and above the micro and concrete-the \"grand views\" that were distant, overview and pointed straight to the future. According to her own account, she found how damningly fascinating macroscopic research was, and it was more important to make people boldly imagine how the world would work in the future than to study existing theories.Looking back, this was the first time that his preference for the unknown had helped Wood make an important life choice in a way that hit him directly on the forehead.Learning from a famous family allowed Wood to walk faster than others on this road. Her mentor, economics professor Arthur Laffer, is the author of the famous \"Laffer Curve\".Although he was an undergraduate, Wood still took part in the graduate courses he taught, and was highly valued for his excellent endowment.<img src=\"https://static.tigerbbs.com/fcf68e0010cae1663dd31058f8a34c7e\" tg-width=\"1000\" tg-height=\"563\" referrerpolicy=\"no-referrer\">Wood and Laffer on the NYSE rostrum on October 21, 2014 Source: Investors' Business DailyYoung Chief: On the Other Side of the ConsensusAlso under the help of Laffer, at the age of 22, Wood joined the traditional asset management giant Capital Group as an assistant economist and started her career.In 1980, she moved to New York by chance and became the chief economist of Jennison Associates, an investment advisory firm.That is to say, in just three years, Wood went from assistant to chief at the age of 25.At the beginning of her big responsibility, the American economy is also undergoing great changes.In the early 1980s, the United States was in the abyss of high stagflation. While production declined and unemployment soared, prices generally rose sharply instead of falling, resulting in a rare situation of high inflation, high unemployment and low economic growth. At that time, Paul Volcker, the newly appointed chairman of the Federal Reserve, tried to shrink the money supply to combat high inflation, but with little success.<img src=\"https://static.tigerbbs.com/f1b08eb3a10fa740d150c2486a9ea158\" tg-width=\"715\" tg-height=\"337\" referrerpolicy=\"no-referrer\">U.S. inflation rose to a high point in 1980Against this background, a group of the most authoritative economists in the United States at that time, such as \"Dr. Doom\" Henry Kaufman and Milton Friedman, desperately believed that inflation had become the norm and deeply ingrained.Wood thinks otherwise,Interest rates and inflation have peaked, she insists.Jennison's co-founder Spiros Segalas and Wood were both teachers and friends. During that time, he often invited these academic celebrities to the company to share their predictions, and for the purpose of training, testing, or communication, Wood stood on the \"opposite side\", argue with them one-on-one.On the one hand, there are veterans who have been in the Jianghu for many years and have a huge camp, and on the other hand, there are minority players who have just become the chief and seem to have no experience just by their age.We can't know whether the \"Kaufmans\" are seriously participating in this academic confrontation, or performing with the mentality of teaching younger generations, but the facts finally proved that Wood's judgment was very accurate. After the Reagan administration came to power in 1980, inflation and interest rates were well controlled, falling all the way from the peak.After witnessing many debates, Segalas made this evaluation of Wood:A lady with incredibly strong convictions. She's the sharpest one so far.Wood later said that it was those days that really shaped her ability to go her own way and challenge authority, and made her deeply aware of the need to always be alert to those so-called \"consensus\", which seemed irrefutable, but often had room for discussion-And those behaviors that violate the \"consensus\" may have great potential.Looking back on the past of the newborn calf decades later, Wood will find that when he made this accurate prediction, he was standing at the intersection of himself and history.Once interest rates fall, what will follow will be a 40-year bull market in technology stocks, and she will soon participate in it, fighting with the same \"maverick\" attitude for several years until it makes a storm. By then, she will \"disobey\" not the \"Kaufman\" of several academic circles, but the whole Wall Street.She didn't expect this at that time.Moving to Stocks: Looking for Scraps Under the TableAll she can smell is that the wind is going to blow in tech stocks for a while. Lower interest rates have brought more room for growth to technology companies that have been hit hard before. Wood, who has loved astronomy and engineering, quickly decided to get on this bus.So in 1985, she shifted from macro to stock research at Jennison, and in 1990, she also served as the company's portfolio manager, always focusing on technology stocks.<img src=\"https://static.tigerbbs.com/3ab2a3e6a38a1e6cadb57da984a401bb\" tg-width=\"768\" tg-height=\"615\" referrerpolicy=\"no-referrer\">Wood in his youthCredit: Jesus CallingAmid the hustle and bustle of tech stocks, she left the big army again.Unlike interest rate forecasts, this time, the belief of violating consensus and looking for new things really \"actively\" played a role.Wood asked himself as soon as he came up, other analysts must have studied all the good technology stocks for a round, and they will not let go of any of them, so what is left? What is left for me? Which are my stocks?She immediately had the answer.So, with great tendency and even paranoia, Wood began to try to find two types of stocks:<ul><li>Those areas that are too advanced, so advanced that people haven't paid attention to it and have no time to swarm;</li><li>Certain stocks lie at the intersection of multiple industries without analysts following up on any side. Wood believes that this is likely to be where innovation is also born.</li></ul>She describes herself as \"a puppy looking for scraps under the table\".She said, \"When analysts and fund managers agree that certain stocks are insignificant or don't fit perfectly into any portfolio, they usually look twice.\" They may be temporarily undervalued, but over time, Exponential growth may explode.When studying stocks, Wood has no fixed procedures or routines at all.Just greedily absorbing all the information he can touch, digesting and judging it.Incumbent<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Lisa Shalett, chief investment officer who worked with her for a while, recalled:\"Cathie's curiosity seems to be never satisfied. She eagerly absorbs research results from various channels, large and small, and works tirelessly 24 hours a day to ensure that the team has the most in-depth research and generates the most unique opinions.\"Sometimes she even listened to what her intuition said.For example, when investing in Reuters, it is generally difficult for people to understand this business model of \"publishing databases\"-collecting data from financial companies and then selling all the data back to them. What is this?Wood can't say it well herself, but she thinks this model is very innovative. She later recalled: \"At that time, I just thought it was doing something big. Now we know that this is the epitome of today's Internet concept.\"As we will see later, this \"reckless\" investment style has been retained by Wood to this day.In this way, Wood stayed at Jennison for 18 years. In the remaining years, while raising her three children, she went further and further on the road of stock research, and also became more and more sophisticated in her unique stock selection doorway.<img src=\"https://static.tigerbbs.com/7db68c3edd34e7c90a2ace397b8ebc1c\" tg-width=\"768\" tg-height=\"512\" referrerpolicy=\"no-referrer\">Wood and kidsCredit: Jesus CallingAfter Wood left Jennison in 1998, he first worked as a limited partner at the hedge fund Tupelo Capital for three years. In 2001, he officially joined AllianceBernstein as a fund manager and special research strategist. With a management scale of US $5 billion, Wood continued to concentrate on the stock field at AllianceBernstein, starting another career stage that lasted for 12 years.At that time, she didn't realize that with the financial turmoil, this period of time would be a key turning point for her self-reliance in the future.Get rid of traditional self-establishmentAt AllianceBernstein, Wood continues his consistent investment style, taking the path of high-growth, high-risk, and small-cap stocks. Since the second half of 2002, the U.S. stock market has been in a bull market, and Wood's investment portfolio has also performed quite well.But two things that happened then gave her the idea of getting rid of the traditional fund investment analysis framework.First, in 2006, the real estate bubble in the United States had reached a very high level, and various contradictory signals began to appear in the market. Wood predicted that the bubble would burst soon. She immediately reduced her portfolio positions significantly.However, the feast of subprime mortgages continued for more than a year. The price of waking up too early was that Wood's yield that year was only 5%, underperforming the broader market (12%-13%) by nearly 1,000 basis points.Wood was devastated. And when she told her mentor in the Catholic Church about this story and sought an explanation from him, the mentor left a meaningful remark, which completely reversed her original perspective: You can't worship any idol, but now the market benchmark has become your idol.The next year, Wood made up for most of the losses, but recalled the words of her mentor in prayer and meditation, saying that sheThe sudden realization that the success of index investing belongs to the past, and God doesn't want us to stay in the past, He wants us to enter a new creation.From then on, a thought gradually became deeply rooted in Wood's mind-To change the original investment method, the real mission of investment is to move towards the future guided by God and to allocate capital for God.The time came to the 2008-09 financial crisis, and the high-risk investment strategy made Wood's fund's pullback/retracement significantly greater than the market level during the U.S. stock market crash. AllianceBernstein couldn't stand it anymore and asked Wood to add indexes such as the S&P 500 to his holdings to reduce volatility.But this time, Wood doesn't want to be subject to so-called market \"benchmarks\" anymore.She retorted bluntly: \"I think we believe in the benchmark investment method too much and invest too little in innovation. Now the price of some innovative companies in the public market is even only 10% of that in the private market, which is a huge opportunity!\"These two events were like a prelude to ups and downs, which eventually led Wood in the same direction: in 2014, Wood quit his stable job at AllianceBernstein and set out to build his own startup.She realized that if she wants to truly get rid of the constraints under the investment framework of traditional fund companies, truly practice a set of her own standards and investment philosophies, and boldly invest money in innovative fields, she can only stand on her own feet.The era of ARK begins.Deviant ARKTherefore, it can be said that ARK was born from the very beginning to bypass the rules and regulations of traditional asset management, and naturally it is not the same path as everyone.Wood, who no longer depended on others, released it to the limit and went further and further in the deviant direction.She drew a clear line with traditional asset management in one sentence:\"What we really want to do is encourage new creation, God's new creation.We need to allocate capital where it can be most efficient and useful-those transformative technologies that are expected to change and improve the world. And they, those other fund operators, just invest their money in the past, which is the safest path. \"\"We\", and \"They\"-on the one hand, they are challenge-free, transformative, pioneering, connecting to the future, and distributing assets for \"God's creation\"; On the other hand, it is safe, turning over old scores, turning a blind eye to emerging technologies, and having no self-motivation and sense of mission at all.Which side do you choose, she asked?Naturally, the words are not just talk,Wood's \"three fires for new officials\" continue to this day.OneJust like the plan Wood claimed to have planted by the Holy Spirit in his heart that summer afternoon, since its establishment, ARK's mission has been to target its investment in those disruptive technologies that are beginning to bloom.Many emerging companies that scoff at traditional funds are greatly encouraged, which is completely different from the latter's investment strategy of fearing volatility and stabilizing returns.Tesla is probably the most famous and successful example of them all.Wood invested in Tesla five years ago, when it was around $50, and Tesla has been ARK's largest holding for the past three years. Wood believes that Tesla is such a company \"located at the intersection of multiple industries\", integrating<a href=\"https://laohu8.com/S/300024\">Robot</a>, artificial intelligence, and energy storage all in one, traditional automotive analysts \"don't know what to do.\"When Tesla's stock price hovered at $320 in August 2018, Musk once considered taking the company private and buying back all shares at a price of $420 per share.Wood was the 1% voice when 99% of the market was bearish on Tesla。 She immediately sent an open letter to Musk, predicting that Tesla's stock price would reach a maximum of $4,000 within five years, and opposed its privatization of the company.Since that open letter, Tesla has released Model 3, and its stock price has soared from US $320 to US $3,500 (adjusted according to a 1-to-5 stock split ratio). Wood's unique vision has also been verified.According to ARK's 2021 investment report, in addition to Bitcoin and electric vehicles, Wood is now focusing on many emerging fields such as deep learning, new generation gene sequencing, and data center re-creation. As always, he is not hesitant to pay attention to these symbols of disruptive innovation. vocabulary put into infinite enthusiasm.<img src=\"https://static.tigerbbs.com/736971a7c4e609eeaee76c1d1f93c2c0\" tg-width=\"775\" tg-height=\"1072\" referrerpolicy=\"no-referrer\">Source: Alotta MoneySecond, as Wood imagined, ARK never sticks to traditional indicators and rules from analysts themselves to investment strategies, and is full of wild ways, but it is beautiful.Traditional ETFs mainly invest passively in indexes, while Wood's ETFs adopt active stock selection and active management strategies, which is very rare. Even today, when active ETFs are becoming more and more popular, they only account for 3% of the total assets of US ETFs.. As mentioned earlier, Wood dislikes indexes very much, thinking that they measure past achievements.Her employees are also completely different from traditional funds, with more than 30 employees in total, few with Wall Street backgrounds or MBA degrees, and most of them are professionals in different industries-cancer scientists, artificial intelligence analysts, game engineers, and even captains. They don't understand moving averages, they don't understand momentum indicators, and some don't even use Bloomberg terminals.Wood doesn't care about this. What she likes is professionalism in different backgrounds and fields.She also seems to believe in the idea of \"philosophy comes from the cafe\" very much, and manages the company in a very relaxed mode. The office on East 28th Street in Manhattan has no cubicles. Next to the bar-style high chairs, all the tables are surrounded in a circle, and the staff move around freely, communicate and talk, ready to exchange ideas at any time.Third, traditional asset management companies always love to hide their \"exclusive information\", but ARK is completely different. Wood's attitude is: transparent and open, and \"information attracts information\".ARK's weekly \"brainstorming\" sessions can be attended by anyone, including industry experts and competitors. Teams can share research results and cooperate with scientists, engineers, doctors and other experts, which is illegal in many traditional fund companies and will be expelled.Not only that, Wood will also publish free research reports on social platforms such as Reddit forums, announce changes in positions every day, and even personally discuss investment targets with netizens, which has accumulated a large number of loyal fans for him. She believes that this helps ARK reflect on where there are disagreements or misunderstandings with the market and better understand what is happening in the world.Investing in ARK = believing in God and the future?The so-called deviant, people either regard him as a genius or laugh at him as a madman. The success of investing in Tesla is like a shot in the arm, making more people willing to believe that Wood belongs to the former.So these three fires have somewhat buried a bit of fanaticism in the hearts of fans. It seems that Wood has guaranteed the unlimited innovation prospects of his stock pool-here at ARK, as long as you pay the time cost, you can get money returns.But more importantly,The above sentence, which is run through the concepts of God, faith, future, unloads the cliché cloak and sounds impassioned and inspiring.Think about it, investing in ARK is linked to believing in the future.If Buffett and Munger's version of value investing is regarded as the king of empiricism, then ARK's vigorous statement is somewhat metaphysical.Generally speaking, people are still fantastical animals, and they are always easy to believe in illusory things. You can not believe in Tesla or Bitcoin, but do you believe in technology and the development of technology? You can not believe in ARK, but do you believe in \"God's mission\"? You say you are not a Christian, do you believe in the future? When ARK vows to paint the future, can you shout the same volume and retort, \"The future is not the case?\"After all, the Tesla, which everyone calls a liar, really did it, didn't it? It subverted the whole automobile industry, from metals to energy-and what about Bitcoin? So what about ARK that is optimistic about Tesla all the way to the present?The power of this set of thinking is much greater than imagined.Even if they suffer some hardships on the way, such as the net worth plummeting by 30 points or something... Some investors will feel that they are paying for the future. There are two roads in the forest, and they choose the one full of thorns. The one who persists until the end laughs the loudest.<img src=\"https://static.tigerbbs.com/eaf28c6de9e5b0e0e414e8b6c9db7dd0\" tg-width=\"1174\" tg-height=\"400\" referrerpolicy=\"no-referrer\">As of 3/8, ARK's five best-performing ETFs have fallen by nearly 30 points on average from their highs. The picture shows the net value curve of the flagship fund ARKKBut it is true. Who can tell the future? Can a limited wallet really pay for unlimited beliefs? Even if this is the case in the future, how far into the future will it be?For example, what will be the outcome of this year?2021 has undoubtedly been a year of severe challenges for ARK. The turbulent months have passed, and the inextricable connection between ARK, Tesla, and Bitcoin has almost created a \"trinity\" risk pattern. At the end of last year, Wood also told the media that he is determined to invest investors in the next five years. The money has tripled, but unexpectedly, only two months after entering 2021, the stock price has begun to turn downward, with a bad start.The love of small-cap stocks has always been a big hidden danger. For example, some analysts gave an example. 20 of the targets held by ARK's ARKG fund exceed 5% of the circulating share capital, accounting for 45.45% of all targets held. ARK has become the largest shareholder of many targets. Once the market environment is not good or The sector's popularity declines, the net value of the fund may experience a sharp drop caused by negative superimposed liquidity risks.In panic, people once again recalled the U.S. stock market in the 1990s-the high-rise building made of bubbles collapsed overnight, and a group of newly rising \"asset management stars\" were buried under the ruins.For example, Bill Miller, a star fund manager who outperformed the S&P 500 index for 15 consecutive years from 1991 to 2005, suffered a tragic defeat during the 2008 financial crisis, and was once described by the market as \"no guarantee in the late festival\".Another example is Janus, a mutual fund company (two-faced god in ancient Roman mythology). From the end of 1998 to March 2000, it grew from the 20th largest mutual fund company in the United States to the fifth largest, and its scale expanded from US $3 billion to 300 billion in just ten years. Even Clinton, the former president of the United States, entrusted his personal account to Janus.However, with the bursting of the Internet bubble, the net value of some of its fund products suddenly plummeted by two-thirds, and the myth of \"two-faced gods\" was wiped out. Like ARK, Janus happens to have a soft spot for technology stocks and small-cap stocks, and he also happens to be a confident posture of looking to the future and striking hard once he is optimistic.So will today's ARK become the next two-faced god? Will today's Wood be the next Miller to fall from the altar? Or will they become the next Tesla and Musk to weather difficult times and truly stand at the center of industry change?More than two years ago, Musk took a sip of marijuana and a sip of alcohol on the show, frowning through Tesla's most difficult days. Now, is Wood also ushering in such a time?Then, Musk really became a disruptor in the automotive field, and traditional car companies had to turn around and catch up. Will Wood clear the clouds like this?Will there be more ARK on Wall Street? Is a more transparent, open and dynamic asset management industry taking shape?Obeying God's word, Noah built the ark, which survived the great flood that year. God said, \"When I make clouds cover the earth, there will be a rainbow in the clouds\".Now \"following the entrustment of the Holy Spirit\", Wood has also reached its seventh year of building ARK. The great flood has turned into a storm in the financial market, and clouds and mist have blocked the view. Can Wood lead the whole ship over the flood and really set off the wind of industry change? Can she see the rainbow from God?","source":"wallstreetcn_api","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>The woman who \"allocates funds for God\"!</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\">\nThe woman who \"allocates funds for God\"!\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-03-29 12:25\n\n</h4>\n</header>\n<article>\n\"Sister Wood\" Cathie Wood: Give me some fulcrums and let me shake the whole world. It's hard to imagine such a pattern that shakes the market:She invests<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>, betting that it will subvert the automotive field; She invested in Bitcoin, betting that it would overturn the monetary system; She prepares a space fund and looks at the future of Mars; She invests in streaming platform Roku, mobile payments company Square, 3D printing company<a href=\"https://laohu8.com/S/SSYS\">Stratasys</a>, they are at the forefront of technological progress and jointly move the lever of contemporary life change.She said to give me a few fulcrums and let me pry the whole world.She is betting on disruptors from all walks of life, and she is also at the center of the storm in the asset management industry. Born on Wall Street, she abandoned tradition, ignored \"discipline\", and finally embarked on a deviant investment path. Today, she once enjoyed infinite scenery and was questioned. When a building overturns or overnight, as many people have seen it rise, as many people want to see it overturn.To ask how it all started, Cathie Wood, the founder of ARK Invest and now a household name \"Queen of the Bull Market\" of the year, who is over 65 years old, sat in a comfortable seat, stroked her shoulder-length taupe hair, steadied her iconic black-rimmed glasses, and slowly recalled that summer afternoon many years ago:<img src=\"https://static.tigerbbs.com/1c69c183f3df90b688867160c4eb35b5\" tg-width=\"795\" tg-height=\"441\" referrerpolicy=\"no-referrer\">It was a beautiful summer day, and I came home surrounded by a strange silence. Three kids had gone to Christ Camp, among other things, and it dawned on me that I was going to spend the next two weeks alone. I've been separated from these days for too long. Walking into the kitchen, I was neither happy nor sad, just in a trance … until a sudden shake cut through the air, and I seemed to hear the Holy Spirit speaking to me-\"Come, open your plan.\" I heard him say. She said, look, you have been studying disruptive innovation all your life, so why not try to subvert your own industry? Why not revolutionize it with new technology? Why not bring the new idea to the public and spread it on social media? Why not call competitors and collide with the sparks of thinking together? He said so, and I did so. \"She said so, and I did so.\" So in 2014, 57-year-old Wood resigned from the famous asset management giant Alliance Bernstein and founded this asset management company of his own, named it after the ARK of Holy Relics (ARK) in the Bible.Just as the Israelites in the Old Testament fought with the ARK of the Covenant and believed that God was with the ARK of the Covenant, this devout Catholic firmly believed that ARK was destined to invest its capital in innovation, in the future, and in the \"handwriting of God\", which was in fulfilling the mission entrusted by God.Nowadays, many Chinese media have translated ARK as \"ARK\". Although it is not Wood's original intention, it also has the charm of \"bearing the destiny of the world\".<img src=\"https://static.tigerbbs.com/e2ef328f314a2d1785b3d3ba7f27e1f1\" tg-width=\"641\" tg-height=\"361\" referrerpolicy=\"no-referrer\">The Image of the \"Ark of the Covenant\" in the BibleSix years later, 2020 is undoubtedly a historic year for ARK. The epic fluctuations in March were like a trumpet. The U.S. stock market that hit the epidemic fully recovered from the central bank's flood release. ARK became the number one beneficiary of this round of bull market because it had previously bought technology stocks and small-cap stocks under the banner of \"disruptive innovation\". Its ETFs won the annual first, second and third place among national funds. The average annual return of the five best-performing ETFs reached 141%, and the maximum scale increased by more than 10 times, as if God had finally given grace to its loyal believers.However, the time has come to February this year again. ARK, which was still prosperous at the beginning of the month, plunged all the way with the decline of technology stocks at the end of the month. More and more questioning voices began to emerge. People say, will Wood repeat the mistakes of a large number of star fund managers during the Internet bubble in 1990s? First they took off, and then they fell into defeat as the bubble burst.Amid the ups and downs, reports on ARK and Wood himself have been overwhelming for months.People later found that this \"Queen of the Bull Market\" who claimed to allocate capital for God was either a \"missionary\" master in the faith world and a flower in the fund world, or she might really be a subverter who was born in the asset management industry and a \"prophet\" who heralded the future innovation direction.A traveling childhood curious childTo really trace Wood's soft spot for new things, we may have to start with her unstable childhood.In 1955, Wood was born in a Catholic immigrant family in Los Angeles, USA. He recited scriptures and went to church since childhood. Her parents are both from Ireland, and her father served in the Irish Army and the United States Air Force before becoming a successful radar systems engineer.Because of my father's work, I often have to move my family from one military base to another.As a child, Wood never stayed anywhere for a long time. At the age of 12, he had moved ten times.Fortunately, probably inheriting his mother's lively and open-minded personality, Wood didn't feel too uneasy about the frequent changes around him. Instead, he constantly became curious about life in generate from adapting to the new environment and exploring new things.When she grew up a little, like many children from immigrant families, she began to receive a good education and gradually showed her talent in learning. After graduating from high school at Notre Dame College, in 1981, she graduated with honors and cum laude with a bachelor's degree in financial economics from the University of Southern California (USC).At the beginning of his promotion to Southern California, Wood's vision of the future was also vague. In the two years before choosing a major in her junior year, she worked in a supermarket to earn tuition fees, while thinking about possible further study directions: geology, astronomy, engineering... It seems that many can be tried, but none of them can be said to be a firm choice.Until one semester, at his father's suggestion, Wood first tasted macroeconomics-the wonderful thing about fate is that at that moment, his whole heart and soul tells you that it is it.Wood was deeply fascinated by the \"grand views\" born from economic activity and above the micro and concrete-the \"grand views\" that were distant, overview and pointed straight to the future. According to her own account, she found how damningly fascinating macroscopic research was, and it was more important to make people boldly imagine how the world would work in the future than to study existing theories.Looking back, this was the first time that his preference for the unknown had helped Wood make an important life choice in a way that hit him directly on the forehead.Learning from a famous family allowed Wood to walk faster than others on this road. Her mentor, economics professor Arthur Laffer, is the author of the famous \"Laffer Curve\".Although he was an undergraduate, Wood still took part in the graduate courses he taught, and was highly valued for his excellent endowment.<img src=\"https://static.tigerbbs.com/fcf68e0010cae1663dd31058f8a34c7e\" tg-width=\"1000\" tg-height=\"563\" referrerpolicy=\"no-referrer\">Wood and Laffer on the NYSE rostrum on October 21, 2014 Source: Investors' Business DailyYoung Chief: On the Other Side of the ConsensusAlso under the help of Laffer, at the age of 22, Wood joined the traditional asset management giant Capital Group as an assistant economist and started her career.In 1980, she moved to New York by chance and became the chief economist of Jennison Associates, an investment advisory firm.That is to say, in just three years, Wood went from assistant to chief at the age of 25.At the beginning of her big responsibility, the American economy is also undergoing great changes.In the early 1980s, the United States was in the abyss of high stagflation. While production declined and unemployment soared, prices generally rose sharply instead of falling, resulting in a rare situation of high inflation, high unemployment and low economic growth. At that time, Paul Volcker, the newly appointed chairman of the Federal Reserve, tried to shrink the money supply to combat high inflation, but with little success.<img src=\"https://static.tigerbbs.com/f1b08eb3a10fa740d150c2486a9ea158\" tg-width=\"715\" tg-height=\"337\" referrerpolicy=\"no-referrer\">U.S. inflation rose to a high point in 1980Against this background, a group of the most authoritative economists in the United States at that time, such as \"Dr. Doom\" Henry Kaufman and Milton Friedman, desperately believed that inflation had become the norm and deeply ingrained.Wood thinks otherwise,Interest rates and inflation have peaked, she insists.Jennison's co-founder Spiros Segalas and Wood were both teachers and friends. During that time, he often invited these academic celebrities to the company to share their predictions, and for the purpose of training, testing, or communication, Wood stood on the \"opposite side\", argue with them one-on-one.On the one hand, there are veterans who have been in the Jianghu for many years and have a huge camp, and on the other hand, there are minority players who have just become the chief and seem to have no experience just by their age.We can't know whether the \"Kaufmans\" are seriously participating in this academic confrontation, or performing with the mentality of teaching younger generations, but the facts finally proved that Wood's judgment was very accurate. After the Reagan administration came to power in 1980, inflation and interest rates were well controlled, falling all the way from the peak.After witnessing many debates, Segalas made this evaluation of Wood:A lady with incredibly strong convictions. She's the sharpest one so far.Wood later said that it was those days that really shaped her ability to go her own way and challenge authority, and made her deeply aware of the need to always be alert to those so-called \"consensus\", which seemed irrefutable, but often had room for discussion-And those behaviors that violate the \"consensus\" may have great potential.Looking back on the past of the newborn calf decades later, Wood will find that when he made this accurate prediction, he was standing at the intersection of himself and history.Once interest rates fall, what will follow will be a 40-year bull market in technology stocks, and she will soon participate in it, fighting with the same \"maverick\" attitude for several years until it makes a storm. By then, she will \"disobey\" not the \"Kaufman\" of several academic circles, but the whole Wall Street.She didn't expect this at that time.Moving to Stocks: Looking for Scraps Under the TableAll she can smell is that the wind is going to blow in tech stocks for a while. Lower interest rates have brought more room for growth to technology companies that have been hit hard before. Wood, who has loved astronomy and engineering, quickly decided to get on this bus.So in 1985, she shifted from macro to stock research at Jennison, and in 1990, she also served as the company's portfolio manager, always focusing on technology stocks.<img src=\"https://static.tigerbbs.com/3ab2a3e6a38a1e6cadb57da984a401bb\" tg-width=\"768\" tg-height=\"615\" referrerpolicy=\"no-referrer\">Wood in his youthCredit: Jesus CallingAmid the hustle and bustle of tech stocks, she left the big army again.Unlike interest rate forecasts, this time, the belief of violating consensus and looking for new things really \"actively\" played a role.Wood asked himself as soon as he came up, other analysts must have studied all the good technology stocks for a round, and they will not let go of any of them, so what is left? What is left for me? Which are my stocks?She immediately had the answer.So, with great tendency and even paranoia, Wood began to try to find two types of stocks:<ul><li>Those areas that are too advanced, so advanced that people haven't paid attention to it and have no time to swarm;</li><li>Certain stocks lie at the intersection of multiple industries without analysts following up on any side. Wood believes that this is likely to be where innovation is also born.</li></ul>She describes herself as \"a puppy looking for scraps under the table\".She said, \"When analysts and fund managers agree that certain stocks are insignificant or don't fit perfectly into any portfolio, they usually look twice.\" They may be temporarily undervalued, but over time, Exponential growth may explode.When studying stocks, Wood has no fixed procedures or routines at all.Just greedily absorbing all the information he can touch, digesting and judging it.Incumbent<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Lisa Shalett, chief investment officer who worked with her for a while, recalled:\"Cathie's curiosity seems to be never satisfied. She eagerly absorbs research results from various channels, large and small, and works tirelessly 24 hours a day to ensure that the team has the most in-depth research and generates the most unique opinions.\"Sometimes she even listened to what her intuition said.For example, when investing in Reuters, it is generally difficult for people to understand this business model of \"publishing databases\"-collecting data from financial companies and then selling all the data back to them. What is this?Wood can't say it well herself, but she thinks this model is very innovative. She later recalled: \"At that time, I just thought it was doing something big. Now we know that this is the epitome of today's Internet concept.\"As we will see later, this \"reckless\" investment style has been retained by Wood to this day.In this way, Wood stayed at Jennison for 18 years. In the remaining years, while raising her three children, she went further and further on the road of stock research, and also became more and more sophisticated in her unique stock selection doorway.<img src=\"https://static.tigerbbs.com/7db68c3edd34e7c90a2ace397b8ebc1c\" tg-width=\"768\" tg-height=\"512\" referrerpolicy=\"no-referrer\">Wood and kidsCredit: Jesus CallingAfter Wood left Jennison in 1998, he first worked as a limited partner at the hedge fund Tupelo Capital for three years. In 2001, he officially joined AllianceBernstein as a fund manager and special research strategist. With a management scale of US $5 billion, Wood continued to concentrate on the stock field at AllianceBernstein, starting another career stage that lasted for 12 years.At that time, she didn't realize that with the financial turmoil, this period of time would be a key turning point for her self-reliance in the future.Get rid of traditional self-establishmentAt AllianceBernstein, Wood continues his consistent investment style, taking the path of high-growth, high-risk, and small-cap stocks. Since the second half of 2002, the U.S. stock market has been in a bull market, and Wood's investment portfolio has also performed quite well.But two things that happened then gave her the idea of getting rid of the traditional fund investment analysis framework.First, in 2006, the real estate bubble in the United States had reached a very high level, and various contradictory signals began to appear in the market. Wood predicted that the bubble would burst soon. She immediately reduced her portfolio positions significantly.However, the feast of subprime mortgages continued for more than a year. The price of waking up too early was that Wood's yield that year was only 5%, underperforming the broader market (12%-13%) by nearly 1,000 basis points.Wood was devastated. And when she told her mentor in the Catholic Church about this story and sought an explanation from him, the mentor left a meaningful remark, which completely reversed her original perspective: You can't worship any idol, but now the market benchmark has become your idol.The next year, Wood made up for most of the losses, but recalled the words of her mentor in prayer and meditation, saying that sheThe sudden realization that the success of index investing belongs to the past, and God doesn't want us to stay in the past, He wants us to enter a new creation.From then on, a thought gradually became deeply rooted in Wood's mind-To change the original investment method, the real mission of investment is to move towards the future guided by God and to allocate capital for God.The time came to the 2008-09 financial crisis, and the high-risk investment strategy made Wood's fund's pullback/retracement significantly greater than the market level during the U.S. stock market crash. AllianceBernstein couldn't stand it anymore and asked Wood to add indexes such as the S&P 500 to his holdings to reduce volatility.But this time, Wood doesn't want to be subject to so-called market \"benchmarks\" anymore.She retorted bluntly: \"I think we believe in the benchmark investment method too much and invest too little in innovation. Now the price of some innovative companies in the public market is even only 10% of that in the private market, which is a huge opportunity!\"These two events were like a prelude to ups and downs, which eventually led Wood in the same direction: in 2014, Wood quit his stable job at AllianceBernstein and set out to build his own startup.She realized that if she wants to truly get rid of the constraints under the investment framework of traditional fund companies, truly practice a set of her own standards and investment philosophies, and boldly invest money in innovative fields, she can only stand on her own feet.The era of ARK begins.Deviant ARKTherefore, it can be said that ARK was born from the very beginning to bypass the rules and regulations of traditional asset management, and naturally it is not the same path as everyone.Wood, who no longer depended on others, released it to the limit and went further and further in the deviant direction.She drew a clear line with traditional asset management in one sentence:\"What we really want to do is encourage new creation, God's new creation.We need to allocate capital where it can be most efficient and useful-those transformative technologies that are expected to change and improve the world. And they, those other fund operators, just invest their money in the past, which is the safest path. \"\"We\", and \"They\"-on the one hand, they are challenge-free, transformative, pioneering, connecting to the future, and distributing assets for \"God's creation\"; On the other hand, it is safe, turning over old scores, turning a blind eye to emerging technologies, and having no self-motivation and sense of mission at all.Which side do you choose, she asked?Naturally, the words are not just talk,Wood's \"three fires for new officials\" continue to this day.OneJust like the plan Wood claimed to have planted by the Holy Spirit in his heart that summer afternoon, since its establishment, ARK's mission has been to target its investment in those disruptive technologies that are beginning to bloom.Many emerging companies that scoff at traditional funds are greatly encouraged, which is completely different from the latter's investment strategy of fearing volatility and stabilizing returns.Tesla is probably the most famous and successful example of them all.Wood invested in Tesla five years ago, when it was around $50, and Tesla has been ARK's largest holding for the past three years. Wood believes that Tesla is such a company \"located at the intersection of multiple industries\", integrating<a href=\"https://laohu8.com/S/300024\">Robot</a>, artificial intelligence, and energy storage all in one, traditional automotive analysts \"don't know what to do.\"When Tesla's stock price hovered at $320 in August 2018, Musk once considered taking the company private and buying back all shares at a price of $420 per share.Wood was the 1% voice when 99% of the market was bearish on Tesla。 She immediately sent an open letter to Musk, predicting that Tesla's stock price would reach a maximum of $4,000 within five years, and opposed its privatization of the company.Since that open letter, Tesla has released Model 3, and its stock price has soared from US $320 to US $3,500 (adjusted according to a 1-to-5 stock split ratio). Wood's unique vision has also been verified.According to ARK's 2021 investment report, in addition to Bitcoin and electric vehicles, Wood is now focusing on many emerging fields such as deep learning, new generation gene sequencing, and data center re-creation. As always, he is not hesitant to pay attention to these symbols of disruptive innovation. vocabulary put into infinite enthusiasm.<img src=\"https://static.tigerbbs.com/736971a7c4e609eeaee76c1d1f93c2c0\" tg-width=\"775\" tg-height=\"1072\" referrerpolicy=\"no-referrer\">Source: Alotta MoneySecond, as Wood imagined, ARK never sticks to traditional indicators and rules from analysts themselves to investment strategies, and is full of wild ways, but it is beautiful.Traditional ETFs mainly invest passively in indexes, while Wood's ETFs adopt active stock selection and active management strategies, which is very rare. Even today, when active ETFs are becoming more and more popular, they only account for 3% of the total assets of US ETFs.. As mentioned earlier, Wood dislikes indexes very much, thinking that they measure past achievements.Her employees are also completely different from traditional funds, with more than 30 employees in total, few with Wall Street backgrounds or MBA degrees, and most of them are professionals in different industries-cancer scientists, artificial intelligence analysts, game engineers, and even captains. They don't understand moving averages, they don't understand momentum indicators, and some don't even use Bloomberg terminals.Wood doesn't care about this. What she likes is professionalism in different backgrounds and fields.She also seems to believe in the idea of \"philosophy comes from the cafe\" very much, and manages the company in a very relaxed mode. The office on East 28th Street in Manhattan has no cubicles. Next to the bar-style high chairs, all the tables are surrounded in a circle, and the staff move around freely, communicate and talk, ready to exchange ideas at any time.Third, traditional asset management companies always love to hide their \"exclusive information\", but ARK is completely different. Wood's attitude is: transparent and open, and \"information attracts information\".ARK's weekly \"brainstorming\" sessions can be attended by anyone, including industry experts and competitors. Teams can share research results and cooperate with scientists, engineers, doctors and other experts, which is illegal in many traditional fund companies and will be expelled.Not only that, Wood will also publish free research reports on social platforms such as Reddit forums, announce changes in positions every day, and even personally discuss investment targets with netizens, which has accumulated a large number of loyal fans for him. She believes that this helps ARK reflect on where there are disagreements or misunderstandings with the market and better understand what is happening in the world.Investing in ARK = believing in God and the future?The so-called deviant, people either regard him as a genius or laugh at him as a madman. The success of investing in Tesla is like a shot in the arm, making more people willing to believe that Wood belongs to the former.So these three fires have somewhat buried a bit of fanaticism in the hearts of fans. It seems that Wood has guaranteed the unlimited innovation prospects of his stock pool-here at ARK, as long as you pay the time cost, you can get money returns.But more importantly,The above sentence, which is run through the concepts of God, faith, future, unloads the cliché cloak and sounds impassioned and inspiring.Think about it, investing in ARK is linked to believing in the future.If Buffett and Munger's version of value investing is regarded as the king of empiricism, then ARK's vigorous statement is somewhat metaphysical.Generally speaking, people are still fantastical animals, and they are always easy to believe in illusory things. You can not believe in Tesla or Bitcoin, but do you believe in technology and the development of technology? You can not believe in ARK, but do you believe in \"God's mission\"? You say you are not a Christian, do you believe in the future? When ARK vows to paint the future, can you shout the same volume and retort, \"The future is not the case?\"After all, the Tesla, which everyone calls a liar, really did it, didn't it? It subverted the whole automobile industry, from metals to energy-and what about Bitcoin? So what about ARK that is optimistic about Tesla all the way to the present?The power of this set of thinking is much greater than imagined.Even if they suffer some hardships on the way, such as the net worth plummeting by 30 points or something... Some investors will feel that they are paying for the future. There are two roads in the forest, and they choose the one full of thorns. The one who persists until the end laughs the loudest.<img src=\"https://static.tigerbbs.com/eaf28c6de9e5b0e0e414e8b6c9db7dd0\" tg-width=\"1174\" tg-height=\"400\" referrerpolicy=\"no-referrer\">As of 3/8, ARK's five best-performing ETFs have fallen by nearly 30 points on average from their highs. The picture shows the net value curve of the flagship fund ARKKBut it is true. Who can tell the future? Can a limited wallet really pay for unlimited beliefs? Even if this is the case in the future, how far into the future will it be?For example, what will be the outcome of this year?2021 has undoubtedly been a year of severe challenges for ARK. The turbulent months have passed, and the inextricable connection between ARK, Tesla, and Bitcoin has almost created a \"trinity\" risk pattern. At the end of last year, Wood also told the media that he is determined to invest investors in the next five years. The money has tripled, but unexpectedly, only two months after entering 2021, the stock price has begun to turn downward, with a bad start.The love of small-cap stocks has always been a big hidden danger. For example, some analysts gave an example. 20 of the targets held by ARK's ARKG fund exceed 5% of the circulating share capital, accounting for 45.45% of all targets held. ARK has become the largest shareholder of many targets. Once the market environment is not good or The sector's popularity declines, the net value of the fund may experience a sharp drop caused by negative superimposed liquidity risks.In panic, people once again recalled the U.S. stock market in the 1990s-the high-rise building made of bubbles collapsed overnight, and a group of newly rising \"asset management stars\" were buried under the ruins.For example, Bill Miller, a star fund manager who outperformed the S&P 500 index for 15 consecutive years from 1991 to 2005, suffered a tragic defeat during the 2008 financial crisis, and was once described by the market as \"no guarantee in the late festival\".Another example is Janus, a mutual fund company (two-faced god in ancient Roman mythology). From the end of 1998 to March 2000, it grew from the 20th largest mutual fund company in the United States to the fifth largest, and its scale expanded from US $3 billion to 300 billion in just ten years. Even Clinton, the former president of the United States, entrusted his personal account to Janus.However, with the bursting of the Internet bubble, the net value of some of its fund products suddenly plummeted by two-thirds, and the myth of \"two-faced gods\" was wiped out. Like ARK, Janus happens to have a soft spot for technology stocks and small-cap stocks, and he also happens to be a confident posture of looking to the future and striking hard once he is optimistic.So will today's ARK become the next two-faced god? Will today's Wood be the next Miller to fall from the altar? Or will they become the next Tesla and Musk to weather difficult times and truly stand at the center of industry change?More than two years ago, Musk took a sip of marijuana and a sip of alcohol on the show, frowning through Tesla's most difficult days. Now, is Wood also ushering in such a time?Then, Musk really became a disruptor in the automotive field, and traditional car companies had to turn around and catch up. Will Wood clear the clouds like this?Will there be more ARK on Wall Street? Is a more transparent, open and dynamic asset management industry taking shape?Obeying God's word, Noah built the ark, which survived the great flood that year. God said, \"When I make clouds cover the earth, there will be a rainbow in the clouds\".Now \"following the entrustment of the Holy Spirit\", Wood has also reached its seventh year of building ARK. The great flood has turned into a storm in the financial market, and clouds and mist have blocked the view. Can Wood lead the whole ship over the flood and really set off the wind of industry change? Can she see the rainbow from God?\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3623490\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1c69c183f3df90b688867160c4eb35b5","relate_stocks":{"ARKF":"ARK Fintech Innovation ETF",".DJI":"道琼斯","ARKK":"ARK Innovation ETF",".SPX":"S&P 500 Index","TSLA":"特斯拉",".IXIC":"NASDAQ Composite"},"source_url":"https://wallstreetcn.com/articles/3623490","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2123790280","content_text":"“木头姐”Cathie Wood：给我几个支点，让我撬动整个世界。很难想象这样一番撼动市场的格局：她投资特斯拉，赌它颠覆汽车领域；她投资比特币，赌它掀翻货币体系；她筹备太空基金，放眼火星未来；她投资流媒体平台Roku、移动支付公司Square、3D打印公司Stratasys，它们走在技术进步的前沿，共同拨动着当代生活变革的杠杆。她说给我几个支点，让我撬动整个世界。她将赌注下在各行各业的颠覆者上，自己也站在资管业风暴的中心。生于华尔街，她却抛弃传统，不顾“纪律”，最终走上一条离经叛道的投资之路，时至今日，一度风光无限，又备受质疑。楼之倾覆或在一夜之间，多少人看过它高楼起，就多少人想看它楼倾覆。而要问这一切是如何开始的，ARK Invest的创始人、这位如今家喻户晓的年度“牛市女皇”——年过65岁的伍德女士（Cathie Wood），坐在某张舒服的座椅上，捋了捋及肩的灰褐色长发，扶稳了她的标志性黑框眼镜，徐徐回忆起多年前那个夏天的午后：那是个美丽的夏日，我回到家里，周围是一片陌生的静寂。三个孩子去基督营了，还有别的什么活动，我突然意识到，接下来两周我都要一个人度过了。我和这样的日子分别太久了。走进厨房，我既不快乐也不悲伤，只是有些恍惚……直到一阵突如其来的撼动划破空气，我仿佛听到圣灵在对我说话——“来吧，开启你的计划。”我听到他说。她说你看，你一辈子都在研究颠覆性创新，何不试着颠覆下自己的行业呢？何不用新的技术革新它？何不将新的想法公之于众，用社交媒体传播它？何不叫上竞争对手，一起碰撞思维的火花？他这样说，我遂这样做了。“她这样说，我遂这样做了”，于是2014年，57岁的伍德从大名鼎鼎的资管巨头联博（Alliance Bernstein）辞职，创立了这家属于自己的资管公司，并以《圣经》中圣物约柜（ARK）的名字为它命名。正如旧约时代的以色列人带着约柜征战，相信神与约柜同在一样，这位虔诚的天主教徒坚信，ARK注定要将资本投向创新，投向未来，投向“神的手笔”，这是在完成上帝交托的使命。现在很多中文媒体都将ARK译作“方舟”，虽非伍德本意，却也颇有其自视“身负世界命运”的神韵。《圣经》中的“约柜”形象六年过去，对ARK来说，2020年无疑是历史性的一年。3月的史诗级波动如一声号响，撞上疫情的美股在央行大放水中全面复苏，ARK则由于此前打着“颠覆性创新”的旗号狂买科技股和小盘股，成了本轮牛市的头号受益者，旗下ETF包揽全美基金年度冠亚季军，5只表现最好的ETF年度回报平均达141%，规模最高涨超10倍，仿佛神终于为其忠实的信徒降下恩典。不过时间又来到今年二月，月初还风光无限的ARK，到了月底就随科技股下跌一路俯冲。越来越多质疑的声音开始涌现。人们说，伍德是否将重蹈上世纪90年代互联网泡沫时期那一大批明星基金经理的覆辙？他们先是飘飘然起飞，又随着泡沫破裂摔得一败涂地。大起大落之中，几个月来，有关ARK和伍德本人的报道铺天盖地。人们后知后觉地发现，这位自称替上帝配资本的“牛市女皇”，要不就是信仰界的“传教”高手、基金界的昙花一朵，要不，就可能真是资管业横空出世的颠覆者、是预示未来创新方向的“先知”。游历的童年 好奇的孩子真要追溯伍德对新生事物的情有独钟，可能还得从她不算安定的童年讲起。1955年，伍德出生在美国洛杉矶的一个天主教移民家庭，从小诵经读卷，去教堂做礼拜。她的父母都来自爱尔兰，父亲曾经在爱尔兰陆军和美国空军服役，后来成为了一名成功的雷达系统工程师。由于父亲工作的缘故，经常需要带着全家从一个军事基地搬到另一个基地，小时候的伍德从没在哪个地方待过很久，12岁就已经搬了十次家。好在，大概是继承了母亲活泼开明的个性，伍德并未对周遭频繁的变动感到太多不安，反而从适应新环境和探索新事物中，不断迸发出对生活的好奇。略微长大之后，和许多移民家庭的孩子一样，她开始经受良好的教育，并在学习上逐渐显露出天赋。圣母学院高中毕业后，1981年，她在南加州大学（USC）获得金融经济学学士学位，以优异的成绩荣誉毕业。升入南加大的最初，伍德对未来的设想也很模糊。大三选专业前的两年时间里，她一边在超市打工赚着学费，一边思忖着可能的进修方向：地质学、天文学、工程学……似乎很多都可以尝试，但又没有哪个说得上是多么坚定的选择。直到某一学期，在父亲的建议之下，伍德初尝到了宏观经济学的味道——命运的神妙之处就是在那一刻，全身心的感应都告诉你：就是它了。伍德深深地着迷于那些从经济活动中诞生，而又凌驾于微观和具体之上的“宏大观点”——遥远的、纵览全局的、直指未来的“宏大观点”。按照她自己的说法，她发现宏观研究是多么该死的迷人，让人大胆地畅想，畅想未来世界运转的方式，比起研究那些已经存在的理论，这是更加要紧的事。回头来看，这是头一回，那股对未知事物一脉相承的偏爱，以一种直击脑门的方式，帮伍德做了一个重大的人生抉择。师从名门让伍德在这条路上比其他人走得更快了些。她的导师——经济学教授Arthur Laffer正是著名的“拉弗曲线”的提出者。虽是本科生，伍德仍然参加了他教授的研究生课程，凭借着优秀的禀赋深得器重。2014年10月21日，Wood和Laffer在纽交所主席台上亮相 图源：Investors’Business Daily年轻的首席：站在共识另一边也是在拉弗的牵线下，22岁时，伍德进入传统资管巨头Capital Group就任助理经济学家，开启了她的职业生涯。1980年，她又在一次偶然机遇下移居纽约，成为了投顾公司Jennison Associates的首席经济学家。也就是说，仅仅三年，伍德就在年仅25岁之时从助理做到了首席。正值她初担大任之际，美国经济也正经历一番风起云涌的巨变。20世纪80年代初的美国正处于高度滞胀的深渊，生产下降和失业率猛增的同时，物价不但没有下跌反而普遍大幅上涨，出现了高通胀、高失业和低经济增长并存的罕见局面。当时美联储新上任的主席保罗·沃尔克试图缩减货币供应来对抗高企的通胀，但始终收效甚微。美国通胀在1980年升至高点这一背景下，“末日博士”亨利·考夫曼和米尔顿·弗里德曼等一批当时美国最具权威性的经济学家都绝望地认为，通货膨胀已经成为常态，根深蒂固了。伍德则认为不然，她坚持，利率和通货膨胀已经见顶。Jennison的联合创始人Spiros Segalas与伍德亦师亦友，那段时间，他经常邀请这些学界知名人士来公司分享他们的预测，又出于或训练、或考验、或交流的目的，让伍德站在“反方”，跟他们一对一辩上一辩。一边是江湖多年、拥有庞大阵营的老将，一边是刚刚做上首席、单看年龄就好像没什么经验的少数派选手，我们无法知道“考夫曼们”究竟是在认真参与这场学术对垒，还是抱着指教后辈的心态倾情演出，但事实最终证明，伍德的判断十分准确，1980年里根政府上台后，通胀和利率得到了不错的控制，从高峰一路下跌。目睹了许多场辩论之后，Segalas对伍德做出这样的评价：一位有着不可思议坚定信念的女士。她是目前为止最犀利的一个。伍德后来说，正是那段日子真正塑造了她自行其是、挑战权威的能力，让她深刻意识到，要时刻警惕那些所谓的“共识”，它们看似不容辩驳，却往往有可商榷的空间——而那些有违“共识”的行为，反而可能有巨大的潜力。几十年后回首初生牛犊的往昔，伍德会发现，自己做下这一精准预测之时，正站在自身和历史转折交汇的当口。利率一经回落，随之而来的将是一场长达40年的科技股牛市，而她不久后将参与其中，以同样“特立独行”的姿态战斗数年，直到掀起一番风浪。届时，她将“忤逆”的不再是几位学界的“考夫曼”，而是一整个华尔街。那时的她并未料到这一点。转战股票：在桌子底下寻找残羹剩饭她能嗅到的只是，科技股的风要刮上一阵子了。利率下行为之前深受冲击的科技公司带来了更多成长空间，伍德本来就热爱天文学和工程学，很快决定得坐上这班车。于是1985年，她在Jennison从宏观转向股票研究，1990年又兼任该公司的投资组合经理，始终聚焦科技股领域。年轻时的伍德 图源：Jesus Calling在科技股熙熙攘攘的人潮中，她又一次离开了大部队。和利率预测时不同，这一次，违背共识、寻找新事物的信念真正“主动”发挥了作用。伍德一上来就问自己，别的分析师肯定把不错的科技股都研究过一轮了，一个也不会放过，那还剩下什么？留给我的是什么？哪些是属于我的股票？她随即有了答案。于是，极具倾向性、甚至有些偏执地，伍德开始努力寻找两类股票：那些过于超前，超前到人们还没引起重视、还来不及一拥而上的领域；某些股票位于多个行业的交汇处，而没有任何方面的分析师跟进。伍德认为，这很可能也是创新诞生的地方。她将自己形容为“一只小狗，在桌子底下寻找残羹剩饭”。她说，“当分析师和基金经理都认为某些股票不足挂齿，或无法完美地融入任意一个投资组合中时，通常得多看两眼”，它们可能暂时被低估，但随着时间推移，可能爆发指数级的增长。研究股票时，伍德没什么固定的程序、套路可言，只是贪婪地汲取着所能触及的所有信息，加以消化和判断。现任摩根士丹利首席投资官的Lisa Shalett曾同她工作过一段时间，回忆说：“Cathie的好奇心像是永远得不到满足，她如饥似渴地吸收来自大大小小各类渠道的研究成果，一天24小时不知疲倦地工作，以确保团队拥有最深入的研究，生成最独到的观点。”有时候，她甚至会听一听直觉讲的话。比如投资路透社（Reuters）时，人们普遍很难理解这种“出版数据库”的商业模式——从金融公司收集数据，再把数据全部卖回给它们，这算什么呢？伍德自己也说不好，但她认为这种模式非常创新。她后来回忆说：“当时只是觉得它在干件大事，现在我们知道了，这正是当今互联网概念的缩影。”我们后面会看到，这种“肆意妄为”的投资风格，一直被伍德保留到了今天。就这样，伍德在Jennison一待就是18年。余下的几年时光，她一边将三个孩子抚养长大，一边在股票研究的道路上越走越远，也在其独特的选股门道上越走越精。Wood和孩子们 图源：Jesus Calling1998年，伍德离开Jennison后，先是在对冲基金Tupelo Capital做了3年的有限合伙人，2001年正式加入联博，担任基金经理和专题研究策略师。揣着50亿美元资金的管理规模，伍德在联博继续潜心股票领域，开启了长达12年的又一个职业阶段。那时她尚未意识到，伴随着一阵金融风暴的来袭，这段岁月将成为其日后自立门户的关键转折。摆脱传统 自立门户在联博，伍德延续一贯的投资风格，走着高增长、高风险、小盘股的路径。2002年下半年开始，美股正值一轮牛市，伍德的投资组合也表现得相当不错。但随后发生的两件事，让她萌生了摆脱传统基金投资分析框架的想法。先是2006年，美国房地产泡沫已经达到了相当高的水平，市场上开始出现各种各样矛盾的信号，伍德预计泡沫不久就会破裂。她随即大幅降低了投资组合的头寸。然而次贷的盛宴又继续了一年多，清醒得太早的代价是，伍德当年的收益率仅5%，跑输了大盘（12%-13%）将近一千个基点。伍德深受打击。而当她对天主教会的导师诉说这件事，向其寻求开解的时候，导师留下一句意味深长的话，完全扭转了她原先看问题的角度：你不能崇拜任何偶像，而现在，市场基准却成了你的偶像。第二年，伍德弥补了大部分损失，但在祈祷和冥想中回味起导师的话，她说自己突然意识到，指数投资的成功属于过去，而上帝并不希望我们停留在过去，他希望我们进入新的创造。从这时起，一个念头逐渐被深耕在伍德心里——要变革原有的投资方式，投资的真正使命是要走向上帝所指引的未来，是要替上帝分配资本。时间到了08-09年金融危机，高风险的投资策略使得伍德的基金在美股崩盘中，回撤明显大于市场水平。联博看不下去了，要求伍德在持仓中加入标普500等指数来减小波动性。但是这一次，伍德不愿再受制于所谓的市场“基准”了。她直截了当地反驳道：“我认为我们太过信奉基准投资法了，针对创新领域的投资则太少。现在有些创新公司在公开市场的价格，甚至只有私募市场的10%，这是个巨大的机会！”这两件事如一段抑扬顿挫的前奏，最终将伍德引向了同一个方向：2014年，伍德辞去了联博收入稳定的工作，着手建立属于自己的初创公司。她意识到，想要真正摆脱传统基金公司投资框架下的束手束脚，想要真正践行一套自己的标准和投资理念、大胆把钱投在创新领域，那就只有自立门户。ARK的时代就此开始了。离经叛道的ARK因而可以说，ARK从最开始就是为了绕开传统资管的条条框框而生的，自然和大家走的不是一条路子。不再寄人篱下的伍德，将其不拘一格释放到极限，向着离经叛道的方向越走越远。她用一句话就和传统资管划清了界限：“我们真正要做的是鼓励新的创造，上帝的新创造。我们要将资本配置到它能发挥最高效益的、最有用的地方——那些有望改变世界、改善世界的变革性技术之上。而他们，那些其他的基金业者，只是把钱投向过去，那是最安全的路径。”“我们”，和“他们”——一边是无惧挑战的、变革性的、先锋的、连接未来的、为“神的创造”分配资产的；另一边，是安全的、翻旧账的、对新兴技术视而不见的、毫无上进心和使命感可言的。她问，你选哪一方？话自然不只说说而已，伍德的“新官上任三把火”延续至今。一则就像那个夏日午后，伍德自称圣灵在自己心里种下的计划一样，成立以来，ARK使命必达地将投资瞄准那些初绽头角的颠覆性技术，对不少传统基金嗤之以鼻的新兴企业都大为鼓励，这与后者怕波动、稳收益的投资策略截然不同。特斯拉可能是其中最著名、也最成功的例子了。伍德五年前就投资了特斯拉，当时股价50美元左右，过去三年，特斯拉一直是ARK的最大持股。伍德认为，特斯拉就是那样一个“位于多个行业的交汇处”的企业，集机器人、人工智能、能源储存于一身，传统的汽车分析师“不知道该怎么办”。2018年8月特斯拉股价徘徊在320美元时，马斯克一度考虑将公司私有化，用420美元/股的价格回购所有股票。伍德却是当时99%的市场看跌特斯拉时那1%的声音。她随即向马斯克发了一封公开信，预测称特斯拉在五年内股价最高能达到4000美元，反对其私有化公司。那封公开信至今，特斯拉已经发布了Model3，股价从320美元飙升至3500美元(按1比5的拆股比例调整)，伍德独到的眼光也得到了验证。根据ARK 2021年投资报告，除了比特币和电动车，如今伍德又将目光驻足到深度学习、新一代基因测序、数据中心再创造等等多个新兴领域，一如既往不吝对这些象征颠覆性创新的词汇付诸无限热情。图源：Alotta Money二则，和伍德所设想的一样，ARK公司从分析师本身到投资策略，从不拘泥于传统的指标、规则，十足的野路子打法，却不失漂亮。传统ETF主要被动投资于指数，而伍德的ETF采取主动选股、积极管理策略，这是很罕见的，即便在主动型ETF越来越受欢迎的今天，也只占美国ETF总资产的3%。正如前文提到，伍德很不喜欢指数，认为那衡量是过去的成就。她的雇员和传统基金也完全不同，总共30多名员工，很少有华尔街背景或MBA学位的，大多数都是不同行业的专业人士——癌症科学家、人工智能分析师、游戏工程师，甚至船长。他们不懂移动平均线，不懂动量指标，有些甚至连彭博终端都不会用。伍德不在乎这些，她看中的就是不同背景、不同领域的专业性。她似乎也非常信奉“咖啡馆里出哲学”的理念，以一种极轻松的模式管理着公司。曼哈顿东28街的办公室没有隔间，酒吧式的高脚椅旁边，所有桌子围成一圈，职员们自由地走动、交流、对谈，随时准备着思维的交锋。三则，传统资管公司总爱深藏不露自己掌握的“独家信息”，ARK则完全不同。伍德的态度是：透明、开放，“信息吸引信息”。ARK的周度“头脑风暴”会议任何人都可以参加，包括行业专家和竞争对手。团队可以与科学家、工程师、医生和其他专家分享研究成果并进行合作，这在很多传统基金公司是违规行为，是要被开除的。不仅如此，伍德还会在Reddit论坛等社交平台上免费发布研究报告，每天公布持仓变动，甚至亲自和网友讨论投资标的，这为其积攒下一大批忠实的粉丝。她认为，这有助于ARK对与市场存在分歧或误解的地方进行反思，更好地理解世界在发生什么。投资ARK=信上帝、信未来？所谓离经叛道者，人们要么视其为天才，要么笑其为疯子，投资特斯拉的成功有如一剂强心剂，让更多人愿意相信伍德归属前者。于是这三把火多少在粉丝心中埋下了几分狂热因子，似乎伍德已经为其股票池无可限量的创新前景打了包票——在ARK这里，只要付出时间成本，就能获得金钱回报。但更重要的一点是，上面这句话在上帝、信仰、未来这些概念的贯穿下，卸下了俗套的外衣，听起来慷慨激昂，振奋人心。想想吧，投资ARK，和笃信未来挂了钩。如果巴菲特、芒格版价值投资算是经验主义的王道，那么ARK这套轰轰烈烈的说法就有些形而上的架势了。总的来说，人还是爱幻想的动物，对于虚无缥缈着的东西总容易信点什么。你可以不信特斯拉、不信比特币，但你信技术吗，信技术的发展吗？你可以不信ARK，但你信“上帝的使命”吗？你说你不是基督徒，那你信未来吗？当ARK信誓旦旦地描画着未来，你又能喊出同样的音量反驳说，未来并非如此吗？毕竟，那个被所有人称作是骗子的特斯拉真的干成了不是吗，它颠覆了整个汽车业，从金属到能源也为之改变——那么比特币呢？那么一路看好特斯拉到现在的ARK呢？这套思维的力量比想象中要大得多。就算在路途中受了些苦，比如净值暴跌了30个点什么的……一些投资者也会觉得自己是在为未来买单，是林中有两条路，选择了布满荆棘的那条，是坚持到最后的人笑得最大声。截至3/8，ARK五只表现最好的ETF自高点平均下跌近30个点，图为旗舰基金ARKK净值曲线但确实如此，谁又说得准未来呢？有限的钱包是否真的可以为无限的信仰买单，即便未来确乎如此，坚持得到的又是多远的未来？比如，今年的结局又将是如何。2021年对ARK无疑是严峻挑战的一年。风风火火的几个月过去，ARK与特斯拉、比特币之间千丝万缕的联系几乎酿成了“三位一体”的风险格局，去年年底伍德还告诉媒体，有决心未来五年把投资人的钱翻三倍，不料进入2021年才两个月，股价就开始掉头向下，开局不利。对小盘股的钟爱还始终是一大隐患。有分析师举例，ARK旗下ARKG基金持仓的标的中有20家超过流通股本的5%，占全部持仓标的比例为45.45%，ARK已经成为不少标的的第一大股东，一旦市场环境不好或板块热度下降，基金净值可能会出现利空叠加流动性风险带来的大幅下跌。人们在恐慌中再次回想起上世纪90年代的美股市场——那座用泡沫堆成的高楼一夜之间轰然倒塌，也将一众刚升起不久的“资管新星”埋在废墟之下。比如，曾在1991年至2005连续15年间跑赢标普500指数的明星基金经理比尔·米勒（Bill Miller），08年金融危机时却惨遭滑铁卢，一度被市场形容为“晚节不保”。又比如共同基金公司Janus（古罗马神话中的两面神），1998年底至2000年3月间，从美国第20大共同基金公司发展到第5大，短短十年规模从30亿美元扩张到3000亿。就连曾任美国总统的克林顿都把个人账户交托Janus管理。但随着互联网泡沫破裂，其部分基金产品净值一下子暴跌三分之二，“两面神”的神话也就此灰飞烟灭。和ARK一样，Janus恰好也对科技股和小盘股情有独钟，也恰好是一副放眼未来，一旦看好就重拳出击的自信架势。那么如今的ARK，会成为下一个两面神吗？如今的伍德，会是下一个跌落神坛的米勒吗？还是，它们将成为下一个特斯拉和马斯克，度过艰难的日子，真正站上行业变革的中心？两年多前马斯克在节目上一口大麻一口酒，愁眉不展地度过特斯拉最艰难的日子。如今，伍德也正迎来这样的时候吗？而后，马斯克真的成了汽车领域的颠覆者，传统车企不得不大象掉头奋起直追，伍德也将这样地拨云开雾吗？华尔街将出现更多的ARK吗？更透明、更开放、更具活力的资管业正在形成吗？遵从上帝的话，诺亚建好了方舟，那年方舟从大洪水中存活下来，神说“我使云彩盖地的时候，必有虹现在云中”。如今“遵从圣灵之托”，伍德建成ARK也来到第七个年头，大洪水化身金融市场的风暴袭来，云雾遮挡视线。伍德能够带领整船的人翻过洪水，真正掀起行业变革的风吗？她能见到，神降下的虹吗？","news_type":1,"symbols_score_info":{"TSLA":0.9,"ARKK":0.9,"ARKF":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":125,"commentSize":33,"repostSize":0,"favoriteSize":13,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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