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今年买哪些股票?“木头姐”揭秘她的选择

今年买哪些股票?“木头姐”揭秘她的选择

Anne Sraders 2021年04月19日
“买十避三”。

凯茜·伍德受到众多投资者的追捧,在中国也具有一定知名度,中国网友甚至给了她一个昵称——木头姐。

由凯茜·伍德创始并担任首席执行官、首席信息官的科技公司ARK Invest素以主题交易型开放式基金(ETFs)闻名。凭借从大盘低点获得的巨大回报、颇具远见的投资风格和在推特上的号召力,65岁的她已跻身华尔街新贵。2020年,她操盘的旗舰ETF ARK Innovation飙升了近150%,吸引了巨额资金流入,并收获了大批忠实的ARK信徒。

伍德认为,她管理的基金近期大受欢迎,部分原因在于投资者们意识到疫情期间“变数不断”,而Innovation则“一发冲天”。“他们知道投入得还不够”,3月下旬的一个晚上,她在视频里这样告诉《财富》。

但最近的情况有些摇摆。由于科技股遭集体抛售,伍德的ETFs在2月创下历史新高后,一度暴跌30%。她的旗舰策略今年几乎毫无效果,引发了投资者的大量质疑。

有些人觉得,她的“热手效应”可能会因基金的疯狂表现而终结;也有些人担心,在人们普遍担忧股市泡沫加剧的大环境下,她的公司规模不断膨胀,可能很难保持惊人的回报。晨星的分析师罗比·格林戈徳最近针对ARK Innovation ETF发表了一篇充满质疑、但有理有据的评论,批评该公司的“团队缺乏有经验的分析师、风险管理松散、资产基础臃肿,令人怀疑该基金的出色历史业绩能否持续”。

但这些质疑之声很难冲淡投资者对ARK的热情。据彭博社报道,投资者最近又向ARK的两只开放式基金ARK Innovation和新的太空探索与创新基金ARKX注入了10亿美元,令后者成为有史以来发行最成功的ETF之一。

至于“木头姐”,她可没有因小小的质疑而失眠。事实上,她非常欢迎各种质疑。

“有这么多人担忧,我其实挺高兴的,”因为正如她常常说的,“最强劲的牛市正是建立在担忧之上。”

《财富》向伍德询问了2021年的投资策略,请她建议几只应该关注(和避开)的股票,供打算做长线的投资者参考。此外,还谈到了她打理的基金大起大落之际,她是如何保持冷静的。

10只前景大好、值得投资的股票

伍德说起话来不像华尔街常见的那些基金经理。

作为一名虔诚的基督徒,她相信“我们身处此地是为了繁衍与创造”,坚称“以前投资都是为了未来和创新”。她说,她的使命就是引导华尔街将注意力重新投向具有前瞻性的宏观战略。

抱着这样的世界观,她不会因短期变化乱了阵脚。不过,尽管近来形势有所缓和,但通胀和美国国债收益率上升的风险仍为成长型股票蒙上了一层不确定的阴影,而这一类股票恰恰在伍德的投资组合中占据主导地位。有些投资者预计,通胀率将升至更高水平,因为数据显示物价正在回升。但伍德对此并不太担心。她认为,“另一方面,回调速度会快得惊人。”

因此,伍德并没有像华尔街的很多基金经理那样在2021年初转向轮动策略,而是波澜不惊地以“低廉的底价”大笔购入自己看中的一些股票。

那么,在整个2021年甚至更长的时间内,她看好哪些股票?Zoom(ZM, $329)、Teladoc(TDOC, $188)、Square(SQ, $258)、Exact Sciences(EXAS, $127)、Roku(ROKU, $375)和特斯拉(TSLA, $732)最近都上了伍德的清单。“我们可能会买入所有排名前十的股。”

不过,在疫情即将结束之际购入Zoom的股票是个令人不解的选择。在由现场办公到居家办公的过渡期,这家公司及股票价格(尤其是其估值)实现了爆炸式增长。华尔街现在担心的是,随着企业员工重新回到办公室,Zoom将风光不再。

但伍德的态度相当坚定:“我们认为,经历了新冠疫情,大家都明白什么是生产力、什么是效率,Zoom的股票会成为一个非常理想的平台股。”每股329美元,远期市盈率88,Zoom算不上廉价。但伍德相信,Zoom“真正的力量不在公司之内,而在公司之间,是竞争对手微软”及其Teams业务“无法比拟的”。

Teladoc是另一个新冠受益者,伍德认为它将在后疫情时代的日常生活中继续扮演重要角色。伍德指出,这家公司的股价最近“几乎折半”,从2月份的每股近300美元跌至约190美元。尽管近来在市场上遭遇困境(并遭内部人员抛售),伍德却认为“远程医疗将成为人工智能技术最大的受益者之一”。Teladoc尤其如此,因为“除了不得不去医院的情况,我觉得我们更多的时候会通过远程医疗获取健康服务。”与此同时,根据标普全球的数据,分析师预计Teladoc 2021年的营收仍将增长近82%。(但预计要到2023年才能实现盈利。)

当然,伍德始终看好电动汽车制造商特斯拉,认为正是这家公司的股票使得ARK“多次登上头条”。她说,她已经趁最近特斯拉股价重挫的机会尽可能多地买入,因为有越来越多的华尔街公司相信,特斯拉将从拜登政府的气候友好型基础设施提案中受益。伍德也做出了乐观预测:ARK最近预计,2025年特斯拉的股价将达3000美元,这一数字远超华尔街的整体预期。她相信,未来五年内,电动汽车的年复合增长率将达82%。“这样的预测数字可不常见,”她说。埃隆·马斯克领导的这家公司的远期市盈率接近173,是ARK购入的奢侈品。但华尔街预测,特斯拉2021年的收入增长有望超过56%。

伍德认为,有一个领域受到了“最多的误解和误判”,那就是一向深得ARK青睐的基因工程。伍德看好这个行业是因为“DNA测序、人工智能、基因编辑、基因疗法的融合”将带来“疾病的治愈”。“我觉得分析师们不理解治愈的价值。”她特别例举了“更成熟的”生物科技股Regeneron、Vertex、诺华和武田,称这些公司“正积极使用这些技术,努力开拓新世界”。在她提到的这几家公司中,Regeneron的交易成本最低,远期市盈率约为11倍,远低于伍德其他雄心勃勃的投资组合。

雷区

伍德对近来在华尔街炙手可热的周期性热门领域向来没兴趣。

她认为应该避开金融股和能源股(这两个板块今年以来分别上涨了19%和30%),因为“我们相信,未来五年里,它们将是不确定因素最多、去中介化力度最大的行业”。她指出,银行等金融股有可能受挫,“非接触支付已变得举足轻重,所有人都在用。在此大环境下,银行会遭遇很多困难,所以我对这个行业非常谨慎。”

与此同时,汽车行业也面临着自身的阻力,向电动汽车的转型以及政府对气候行动的支持给传统汽车生产商带来了更大的压力。伍德显然青睐特斯拉这样的公司,但她认为,尽管越来越多的公司在尝试电力驱动,着实“勇气可嘉”,“其中一些公司会成功,但大多数不会。它们有的试图在旧领域中巩固地位、削减成本,最终被其他公司兼并,有的则早晚会破产。”

伍德会避开哪些股票呢?在谈到2021年不应入手的股票时,她点名英特尔(“未来五到十年里,它将被ARM和RISC-V取代,所以我不会入手。”)、因美纳(“我觉得它失去了章法,不再积极削减成本,只一味地想榨取现金流。”)和通用汽车(“我可能不会购买任何汽车股。”)。

相反,伍德关注的是“创新平台”,比如DNA测序、机器人、能源存储和交通、人工智能以及区块链技术,“它们现在势不可挡。”

长线投资

伍德表示,作为一名基金经理,她在研究股票时通常将五年表现视为“最重要的变量”,因此当然赞同长线投资。“我们的五年预期不会因市场波动而变。”

但更重要的是,伍德认为自己管理的几个ETFs最近下跌,甚至在3月一度进入熊市,实乃好事。“所有这一切都增加了……我们的投资组合在未来五年的回报率,因此我们事实上很兴奋。”

然而,彭博社的数据显示,ARK旗舰基金的空头头寸(或押注)徘徊在10%,是标普500的三倍多。“我知道有些人看到这个数字会说,‘你是在开玩笑吗?你让我损失了35%’,”伍德说。尽管如此,她还是建议追随者“把眼光放长远。无论对与错,根据我们的研究,我们的旗舰组合有望在未来五年增长三倍,对此,我们的信心丝毫没有动摇。”

作为一名主要靠高风险押注和大波动投资组合获取收益的超级明星科技股投资者,伍德的雄心却令人惊讶。“你猜我最希望给别人留下的印象是什么?帮助人们解决退休问题,帮他们过得更舒适。”(财富中文网)

以上数据均截至2021年4月14日。

译者:胡萌琦

凯茜·伍德受到众多投资者的追捧,在中国也具有一定知名度,中国网友甚至给了她一个昵称——木头姐。

由凯茜·伍德创始并担任首席执行官、首席信息官的科技公司ARK Invest素以主题交易型开放式基金(ETFs)闻名。凭借从大盘低点获得的巨大回报、颇具远见的投资风格和在推特上的号召力,65岁的她已跻身华尔街新贵。2020年,她操盘的旗舰ETF ARK Innovation飙升了近150%,吸引了巨额资金流入,并收获了大批忠实的ARK信徒。

伍德认为,她管理的基金近期大受欢迎,部分原因在于投资者们意识到疫情期间“变数不断”,而Innovation则“一发冲天”。“他们知道投入得还不够”,3月下旬的一个晚上,她在视频里这样告诉《财富》。

但最近的情况有些摇摆。由于科技股遭集体抛售,伍德的ETFs在2月创下历史新高后,一度暴跌30%。她的旗舰策略今年几乎毫无效果,引发了投资者的大量质疑。

有些人觉得,她的“热手效应”可能会因基金的疯狂表现而终结;也有些人担心,在人们普遍担忧股市泡沫加剧的大环境下,她的公司规模不断膨胀,可能很难保持惊人的回报。晨星的分析师罗比·格林戈徳最近针对ARK Innovation ETF发表了一篇充满质疑、但有理有据的评论,批评该公司的“团队缺乏有经验的分析师、风险管理松散、资产基础臃肿,令人怀疑该基金的出色历史业绩能否持续”。

但这些质疑之声很难冲淡投资者对ARK的热情。据彭博社报道,投资者最近又向ARK的两只开放式基金ARK Innovation和新的太空探索与创新基金ARKX注入了10亿美元,令后者成为有史以来发行最成功的ETF之一。

至于“木头姐”,她可没有因小小的质疑而失眠。事实上,她非常欢迎各种质疑。

“有这么多人担忧,我其实挺高兴的,”因为正如她常常说的,“最强劲的牛市正是建立在担忧之上。”

《财富》向伍德询问了2021年的投资策略,请她建议几只应该关注(和避开)的股票,供打算做长线的投资者参考。此外,还谈到了她打理的基金大起大落之际,她是如何保持冷静的。

10只前景大好、值得投资的股票

伍德说起话来不像华尔街常见的那些基金经理。

作为一名虔诚的基督徒,她相信“我们身处此地是为了繁衍与创造”,坚称“以前投资都是为了未来和创新”。她说,她的使命就是引导华尔街将注意力重新投向具有前瞻性的宏观战略。

抱着这样的世界观,她不会因短期变化乱了阵脚。不过,尽管近来形势有所缓和,但通胀和美国国债收益率上升的风险仍为成长型股票蒙上了一层不确定的阴影,而这一类股票恰恰在伍德的投资组合中占据主导地位。有些投资者预计,通胀率将升至更高水平,因为数据显示物价正在回升。但伍德对此并不太担心。她认为,“另一方面,回调速度会快得惊人。”

因此,伍德并没有像华尔街的很多基金经理那样在2021年初转向轮动策略,而是波澜不惊地以“低廉的底价”大笔购入自己看中的一些股票。

那么,在整个2021年甚至更长的时间内,她看好哪些股票?Zoom(ZM, $329)、Teladoc(TDOC, $188)、Square(SQ, $258)、Exact Sciences(EXAS, $127)、Roku(ROKU, $375)和特斯拉(TSLA, $732)最近都上了伍德的清单。“我们可能会买入所有排名前十的股。”

不过,在疫情即将结束之际购入Zoom的股票是个令人不解的选择。在由现场办公到居家办公的过渡期,这家公司及股票价格(尤其是其估值)实现了爆炸式增长。华尔街现在担心的是,随着企业员工重新回到办公室,Zoom将风光不再。

但伍德的态度相当坚定:“我们认为,经历了新冠疫情,大家都明白什么是生产力、什么是效率,Zoom的股票会成为一个非常理想的平台股。”每股329美元,远期市盈率88,Zoom算不上廉价。但伍德相信,Zoom“真正的力量不在公司之内,而在公司之间,是竞争对手微软”及其Teams业务“无法比拟的”。

Teladoc是另一个新冠受益者,伍德认为它将在后疫情时代的日常生活中继续扮演重要角色。伍德指出,这家公司的股价最近“几乎折半”,从2月份的每股近300美元跌至约190美元。尽管近来在市场上遭遇困境(并遭内部人员抛售),伍德却认为“远程医疗将成为人工智能技术最大的受益者之一”。Teladoc尤其如此,因为“除了不得不去医院的情况,我觉得我们更多的时候会通过远程医疗获取健康服务。”与此同时,根据标普全球的数据,分析师预计Teladoc 2021年的营收仍将增长近82%。(但预计要到2023年才能实现盈利。)

当然,伍德始终看好电动汽车制造商特斯拉,认为正是这家公司的股票使得ARK“多次登上头条”。她说,她已经趁最近特斯拉股价重挫的机会尽可能多地买入,因为有越来越多的华尔街公司相信,特斯拉将从拜登政府的气候友好型基础设施提案中受益。伍德也做出了乐观预测:ARK最近预计,2025年特斯拉的股价将达3000美元,这一数字远超华尔街的整体预期。她相信,未来五年内,电动汽车的年复合增长率将达82%。“这样的预测数字可不常见,”她说。埃隆·马斯克领导的这家公司的远期市盈率接近173,是ARK购入的奢侈品。但华尔街预测,特斯拉2021年的收入增长有望超过56%。

伍德认为,有一个领域受到了“最多的误解和误判”,那就是一向深得ARK青睐的基因工程。伍德看好这个行业是因为“DNA测序、人工智能、基因编辑、基因疗法的融合”将带来“疾病的治愈”。“我觉得分析师们不理解治愈的价值。”她特别例举了“更成熟的”生物科技股Regeneron、Vertex、诺华和武田,称这些公司“正积极使用这些技术,努力开拓新世界”。在她提到的这几家公司中,Regeneron的交易成本最低,远期市盈率约为11倍,远低于伍德其他雄心勃勃的投资组合。

雷区

伍德对近来在华尔街炙手可热的周期性热门领域向来没兴趣。

她认为应该避开金融股和能源股(这两个板块今年以来分别上涨了19%和30%),因为“我们相信,未来五年里,它们将是不确定因素最多、去中介化力度最大的行业”。她指出,银行等金融股有可能受挫,“非接触支付已变得举足轻重,所有人都在用。在此大环境下,银行会遭遇很多困难,所以我对这个行业非常谨慎。”

与此同时,汽车行业也面临着自身的阻力,向电动汽车的转型以及政府对气候行动的支持给传统汽车生产商带来了更大的压力。伍德显然青睐特斯拉这样的公司,但她认为,尽管越来越多的公司在尝试电力驱动,着实“勇气可嘉”,“其中一些公司会成功,但大多数不会。它们有的试图在旧领域中巩固地位、削减成本,最终被其他公司兼并,有的则早晚会破产。”

伍德会避开哪些股票呢?在谈到2021年不应入手的股票时,她点名英特尔(“未来五到十年里,它将被ARM和RISC-V取代,所以我不会入手。”)、因美纳(“我觉得它失去了章法,不再积极削减成本,只一味地想榨取现金流。”)和通用汽车(“我可能不会购买任何汽车股。”)。

相反,伍德关注的是“创新平台”,比如DNA测序、机器人、能源存储和交通、人工智能以及区块链技术,“它们现在势不可挡。”

长线投资

伍德表示,作为一名基金经理,她在研究股票时通常将五年表现视为“最重要的变量”,因此当然赞同长线投资。“我们的五年预期不会因市场波动而变。”

但更重要的是,伍德认为自己管理的几个ETFs最近下跌,甚至在3月一度进入熊市,实乃好事。“所有这一切都增加了……我们的投资组合在未来五年的回报率,因此我们事实上很兴奋。”

然而,彭博社的数据显示,ARK旗舰基金的空头头寸(或押注)徘徊在10%,是标普500的三倍多。“我知道有些人看到这个数字会说,‘你是在开玩笑吗?你让我损失了35%’,”伍德说。尽管如此,她还是建议追随者“把眼光放长远。无论对与错,根据我们的研究,我们的旗舰组合有望在未来五年增长三倍,对此,我们的信心丝毫没有动摇。”

作为一名主要靠高风险押注和大波动投资组合获取收益的超级明星科技股投资者,伍德的雄心却令人惊讶。“你猜我最希望给别人留下的印象是什么?帮助人们解决退休问题,帮他们过得更舒适。”(财富中文网)

以上数据均截至2021年4月14日。

译者:胡萌琦

It’s not hard to see why so many investors are eager to hitch their wagon to Cathie Wood.

The 65-year-old founder, CEO, and CIO of tech-focused firm ARK Invest, known for its themed exchange-traded funds (ETFs), has ascended to Wall Street royalty, thanks to ARK’s mighty returns from pandemic lows, future-focused investing style, and buzzy Twitter presence. In 2020, her flagship ETF, ARK Innovation, soared nearly 150%, garnering hefty inflows and enticing a devoted following of ARK believers.

Wood will tell you that her funds’ recent popularity is due, at least in part, to investors recognizing that the ground was “shifting underneath their feet” as innovation “exploded” during the pandemic—and “they knew they didn’t have enough exposure to it,” she told Fortune over video one evening in late March.

But recently things have been rockier. Wood’s ETFs tumbled as much as 30% at one point after hitting an all-time high in February as tech stocks sold off en masse. Her flagship strategy is now barely in the green for the year, and there are plenty of skeptics on the Street.

Some say her “hot hand” may burn out on the back of her funds’ monster performance; others worry her firm’s ballooning size may make it hard to keep notching such impressive returns amid concerns of a broader stock market bubble. Morningstar analyst Robby Greengold, meanwhile, recently dished out a highly skeptical, yet compelling, review of the ARK Innovation ETF, criticizing the firm’s “team of inexperienced analysts, go-with-your-gut risk management approach, and bloated asset base [that] raise doubts about whether this fund’s outstanding historical results can continue.”

But the naysayers are hardly cooling investor enthusiasm for ARK. Per Bloomberg, investors have recently poured another $1 billion into two of ARK’s ETFs: ARK Innovation and the new Space Exploration and Innovation fund, ARKX, which already boasts one of the most successful launches of an ETF ever.

As for Wood, she isn’t losing sleep over a little skepticism. In fact, she invites it.

“I’m actually glad there’s a wall of worry,” Wood declares. Because, as she often says, “the strongest bull markets are built on top of walls of worry.”

For the adventurous investor who’s in it for the long haul, Fortune asked Wood how she’s investing for 2021, what stocks investors should take a look at (and avoid), and how she’s keeping her cool as her funds take her—and her disciples—on a proverbial roller-coaster ride.

10 stocks for investing in the big picture

Wood doesn’t talk like most money managers you’ll encounter on the Street.

As an ardent Christian, she believes “we are here to procreate and to create” and argues that “investing used to be all about the future, creation.” Her mission, she has stated, is to direct Wall Street’s focus back to that forward-looking, big picture strategy.

That’s not a worldview that sweats the near-term stuff. But despite a reprieve in recent days, the risk of rising inflation and Treasury yields paints an uncertain picture for growth stocks, like those that dominate Wood’s portfolios. And some investors are still angling to position for higher inflation, as data is showing a pickup in prices. But Wood isn’t too concerned. She argues, “On the other side, the surprise is going to be how rapidly that unwinds.”

So instead of shifting into the rotation trade as many on the Street did in early 2021, Wood has been calmly snapping up some of her most-favored names “at bargain basement prices,” she says.

Among those stocks she’s bullish on throughout 2021 and beyond? Longtime ARK favorites Zoom (ZM, $329), Teladoc (TDOC, $188), Square (SQ, $258), Exact Sciences (EXAS, $127), Roku (ROKU, $375), and Tesla (TSLA, $732) have all been on Wood’s shopping list lately. “We’ll probably be buying all of our top 10” holdings, she says.

Coming out of the pandemic, Zoom Video Communications may seem like a quizzical stock pick. The company’s growth exploded during the transition to work from home, as has its stock price (and, more important, its valuation). The worry on Wall Street now is that Zoom’s day in the sun is likely over as businesses beckon employees back to the office. But Wood is remaining steadfast: “We think that because of the productivity and efficiencies we all learned about because of the coronavirus, that a stock like Zoom is going to be a very good platform stock,” she argues. At $329 a share with a hefty forward P/E of 88, Zoom isn’t necessarily a bargain. But Wood believes Zoom’s “real power out there is in not intracompany but intercompany, in a way that Microsoft,” a competitor with its Teams business, “cannot scale and do.”

Teladoc, meanwhile, is another COVID beneficiary that Wood thinks will continue to play a key role in our lives post-pandemic. Recently, the stock has been “almost cut in half,” Wood notes, falling from nearly $300 a share in February to trade at roughly $190. Despite its recent woes in the markets (and a bout of insider selling), Wood argues that “telemedicine, I think, is going to be one of the most important beneficiaries of artificial intelligence.” And Teladoc in particular should benefit, because “unless a person has to see a doctor [in person],” Wood says, “I think we’re going to see a lot more health care done through telemedicine.” Analysts, meanwhile, expect Teladoc to still grow revenues by nearly 82% in 2021, per S&P Global. (The company isn’t expected to turn a profit, however, until 2023.)

Of course, Wood is perpetually bullish on electric-vehicle maker Tesla, a stock she credits with putting ARK “in the headlines more than a number of times.” She says she’s been buying up as much Tesla as she can muster during its recent rout in the markets, as increasingly other Wall Street firms are betting Tesla will benefit from the Biden administration’s climate-friendly infrastructure proposal. And Wood has some bullish projections: ARK recently put a $3,000 price target on Tesla in 2025, far and away the headiest on the Street, and she believes unit growth of electric vehicles will compound at an 82% annualized rate over the next five years. “You’re not gonna see that forecast anywhere,” she claims. With a forward P/E of nearly 173, the Elon Musk–led firm is among the more expensive stocks in ARK’s chest. But the Street anticipates Tesla can grow revenues by more than 56% in 2021.

One space Wood thinks is the “most misunderstood and mis-priced”? Genomics, a long-favored area for ARK. Wood is bullish on the sector because “the convergence of DNA sequencing, artificial intelligence, and these gene-editing, gene therapies” will lead to “cures [for] disease,” she says. “I don’t think analysts understand how to price in cures,” Wood argues. She highlights “more mature” biotech stocks like Regeneron (REGN, $481), Vertex (VRTX, $217), Novartis (NVS, $87), and Takeda (TAK, $17), that “are using these technologies aggressively, as they are trying to move into the new world.” Among the bunch, Regeneron trades the most cheaply, at a forward P/E of roughly 11—far less expensive than many of Wood’s other high-flying picks.

The no-go list

True to form, Wood isn’t interested in many of the popular cyclical areas that the Street has recently taken a shine to.

She says to avoid financials and energy (the sectors are up 19% and 30%, respectively, year to date), because “we believe they are going to be the most disrupted and disintermediated during the next five years.” Financial stocks like banks may be in harm’s way, argues Wood, as “contactless payments have become very important. We’re seeing amazing adoption there in all demographics,” she notes. “Banks are going to have a lot of trouble in that environment, so I would be very careful of them.”

The auto sector, meanwhile, is facing its own headwinds as the shift toward electric vehicles and government support for climate action puts more pressure on traditional automakers. Wood obviously favors the likes of Tesla, but she argues that even though a growing list of companies are, “to their credit,” trying to go electric, “some of them will make it, but we think most will not. They’ll either be absorbed by other companies as they’re trying to consolidate their positions and cut costs in the old world, or we think they could actually go out of business.”

As for stocks she’d steer clear of? Wood singles out Intel (“[It will] be displaced by ARM and RISC-V during the next five to 10 years, so I wouldn’t bet on that one.”); Illumina (“I think it lost the plot. It stopped cutting costs aggressively and just wanted to milk the cash flow.”); and General Motors (“I’d probably not bet on any auto stock.”) as names not to shell out for in 2021.

Instead, Wood is focusing on “the innovation platforms,” she says—like DNA sequencing, robots, energy storage and vehicles, A.I., and blockchain technology: “There’s no stopping them now.”

The long game

And as a money manager who says she prizes a five-year time horizon as the “most important variable” she considers when examining a stock, Wood certainly subscribes to playing the long game: “Our forecasts in year five really don’t change based on volatility in the market,” she says.

But more than that, Wood views the recent selloff in her ETFs, which at one point dipped into bear market territory in March, as an outright blessing. “All that has done is increased…the rate of return our portfolios should deliver during the next five years, so we’re actually pretty excited.”

However, short interest (or bets against) on ARK’s flagship fund is hovering around 10%, over triple that of the S&P 500 broadly, per Bloomberg data. “I know some people will be looking at this and saying, ‘Are you kidding me? You just lost me 35%,’” Wood notes. Still, she asks of her followers, “keep your eye on the prize. Right or wrong, given our research, we expect our flagship portfolio to triple over the next five years, and we have not lost any confidence in that at all.”

As a superstar tech investor who makes her money largely from riskier bets and volatile portfolios, Wood has some rather surprising ambitions: “You know what I’d really love to be remembered for? Helping people with their retirements; helping people make their lives more comfortable,” she says.

All stock prices calculated as of April 14, 2021.

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