Cathie Wood is the New Face of the Market.
Like Elaine Garzarelli, Peter Lynch, Bill Miller, Henry Blodget, Mary Meeker or the guys from the Big Short in cycles before, Wood has become the public face of this market’s moment, personifying the crazy gains in crypto, fintech, cloud computing and biotech stocks.
ARK is known for its ETFs (or exchange traded funds), the most famous being a “disruptive innovation” ETF (ticker ARKK), which has run circles around the stock market averages, up 152% last year and over 45% every year on average over the past five years. Early last month, Bloomberg reported that “Ark’s exchange-traded fund assets under management crossed $50 billion this week, up from only $3.6 billion at this time last year.”
Institutional Investor, the Wall Street Journal’s Jason Zweig and Morningstar, which notes that ARK last year grew much faster than any fund company in history,
All of that, plus the performance of her ETFs have won her the hearts (and wallets) of hordes of, well, fans. She’s been called “Aunt Cathie,” “Cathie Bae" and “tendie goddess” on Reddit’s Wall Street Bets. A Korean newspaper reports her nickname is “Money Tree.”
“I decided to name my company after the Ark of the Covenant, because as I was going through that very difficult period starting in ‘06, where the market, nothing made sense to me, I started reading the One-Year Bible, after I would read the passage for the day, I would then just open it up randomly and say, “God, speak to me. Just show me what to do. Show me Your will. Show me Your way.”
Here is her Jesus Calling Podcast.
Wood Sets $3 Trillion Valuation on Tesla
Bloomberg notes Cathie Wood’s Ark Has a New Price Target for Tesla: $3,000
Cathie Wood’s Ark Invest Management expects Tesla Inc. stock to hit $3,000 by 2025, up from its current price of $655. At that price, the company would be worth almost $3 trillion, based on the number of shares outstanding.
Ark expects there’s a 50% chance of Tesla achieving fully autonomous driving within five years, which could allow the company to scale its planned robotaxi service quickly, according to a Friday note on Ark’s website.
Do I file this under technology or prophesy?