So among the most irresponsible tech stonk boosters has long been ARK’s Cathy Woods, whose antics I’ve refused to follow in any detail (except to periodically reflect that in bull markets the most over-leveraged investors always look like geniuses); so only today do I learn that beyond the usual stuff like slobbering all over TSLA (which has given back something like 4 years of gains now), Woods has also adamantly refused to invest in Nvidia recently and in fact, managed to exit her entire position at an even worse time than SoftBank did: “Cathie Wood’s Popular ARK Funds Are Sinking Fast: Investors have pulled a net $2.2 billion from ARK’s active funds this year, topping outflows from all of 2023” (mirror):
...Nvidia’s absence in ARK’s flagship fund has been a particular pain point. The innovation fund sold off its position in January 2023, just before the stock’s monster run began. The graphics-chip maker’s shares have roughly quadrupled since.
Wood has repeatedly defended her decision to exit from the stock, despite widespread criticism for missing the AI frenzy that has taken Wall Street by storm. ARK’s exposure to Nvidia dated back 10 years and contributed significant gains, the spokeswoman said, adding that Nvidia’s extreme valuation and higher upside in other companies in the AI ecosystem led to the decision to exit.
So among the most irresponsible tech stonk boosters has long been ARK’s Cathy Woods, whose antics I’ve refused to follow in any detail (except to periodically reflect that in bull markets the most over-leveraged investors always look like geniuses); so only today do I learn that beyond the usual stuff like slobbering all over TSLA (which has given back something like 4 years of gains now), Woods has also adamantly refused to invest in Nvidia recently and in fact, managed to exit her entire position at an even worse time than SoftBank did: “Cathie Wood’s Popular ARK Funds Are Sinking Fast: Investors have pulled a net $2.2 billion from ARK’s active funds this year, topping outflows from all of 2023” (mirror):