ARK portfolio manager speaking on CNBC.
Cathie Wood, the portfolio manager for the ARK funds, is on CNBC talking about her views on the market. Ms Wood made oversized gains in her innovation fund of over 100% in 2020, but the funds are down sharply in 2021 (see Adam's post from last week). The ARKK Innovation fund is trading down -7.31 points or -6.21% in trading today.
She says:
- Our confidence in Tesla has gone up
- We dont think interest rates are the reason for the correction
- We think investors are scared about the rapid rise
- The rotation into the values stocks has also contributed to the selling in the ARK investment stocks
- Believe the bull market is broadening out
- The bull market strengthening and broadening out will play in our favor in the long run
- Invitae is the most undervalued stock in her portfolio (NVTA).The stock is down -19% in 2021.
