With help like this, you might need a bigger boat. Vicky Ge Huang reports on Cathie Wood of ARK Investment Management in The Wall Street Journal:
Cathie Wood still expects the price of bitcoin to hit $1 million someday.
The founder of ARK Investment Management built the firm into an investor darling during the Covid-19 pandemic with successful bets on largely unprofitable, “disruptive” technology companies.
Wood, who developed a cult-like following as a fund manager, continues to be a big proponent of crypto and blockchain technology. Crypto exchange Coinbase Global is among ARK’s top holdings.
Yet she was caught flat-footed once interest rates began rising. Shares of her flagship fund have lost two-thirds of their value since November 2021, while bitcoin and Coinbase have fallen about 50% and 75%, respectively, over the same period.
Action Line: When you want to talk about investing for dividends and income in individual securities, I’m here.
E.J. Smith - Your Survival Guy
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