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Exette
2021-03-19
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2021-07-05
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2021-03-05
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2021-04-13
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2021-03-23
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2021-02-15
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istText":"great","text":"great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/342747018","repostId":"1175056752","repostType":4,"repost":{"id":"1175056752","kind":"news","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1618240448,"share":"https://www.laohu8.com/m/news/1175056752?lang=&edition=full","pubTime":"2021-04-12 23:14","market":"us","language":"en","title":"Bitcoin Could Be Today's 'Gold Standard,' Cathie Wood Tells Elon Musk","url":"https://stock-news.laohu8.com/highlight/detail?id=1175056752","media":"Benzinga","summary":"ARK Invest CEO Cathie Wood thinks thatBitcoin (CRYPTO: BTC) could be today’s “gold standard” and inc","content":"<p>ARK Invest CEO Cathie Wood thinks that<b>Bitcoin</b> (CRYPTO: BTC) could be today’s “gold standard” and increase purchasing power.</p>\n<p><b>What Happened:</b> Wood’s recent comments were a part of her response to Elon Musk’s question about the current ratio of the S&P market cap to GDP.</p>\n<p><img src=\"https://static.tigerbbs.com/6df025897d874034b2d58153f2d6e5c3\" tg-width=\"561\" tg-height=\"410\">“What do you think of the unusually high ratio of S&P market cap to GDP?”<b>Tesla Inc</b>(NASDAQ:TSLA) CEO asked Wood on Twitter.</p>\n<p>Wood responded a few days later, saying she had a hypothesis about why this may be the case.</p>\n<p>“In the late 1800s and early 1900s – as telephone, electricity, and the automobile were emerging – the US equity market cap relative to GDP appears to have been 2-3 times higher than it is today,” she said.</p>\n<p>ARK Invest founder noted that these technology-enabled platforms are deflationary, thanks to learning curves, or Wrights Law, and the gold standard was in effect during this era.</p>\n<p>“As deflation pressured an increasingly difficult-to-measure nominal GDP (the denominator), exponential unit growth and rapid productivity gains increased the quality of earnings while low-interest rates boosted their capitalization (the numerator),” explained Wood.</p>\n<p>“The technologically-enabled innovation evolving today dwarfs that of the late 1800s/early 1900s: genomic sequencing, robotics, energy storage, artificial intelligence, and blockchain technology. Moreover, Bitcoin could be today’s “gold standard,” increasing purchasing power!”</p>\n<p><b>Why It Matters:</b>Wood is a known advocate of Bitcoin, and at the helm of ARK Invest, her bullish stance on the cryptocurrency is apparent.</p>\n<p>ARK is the largestholderof shares of the<b>Grayscale Bitcoin Trust</b>(OTCMKTS: GBTC), with over 8.5 million shares held.</p>\n<p>On a recentpodcastbreaking down ARK Invest’s Bid Ideas Report, Wood commented on Bitcoin’s market cap crossing a trillion-dollar milestone.</p>\n<p>“One trillion dollars is just half of what Apple is worth, and yet this is a global digital monetary ecosystem, and Bitcoin is the reserve currency of that ecosystem, and that is a very big idea,” she said.</p>\n<p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin Could Be Today's 'Gold Standard,' Cathie Wood Tells Elon Musk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin Could Be Today's 'Gold Standard,' Cathie Wood Tells Elon Musk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2021-04-12 23:14</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>ARK Invest CEO Cathie Wood thinks that<b>Bitcoin</b> (CRYPTO: BTC) could be today’s “gold standard” and increase purchasing power.</p>\n<p><b>What Happened:</b> Wood’s recent comments were a part of her response to Elon Musk’s question about the current ratio of the S&P market cap to GDP.</p>\n<p><img src=\"https://static.tigerbbs.com/6df025897d874034b2d58153f2d6e5c3\" tg-width=\"561\" tg-height=\"410\">“What do you think of the unusually high ratio of S&P market cap to GDP?”<b>Tesla Inc</b>(NASDAQ:TSLA) CEO asked Wood on Twitter.</p>\n<p>Wood responded a few days later, saying she had a hypothesis about why this may be the case.</p>\n<p>“In the late 1800s and early 1900s – as telephone, electricity, and the automobile were emerging – the US equity market cap relative to GDP appears to have been 2-3 times higher than it is today,” she said.</p>\n<p>ARK Invest founder noted that these technology-enabled platforms are deflationary, thanks to learning curves, or Wrights Law, and the gold standard was in effect during this era.</p>\n<p>“As deflation pressured an increasingly difficult-to-measure nominal GDP (the denominator), exponential unit growth and rapid productivity gains increased the quality of earnings while low-interest rates boosted their capitalization (the numerator),” explained Wood.</p>\n<p>“The technologically-enabled innovation evolving today dwarfs that of the late 1800s/early 1900s: genomic sequencing, robotics, energy storage, artificial intelligence, and blockchain technology. Moreover, Bitcoin could be today’s “gold standard,” increasing purchasing power!”</p>\n<p><b>Why It Matters:</b>Wood is a known advocate of Bitcoin, and at the helm of ARK Invest, her bullish stance on the cryptocurrency is apparent.</p>\n<p>ARK is the largestholderof shares of the<b>Grayscale Bitcoin Trust</b>(OTCMKTS: GBTC), with over 8.5 million shares held.</p>\n<p>On a recentpodcastbreaking down ARK Invest’s Bid Ideas Report, Wood commented on Bitcoin’s market cap crossing a trillion-dollar milestone.</p>\n<p>“One trillion dollars is just half of what Apple is worth, and yet this is a global digital monetary ecosystem, and Bitcoin is the reserve currency of that ecosystem, and that is a very big idea,” she said.</p>\n<p></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175056752","content_text":"ARK Invest CEO Cathie Wood thinks thatBitcoin (CRYPTO: BTC) could be today’s “gold standard” and increase purchasing power.\nWhat Happened: Wood’s recent comments were a part of her response to Elon Musk’s question about the current ratio of the S&P market cap to GDP.\n“What do you think of the unusually high ratio of S&P market cap to GDP?”Tesla Inc(NASDAQ:TSLA) CEO asked Wood on Twitter.\nWood responded a few days later, saying she had a hypothesis about why this may be the case.\n“In the late 1800s and early 1900s – as telephone, electricity, and the automobile were emerging – the US equity market cap relative to GDP appears to have been 2-3 times higher than it is today,” she said.\nARK Invest founder noted that these technology-enabled platforms are deflationary, thanks to learning curves, or Wrights Law, and the gold standard was in effect during this era.\n“As deflation pressured an increasingly difficult-to-measure nominal GDP (the denominator), exponential unit growth and rapid productivity gains increased the quality of earnings while low-interest rates boosted their capitalization (the numerator),” explained Wood.\n“The technologically-enabled innovation evolving today dwarfs that of the late 1800s/early 1900s: genomic sequencing, robotics, energy storage, artificial intelligence, and blockchain technology. Moreover, Bitcoin could be today’s “gold standard,” increasing purchasing power!”\nWhy It Matters:Wood is a known advocate of Bitcoin, and at the helm of ARK Invest, her bullish stance on the cryptocurrency is apparent.\nARK is the largestholderof shares of theGrayscale Bitcoin Trust(OTCMKTS: GBTC), with over 8.5 million shares held.\nOn a recentpodcastbreaking down ARK Invest’s Bid Ideas Report, Wood commented on Bitcoin’s market cap crossing a trillion-dollar milestone.\n“One trillion dollars is just half of what Apple is worth, and yet this is a global digital monetary ecosystem, and Bitcoin is the reserve currency of that ecosystem, and that is a very big idea,” she said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":266,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":353489536,"gmtCreate":1616512657625,"gmtModify":1634525405847,"author":{"id":"3576328990446823","authorId":"3576328990446823","name":"Exette","avatar":"https://static.tigerbbs.com/47292853c2a8af3e660f428446a66aad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576328990446823","authorIdStr":"3576328990446823"},"themes":[],"htmlText":"haha","listText":"haha","text":"haha","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/353489536","repostId":"1137063642","repostType":4,"repost":{"id":"1137063642","kind":"news","pubTimestamp":1616505836,"share":"https://www.laohu8.com/m/news/1137063642?lang=&edition=full","pubTime":"2021-03-23 21:23","market":"us","language":"en","title":"Jury out on whether ARK Innovation returns are due to Cathie Wood’s skill or luck","url":"https://stock-news.laohu8.com/highlight/detail?id=1137063642","media":"MarketWatch","summary":"Statistical scrutiny brings this high-flying ETF down to earth\nYou could have performed as well as t","content":"<p>Statistical scrutiny brings this high-flying ETF down to earth</p>\n<p>You could have performed as well as the high-flying ARK Innovation ETF by investing in the Nasdaq 100 Index.</p>\n<p>I know that seems hard to believe, given the stunning performance chief investment officer Cathie Wood has produced with ARK Innovation— a 229% gain over the past year, according to FactSet. Meanwhile, the Invesco QQQ Trust (which is benchmarked to the Nasdaq 100), gained 78%. Since its creation in October 2014, ARK Innovation has produced an annualized gain of 34.6%, versus 20.6% for the QQQ.</p>\n<p>At the same time, ARK Innovation has been extremely volatile and risky, making an apples-to-apples comparison with the Nasdaq 100 misleading. As measured by the standard deviation of monthly returns, ARK Innovation has been 73% more volatile than QQQ. That’s really saying something, since QQQ is itself more volatile than broad market indices such as the S&P 500.</p>\n<p>One approach statisticians use to create an apples-to-apples comparison is with a metric known as the Sharpe Ratio, invented by William Sharpe, the 1990 Nobel laureate in economics. It is the ratio of a fund’s average returns to the standard deviation of those returns. The Sharpe Ratio of ARK Innovation’s monthly returns since 2014 is almost precisely the same as the QQQ’s.</p>\n<p>If you’re like some of my clients, your reaction is not to care about the Sharpe Ratio. “You can’t take the Sharpe Ratio to the bank,” you in effect tell me. It’s raw performance that counts, and on that basis there’s no doubt that the ARKK did far better.</p>\n<p>This reaction is confused, however. In fact you can take the Sharpe Ratio to the bank. If you had been willing to incur the ARK Innovation’s increased volatility, you could have made just as much by leveraging an investment in the QQQ. That is, you would have made just as much by increasing your portfolio allocation to QQQ, or by buying it on sufficient margin. This is illustrated in the chart below:</p>\n<p><img src=\"https://static.tigerbbs.com/13b81e9f1962e464faeb2d45cdd0e5f9\" tg-width=\"1260\" tg-height=\"849\"></p>\n<p>The Sharpe Ratio is not the only method that statisticians employ for measuring adviser performance on a level playing field, but other widely used approaches reach the same conclusion. Perhaps the best known, at least in academic circles, is the Fama-French factor model, named for University of Chicago finance professor Eugene Fama (the 2013 Nobel laureate in economics) and Dartmouth College professor Ken French. Their model involves an econometric test to see if a mutual fund’s return is significantly better than a combination of index funds benchmarked to factors such as small-cap, growth, and momentum.</p>\n<p>The answer for ARK Innovation is “no” — an overweight allocation to a small-cap growth fund would have produced the same overall return since November 2014.</p>\n<p><b>Luck versus skill</b></p>\n<p>Note carefully that these statistical tests do not prove that ARK Innovation’s performance is due solely to luck. Instead, those tests tell us that we cannot conclude that its performance was not due to luck. In this case, the double negative is not the same as the positive; this is a subtle, but important, difference.</p>\n<p>This goes to show just how difficult it is to prove that an investment manager has genuine market-beating ability. If beating an index fund by more than 10 percentage points annualized over a 6-plus-year period is not enough, then what is? (An email to ARK Investment Management requesting comment was not immediately answered.)</p>\n<p>The answer: Satisfying traditional standards of statistical significance requires beating the market by a larger amount over a much longer period.</p>\n<p>An example of a fund that does jump over this much-higher hurdle is Renaissance Technologies’ Medallion Fund, a hedge fund that has produced an incredible 39% annualized return over the 33 calendar years through 2020, versus “just” 11% annualized for an index fund. Bradford Cornell, an emeritus finance professor at UCLA, told me in an interview that it is impossible to attribute that fund’s outperformance to mere luck. (Unfortunately, this fund is only available to current and former partners at Renaissance Technologies.)</p>\n<p>In the meantime, it’s too early to render anything close to a final verdict on ARK Innovation’s stunning performance. Its performance over the next several years may prove to be good enough to eventually satisfy traditional standards of statistical significance. Until then we can’t be sure. This is yet another reason why index funds are the default investment of choice.</p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Jury out on whether ARK Innovation returns are due to Cathie Wood’s skill or luck</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJury out on whether ARK Innovation returns are due to Cathie Wood’s skill or luck\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-23 21:23 GMT+8 <a href=https://www.marketwatch.com/story/the-jury-is-out-on-whether-ark-innovations-red-hot-returns-are-due-to-cathie-woods-skill-or-luck-11616460092?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Statistical scrutiny brings this high-flying ETF down to earth\nYou could have performed as well as the high-flying ARK Innovation ETF by investing in the Nasdaq 100 Index.\nI know that seems hard to ...</p>\n\n<a href=\"https://www.marketwatch.com/story/the-jury-is-out-on-whether-ark-innovations-red-hot-returns-are-due-to-cathie-woods-skill-or-luck-11616460092?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"QQQ":"纳指100ETF","ARKK":"ARK Innovation ETF","TSLA":"特斯拉","ARKQ":"ARK Autonomous Technology & Robotics ETF","ARKF":"ARK Fintech Innovation ETF"},"source_url":"https://www.marketwatch.com/story/the-jury-is-out-on-whether-ark-innovations-red-hot-returns-are-due-to-cathie-woods-skill-or-luck-11616460092?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1137063642","content_text":"Statistical scrutiny brings this high-flying ETF down to earth\nYou could have performed as well as the high-flying ARK Innovation ETF by investing in the Nasdaq 100 Index.\nI know that seems hard to believe, given the stunning performance chief investment officer Cathie Wood has produced with ARK Innovation— a 229% gain over the past year, according to FactSet. Meanwhile, the Invesco QQQ Trust (which is benchmarked to the Nasdaq 100), gained 78%. Since its creation in October 2014, ARK Innovation has produced an annualized gain of 34.6%, versus 20.6% for the QQQ.\nAt the same time, ARK Innovation has been extremely volatile and risky, making an apples-to-apples comparison with the Nasdaq 100 misleading. As measured by the standard deviation of monthly returns, ARK Innovation has been 73% more volatile than QQQ. That’s really saying something, since QQQ is itself more volatile than broad market indices such as the S&P 500.\nOne approach statisticians use to create an apples-to-apples comparison is with a metric known as the Sharpe Ratio, invented by William Sharpe, the 1990 Nobel laureate in economics. It is the ratio of a fund’s average returns to the standard deviation of those returns. The Sharpe Ratio of ARK Innovation’s monthly returns since 2014 is almost precisely the same as the QQQ’s.\nIf you’re like some of my clients, your reaction is not to care about the Sharpe Ratio. “You can’t take the Sharpe Ratio to the bank,” you in effect tell me. It’s raw performance that counts, and on that basis there’s no doubt that the ARKK did far better.\nThis reaction is confused, however. In fact you can take the Sharpe Ratio to the bank. If you had been willing to incur the ARK Innovation’s increased volatility, you could have made just as much by leveraging an investment in the QQQ. That is, you would have made just as much by increasing your portfolio allocation to QQQ, or by buying it on sufficient margin. This is illustrated in the chart below:\n\nThe Sharpe Ratio is not the only method that statisticians employ for measuring adviser performance on a level playing field, but other widely used approaches reach the same conclusion. Perhaps the best known, at least in academic circles, is the Fama-French factor model, named for University of Chicago finance professor Eugene Fama (the 2013 Nobel laureate in economics) and Dartmouth College professor Ken French. Their model involves an econometric test to see if a mutual fund’s return is significantly better than a combination of index funds benchmarked to factors such as small-cap, growth, and momentum.\nThe answer for ARK Innovation is “no” — an overweight allocation to a small-cap growth fund would have produced the same overall return since November 2014.\nLuck versus skill\nNote carefully that these statistical tests do not prove that ARK Innovation’s performance is due solely to luck. Instead, those tests tell us that we cannot conclude that its performance was not due to luck. In this case, the double negative is not the same as the positive; this is a subtle, but important, difference.\nThis goes to show just how difficult it is to prove that an investment manager has genuine market-beating ability. If beating an index fund by more than 10 percentage points annualized over a 6-plus-year period is not enough, then what is? (An email to ARK Investment Management requesting comment was not immediately answered.)\nThe answer: Satisfying traditional standards of statistical significance requires beating the market by a larger amount over a much longer period.\nAn example of a fund that does jump over this much-higher hurdle is Renaissance Technologies’ Medallion Fund, a hedge fund that has produced an incredible 39% annualized return over the 33 calendar years through 2020, versus “just” 11% annualized for an index fund. Bradford Cornell, an emeritus finance professor at UCLA, told me in an interview that it is impossible to attribute that fund’s outperformance to mere luck. (Unfortunately, this fund is only available to current and former partners at Renaissance Technologies.)\nIn the meantime, it’s too early to render anything close to a final verdict on ARK Innovation’s stunning performance. Its performance over the next several years may prove to be good enough to eventually satisfy traditional standards of statistical significance. Until then we can’t be sure. This is yet another reason why index funds are the default investment of choice.","news_type":1},"isVote":1,"tweetType":1,"viewCount":162,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":327444362,"gmtCreate":1616120289256,"gmtModify":1634527128732,"author":{"id":"3576328990446823","authorId":"3576328990446823","name":"Exette","avatar":"https://static.tigerbbs.com/47292853c2a8af3e660f428446a66aad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576328990446823","authorIdStr":"3576328990446823"},"themes":[],"htmlText":"[难过] ","listText":"[难过] ","text":"[难过]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/327444362","repostId":"1117506274","repostType":4,"isVote":1,"tweetType":1,"viewCount":593,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":367169391,"gmtCreate":1614922012113,"gmtModify":1703483006361,"author":{"id":"3576328990446823","authorId":"3576328990446823","name":"Exette","avatar":"https://static.tigerbbs.com/47292853c2a8af3e660f428446a66aad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576328990446823","authorIdStr":"3576328990446823"},"themes":[],"htmlText":"[微笑] ","listText":"[微笑] ","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/367169391","repostId":"2117980502","repostType":4,"repost":{"id":"2117980502","kind":"highlight","pubTimestamp":1614898658,"share":"https://www.laohu8.com/m/news/2117980502?lang=&edition=full","pubTime":"2021-03-05 06:57","market":"us","language":"en","title":"Apple faces EU charges over Spotify complaint: Sources","url":"https://stock-news.laohu8.com/highlight/detail?id=2117980502","media":"The Straits Times","summary":"BRUSSELS - Apple could face an EU antitrust charge sheet in the coming weeks after a complaint by rival Spotify that it unfairly pushed its own music streaming service, two people familiar with the matter said on Thursday .The European Commission could send the statement of objections setting out suspected violations of the bloc's antitrust rules to Apple before the summer, $one$ of the people said.The case is $one$ of four opened by the EU competition enforcer against Apple in June last year. ","content":"<div>\n<p>BRUSSELS (REUTERS) - Apple could face an EU antitrust charge sheet in the coming weeks after a complaint by rival Spotify that it unfairly pushed its own music streaming service, two people familiar ...</p>\n\n<a href=\"http://www.straitstimes.com/world/europe/apple-faces-eu-charges-over-spotify-complaint-sources\">Web Link</a>\n\n</div>\n","source":"straits_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple faces EU charges over Spotify complaint: Sources</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple faces EU charges over Spotify complaint: Sources\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-05 06:57 GMT+8 <a href=http://www.straitstimes.com/world/europe/apple-faces-eu-charges-over-spotify-complaint-sources><strong>The Straits Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>BRUSSELS (REUTERS) - Apple could face an EU antitrust charge sheet in the coming weeks after a complaint by rival Spotify that it unfairly pushed its own music streaming service, two people familiar ...</p>\n\n<a href=\"http://www.straitstimes.com/world/europe/apple-faces-eu-charges-over-spotify-complaint-sources\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"http://www.straitstimes.com/world/europe/apple-faces-eu-charges-over-spotify-complaint-sources","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2117980502","content_text":"BRUSSELS (REUTERS) - Apple could face an EU antitrust charge sheet in the coming weeks after a complaint by rival Spotify that it unfairly pushed its own music streaming service, two people familiar with the matter said on Thursday (March 4).\nThe European Commission could send the statement of objections setting out suspected violations of the bloc's antitrust rules to Apple before the summer, one of the people said.\nThe case is one of four opened by the EU competition enforcer against Apple in June last year. The EU charge sheet usually indicates whether a fine is merited and what companies have to do to halt anti-competitive practices.\nThe Commission declined to comment.\nApple referred to its March 2019 blog which said its App Store helped Spotify to benefit from hundreds of millions of app downloads to become Europe's largest music streaming service.\nSpotify in its 2019 complaint to the Commission said Apple unfairly restricts rivals to its own music steaming service Apple Music and also protested against the 30 per cent fee levied on app developers to use Apple's in-app purchase system (IAP).\nIn addition to the Spotify case, the Commission is also investigating Apple's App Stores rules for all competing apps, for e-books and audio books as well as its terms and conditions for its mobile payment service Apple Pay.\nThe UK competition watchdog on Thursday opened an investigation into Apple's practices while the Dutch agency is close to a decision on its own case.","news_type":1},"isVote":1,"tweetType":1,"viewCount":595,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":382125175,"gmtCreate":1613391866997,"gmtModify":1634553779919,"author":{"id":"3576328990446823","authorId":"3576328990446823","name":"Exette","avatar":"https://static.tigerbbs.com/47292853c2a8af3e660f428446a66aad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576328990446823","authorIdStr":"3576328990446823"},"themes":[],"htmlText":"😨😨","listText":"😨😨","text":"😨😨","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/382125175","repostId":"2110904027","repostType":4,"isVote":1,"tweetType":1,"viewCount":112,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":327444362,"gmtCreate":1616120289256,"gmtModify":1634527128732,"author":{"id":"3576328990446823","authorId":"3576328990446823","name":"Exette","avatar":"https://static.tigerbbs.com/47292853c2a8af3e660f428446a66aad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576328990446823","authorIdStr":"3576328990446823"},"themes":[],"htmlText":"[难过] 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