个人中心 - 老虎社区

jakejak3jake

IP属地：未知

帖子 · 73帖子 · 73
关注 · 0关注 · 0
粉丝 · 0粉丝 · 0

- jakejak3jakejakejak3jake
  ·2021-08-12
  我的计划是买 $Sea Ltd(SE)$ , 东南亚最厉害的互联网企业。不但有电子商业板块，也有电脑游戏板块。公司运营在好几个东南亚国家，所以监管风险较低
  🔥【8月12日】疫苗小甜甜变身牛夫人，今天买什么
  @Buy_Sell：
  聊聊今日份的交易想法，包括对于大盘走势后续的看法？看涨/看跌哪只股票、晒晒单等等。港股市场 8月12日，恒生指数开盘下跌36.39点，跌幅0.14%，报26623.77点；国企指数开盘下跌23.7点，跌幅0.25%，报9524.43点；红筹指数开盘下跌1.22点，跌幅0.03%，报3843.37点。恒生科技指数跌0.24%报6804点，大型科网股普跌，$美团-W(03690)$ 跌近2%，$京东集团-SW(09618)$ 跌超1%，$腾讯控股(00700)$ 、$阿里巴巴-SW(09988)$ 、$百度集团-SW(09888)$ 小幅低开港股部分医药股与生物技术股走低，$复星医药(02196)$ 跌3.65%，$开拓药业-B(09939)$ 跌3.36%，$百济神州(06160)
  🔥【8月12日】疫苗小甜甜变身牛夫人，今天买什么
  1,561 2
  15
  分享
  举报
- jakejak3jakejakejak3jake
  ·2021-06-11
  立刻来comment！
  @jakejak3jake：
  Is it better to buy growth or value stocks now?Please like and comment
  Is it better to buy growth or value stocks now?Please like and comment
  625 1
  1
  分享
  举报
- jakejak3jakejakejak3jake
  ·2021-05-19
  立刻来
  Why Cathie Wood’s ARKK Is Still Betting on Coinbase
  The overarching narrative of the stock market is in the midst of a deep realignment, with one of Coi
  Why Cathie Wood’s ARKK Is Still Betting on Coinbase
  415 6
  1
  分享
  举报

热议股票

关于我们·老虎社区守则·老虎社区账号管理规范·老虎社区服务协议·老虎社区隐私政策

公司名称：北京至简风宜信息技术有限公司

违法和不良信息投诉：010-5681-3562（工作时间9:30-18:30）

邮箱：service@laohu8.com

老虎社区侵权投诉指引

中国互联网举报中心·北京互联网举报中心

网络谣言曝光台·扫黄打非举报中心

网络110报警服务

© 2018-2024 老虎社区版权所有

营业执照：91110105MA01A4U55R

ICP备：京ICP备18016422号

网安备：京公网安备11010502036490

qrcode

关注我们

{"i18n":{"language":"zh_CN"},"isCurrentUser":false,"userPageInfo":{"id":3581491815672686,"uuid":"3581491815672686","gmtCreate":1618398456033,"gmtModify":1621564204717,"name":"jakejak3jake","pinyin":"jakejak3jake","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/1881c4ef0863e5796041081ddadee92e","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":18,"headSize":554,"tweetSize":73,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"35ec162348d5460f88c959321e554969-1","templateUuid":"35ec162348d5460f88c959321e554969","name":"精英交易员","description":"证券或期货账户累计交易次数达到30次","bigImgUrl":"https://static.tigerbbs.com/ab0f87127c854ce3191a752d57b46edc","smallImgUrl":"https://static.tigerbbs.com/c9835ce48b8c8743566d344ac7a7ba8c","grayImgUrl":"https://static.tigerbbs.com/76754b53ce7a90019f132c1d2fbc698f","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.03.23","exceedPercentage":"60.77%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-1","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"出道虎友","description":"加入老虎社区500天","bigImgUrl":"https://static.tigerbbs.com/0e4d0ca1da0456dc7894c946d44bf9ab","smallImgUrl":"https://static.tigerbbs.com/0f2f65e8ce4cfaae8db2bea9b127f58b","grayImgUrl":"https://static.tigerbbs.com/c5948a31b6edf154422335b265235809","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.08.29","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":3,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":2,"crmLevelSwitch":0,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"page":1,"watchlist":null,"tweetList":[{"id":894094886,"gmtCreate":1628776912745,"gmtModify":1631883653446,"author":{"id":"3581491815672686","authorId":"3581491815672686","name":"jakejak3jake","avatar":"https://static.tigerbbs.com/1881c4ef0863e5796041081ddadee92e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"我的计划是买 <a href=\"https://laohu8.com/S/SE\">$Sea Ltd(SE)$</a> , 东南亚最厉害的互联网企业。不但有电子商业板块，也有电脑游戏板块。公司运营在好几个东南亚国家，所以监管风险较低","listText":"我的计划是买 <a href=\"https://laohu8.com/S/SE\">$Sea Ltd(SE)$</a> , 东南亚最厉害的互联网企业。不但有电子商业板块，也有电脑游戏板块。公司运营在好几个东南亚国家，所以监管风险较低","text":"我的计划是买 $Sea Ltd(SE)$ , 东南亚最厉害的互联网企业。不但有电子商业板块，也有电脑游戏板块。公司运营在好几个东南亚国家，所以监管风险较低","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":15,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/894094886","repostId":"895876757","repostType":1,"repost":{"id":895876757,"gmtCreate":1628735922875,"gmtModify":1628736543155,"author":{"id":"3527667596890271","authorId":"3527667596890271","name":"Buy_Sell","avatar":"https://static.tigerbbs.com/a5f0ed79a338c758a22e0b4ea13bf9d2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"title":"🔥【8月12日】疫苗小甜甜变身牛夫人，今天买什么","htmlText":"聊聊今日份的交易想法，包括对于大盘走势后续的看法？看涨/看跌哪只股票、晒晒单等等。 港股市场 8月12日，恒生指数开盘下跌36.39点，跌幅0.14%，报26623.77点；国企指数开盘下跌23.7点，跌幅0.25%，报9524.43点；红筹指数开盘下跌1.22点，跌幅0.03%，报3843.37点。 恒生科技指数跌0.24%报6804点，大型科网股普跌，<a target=\"_blank\" href=\"https://laohu8.com/S/03690\">$美团-W(03690)$</a> 跌近2%，<a target=\"_blank\" href=\"https://laohu8.com/S/09618\">$京东集团-SW(09618)$</a> 跌超1%，<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$腾讯控股(00700)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/09988\">$阿里巴巴-SW(09988)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/09888\">$百度集团-SW(09888)$</a> 小幅低开 港股部分医药股与生物技术股走低，<a target=\"_blank\" href=\"https://laohu8.com/S/02196\">$复星医药(02196)$</a> 跌3.65%，<a target=\"_blank\" href=\"https://laohu8.com/S/09939\">$开拓药业-B(09939)$</a> 跌3.36%，<a target=\"_blank\" href=\"https://laohu8.com/S/06160\">$百济神州(06160)</a>","listText":"聊聊今日份的交易想法，包括对于大盘走势后续的看法？看涨/看跌哪只股票、晒晒单等等。 港股市场 8月12日，恒生指数开盘下跌36.39点，跌幅0.14%，报26623.77点；国企指数开盘下跌23.7点，跌幅0.25%，报9524.43点；红筹指数开盘下跌1.22点，跌幅0.03%，报3843.37点。 恒生科技指数跌0.24%报6804点，大型科网股普跌，<a target=\"_blank\" href=\"https://laohu8.com/S/03690\">$美团-W(03690)$</a> 跌近2%，<a target=\"_blank\" href=\"https://laohu8.com/S/09618\">$京东集团-SW(09618)$</a> 跌超1%，<a target=\"_blank\" href=\"https://laohu8.com/S/00700\">$腾讯控股(00700)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/09988\">$阿里巴巴-SW(09988)$</a> 、<a target=\"_blank\" href=\"https://laohu8.com/S/09888\">$百度集团-SW(09888)$</a> 小幅低开 港股部分医药股与生物技术股走低，<a target=\"_blank\" href=\"https://laohu8.com/S/02196\">$复星医药(02196)$</a> 跌3.65%，<a target=\"_blank\" href=\"https://laohu8.com/S/09939\">$开拓药业-B(09939)$</a> 跌3.36%，<a target=\"_blank\" href=\"https://laohu8.com/S/06160\">$百济神州(06160)</a>","text":"聊聊今日份的交易想法，包括对于大盘走势后续的看法？看涨/看跌哪只股票、晒晒单等等。 港股市场 8月12日，恒生指数开盘下跌36.39点，跌幅0.14%，报26623.77点；国企指数开盘下跌23.7点，跌幅0.25%，报9524.43点；红筹指数开盘下跌1.22点，跌幅0.03%，报3843.37点。 恒生科技指数跌0.24%报6804点，大型科网股普跌，$美团-W(03690)$ 跌近2%，$京东集团-SW(09618)$ 跌超1%，$腾讯控股(00700)$ 、$阿里巴巴-SW(09988)$ 、$百度集团-SW(09888)$ 小幅低开 港股部分医药股与生物技术股走低，$复星医药(02196)$ 跌3.65%，$开拓药业-B(09939)$ 跌3.36%，$百济神州(06160)","images":[{"img":"https://static.tigerbbs.com/b7dacd6a9cd75c4fe8ab13a5697eec43","width":"200","height":"193"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/895876757","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"subType":2,"comments":[],"imageCount":2,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1561,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":188138226,"gmtCreate":1623423645965,"gmtModify":1634033345129,"author":{"id":"3581491815672686","authorId":"3581491815672686","name":"jakejak3jake","avatar":"https://static.tigerbbs.com/1881c4ef0863e5796041081ddadee92e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"立刻来comment！","listText":"立刻来comment！","text":"立刻来comment！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/188138226","repostId":"188376046","repostType":1,"repost":{"id":188376046,"gmtCreate":1623422815885,"gmtModify":1634033364367,"author":{"id":"3581491815672686","authorId":"3581491815672686","name":"jakejak3jake","avatar":"https://static.tigerbbs.com/1881c4ef0863e5796041081ddadee92e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Is it better to buy growth or value stocks now?Please like and comment","listText":"Is it better to buy growth or value stocks now?Please like and comment","text":"Is it better to buy growth or value stocks now?Please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/188376046","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":625,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":194228951,"gmtCreate":1621383609073,"gmtModify":1634192018171,"author":{"id":"3581491815672686","authorId":"3581491815672686","name":"jakejak3jake","avatar":"https://static.tigerbbs.com/1881c4ef0863e5796041081ddadee92e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"立刻来","listText":"立刻来","text":"立刻来","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/194228951","repostId":"1122426626","repostType":4,"repost":{"id":"1122426626","pubTimestamp":1621382634,"share":"https://www.laohu8.com/m/news/1122426626?lang=&edition=full","pubTime":"2021-05-19 08:03","market":"us","language":"en","title":"Why Cathie Wood’s ARKK Is Still Betting on Coinbase","url":"https://stock-news.laohu8.com/highlight/detail?id=1122426626","media":"finance.yahoo","summary":"The overarching narrative of the stock market is in the midst of a deep realignment, with one of Coi","content":"<p>The overarching narrative of the stock market is in the midst of a deep realignment, with one of Coinbase’s largest shareholders at the center of attention. As tech hype cools and interest rates seem poised for a big shift, more speculative “growth” investments, primarily equity in quickly expanding or innovative companies, are having a rough few months. In their place, there’s more interest in so-called “value” investments, such as equity in companies that are already generating profits.</p><p>That has led to deep losses and varying degrees of embarrassment for investors who’ve made highly forward-looking bets. The tech-focused NASDAQ index has seenbig volatilityand is currently flat against its mid-January level. High-profile professional growth investors likeChamath Palihapitiya, just months ago a relentless and celebrated champion of a kind of less-transparent IPO known as a SPAC, have taken both financial and reputational hits.</p><blockquote>David Z. Morris is CoinDesk’s Chief Insights Columnist.</blockquote><p>A lot of attention has been focused on Ark Invest, which manages exchange-traded funds investing in things like fintech, genomics, and space exploration. Ark CEO Cathie Wood had become something of an investing rock star in recent years, thanks to a rich45% annualized returnover the past five years in its flagship Innovation Fund, which has grown to more than $50 billion in managed assets.</p><p>But the fund has dropped by close to 30% since mid-February, thanks to serious collapses of its stakes in everything fromgene-editing to Tesla. ARKK is also one of the largest holders of Coinbase stock, which is similarly down 25% since its IPO on April 14.</p><p>By and large, these drops have been driven less by disappointing current performance than shifting expectations about the future – arguably the defining risk of growth investing. Because the present price of growth investments is so dependent on projected returns far into the future, small present changes in a company’s results, positive or negative, can translate into huge impacts on the stock. The pandemic has encapsulated this perfectly: lockdowns created major spikes in “stay home” tech stocks because trendlines suddenly pointed to immense future growth, but reopening has pulled those expectations back down to Earth, driving a lot of ARKK’s losses.</p><p>(This is, it should be said, far preferable to the way some prominent speculative investments worked in the past. A practice known as mark-to-market accounting was widely abused by entities including Enron and Lehman Brothers in the 1990s and 200os, and basically amounted to letting growth companies disguise themselves as present successes by putting a price on their own future earnings and booking them as present revenue. But that’s a topic for another day.)</p><p>Perhaps even more significant than pandemic reversals are increases inTreasury Bond yieldsand inflation upticks that might lead the Fed to increase interest rates more quickly. Bond yields and interest rates in particular are a direct threat to growth investing because they create more attractive returns on very low-risk investments. At the same time, higher rates make debt and other capital more expensive for growth companies, who typically don’t have the cash flows to fund their own growth.</p><p>There’s no real way to escape these sorts of risks when you’re attempting to monetize the future. What matters is how a growth investor responds, and crucially, whether that response follows the same forward-leaning logic as the initial investing thesis. Wood is catching heat right now because of ARKK’s trouble, but her response has been nothing if not consistent: she has repeatedly and loudly declared that the slump in growth stocks is a buying opportunity, with falling prices only amplifying potential future returns.</p><blockquote>Higher rates make debt and other capital more expensive for growth companies, who typically don’t have the cash flows to fund their own growth</blockquote><p>Because Ark funds publicize their trades, we know Wood isn’t just talking: ARKK has been steadily buying assets like Square, Twilio, and even Zoom as the stocks head south. The fund is also aggressively buying the dip in Coinbase, growing its position as of today to 624 million shares – 3% of ARKK’s holdings and, incredibly, more than 10% of all Coinbase shares. That’s particularly bold because Coinbase could be described as a growth investment squared: its own growth deeply dependent on demand for assets that are, in turn, highly speculative themselves.</p><p>I assume Wood’s belief in her bets is sincere, but it’s also just good optics for a growth fund. Halting buys on Coinbase or other bets as they go down would be an implicit admission that previous buys at higher prices were a mistake. Buying an asset that’s slumping short-term is a strong signal of long-term belief.</p><p>Wood’s consistency, along with her track record, appear to have been fairly effective in helping investors keep the faith even in the face of short-term losses. It’s inevitable some will reflexively sell a ticker that drops 30% in four months, but according to Seeking Alpha, ARKK only saw$1 billion in capital outflows, or around 2% of the fund’s total assets, over the past week.</p><p>That’s far from amazing, and at that rate it could add up quickly, but it’s also far from a worst-case scenario. Selling future profits to present buyers is as much about credibility and faith as it is about numbers.</p>","source":"lsy1612507957220","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>Why Cathie Wood’s ARKK Is Still Betting on Coinbase</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\">\nWhy Cathie Wood’s ARKK Is Still Betting on Coinbase\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-19 08:03 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/why-cathie-wood-arkk-still-211733720.html><strong>finance.yahoo</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The overarching narrative of the stock market is in the midst of a deep realignment, with one of Coinbase’s largest shareholders at the center of attention. As tech hype cools and interest rates seem ...</p>\n\n<a href=\"https://finance.yahoo.com/news/why-cathie-wood-arkk-still-211733720.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://finance.yahoo.com/news/why-cathie-wood-arkk-still-211733720.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122426626","content_text":"The overarching narrative of the stock market is in the midst of a deep realignment, with one of Coinbase’s largest shareholders at the center of attention. As tech hype cools and interest rates seem poised for a big shift, more speculative “growth” investments, primarily equity in quickly expanding or innovative companies, are having a rough few months. In their place, there’s more interest in so-called “value” investments, such as equity in companies that are already generating profits.That has led to deep losses and varying degrees of embarrassment for investors who’ve made highly forward-looking bets. The tech-focused NASDAQ index has seenbig volatilityand is currently flat against its mid-January level. High-profile professional growth investors likeChamath Palihapitiya, just months ago a relentless and celebrated champion of a kind of less-transparent IPO known as a SPAC, have taken both financial and reputational hits.David Z. Morris is CoinDesk’s Chief Insights Columnist.A lot of attention has been focused on Ark Invest, which manages exchange-traded funds investing in things like fintech, genomics, and space exploration. Ark CEO Cathie Wood had become something of an investing rock star in recent years, thanks to a rich45% annualized returnover the past five years in its flagship Innovation Fund, which has grown to more than $50 billion in managed assets.But the fund has dropped by close to 30% since mid-February, thanks to serious collapses of its stakes in everything fromgene-editing to Tesla. ARKK is also one of the largest holders of Coinbase stock, which is similarly down 25% since its IPO on April 14.By and large, these drops have been driven less by disappointing current performance than shifting expectations about the future – arguably the defining risk of growth investing. Because the present price of growth investments is so dependent on projected returns far into the future, small present changes in a company’s results, positive or negative, can translate into huge impacts on the stock. The pandemic has encapsulated this perfectly: lockdowns created major spikes in “stay home” tech stocks because trendlines suddenly pointed to immense future growth, but reopening has pulled those expectations back down to Earth, driving a lot of ARKK’s losses.(This is, it should be said, far preferable to the way some prominent speculative investments worked in the past. A practice known as mark-to-market accounting was widely abused by entities including Enron and Lehman Brothers in the 1990s and 200os, and basically amounted to letting growth companies disguise themselves as present successes by putting a price on their own future earnings and booking them as present revenue. But that’s a topic for another day.)Perhaps even more significant than pandemic reversals are increases inTreasury Bond yieldsand inflation upticks that might lead the Fed to increase interest rates more quickly. Bond yields and interest rates in particular are a direct threat to growth investing because they create more attractive returns on very low-risk investments. At the same time, higher rates make debt and other capital more expensive for growth companies, who typically don’t have the cash flows to fund their own growth.There’s no real way to escape these sorts of risks when you’re attempting to monetize the future. What matters is how a growth investor responds, and crucially, whether that response follows the same forward-leaning logic as the initial investing thesis. Wood is catching heat right now because of ARKK’s trouble, but her response has been nothing if not consistent: she has repeatedly and loudly declared that the slump in growth stocks is a buying opportunity, with falling prices only amplifying potential future returns.Higher rates make debt and other capital more expensive for growth companies, who typically don’t have the cash flows to fund their own growthBecause Ark funds publicize their trades, we know Wood isn’t just talking: ARKK has been steadily buying assets like Square, Twilio, and even Zoom as the stocks head south. The fund is also aggressively buying the dip in Coinbase, growing its position as of today to 624 million shares – 3% of ARKK’s holdings and, incredibly, more than 10% of all Coinbase shares. That’s particularly bold because Coinbase could be described as a growth investment squared: its own growth deeply dependent on demand for assets that are, in turn, highly speculative themselves.I assume Wood’s belief in her bets is sincere, but it’s also just good optics for a growth fund. Halting buys on Coinbase or other bets as they go down would be an implicit admission that previous buys at higher prices were a mistake. Buying an asset that’s slumping short-term is a strong signal of long-term belief.Wood’s consistency, along with her track record, appear to have been fairly effective in helping investors keep the faith even in the face of short-term losses. It’s inevitable some will reflexively sell a ticker that drops 30% in four months, but according to Seeking Alpha, ARKK only saw$1 billion in capital outflows, or around 2% of the fund’s total assets, over the past week.That’s far from amazing, and at that rate it could add up quickly, but it’s also far from a worst-case scenario. Selling future profits to present buyers is as much about credibility and faith as it is about numbers.","news_type":1},"isVote":1,"tweetType":1,"viewCount":415,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"posts","isTTM":false}