[新聞] What it means if Cathie Wood is the fa

原文標題：

What it means if Cathie Wood is the face of the market
如果凱茜·伍德（Cathie Wood）成為市場的代表，那意味著什麼

原文連結：
https://reurl.cc/Ag9XEE
發布時間：

Sat, March 20, 2021, 8:17 PM
Andy Serwer with Max Zahn

原文內容：

If I asked you to name the person who most epitomizes today’s stock market
you might say Roaring Kitty (aka Keith Gill) or Vlad Tenev, CEO of Robinhood,
or some other millennial meme-stock trading bro. They’re the ones driving
the narrative, right?

I would argue instead for someone who appears to be the exact opposite of
that stereotype: A 65-year-old female financial services insider, who
supported Donald Trump and has deep religious convictions—and paradoxically,
(or perhaps naturally), is beloved by the WSB Reddit crowd.

I’m talking of course about Cathie Wood, founder, CEO and CIO of ARK Invest.

Like Elaine Garzarelli, Peter Lynch, Bill Miller, Henry Blodget, Mary Meeker
or the guys from the Big Short in cycles before, Wood has become the public
face of this market’s moment, personifying the crazy gains in crypto,
fintech, cloud computing and biotech stocks. And Tesla, especially Tesla,
where she made a ridiculous, moonshot of a call that proved to be 100% right.
(More on that later.) Wood isn’t just a money manager though, she is
literally an evangelist for these companies and the new technological world
she sees them ushering in.

If you follow the markets, you probably know about ARK, which has become the
“It” investment house on Wall Street, albeit far from a typical one. ARK is
known for its ETFs (or exchange traded funds), the most famous being a “
disruptive innovation” ETF (ticker ARKK), which has run circles around the
stock market averages, up 152% last year and over 45% every year on average
over the past five years. Early last month, Bloomberg reported that “Ark’s
exchange-traded fund assets under management crossed $50 billion this week,
up from only $3.6 billion at this time last year.”

Wow.

“She has made some brilliant calls,” says Wall Street power player Todd
Boehly, CEO of investment company Eldridge, which made an investment in ARK
recently. “It can be hard to make brilliant calls continuously, time and
time again.”

And there’s the rub. If this bull market, driven to such a degree by tech
stocks like Tesla (TSLA), Square (SQ), and Roku (ROKU) (all major holdings of
ARK) is running out of steam, or more precisely, rotating over to cyclical
stocks as the economy restarts, (which I wrote about last week), then where
does that leave Cathie Wood? Is the tech up cycle of the bull market over,
and if so, does that mean Wood’s time is up? Or is this just a plateau that
Wood can navigate before another run for ARK?

It’s a big question not just for Wood but for millions of us.

To be clear, as great as 2020 was for Wood and ARK, 2021 has been as, well,
choppy. At one point ARKK was off 20% from its peak. Assets under management
at the company which crested at over $60 billion in mid-February have fallen
to some $48 billion now, according to Bloomberg. Short sellers have swooped
in and articles predicting the comeuppance of Cathie Wood have become a
cottage industry.

Institutional Investor, the Wall Street Journal’s Jason Zweig and
Morningstar, which notes that ARK last year grew much faster than any fund
company in history, have done excellent fundamental reporting (the kind Wood
herself might admire) pointing out risks ARK faces like the inability to cap,
or prevent new money from flowing into, an ETF, the transparency of ETFs that
allow others to mimic ARK’s trades, and the illiquidity of some of ARK’s
holdings.

For the past year or so, Wood has had to defend her investments, Tesla in
particular, arguing that these stocks were not in a bubble. Increasingly she
has to argue the same about her own funds.

Before we address that ultimate question, which is to say whither Wood and
ARK, it’s worth digging into Cathie Wood more, someone who is both very much
a creature of Wall Street and quite self-consciously a disruptive innovator.
She’s an overnight success story four decades in the making, and even more
than that, quite the singular character.

I know Cathie some having appeared on Yahoo Finance Live with her a number of
times over the past five years and having spoken with her off air as well. She
’s personable, driven, and super-smart and to me at least, Cathie has worn
neither her politics nor her religious conviction on her sleeve.

Through a spokesperson Wood declined to be interviewed for this story, but
based on our prior conversations, interviews with acquaintances, postings on
her website and social media as well as previous interviews with her and some
members of her team, we were able to derive a picture of Wood.

It wasn’t hard to track down her thinking because Wood is so out there.
Communicating her ideas has been a key part of ARK’s strategy, which she
spoke to in an interview:

“A big part of our success is social media,” Wood says. “As we’re putting
our research out, we’ll get the innovators in that space DM-ing us and
saying ‘Hey, what about us?’ or ‘Hey, have you thought of this?’ or ‘Hey, you
’re wrong.’ I think the collaborative research ecosystem that we have keeps
fresh ideas flowing through.” Wood posts essays here and on ARK’s website
(which sells ARK merch.) She has 717,000 followers on Twitter. On YouTube her
videos get a million views.

All of that, plus the performance of her ETFs have won her the hearts (and
wallets) of hordes of, well, fans. She’s been called “Aunt Cathie,” “
Cathie Bae” and “tendie goddess” on Reddit’s Wall Street Bets. A Korean
newspaper reports her nickname is “Money Tree.” And the media loves to
cover her (Bloomberg, CNBC, Barron’s and yes Yahoo Finance) because people
want to read about her or watch her.

So who is Cathie Wood?

She grew up in Los Angeles, the oldest daughter of four children of Irish
immigrants. Her mother was a homemaker and her father a radar system
engineer. “I was raised as a firstborn son,” Wood told Barron’s. “I was
going to blaze the trail for my family.”

Wood graduated from Notre Dame Academy, a highly-regarded, all-girls Catholic
school, in 1974, where Wood has established the Duddy (Wood’s maiden name)
Innovation Institute, which, “offers a unique challenge for young women
eager to stretch beyond the boundaries of the traditional classroom. The
Institute’s flagship course is Disruptive Innovation.” (Sound familiar?)

Wood went on to USC where she received her Bachelor of Science, summa cum
laude, in finance and economics in 1981. Her mentor there was Art Laffer,
with whom she’s remained close, a conservative, supply-side economist famous
for the “Laffer Curve,” (which Laffer drew on a napkin in 1974 for a
non-comprehending Dick Cheney), that stipulates cutting tax rates stimulates
growth and thereby can actually increase tax revenue.

Laffer recalls meeting Wood in 1976:

“I was the Charles B. Thornton professor at USC,” Laffer told Yahoo
Finance. “And she wanted to take my class, as an undergraduate at USC. I didn
’t know who she was and she petitioned me to be able to enter one of my
graduate classes. I looked at the petition and let her take the class. She
performed well and it was clear something was really driving this young lady.
I had very little doubt in the very beginning that she would be very
successful and she’s been exceptionally successful throughout her whole
career. She works hard — not only hard but smart.”

Liberals disparage Laffer’s work, which became the basis of Reagan tax cuts.
Laffer, who worked in the Reagan administration and was an advisor to Donald
Trump, whose presidency Wood also supported “from a strict economic view.”
If you find the idea that Wood—who says she supports diversity and
empowerment of women and has a strong commitment to science, medicine and
technology—backed Donald Trump vexing, understand that the basis of that
support comes from Laffer’s teachings.

After USC, Wood’s career took on a more or less traditional path—for
decades. Out of school, she joined LA’s hometown Capital Group as an
assistant economist, with a hand from Laffer. In 1980 at age 25, she moved to
New York to join Jennison Associates, the equity investment arm of PGIM,
formerly Prudential Investment Management, the asset management unit of
Prudential, where she worked for 18 years as an economist, an equity research
analyst, and portfolio manager.

Along the way, Wood would marry and have three children.

One of her kids, a daughter Caroline, works at ARK as a marketing manager.
Her brother John Duddy, a health care executive, is on ARK’s board.) Wood’s
late ex-husband, Rob Wood, (who played basketball at Duke in the 1970s),
worked in financial services too, first at Financial World magazine and later
in institutional sales at Natwest and Wells Fargo. Through Rob, Wood is a
minority shareholder of the financial news site, 24/7 Wall Street.

It was at Jennison according to Barron’s, where Wood says she began to find
her niche as an investor in part because the analysts there wouldn’t give up
any stocks for her to cover.

Wood looked at places that other analysts were ignoring. “I was like a
little dog looking for scraps under the table,” she says. She found stocks
that sat at the intersection of multiple industries, and weren’t followed by
analysts from any side. This, she realized, “is where innovation happens.”

In 1998 Wood left to co-found and help run hedge fund, Tupelo Capital
Management, but departed after three years and joined AllianceBernstein,
where she oversaw a multi-billion portfolio of growth stocks. That’s where
the seeds of ARK were planted in her mind. Wood reportedly began to bridle at
the constraint of her portfolio being compared to benchmarks (like the S&P
500), particularly when the money she managed underperformed the market
leading up to the financial crisis of 2008/2009.

As more and more of the world moved to passive management (investing in
indexes), Wood began to consider going whole hog in the opposite direction.
Her vehicle of choice, an actively managed ETF, was an anomaly. According to
Barron’s, Wood turned to what for most Wall Street professionals would be an
unlikely source for guidance:

When she spoke to her spiritual advisers, however, it came to her: “You
cannot worship any idol, and the benchmark has become an idol.” The next
year, she made back much of the loss. But in prayer and meditation, she had
the following revelation: “Benchmarks are all about successes in the past.
God doesn’t want us to be stuck in the past. He wants us to move into the
new creation.” That’s when she knew she had to start her own company: “I
felt that a start-up could go out there and spread that message very loudly,”
she says, “We were putting all our chips on the table.” In 2014, Wood left
AllianceBernstein [and launched ARK.]

In a podcast interview, Wood spoke more about her faith and ARK. (I have
excerpted a fair amount here, which I think is worth doing because it shows
the depth of Wood’s religious conviction.)

“I decided to name my company after the Ark of the Covenant, because as
I was going through that very difficult period starting in ‘06, where the
market, nothing made sense to me, I started reading the One-Year Bible, after
I would read the passage for the day, I would then just open it up randomly
and say, “God, speak to me. Just show me what to do. Show me Your will. Show
me Your way.”

Here specifically is what Wood saw in the Ark:

“…I would [read about] the Ark of the Covenant being taken into the
Israelites, taking the Ark of the Covenant into battle before them, because
they believed that the presence of God was in the Ark of the Covenant. As I
began to get this idea of a firm going and realized that I was fighting this
war, I knew I had to name my company ‘ARK’ for Ark of the Covenant.”

And here Wood speaks more generally about the role God plays in her work:

“God’s standard of success for me in the financial world, and in my
life generally, is following His will. And I believe that in starting ARK
Invest, I was fulfilling His will for me here on Earth and that if I had not
done it, that I would have died an unhappy woman not having not fulfilled my
promise here. And so it’s not so much about me and my promise. It’s about
allocating capital to God’s creation in the most innovative and creative way
possible.

I founded the company out of faith. I got this calling one day when I
walked into my home. It was a beautiful summer day. I walked in to complete
silence, which was very unusual in my household at that time. The children
were all gone to Christian camps and other activities. And so I was all alone
for the first time ever in my house, all alone for two full weeks. And I
walked over to the kitchen island and I wasn’t happy and I wasn’t sad. I
was just, Wow, this has never happened to me before.

As soon as I said that to myself, I felt a wham and I really feel like
that was the Holy Spirit just saying to me, ‘Okay, this is the plan.’ And the
idea was basically, ‘Look, you’ve been a student of disruptive innovation
your entire career. Why don’t you disrupt your own industry? It’s broken.
Why do you disrupt it with some of these new technologies? Why don’t you
harness social media? Why don’t you invite people in—even your competitors—
to brainstorm about these new ideas, to help spread the word?’ And so I did
that, and it’s been amazing. It’s so much better than anything that I could
have possibly imagined.

I funded it for the first three years all by myself. And for the first
three years, our assets didn’t grow that much. And I thought, Oh my
goodness, what have I done? Every two weeks there was an exit of a
significant amount of my wealth into the company. And I would kneel down and
say, ‘OK, God, You’re in control. Even if this company fails, I know I’ve
done the right thing. This is a walk of faith for me. Your will be done.'”

As I said, not your typical Wall Streeter.

In a podcast recorded two years ago. Laffer too spoke about how Wood started
ARK:

“All the stars were aligned for Kathy,” he said. “She had this model, this
way of looking at the world, this energy. So many people think they’re in
technology, but they’re superficial. She really gets the team together and
goes way in and digs deep, deep, deep. The team is wonderful, first class.”

Wood talks about her team, which is only 30 or so, and how it incorporates a
new, collaborative way of thinking, analyzing and sharing information and how
by posting research externally and seeking feedback, her firm is “the first
sharing economy asset manager” in the business. Could be. “The way they
discuss things, challenge each other, in such a civil way, it really is
different,” says Boehly.

Like so many businesses, Wood has had to change the way she operates during
COVID-19, as she explained to Yahoo Finance’s Jen Rogers last month:

“We feel like a startup still and I never want to lose it. When the
coronavirus started I brought everyone in the firm together at the beginning
of every day and we’re still doing that. I think this has helped our cohesion
as a firm, which I didn’t think was possible because I thought we were really
close before. We have an open office, everybody can hear everything going on.
What happened is the parts of the firm that were not involved with the
investment process were fascinated by the kinds of discussions we had. And so
the whole firm has coalesced around that.”

How is it possible for ARK to manage so much money with such a small team?

“We were built to scale actually,” Wood told Rogers. “I talk a lot about
exponential growth technologies. When we designed the firm and especially our
research ecosystem, I never dreamed of two things. One, how much information
would pour into us from the communities we’re researching. Helping us to
battle test our ideas, and I think really giving us a leg up out there. And
then the other thing I never imagined was as you say, punching above our
weight when it comes to visibility and name recognition, brand out there. We
have a global minority partner, Nikko Asset Management.”

That doesn’t address questions about back office capacity which must be a
focal point for Wood, given the inflows of tens of billions of dollars—and
now outflows—in such a short period of time. It’s also worth pointing out
that one of Wood’s most prominent analysts, James Wang, left the firm last
month, “to pursue personal projects.”

Getting back to Wood’s comment on Nikko for a second though: That Japanese
firm is one partner. Another, with which Wood had a seemingly more complex
relationship, is a Texas company called Resolute Investment Managers, (which
traces its origins to American Airlines’ investment operations), and which
distributes ARK’s funds in the U.S. In 2016, Resolute bought a minority
stake in ARK with an option to buy majority control within five years. (This
investment seems to have been made during ARK’s trying, early years.)

Last fall, things got sticky with Resolute when it sought to exercise the
option, which Wood didn’t want. The dispute became public with Wood saying
she was “disappointed” about Resolute’s “unwelcome notice” to seek
control. That’s when Boehly and Eldridge stepped in with a $60 million loan
late last year to essentially buyout Resolute’s option and allow Wood to
maintain control of her firm, which patched up differences between the two
parties.

Statements explaining the resolution were issued with Resolute continuing to
distribute ARK’s funds and that firm’s CEO Greg Needles, staying on ARK’s
board. “Like anything in life that flares up, there was a little drama,”
says Boehly. “It really was a misunderstanding which happens in business.
We worked productively and harmoniously to get it solved. It was an economic
conversation.”

Before returning to the question of what becomes of ARK, a quick note about
Wood’s and Tesla with which she has become inextricably linked.

I remember Wood telling us in October 2018, “We believe that Tesla should be
priced in the marketplace today at $2,000. And we believe that’s
conservative. Our bull case is a $4,000 price target in five years.” (At
that point the stock was trading around $300—unadjusted for a stock split.)
Wood became famous for this $4,000 call, but what’s under recognized is that
she was right, though her achievement has been somewhat muddled by a Tesla
stock split. Let me explain.

Tesla stock hit an all-time high of $900.40 on Jan. 25 this year. But
remember on Aug. 31 of last year, Tesla stock split five for one. So
split-adjusted, Tesla stock actually hit $4,500 early this year. Bottomline:
Tesla stock was up 15 fold over less than three years. And Wood called it. No
wonder the fan boys love her.

As of yesterday afternoon, Tesla had fallen to $650, (though still up some
10X mind you from Wood’s call) or down 18% this month, almost exactly the
same percent as ARKK. Talked about joined at the hip.

So what does the future hold for Wood and ARK? Wood has always said that
sell-offs provide ARK with an opportunity to buy, which is what you often
hear from money managers. “There are always cycles,” says Boehly. “And she
’s prepared for cycles.” But it becomes harder to buy on the dip or hunker
down now that ARK is so big and carries such a high-profile.

“I had dinner with her a month and a half ago in Hilton Head,” Laffer says.
“I didn’t find any difference in her demeanor at all. She’s a very nice
person, very gracious, very focused. She will do very well. She may have a
big setback but that won’t stop her.”

Regardless, if you buy what Laffer says, as with Musk, you have to
acknowledge that Wood is on to something. Is it sustainable though? We all
know an idea isn’t enough. It reminds me of something legendary investor
Howard Marks said to me a few years back (and I’m paraphrasing), “There are
no bad assets, only bad prices.” Marks also said: “Being too far ahead of
your time is indistinguishable from being wrong.”

Wood certainly knows her stuff and has those decades of experience. And she
has her faith too, which might be a help or some might say, a hindrance. It’
s likely that for this particular person, Cathie Wood, to succeed, she will
have to continue to marry the two facets of her mindset, the secular and yes
the sacred, in the weeks, months and years ahead.

This article was featured in a Saturday edition of the Morning Brief on March
20, 2021. Get the Morning Brief sent directly to your inbox every Monday to
Friday by 6:30 a.m. ET. Subscribe

.Andy Serwer is editor-in-chief of Yahoo Finance. Follow him on Twitter:
@serwer

機翻如下：

如果我要您說出當今股市最能代表市場的人，您可能會說Roaring Kitty（又名Keith
Gill），Robinhood首席執行官Vlad Tenev或其他一些千禧世代的迷因股票交易者。他們
是故事的推動者，對不對？

我反而為似乎與這種陳規定型觀念完全相反的人辯護：一位65歲的女性金融服務業內部人
士，支持唐納德‧川普，並擁有深厚的宗教信仰，並且自相矛盾地（或自然而然）深受
WSB Reddit人群喜愛。

我說的當然是ARK Invest的創始人，首席執行官兼CIO Cathie Wood。

像Elaine Garzarelli，Peter Lynch，Bill Miller，Henry Blodget，Mary Meeker或之
前的Big Short的傢伙一樣，伍德已經成為這個市場當下的公眾面孔，體現了加密，金融
科技，雲計算和生物科技領域的瘋狂收益股票。特斯拉（Tesla），尤其是特斯拉（Tesla
），她打了一個荒謬如登月般，事實證明那是100％正確的call。 （稍後會有更多介紹。
）伍德不僅是資金管理者，而且她實際上是這些公司以及她看到的新技術世界的傳播者。

如果您跟隨市場，您可能會對ARK有所了解，但它已成為華爾街的“ It”投資公司，儘管
遠非如傳統的一間投資公司。 ARK以其ETF（或交易所交易基金）而聞名，其中最著名的
是“破壞性創新” ETF（股票代號ARKK），該股票圍繞股市平均水平徘徊，去年上漲了
152％，每年超過45％。過去五年的平均水平。彭博社上月初報導說：“方舟所管理的交
易所買賣基金資產本周越過了500億美元，高於去年同期的36億美元。”

哇。

“她打了一些很棒的call，”最近在ARK進行投資的投資公司Eldridge的首席執行官華德
街（Wall Street）玩家托德‧博利（Todd Boehly）說。 “很難一次又一次地連續打出
精彩的call。”

而且有摩擦。如果這種牛市在某種程度上被特斯拉（TSLA），Square（SQ）和Roku（ROK
）（所有ARK的主要持股）之類的科技股所驅動，那麼它精疲力盡時，或者更確切地說，
是轉為周期性經濟復甦時，我會買一些股票（我在上週寫過），那麼凱茜‧伍德又會離開
到哪裡呢？牛市的技術上升週期結束了嗎？如果是，那是否意味著伍德的好日子結束的時
間點到了？還是這只是ARK再飆一次之前伍德可以帶著大家度過的高原？

這不僅是伍德的難題，也是我們千百萬人的難題。

需要明確的是，對於伍德和方舟而言，直到2020年都是如此，而2021年則是波濤洶湧。某
一時刻，ARKK的峰值下跌了20％。據彭博社報導，該公司管理的資產在二月中旬突破了
600億美元，如今已降至約480億美元。看空ark的人如雨後春筍般湧現，而預言凱蒂‧伍
德（Cathie Wood）報應的文章已成為一個手工業。

機構投資者，《華爾街日報》的Jason Zweig和Morningstar指出，去年ARK的增長速度超
過歷史上任何一家基金公司，它們都做出了出色的基本報告（伍德本人可能會欽佩的那種
），指出ARK面臨的風險如無力償還債務、限制或阻止新資金流入ETF，ETF的透明性（允
許其他人抄ARK的作業）以及某些ARK持有股數過大造成的流動性不足。

在過去的一年左右的時間裡，伍德不得不捍衛自己的投資，尤其是特斯拉，認為這些股票
沒有出現泡沫。她不得不越來越多地對自己的資金提出異議。

在我們討論最終的問題（即伍德和方舟）之前，有必要更深入地研究凱西‧伍德，她既是
華爾街的產物，又是一個自覺地具有顛覆性的創新者。她是一個四十年來一夜成功的故事
，而更重要的是，她有著非同尋常的性格。

我知道Cathie在過去五年中多次與她一起出現在Yahoo Finance Live上，並且還與她脫口
而出。她舉止風度翩翩，駕馭和超級聰明，至少對我來說，凱茜既沒有政治上的信仰，也
沒有宗教信仰。

通過一位發言人，伍德拒絕接受這個故事的採訪，但是根據我們之前的談話，對熟人的採
訪，在她的網站和社交媒體上的帖子以及對她和她的團隊中某些成員的先前採訪，我們能
夠得到一個Wood的拼圖。

因為伍德是一位公眾人士，所以追踪她的想法並不難。交流她的想法一直是ARK戰略的關
鍵部分，她在一次採訪中談到了這一點：

伍德說：“我們成功的很大一部分是在於社交媒體。” “當我們發布我們的研究出去時
，我們將讓該領域的創新者與我們共舞，然後說：“嘿，那我們呢？”或“嘿，您想到這
個了嗎？”或“嘿，你錯了。”我認為我們擁有的協作研究生態系統可以使新思想不斷傳
播。”伍德在此處和ARK的網站上發表文章。她在Twitter上擁有717,000位關注者。在
YouTube上，她的影片獲得了一百萬次觀看。

所有這些以及她的ETF的表現贏得了成群的粉絲的支持（包括錢包）。在Reddit的WSB板中
，她被稱為“凱蒂姨媽”，“凱蒂貝”和“女神”。一家韓國報紙報導，她的暱稱是“金
錢樹”。而且，媒體喜歡報導她（彭博，CNBC，巴倫，還有雅虎財經），因為人們想了解
她或觀看她。

那麼，凱蒂‧伍德是誰？

她在洛杉磯長大，是愛爾蘭移民的四個孩子的大女兒。她的母親是家庭主婦，父親是雷達
系統工程師。伍德對巴倫說：“我是長子長大的。” “我要為家人開闢道路。”

伍德於1974年畢業於巴黎聖母院，這是一所備受推崇的全女子天主教學校，在那裡，伍德
成立了Duddy（伍德的娘家姓）創新學院，該學院“為渴望超越傳統的年輕女性提供了獨
特的挑戰。傳統教室的邊界。該研究所的旗艦課程是顛覆性創新。” （聽起來有點熟？
）

伍德進入了南加州大學，並於1981年以優異的成績獲得了理學學士學位。她的導師是拉弗
（Art Laffer），與她至今仍保持親密的一位保守派供應側經濟學家，以“拉弗曲線”而
聞名（拉弗於1974年為不理解的迪克‧錢尼副總統在餐巾紙上畫成），該假說認為減稅可
刺激經濟增長，從而實際上可以增加稅收。

拉弗回憶起1976年與伍德的會面：

拉弗告訴雅虎財經：“我是南加州大學的查爾斯‧桑頓教授。” “她想上我的課，是南
加州大學的一名本科生。我不知道她是誰，她申請進入我的研究生班之一。我看著請願書
，讓她上課。她的表現很好，很明顯某些東西在驅動著這位年輕女士。我從一開始就毫不
懷疑她會非常成功，並且在整個職業生涯中都非常出色。她努力工作-不僅努力，而且很
聰明。”

民主黨人貶低了拉弗的工作，這成為雷根減稅的基礎。拉弗曾在雷根政府任職，曾是唐納
德‧川普的顧問，對於唐納德‧川普總統，伍德也“從嚴格的經濟角度出發”支持。如果
您發現伍德（她說她支持婦女的多樣性和賦權並對科學，醫學和技術有堅定的承諾）是唐
納德‧川普（Donald Trump）的支持者，請理解，這種支持的基礎來自拉弗（Laffer）的
教育。

在南加州大學之後，伍德的職業生涯或多或少走了幾十年的傳統道路。放學後，她從拉弗
（Laffer）的幫助下加入了洛杉磯的Capital Group，擔任助理經濟學家。 1980年，年僅
25歲的她移居紐約，加入了PGIM的股票投資部門Jennison Associates，前身是
Prudential的資產管理部門Prudential Investment Management，在該公司工作了18年，
擔任經濟學家，股票研究分析師，和投資組合經理。

一路上，伍德結婚並生了三個孩子。

她的一個孩子，一個女兒卡羅琳（Caroline），在ARK擔任市場經理。她的哥哥約翰‧杜
迪（John Duddy）是醫療保健部門的執行董事。 Natwest和Wells Fargo的機構銷售。伍
德通過Rob成為財金新聞網站 “華爾街24/7” 的少數股東。

根據巴倫（Barron）的報導，當時在詹尼森（Jennison），伍德（Wood）說她開始找到自
己的利基市場，部分原因是那裡的分析師不會放棄任何股票供她投資。

伍德看著其他分析師忽略的地方。她說：“我就像一隻小狗，在桌子底下尋找廢料。”她
發現好的股票標的位於多個行業的交匯處，並且沒有任何方面的分析師關注。她意識到，
這就是“創新發生的地方”。

伍德於1998年離開共同創立並幫助管理對沖基金Tupelo Capital Management，但三年後
離職並加入了AllianceBernstein，在那裡她負責管理數十億美元的成長型股票投資組合
。那就是在她的腦海裡種下ARK的種子的地方。據報導，伍德開始受到束縛，因為她的投
資組合與基準相比（例如標準普爾500指數），特別是當她管理的資金表現不佳導致市場
導致2008/2009年金融危機時。

隨著越來越多的世界轉向被動管理（對指數進行投資），伍德開始考慮朝相反的方向發展
。她選擇的工具是積極管理的ETF，這是一個反常現象。根據巴倫（Barron）的說法，伍
德（Wood）轉向大多數華爾街專業人士尋求指導的可能性不大：

但是，當她與她的屬靈尋求建議交談時，她想到：“你不能崇拜任何偶像，基準已經變成
了偶像。”第二年，她彌補了大部分損失。但是在祈禱和冥想中，她有以下啟示：“基準
都是過去的成功。上帝不希望我們被困在過去。他希望我們進入新的創作。”從那時起，
她就知道自己必須創辦自己的公司：“我認為一家初創公司可以在那裡開展並大聲地傳播
這一信息，”她說，“我們正在將所有籌碼都放在桌面上。” 2014年，伍德離開了
AllianceBernstein [並推出了ARK。]

在podcast採訪中，伍德談到了她的信仰和方舟。 （我在這裡摘錄了很多內容，我認為這
是值得做的，因為它表明了伍德對宗教信仰的深刻理解。）

“我決定以《約櫃》命名我的公司，因為當我經歷從06年開始的那個非常困難的時期
時，在那個市場，對我來說沒有任何意義，所以我開始閱讀《一年聖經》。會閱讀當天的
文章，然後我隨便打開它，說：“上帝，對我說話。告訴我該怎麼做。告訴我你的意願。
告訴我你的方式。”

具體來說是伍德在方舟中看到的東西：

“……我（會）讀到約櫃被帶到以色列人手中，使約櫃在他們面前參戰，因為他們相
信上帝的同在就在約櫃中。當我開始有了堅定前進的念頭，並意識到我正在與這場戰爭搏
鬥時，我知道我必須為公約方舟命名我的公司“ ARK”。

伍德在這裡更籠統地談論了上帝在她的工作中所扮演的角色：

“上帝在金融界乃至我一生中對我而言成功的標準都遵循他的意志。而且我相信，在
啟動ARK Invest時，我是在地球上實現他對我的意願，並且如果我不這樣做，那我將成為
一個不幸的女人，如果沒有履行我的諾言，我就會喪命。因此，與我和我的諾言無關緊要
。這是關於以盡可能最具創新性和創造力的方式將資金分配給上帝的創造。

我本著信念創立了公司。有一天，當我走進家時，我接到了這個召喚。那是一個美麗
的夏日。我走進去完全保持沉默，這在當時我的家庭中是非常不尋常的。孩子們都去了基
督教營和其他活動。因此，我第一次獨自一人呆在家裡，整整兩個星期。我走到廚房小島
時，我並不快樂，也並不難過。我只是，哇，這從來沒有發生過。

我對自己說了那句話後，我感到一陣痛心，我真的覺得那是聖靈對我說：“好吧，這
是計劃。”這個想法基本上是，“看，您在整個職業生涯中都是顛覆性創新的學生。您為
什麼不破壞自己的行業？壞了您為什麼用其中的一些新技術來破壞它？您為什麼不利用社
交媒體？您為什麼不邀請甚至是您的競爭對手在內的人們就這些新想法進行集思廣益，以
幫助宣傳？所以我做到了，這真是了不起。它比我想像的要好得多。

我在前三年全部由我自己資助。在最初的三年中，我們的資產增長不那麼快。我想，
哦，天哪，我做了什麼？每隔兩週，我就會有相當數量的財富退出公司。然後我跪下來說
：“好吧，上帝，你掌握了一切。即使這家公司倒閉，我也知道我做對了事。這對我來說
是一個信仰之路。你會完成的。’“

正如我所說，她不是典型的華爾街人士。

在兩年前錄製的podcast中。拉弗還談到了伍德是如何開始ARK的：

他說：“所有的明星都為凱西團結起來。”她擁有這種模式，這種看待世界的方式，這種
能量。如此多的人以為自己在技術上，但是他們是膚淺的。她真的使團隊團結起來，並深
入，深入，深入。這個團隊很棒，是一流的。”

伍德談到了她的團隊（只有30個左右），以及它如何結合新的協作思維方式，分析和共享
信息，以及如何通過在外部發布研究並尋求反饋來使她的公司成為“第一位共享經濟資產
管理者”。在業務上。可能。 “他們以一種文明的方式討論事物，互相挑戰的方式確實
不同，” Boehly說。

就像許多企業一樣，伍德在上個月對Yahoo Finance的詹‧羅傑斯（Jen Rogers）解釋時
，不得不改變她在COVID-19期間的經營方式：

“我們仍然感覺像是一家初創公司，我永遠不想失去它。當冠狀病毒開始時，我每天開始
時將公司中的每個人都召集在一起，而我們仍在這樣做。我認為這有助於我們凝聚為一家
公司的力量，這是不可能的，因為我認為我們之前真的很親密。我們有一個開放的辦公室
，每個人都可以聽到一切。發生的事情是公司中與投資流程無關的部分對我們進行的各種
討論著迷。因此，整個公司已將其合併。”

ARK如何在如此小的團隊中管理這麼多資金？

伍德對羅傑斯說：“實際上，我們是按比例建造的。” “我談論了很多指數增長技術。
當我們設計公司，特別是我們的研究生態系統時，我從來沒有夢想過兩件事。第一，我們
正在研究的社區會向我們注入多少信息。幫助我們與我們的想法進行戰鬥，我認為這確實
給了我們很大的幫助。然後，我從未想過的另一件事是，正如您所說的，在可見度和名稱
識別以及品牌知名度方面，我們發揮了舉足輕重的作用。我們有一個全球性的少數派合作
夥伴，日光資產管理公司。”

考慮到在這麼短的時間內有數百億美元的資金流入（現在已經流出），這沒有解決有關後
台辦公能力的問題，後台辦公能力必須是伍德的重點。還值得指出的是，伍德最傑出的分
析師之一詹姆斯‧王（James Wang）上個月離開了公司，“從事個人項目”。

不過，請回到伍德對日航的評論上：這家日本公司是一個合夥人。伍德與看似更複雜的關
係的另一家公司是德克薩斯州的一家名為Resolute Investment Managers的公司（其起源
可追溯至美國航空的投資業務），並在美國分配ARK的資金。2016年，Resolute收購了少
數股權可以選擇在五年內購買多數股權。 （這項投資似乎是在ARK的早期嘗試中進行的。
）

去年秋天，當Resolute尋求行使伍德不希望的選擇權時，事情變得棘手。爭端公開了，伍
德說她對Resolute尋求控制的“不受歡迎的通知”感到“失望”。到了那時，Boehly和
Eldridge於去年下半年介入了一筆6000萬美元的貸款，以實質上買斷Resolute的期權，並
允許Wood保持對自己公司的控制權，從而彌補了兩方之間的分歧。

在發布決議說明的聲明中，Resolute繼續分配ARK的資金，而該公司的首席執行官Greg
Needles仍在ARK的董事會任職。 “就像生活中發生的任何事情一樣，還有一點戲劇性，
” Boehly說。 “這確實是在業務中發生的誤解。我們進行了富有成效和和諧的工作，以
解決它。這是一次經濟對話。”

在回到關於ARK的問題之前，先快速了解一下伍德和特斯拉之間的聯繫，她已經與她密不
可分。

我記得伍德在2018年10月告訴我們：“我們認為特斯拉今天在市場上的定價應該為2,000
美元。我們認為這是保守的。我們的牛市假設是五年內目標價格為4,000美元。” （當時
股價為300美元左右，未作股票分割調整。）伍德因這次4,000美元看漲而聞名，但人們認
識到的是她是對的，儘管特斯拉股票分割使她的成就有些混亂。我解釋一下。

特斯拉股價在今年1月25日創下900.40美元的歷史新高。但請記住，在去年8月31日，特斯
拉股票一分為五。如此拆分調整後，特斯拉股票實際上在今年初達到了4,500美元。底線
：特斯拉股價在不到三年的時間內上漲了15倍。伍德喊對了。難怪她的粉絲們如此愛她。

截至昨天下午，特斯拉已跌至650美元，（儘管您仍想從伍德的call中獲得10倍的收益）
或本月下跌了18％，幾乎與ARKK相同。談到逢低買進。

那麼伍德和方舟的未來會怎樣呢？伍德一直說，拋售為ARK提供了購買的機會，這是您經
常從理財經理那裡聽到的。 “總是有周期，” Boehly說。 “而且她為上行做好了準備
。”但是，由於ARK規模如此之大且備受矚目，現在很難逢低買入或渴望買入。

拉弗說：“一個半月前，我在希爾頓黑德島(南卡州的一座城市)與她共進晚餐。我的舉止
一點都沒發現。她是一個非常友好的人，非常客氣，非常專注。她會做的很好吧。她可能
會遇到很大的挫折，但這不會阻止她。”

無論如何，如果您買單Laffer所說的話（就像買單Musk所說的一樣），則必須承認Wood正
在發展。雖然可持續嗎？我們都知道一個概念還不夠。這讓我想起了幾年前傳奇投資者霍
華德‧馬克斯（Howard Marks）對我說的話（我的意思是：沒有壞資產，只有壞價格）。
馬克斯還說：“與對的時間點相距太遠與犯錯無異。”

伍德當然知道她在幹什麼，並且擁有幾十年的經驗。她也有自己的信仰，這可能會有所幫
助，或者有人會說這是一個障礙。為了使這個特定的人凱西‧伍德（Cathie Wood）成功
，她將不得不在未來的幾週，幾個月和幾年內繼續嫁給她的心態，在世俗的和神聖的兩個
層面。

心得/評論：

在諸多批評或者剖悉Cathy wood的文章中

我特別喜歡這一篇

其中包含了ㄧ些投資觀念的探索和追尋

包含Cathy 導師 Laffer在經濟學上的供給側的想法去回追 Cathy的想法

或者宗教的層面去看這些東西，信仰之類的

沒有信仰的人無法成為好的價值投資者

在這一點上面，巴菲特、查理和Cathy真的非常相像。

未經允許不得轉載：花粉小姐的部落 » [新聞] What it means if Cathie Wood is the fa