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2021-04-15

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Why This Little-Known ETF Will Outperform ARKK<blockquote>为什么这只鲜为人知的 ETF 的表现将优于 ARKK</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":347119329,"tweetId":"347119329","gmtCreate":1618474153561,"gmtModify":1634292694027,"author":{"id":3579256753898144,"idStr":"3579256753898144","authorId":3579256753898144,"authorIdStr":"3579256753898144","name":"jkjkjkjk","avatar":"https://static.tigerbbs.com/176af14ad9797e8e2a824d2be763f06d","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":3,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>[微笑]&nbsp; </body></html>","htmlText":"<html><head></head><body>[微笑]&nbsp; </body></html>","text":"[微笑]","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/347119329","repostId":1158416535,"repostType":2,"repost":{"id":"1158416535","kind":"news","pubTimestamp":1618473920,"share":"https://www.laohunote.com/m/news/1158416535?lang=zh_CN&edition=full","pubTime":"2021-04-15 16:05","market":"us","language":"en","title":"Why This Little-Known ETF Will Outperform ARKK<blockquote>为什么这只鲜为人知的 ETF 的表现将优于 ARKK</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1158416535","media":"seekingalpha","summary":"Summary\n\nARKK achieved a legendary performance in 2020.\nMLPA is an under-covered ETF in an out-of-fa","content":"Summary<blockquote>总结</blockquote> <ul> <li>ARKK achieved a legendary performance in 2020.</li> <li>MLPA is an under-covered ETF in an out-of-favor sector.</li> <li>Why investors should weight MLPA over ARKK in 2021.</li> </ul> ARK Invest and its founder and CEO/CIO Cathie Wood rose to stardom in 2020 as its ETFs (ARKK) (ARKQ) (ARKG) (ARKW) (ARKF) achieved remarkably strong results during the year:<blockquote><ul><li>ARKK在2020年取得了传奇般的表现。</li><li>MLPA 是一只处于不受欢迎行业的覆盖率不足的 ETF。</li><li>为什么投资者在 2021 年应该更看重 MLPA 而不是 ARKK。</li></ul>ARK Invest 及其创始人兼首席执行官/首席信息官 Cathie Wood 在 2020 年一举成名，因为其 ETF (ARKK) (ARKQ) (ARKG) (ARKW) (ARKF) 在这一年中取得了非常强劲的业绩：</blockquote> <img src=\"https://static.tigerbbs.com/b9cecd280b57639291eecac1a7f51e41\" tg-width=\"635\" tg-height=\"470\">Data by YCharts<blockquote>数据由YCharts提供</blockquote> Compared to the broader indexes (SPY) (DIA) (QQQ), the amount of outperformance was simply incredible:<blockquote>与更广泛的指数（SPDR标普500指数ETF）（DIA）（QQQ）相比，优异表现的数量简直令人难以置信：</blockquote> <img src=\"https://static.tigerbbs.com/5b79feae135773bede582c7560974885\" tg-width=\"635\" tg-height=\"436\">Data by YCharts<blockquote>数据由YCharts提供</blockquote> By far the most popular of these funds is the Disruptive Innovation ETF (i.e., ARKK), which holds Tesla (TSLA) as its undisputed largest and highest conviction holding and complements it with other popular disruptors like Square (SQ), Teladoc (TDOC), Zoom (ZM), and Palantir (PLTR).<blockquote>到目前为止，这些基金中最受欢迎的是颠覆性创新 ETF（即 ARKK），它持有特斯拉 (TSLA) 作为其无可争议的最大和最高信念持有，并与 Square (SQ)、Teladoc (TDOC)、Zoom (ZM) 和 Palantir (PLTR) 等其他受欢迎的颠覆者进行补充。</blockquote> <img src=\"https://static.tigerbbs.com/cbfb95d8bcac16f0d478241037e81576\" tg-width=\"640\" tg-height=\"248\" referrerpolicy=\"no-referrer\">source<blockquote>来源</blockquote> Looking at ARKK's lifetime performance, we see that it has outperformed the market indexes handily even prior to 2020:<blockquote>纵观 ARKK 的生命周期表现，我们发现它甚至在 2020 年之前就轻松跑赢了市场指数：</blockquote> <img src=\"https://static.tigerbbs.com/ce62d7f1798c005705f3d7a36db56d7c\" tg-width=\"635\" tg-height=\"453\">Data by YCharts<blockquote>数据由YCharts提供</blockquote> Cathie Wood has been proven remarkably correct about battleground and massively outperforming stocks like TSLA, Nvidia (NVDA), Amazon (AMZN), and even Bitcoin (BTC-USD), and there's certainly a case to be made for investing in disruptive tech: The companies with the most/best data and technology will be massive winners tomorrow as we move increasingly toward a winner-take-most economy that's hyper-dependent on emerging disruptive technological platforms. Therefore, it's prudent to forego profits today in order to reinvest cash flows into developing new and better technology instead of pouring cash into dividends and repurchases today. The ability to massively scale new technologies to achieve rapid and massive profitability is routinely undervalued by the market, making disruptive tech a highly profitable investing niche.<blockquote>事实证明，凯西·伍德 (Cathie Wood) 对特斯拉 (TSLA)、英伟达 (NVDA)、亚马逊 (AMZN) 甚至比特币 (BTC-USD) 等战场和表现大幅优于特斯拉 (TSLA) 的股票的看法非常正确，而且投资颠覆性技术肯定是有理由的：拥有最多/最好数据和技术的公司明天将成为巨大的赢家，因为我们越来越多地走向一个过度依赖新兴颠覆性技术平台的赢家通吃的经济。因此，谨慎的做法是今天放弃利润，以便将现金流再投资于开发新的更好的技术，而不是今天将现金投入股息和回购。大规模扩展新技术以实现快速和巨额利润的能力通常被市场低估，这使得颠覆性技术成为一个高利润的投资利基市场。</blockquote> That said, while we certainly believe that disruptive tech still has - and always will have - a place in a well-diversified portfolio, we believe investors would be better served to weight their portfolios more heavily towards the out-of-favor and underfollowed Global X MLP ETF (MLPA) for the following reasons:<blockquote>也就是说，虽然我们当然相信颠覆性技术仍然——并将永远——在高度多元化的投资组合中占有一席之地，但我们相信投资者最好将其投资组合更多地倾向于不受欢迎且关注不足的 Global X MLP ETF (MLPA)原因如下：</blockquote> #1 - Massive Fee Disparity<blockquote>#1 - 巨大的费用差异</blockquote> As Warren Buffettonce said:<blockquote>正如沃伦·巴菲顿所说：</blockquote> Performance comes, performance goes. Fees never falter. Few investors fully appreciate the power of investing fees to alter total returns. As a result, rather than chasing the latest high-flying fund, it's generally much better over the long term to invest in low-cost well-run funds.<blockquote>表演来了，表演去了。费用从不动摇。很少有投资者充分认识到投资费用改变总回报的力量。因此，从长远来看，投资低成本运营良好的基金通常比追逐最新的高飞基金要好得多。</blockquote> ARKK charges a hefty 0.75% expense ratio. That means, regardless of whether or not its strategy outperforms in any given year (or even generates a positive return), ARK Invest will take 0.75% of your capital. That means that if you were to invest $100,000 into ARKK today and earn a 10% annualized return over the next decade, your total cost of fees would be a whopping $18,809.49 over that period.<blockquote>ARKK 收取高达 0.75% 的费用率。这意味着，无论其策略在任何给定年份是否表现出色（甚至产生正回报），ARK Invest 都会拿走您资本的 0.75%。这意味着，如果您今天向 ARKK 投资 100,000 美元，并在未来十年内获得 10% 的年化回报，那么在此期间您的总费用成本将高达 18,809.49 美元。</blockquote> In contrast, MLPA only charges a 0.46% expense ratio. Not only is this substantially less than ARKK's, but it's also less than its more popular fellow MLP ETF: The Alerian MLP ETF (AMLP), which charges a hefty 0.90% expense ratio. If $100,000 invested in MLPA were held over a 10-year period, you would only have $11,687.24 charged in fund expenses over that period, providing an incredible 7.12% return on investment boost to your holdings over that period relative to a similar amount invested in ARKK.<blockquote>相比之下，MLPA 仅收取 0.46% 的费用率。这不仅大大低于 ARKK，而且也低于其更受欢迎的 MLP ETF：Alerian MLP ETF (AMLP)，后者的费用率高达 0.90%。如果在 MLPA 投资的 100,000 美元持有 10 年，那么在此期间您只需收取 11,687.24 美元的基金费用，相对于投资于 ARKK 的类似金额，您在此期间的持有量将获得令人难以置信的 7.12% 投资回报。</blockquote> #2 - Even Bigger Fund Flow Disparity<blockquote>#2 - 更大的资金流动差异</blockquote> Another major headwind facing ARKK is that its assets under management have ballooned along with ARK Invest's and Cathie Wood's growing popularity:<blockquote>ARKK 面临的另一个主要阻力是，随着 ARK Investment 和 Cathie Wood 越来越受欢迎，其管理的资产也随之膨胀：</blockquote> <img src=\"https://static.tigerbbs.com/2e85734680e924a10d64d10595ddc9a1\" tg-width=\"635\" tg-height=\"419\">Data by YCharts<blockquote>数据由YCharts提供</blockquote> While this massive growth in assets under management is great for Cathie and company as it massively boosts their management fees, it also makes it harder and harder for them to efficiently manage investor assets. With tens of billions of dollars to deploy, it forces them to take on larger total positions to maintain the same degree of concentration. This in turn forces them to be less nimble in entering and exiting positions due to liquidity constraints and thereby not getting the best pricing possible. It also pushes them to invest in more positions than just their highest conviction picks as they search for additional places to deploy capital, thereby potentially diluting returns.<blockquote>虽然管理资产的大幅增长对Cathie和公司来说是巨大的，因为它大大提高了他们的管理费，但这也使他们越来越难以有效地管理投资者资产。随着数百亿美元的部署，这迫使他们采取更大的总头寸，以保持相同程度的集中度。由于流动性限制，这反过来迫使他们在进出头寸时变得不那么灵活，从而无法获得最佳定价。这也促使他们投资于更多的头寸，而不仅仅是他们的最高信念选择，因为他们正在寻找更多的地方来部署资本，从而可能稀释回报。</blockquote> While the challenges that come with greater amounts of assets under management are an issue for any fund, they are even greater for ARKK given its focus on a single niche, instead of the broader market. Furthermore, their particular niche is one of the most speculative and volatile, given its focus on wildly popular and mostly unprofitable tech companies. As a result, as fund inflows and outflows experience significant day-to-day volatility, ARKK will be increasingly challenged to buy and sell holdings efficiently in an attempt to maximize shareholder returns.<blockquote>虽然管理大量资产所带来的挑战对任何基金来说都是一个问题，但对 ARKK 来说，这些挑战更大，因为它专注于单一利基市场，而不是更广泛的市场。此外，鉴于其专注于广受欢迎且大多无利可图的科技公司，他们的特定利基市场是投机性最强、波动性最大的领域之一。因此，随着资金流入和流出每天都有很大的波动，ARKK 将面临越来越大的挑战，即有效地买卖股票，以实现股东回报最大化。</blockquote> MLPA, in contrast, is not only far smaller in terms of total assets under management, but its total number of assets under management are much less volatile. As a result, management is much better able to efficiently buy and sell holdings and allocate investor capital. When added to the expense ratio differential, MLPA gets a massive head start over ARKK moving forward.<blockquote>相比之下，MLPA不仅在管理资产总额方面小得多，而且其管理资产总数的波动性也小得多。因此，管理层能够更好地有效地买卖持股和分配投资者资本。当加上费用率差异时，MLPA 比 ARKK 领先。</blockquote> #3 - Incredible Valuation Disparity<blockquote>#3 - 令人难以置信的估值差异</blockquote> Last, but not least, there's a massive valuation disparity between the underlying holdings of these two ETFs.<blockquote>最后但并非最不重要的一点是，这两只 ETF 的标的持股之间存在巨大的估值差异。</blockquote> Innovative tech valuations sit at near all-time highs and face growing headwinds from the COVID-19 vaccine changing consumer behavior and the economic narrative, as well as surging inflation and rising interest rates as detailed inWhy High Yield Will Keep Pummeling Tech.<blockquote>创新科技的估值接近历史高点，并面临着来自 COVID-19 疫苗改变消费者行为和经济叙事以及通胀飙升和利率上升的日益严重的阻力，详见《为什么高收益率将继续打击科技公司》。</blockquote> Meanwhile, as detailed inWe Are Buying Midstream Hand Over Fist- MLPs look more attractive than ever right now with:<blockquote>与此同时，正如详细描述的那样，我们正在购买中游交接拳头 - MLP 现在看起来比以往任何时候都更具吸引力：</blockquote> <ul> <li>Historically high yields even as interest rates sit at historic lows, resulting in record spreads:</li> </ul> <img src=\"https://static.tigerbbs.com/a09a7951601c6894a09e02ad795097dd\" tg-width=\"640\" tg-height=\"479\" referrerpolicy=\"no-referrer\">source<blockquote><ul><li>尽管利率处于历史低点，但收益率仍处于历史高位，导致利差创历史新高：</li></ul>来源</blockquote> <ul> <li>Cheap valuation multiples in a market environment where major indexes are sporting record high valuations.</li> <li>Remarkably resilient fundamentals in the face of a double black swan event stemming from the oil price collapse and COVID-19.</li> <li>Strong recovery in cash flows and client profitability as energy prices have bounced back sharply in recent months.</li> </ul> Furthermore, MLPA holds blue chip MLPs as its top holdings, including Enterprise Products Partners (EPD), Energy Transfer (ET), Magellan Midstream (MMP), MPLX (MPLX), and Plains All American (PAA) as its top 5 positions.<blockquote><ul><li>在主要指数创下历史新高估值的市场环境中，估值倍数便宜。</li><li>面对油价暴跌和 COVID-19 引发的双重黑天鹅事件，基本面表现出非凡的弹性。</li><li>随着近几个月能源价格大幅反弹，现金流和客户盈利能力强劲复苏。</li></ul>此外，MLPA 持有蓝筹股 MLP 作为其最大持股，其中企业产品合作伙伴 (EPD)、能源传输 (ET)、麦哲伦中游 (MMP)、MPLX (MPLX) 和 Plains All American (PAA) 是其前 5 名持股。</blockquote> <img src=\"https://static.tigerbbs.com/bb94cd983513980447f14b8b1952d49f\" tg-width=\"640\" tg-height=\"431\"><blockquote></blockquote> source<blockquote>来源</blockquote> We are very bullish on each of these MLPs as they each possess investment grade balance sheets, trade at very attractive valuations with lucrative and well-covered yields, and have high-quality asset portfolios that are positioned to remain relevant well into the future even as the global economy continues to focus increasingly on green energy alternatives.<blockquote>我们非常看好这些 MLP，因为它们都拥有投资级资产负债表，以非常有吸引力的估值进行交易，收益率丰厚且覆盖面广，并且拥有高质量的资产组合，即使全球经济继续越来越关注绿色能源替代品，这些资产组合也能在未来保持相关性。</blockquote> A Better Alternative Than Either Of Them<blockquote>比他们中的任何一个更好的选择</blockquote> Low-cost ETFs concentrated on an out-of-favor sector with strong fundamentals like MLPA is a great option for unsophisticated and/or passive investors. They provide instant diversification with the purchase of a single share along with professional portfolio management.<blockquote>低成本 ETF 专注于 MLPA 等基本面强劲的不受欢迎行业，对于不成熟和/或被动的投资者来说是一个不错的选择。他们通过购买单一股票以及专业的投资组合管理来提供即时多元化。</blockquote> However, just like there's no free lunch, a drawback to ETFs is that they often pursue much broader diversification than we do in our portfolios and, as a result, often force investors to invest in positions that are not high conviction.<blockquote>然而，就像没有免费的午餐一样，ETF 的一个缺点是，它们通常追求比我们投资组合更广泛的多元化，因此，它们往往迫使投资者投资于信念不高的头寸。</blockquote> Though we ourselves may occasionally invest in a specific sector’s ETF if we see a unique opportunity to add value with it, we generally greatly prefer investing in individual securities because it enables us to target stronger risk-adjusted returns.<blockquote>虽然如果我们看到某个特定行业的 ETF 有独特的增值机会，我们自己偶尔也会投资该行业，但我们通常更倾向于投资个别证券，因为这能让我们获得更高的风险调整后回报。</blockquote> By pursuing a simple, but time-tested value investing strategy of<blockquote>通过追求简单但经过时间考验的价值投资策略</blockquote> <ul> <li>Investing in what we know</li> <li>Avoiding bad management</li> <li>Buying attractive yields below a conservative estimate of fair value</li> <li>Overweightingcompanies with strong balance sheets</li> </ul> we are able to invest in mostly winners and minimize our losers. As a result, since its inception, our well-diversified value and income focused real money Equity Portfolio at High Yield Investor has absolutely crushed the broader market indexes along with ARKK:<blockquote><ul><li>投资于我们所知道的</li><li>避免管理不善</li><li>购买低于公允价值保守估计的有吸引力的收益率</li><li>增持资产负债表强劲的公司</li></ul>我们能够投资于大多数赢家，并尽量减少输家。因此，自成立以来，我们在 High Yield Investor 的多元化价值和收益为重点的真实货币股票投资组合绝对碾压了更广泛的市场指数以及 ARKK：</blockquote> <img src=\"https://static.tigerbbs.com/f54358ccb1701431993365a154cdada3\" tg-width=\"480\" tg-height=\"289\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> source: Author<blockquote>来源：作者</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> ARKK has been on a remarkable run thanks in large part to their remarkable calls on top holding TSLA and aided significantly by the pandemic and the rise in popularity of disruptive tech. Meanwhile, as disruptive tech companies have soared to stratospheric valuations, MLPA has been weighed down by the MLP sector's deep unpopularity, the rise of renewable energy and ESG investing, and a demand plunge caused by COVID-19.<blockquote>ARKK 的表现非常出色，这在很大程度上要归功于他们在 TSLA 上的出色评级，以及疫情和颠覆性技术日益普及的大力帮助。与此同时，随着颠覆性科技公司的估值飙升至平流层，MLPA 受到 MLP 行业严重不受欢迎、可再生能源和 ESG 投资的兴起以及 COVID-19 导致的需求暴跌的拖累。</blockquote> We believe that rising interest rates, combined with a re-opening economy, will bring tech valuations back down to earth while giving MLPs a strong demand boost. Furthermore, we believe that MLPA's strong fundamentals of robust free cash flow generation, strong balance sheets, improved corporate governance, and well-covered and record-high distribution yields will lead to strong outperformance moving forward.<blockquote>我们相信，利率上升加上经济重新开放，将使科技估值回归现实，同时为 MLP 带来强劲的需求提振。此外，我们相信，MLPA 强劲的自由现金流生成、强劲的资产负债表、改善的公司治理以及覆盖面广且创纪录的高分销收益率的强劲基本面将带来未来的强劲表现。</blockquote> While we think that intelligently following a value investing approach is best in this sector, for investors looking for a totally passive approach, MLPA is a very attractive option given its relatively low fees, easily managed assets under management, and high quality top holdings.<blockquote>虽然我们认为明智地遵循价值投资方法是该领域的最佳选择，但对于寻求完全被动方法的投资者来说，MLPA 是一个非常有吸引力的选择，因为其费用相对较低、易于管理的资产以及高质量的顶级持股。</blockquote> Meanwhile, ARKK will be increasingly weighed down by the runaway valuations of its core holdings, major drag from its highly volatile and enormous volume of assets under management, and - worst of all - its rather high expense ratio.<blockquote>与此同时，ARKK 将越来越受到其核心资产估值失控的拖累，其管理的资产高度波动且数量庞大，以及最糟糕的是其相当高的费用率的主要拖累。</blockquote> Prudent investors will find room in their portfolios for both disruptive tech and high yield real assets, but we believe that the risk-adjusted return outlook for MLPA is meaningfully superior to ARKK's right now.<blockquote>谨慎的投资者会在他们的投资组合中为颠覆性科技和高收益实物资产找到空间，但我们相信，MLPA 的风险调整后回报前景目前明显优于 ARKK。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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: 12.5px; color: #7E829C; margin: 0;}\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 This Little-Known ETF Will Outperform ARKK<blockquote>为什么这只鲜为人知的 ETF 的表现将优于 ARKK</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-04-15 16:05\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>ARKK achieved a legendary performance in 2020.</li> <li>MLPA is an under-covered ETF in an out-of-favor sector.</li> <li>Why investors should weight MLPA over ARKK in 2021.</li> </ul> ARK Invest and its founder and CEO/CIO Cathie Wood rose to stardom in 2020 as its ETFs (ARKK) (ARKQ) (ARKG) (ARKW) (ARKF) achieved remarkably strong results during the year:<blockquote><ul><li>ARKK在2020年取得了传奇般的表现。</li><li>MLPA 是一只处于不受欢迎行业的覆盖率不足的 ETF。</li><li>为什么投资者在 2021 年应该更看重 MLPA 而不是 ARKK。</li></ul>ARK Invest 及其创始人兼首席执行官/首席信息官 Cathie Wood 在 2020 年一举成名，因为其 ETF (ARKK) (ARKQ) (ARKG) (ARKW) (ARKF) 在这一年中取得了非常强劲的业绩：</blockquote> <img src=\"https://static.tigerbbs.com/b9cecd280b57639291eecac1a7f51e41\" tg-width=\"635\" tg-height=\"470\">Data by YCharts<blockquote>数据由YCharts提供</blockquote> Compared to the broader indexes (SPY) (DIA) (QQQ), the amount of outperformance was simply incredible:<blockquote>与更广泛的指数（SPDR标普500指数ETF）（DIA）（QQQ）相比，优异表现的数量简直令人难以置信：</blockquote> <img src=\"https://static.tigerbbs.com/5b79feae135773bede582c7560974885\" tg-width=\"635\" tg-height=\"436\">Data by YCharts<blockquote>数据由YCharts提供</blockquote> By far the most popular of these funds is the Disruptive Innovation ETF (i.e., ARKK), which holds Tesla (TSLA) as its undisputed largest and highest conviction holding and complements it with other popular disruptors like Square (SQ), Teladoc (TDOC), Zoom (ZM), and Palantir (PLTR).<blockquote>到目前为止，这些基金中最受欢迎的是颠覆性创新 ETF（即 ARKK），它持有特斯拉 (TSLA) 作为其无可争议的最大和最高信念持有，并与 Square (SQ)、Teladoc (TDOC)、Zoom (ZM) 和 Palantir (PLTR) 等其他受欢迎的颠覆者进行补充。</blockquote> <img src=\"https://static.tigerbbs.com/cbfb95d8bcac16f0d478241037e81576\" tg-width=\"640\" tg-height=\"248\" referrerpolicy=\"no-referrer\">source<blockquote>来源</blockquote> Looking at ARKK's lifetime performance, we see that it has outperformed the market indexes handily even prior to 2020:<blockquote>纵观 ARKK 的生命周期表现，我们发现它甚至在 2020 年之前就轻松跑赢了市场指数：</blockquote> <img src=\"https://static.tigerbbs.com/ce62d7f1798c005705f3d7a36db56d7c\" tg-width=\"635\" tg-height=\"453\">Data by YCharts<blockquote>数据由YCharts提供</blockquote> Cathie Wood has been proven remarkably correct about battleground and massively outperforming stocks like TSLA, Nvidia (NVDA), Amazon (AMZN), and even Bitcoin (BTC-USD), and there's certainly a case to be made for investing in disruptive tech: The companies with the most/best data and technology will be massive winners tomorrow as we move increasingly toward a winner-take-most economy that's hyper-dependent on emerging disruptive technological platforms. Therefore, it's prudent to forego profits today in order to reinvest cash flows into developing new and better technology instead of pouring cash into dividends and repurchases today. The ability to massively scale new technologies to achieve rapid and massive profitability is routinely undervalued by the market, making disruptive tech a highly profitable investing niche.<blockquote>事实证明，凯西·伍德 (Cathie Wood) 对特斯拉 (TSLA)、英伟达 (NVDA)、亚马逊 (AMZN) 甚至比特币 (BTC-USD) 等战场和表现大幅优于特斯拉 (TSLA) 的股票的看法非常正确，而且投资颠覆性技术肯定是有理由的：拥有最多/最好数据和技术的公司明天将成为巨大的赢家，因为我们越来越多地走向一个过度依赖新兴颠覆性技术平台的赢家通吃的经济。因此，谨慎的做法是今天放弃利润，以便将现金流再投资于开发新的更好的技术，而不是今天将现金投入股息和回购。大规模扩展新技术以实现快速和巨额利润的能力通常被市场低估，这使得颠覆性技术成为一个高利润的投资利基市场。</blockquote> That said, while we certainly believe that disruptive tech still has - and always will have - a place in a well-diversified portfolio, we believe investors would be better served to weight their portfolios more heavily towards the out-of-favor and underfollowed Global X MLP ETF (MLPA) for the following reasons:<blockquote>也就是说，虽然我们当然相信颠覆性技术仍然——并将永远——在高度多元化的投资组合中占有一席之地，但我们相信投资者最好将其投资组合更多地倾向于不受欢迎且关注不足的 Global X MLP ETF (MLPA)原因如下：</blockquote> #1 - Massive Fee Disparity<blockquote>#1 - 巨大的费用差异</blockquote> As Warren Buffettonce said:<blockquote>正如沃伦·巴菲顿所说：</blockquote> Performance comes, performance goes. Fees never falter. Few investors fully appreciate the power of investing fees to alter total returns. As a result, rather than chasing the latest high-flying fund, it's generally much better over the long term to invest in low-cost well-run funds.<blockquote>表演来了，表演去了。费用从不动摇。很少有投资者充分认识到投资费用改变总回报的力量。因此，从长远来看，投资低成本运营良好的基金通常比追逐最新的高飞基金要好得多。</blockquote> ARKK charges a hefty 0.75% expense ratio. That means, regardless of whether or not its strategy outperforms in any given year (or even generates a positive return), ARK Invest will take 0.75% of your capital. That means that if you were to invest $100,000 into ARKK today and earn a 10% annualized return over the next decade, your total cost of fees would be a whopping $18,809.49 over that period.<blockquote>ARKK 收取高达 0.75% 的费用率。这意味着，无论其策略在任何给定年份是否表现出色（甚至产生正回报），ARK Invest 都会拿走您资本的 0.75%。这意味着，如果您今天向 ARKK 投资 100,000 美元，并在未来十年内获得 10% 的年化回报，那么在此期间您的总费用成本将高达 18,809.49 美元。</blockquote> In contrast, MLPA only charges a 0.46% expense ratio. Not only is this substantially less than ARKK's, but it's also less than its more popular fellow MLP ETF: The Alerian MLP ETF (AMLP), which charges a hefty 0.90% expense ratio. If $100,000 invested in MLPA were held over a 10-year period, you would only have $11,687.24 charged in fund expenses over that period, providing an incredible 7.12% return on investment boost to your holdings over that period relative to a similar amount invested in ARKK.<blockquote>相比之下，MLPA 仅收取 0.46% 的费用率。这不仅大大低于 ARKK，而且也低于其更受欢迎的 MLP ETF：Alerian MLP ETF (AMLP)，后者的费用率高达 0.90%。如果在 MLPA 投资的 100,000 美元持有 10 年，那么在此期间您只需收取 11,687.24 美元的基金费用，相对于投资于 ARKK 的类似金额，您在此期间的持有量将获得令人难以置信的 7.12% 投资回报。</blockquote> #2 - Even Bigger Fund Flow Disparity<blockquote>#2 - 更大的资金流动差异</blockquote> Another major headwind facing ARKK is that its assets under management have ballooned along with ARK Invest's and Cathie Wood's growing popularity:<blockquote>ARKK 面临的另一个主要阻力是，随着 ARK Investment 和 Cathie Wood 越来越受欢迎，其管理的资产也随之膨胀：</blockquote> <img src=\"https://static.tigerbbs.com/2e85734680e924a10d64d10595ddc9a1\" tg-width=\"635\" tg-height=\"419\">Data by YCharts<blockquote>数据由YCharts提供</blockquote> While this massive growth in assets under management is great for Cathie and company as it massively boosts their management fees, it also makes it harder and harder for them to efficiently manage investor assets. With tens of billions of dollars to deploy, it forces them to take on larger total positions to maintain the same degree of concentration. This in turn forces them to be less nimble in entering and exiting positions due to liquidity constraints and thereby not getting the best pricing possible. It also pushes them to invest in more positions than just their highest conviction picks as they search for additional places to deploy capital, thereby potentially diluting returns.<blockquote>虽然管理资产的大幅增长对Cathie和公司来说是巨大的，因为它大大提高了他们的管理费，但这也使他们越来越难以有效地管理投资者资产。随着数百亿美元的部署，这迫使他们采取更大的总头寸，以保持相同程度的集中度。由于流动性限制，这反过来迫使他们在进出头寸时变得不那么灵活，从而无法获得最佳定价。这也促使他们投资于更多的头寸，而不仅仅是他们的最高信念选择，因为他们正在寻找更多的地方来部署资本，从而可能稀释回报。</blockquote> While the challenges that come with greater amounts of assets under management are an issue for any fund, they are even greater for ARKK given its focus on a single niche, instead of the broader market. Furthermore, their particular niche is one of the most speculative and volatile, given its focus on wildly popular and mostly unprofitable tech companies. As a result, as fund inflows and outflows experience significant day-to-day volatility, ARKK will be increasingly challenged to buy and sell holdings efficiently in an attempt to maximize shareholder returns.<blockquote>虽然管理大量资产所带来的挑战对任何基金来说都是一个问题，但对 ARKK 来说，这些挑战更大，因为它专注于单一利基市场，而不是更广泛的市场。此外，鉴于其专注于广受欢迎且大多无利可图的科技公司，他们的特定利基市场是投机性最强、波动性最大的领域之一。因此，随着资金流入和流出每天都有很大的波动，ARKK 将面临越来越大的挑战，即有效地买卖股票，以实现股东回报最大化。</blockquote> MLPA, in contrast, is not only far smaller in terms of total assets under management, but its total number of assets under management are much less volatile. As a result, management is much better able to efficiently buy and sell holdings and allocate investor capital. When added to the expense ratio differential, MLPA gets a massive head start over ARKK moving forward.<blockquote>相比之下，MLPA不仅在管理资产总额方面小得多，而且其管理资产总数的波动性也小得多。因此，管理层能够更好地有效地买卖持股和分配投资者资本。当加上费用率差异时，MLPA 比 ARKK 领先。</blockquote> #3 - Incredible Valuation Disparity<blockquote>#3 - 令人难以置信的估值差异</blockquote> Last, but not least, there's a massive valuation disparity between the underlying holdings of these two ETFs.<blockquote>最后但并非最不重要的一点是，这两只 ETF 的标的持股之间存在巨大的估值差异。</blockquote> Innovative tech valuations sit at near all-time highs and face growing headwinds from the COVID-19 vaccine changing consumer behavior and the economic narrative, as well as surging inflation and rising interest rates as detailed inWhy High Yield Will Keep Pummeling Tech.<blockquote>创新科技的估值接近历史高点，并面临着来自 COVID-19 疫苗改变消费者行为和经济叙事以及通胀飙升和利率上升的日益严重的阻力，详见《为什么高收益率将继续打击科技公司》。</blockquote> Meanwhile, as detailed inWe Are Buying Midstream Hand Over Fist- MLPs look more attractive than ever right now with:<blockquote>与此同时，正如详细描述的那样，我们正在购买中游交接拳头 - MLP 现在看起来比以往任何时候都更具吸引力：</blockquote> <ul> <li>Historically high yields even as interest rates sit at historic lows, resulting in record spreads:</li> </ul> <img src=\"https://static.tigerbbs.com/a09a7951601c6894a09e02ad795097dd\" tg-width=\"640\" tg-height=\"479\" referrerpolicy=\"no-referrer\">source<blockquote><ul><li>尽管利率处于历史低点，但收益率仍处于历史高位，导致利差创历史新高：</li></ul>来源</blockquote> <ul> <li>Cheap valuation multiples in a market environment where major indexes are sporting record high valuations.</li> <li>Remarkably resilient fundamentals in the face of a double black swan event stemming from the oil price collapse and COVID-19.</li> <li>Strong recovery in cash flows and client profitability as energy prices have bounced back sharply in recent months.</li> </ul> Furthermore, MLPA holds blue chip MLPs as its top holdings, including Enterprise Products Partners (EPD), Energy Transfer (ET), Magellan Midstream (MMP), MPLX (MPLX), and Plains All American (PAA) as its top 5 positions.<blockquote><ul><li>在主要指数创下历史新高估值的市场环境中，估值倍数便宜。</li><li>面对油价暴跌和 COVID-19 引发的双重黑天鹅事件，基本面表现出非凡的弹性。</li><li>随着近几个月能源价格大幅反弹，现金流和客户盈利能力强劲复苏。</li></ul>此外，MLPA 持有蓝筹股 MLP 作为其最大持股，其中企业产品合作伙伴 (EPD)、能源传输 (ET)、麦哲伦中游 (MMP)、MPLX (MPLX) 和 Plains All American (PAA) 是其前 5 名持股。</blockquote> <img src=\"https://static.tigerbbs.com/bb94cd983513980447f14b8b1952d49f\" tg-width=\"640\" tg-height=\"431\"><blockquote></blockquote> source<blockquote>来源</blockquote> We are very bullish on each of these MLPs as they each possess investment grade balance sheets, trade at very attractive valuations with lucrative and well-covered yields, and have high-quality asset portfolios that are positioned to remain relevant well into the future even as the global economy continues to focus increasingly on green energy alternatives.<blockquote>我们非常看好这些 MLP，因为它们都拥有投资级资产负债表，以非常有吸引力的估值进行交易，收益率丰厚且覆盖面广，并且拥有高质量的资产组合，即使全球经济继续越来越关注绿色能源替代品，这些资产组合也能在未来保持相关性。</blockquote> A Better Alternative Than Either Of Them<blockquote>比他们中的任何一个更好的选择</blockquote> Low-cost ETFs concentrated on an out-of-favor sector with strong fundamentals like MLPA is a great option for unsophisticated and/or passive investors. They provide instant diversification with the purchase of a single share along with professional portfolio management.<blockquote>低成本 ETF 专注于 MLPA 等基本面强劲的不受欢迎行业，对于不成熟和/或被动的投资者来说是一个不错的选择。他们通过购买单一股票以及专业的投资组合管理来提供即时多元化。</blockquote> However, just like there's no free lunch, a drawback to ETFs is that they often pursue much broader diversification than we do in our portfolios and, as a result, often force investors to invest in positions that are not high conviction.<blockquote>然而，就像没有免费的午餐一样，ETF 的一个缺点是，它们通常追求比我们投资组合更广泛的多元化，因此，它们往往迫使投资者投资于信念不高的头寸。</blockquote> Though we ourselves may occasionally invest in a specific sector’s ETF if we see a unique opportunity to add value with it, we generally greatly prefer investing in individual securities because it enables us to target stronger risk-adjusted returns.<blockquote>虽然如果我们看到某个特定行业的 ETF 有独特的增值机会，我们自己偶尔也会投资该行业，但我们通常更倾向于投资个别证券，因为这能让我们获得更高的风险调整后回报。</blockquote> By pursuing a simple, but time-tested value investing strategy of<blockquote>通过追求简单但经过时间考验的价值投资策略</blockquote> <ul> <li>Investing in what we know</li> <li>Avoiding bad management</li> <li>Buying attractive yields below a conservative estimate of fair value</li> <li>Overweightingcompanies with strong balance sheets</li> </ul> we are able to invest in mostly winners and minimize our losers. As a result, since its inception, our well-diversified value and income focused real money Equity Portfolio at High Yield Investor has absolutely crushed the broader market indexes along with ARKK:<blockquote><ul><li>投资于我们所知道的</li><li>避免管理不善</li><li>购买低于公允价值保守估计的有吸引力的收益率</li><li>增持资产负债表强劲的公司</li></ul>我们能够投资于大多数赢家，并尽量减少输家。因此，自成立以来，我们在 High Yield Investor 的多元化价值和收益为重点的真实货币股票投资组合绝对碾压了更广泛的市场指数以及 ARKK：</blockquote> <img src=\"https://static.tigerbbs.com/f54358ccb1701431993365a154cdada3\" tg-width=\"480\" tg-height=\"289\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> source: Author<blockquote>来源：作者</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> ARKK has been on a remarkable run thanks in large part to their remarkable calls on top holding TSLA and aided significantly by the pandemic and the rise in popularity of disruptive tech. Meanwhile, as disruptive tech companies have soared to stratospheric valuations, MLPA has been weighed down by the MLP sector's deep unpopularity, the rise of renewable energy and ESG investing, and a demand plunge caused by COVID-19.<blockquote>ARKK 的表现非常出色，这在很大程度上要归功于他们在 TSLA 上的出色评级，以及疫情和颠覆性技术日益普及的大力帮助。与此同时，随着颠覆性科技公司的估值飙升至平流层，MLPA 受到 MLP 行业严重不受欢迎、可再生能源和 ESG 投资的兴起以及 COVID-19 导致的需求暴跌的拖累。</blockquote> We believe that rising interest rates, combined with a re-opening economy, will bring tech valuations back down to earth while giving MLPs a strong demand boost. Furthermore, we believe that MLPA's strong fundamentals of robust free cash flow generation, strong balance sheets, improved corporate governance, and well-covered and record-high distribution yields will lead to strong outperformance moving forward.<blockquote>我们相信，利率上升加上经济重新开放，将使科技估值回归现实，同时为 MLP 带来强劲的需求提振。此外，我们相信，MLPA 强劲的自由现金流生成、强劲的资产负债表、改善的公司治理以及覆盖面广且创纪录的高分销收益率的强劲基本面将带来未来的强劲表现。</blockquote> While we think that intelligently following a value investing approach is best in this sector, for investors looking for a totally passive approach, MLPA is a very attractive option given its relatively low fees, easily managed assets under management, and high quality top holdings.<blockquote>虽然我们认为明智地遵循价值投资方法是该领域的最佳选择，但对于寻求完全被动方法的投资者来说，MLPA 是一个非常有吸引力的选择，因为其费用相对较低、易于管理的资产以及高质量的顶级持股。</blockquote> Meanwhile, ARKK will be increasingly weighed down by the runaway valuations of its core holdings, major drag from its highly volatile and enormous volume of assets under management, and - worst of all - its rather high expense ratio.<blockquote>与此同时，ARKK 将越来越受到其核心资产估值失控的拖累，其管理的资产高度波动且数量庞大，以及最糟糕的是其相当高的费用率的主要拖累。</blockquote> Prudent investors will find room in their portfolios for both disruptive tech and high yield real assets, but we believe that the risk-adjusted return outlook for MLPA is meaningfully superior to ARKK's right now.<blockquote>谨慎的投资者会在他们的投资组合中为颠覆性科技和高收益实物资产找到空间，但我们相信，MLPA 的风险调整后回报前景目前明显优于 ARKK。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4418956-why-this-little-known-etf-will-outperform-arkk\">seekingalpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKK":"ARK Innovation ETF"},"source_url":"https://seekingalpha.com/article/4418956-why-this-little-known-etf-will-outperform-arkk","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1158416535","content_text":"Summary\n\nARKK achieved a legendary performance in 2020.\nMLPA is an under-covered ETF in an out-of-favor sector.\nWhy investors should weight MLPA over ARKK in 2021.\n\nARK Invest and its founder and CEO/CIO Cathie Wood rose to stardom in 2020 as its ETFs (ARKK) (ARKQ) (ARKG) (ARKW) (ARKF) achieved remarkably strong results during the year:\nData by YCharts\nCompared to the broader indexes (SPY) (DIA) (QQQ), the amount of outperformance was simply incredible:\nData by YCharts\nBy far the most popular of these funds is the Disruptive Innovation ETF (i.e., ARKK), which holds Tesla (TSLA) as its undisputed largest and highest conviction holding and complements it with other popular disruptors like Square (SQ), Teladoc (TDOC), Zoom (ZM), and Palantir (PLTR).\nsource\nLooking at ARKK's lifetime performance, we see that it has outperformed the market indexes handily even prior to 2020:\nData by YCharts\nCathie Wood has been proven remarkably correct about battleground and massively outperforming stocks like TSLA, Nvidia (NVDA), Amazon (AMZN), and even Bitcoin (BTC-USD), and there's certainly a case to be made for investing in disruptive tech: The companies with the most/best data and technology will be massive winners tomorrow as we move increasingly toward a winner-take-most economy that's hyper-dependent on emerging disruptive technological platforms. Therefore, it's prudent to forego profits today in order to reinvest cash flows into developing new and better technology instead of pouring cash into dividends and repurchases today. The ability to massively scale new technologies to achieve rapid and massive profitability is routinely undervalued by the market, making disruptive tech a highly profitable investing niche.\nThat said, while we certainly believe that disruptive tech still has - and always will have - a place in a well-diversified portfolio, we believe investors would be better served to weight their portfolios more heavily towards the out-of-favor and underfollowed Global X MLP ETF (MLPA) for the following reasons:\n#1 - Massive Fee Disparity\nAs Warren Buffettonce said:\n\nPerformance comes, performance goes. Fees never falter.\n\nFew investors fully appreciate the power of investing fees to alter total returns. As a result, rather than chasing the latest high-flying fund, it's generally much better over the long term to invest in low-cost well-run funds.\nARKK charges a hefty 0.75% expense ratio. That means, regardless of whether or not its strategy outperforms in any given year (or even generates a positive return), ARK Invest will take 0.75% of your capital. That means that if you were to invest $100,000 into ARKK today and earn a 10% annualized return over the next decade, your total cost of fees would be a whopping $18,809.49 over that period.\nIn contrast, MLPA only charges a 0.46% expense ratio. Not only is this substantially less than ARKK's, but it's also less than its more popular fellow MLP ETF: The Alerian MLP ETF (AMLP), which charges a hefty 0.90% expense ratio. If $100,000 invested in MLPA were held over a 10-year period, you would only have $11,687.24 charged in fund expenses over that period, providing an incredible 7.12% return on investment boost to your holdings over that period relative to a similar amount invested in ARKK.\n#2 - Even Bigger Fund Flow Disparity\nAnother major headwind facing ARKK is that its assets under management have ballooned along with ARK Invest's and Cathie Wood's growing popularity:\nData by YCharts\nWhile this massive growth in assets under management is great for Cathie and company as it massively boosts their management fees, it also makes it harder and harder for them to efficiently manage investor assets. With tens of billions of dollars to deploy, it forces them to take on larger total positions to maintain the same degree of concentration. This in turn forces them to be less nimble in entering and exiting positions due to liquidity constraints and thereby not getting the best pricing possible. It also pushes them to invest in more positions than just their highest conviction picks as they search for additional places to deploy capital, thereby potentially diluting returns.\nWhile the challenges that come with greater amounts of assets under management are an issue for any fund, they are even greater for ARKK given its focus on a single niche, instead of the broader market. Furthermore, their particular niche is one of the most speculative and volatile, given its focus on wildly popular and mostly unprofitable tech companies. As a result, as fund inflows and outflows experience significant day-to-day volatility, ARKK will be increasingly challenged to buy and sell holdings efficiently in an attempt to maximize shareholder returns.\nMLPA, in contrast, is not only far smaller in terms of total assets under management, but its total number of assets under management are much less volatile. As a result, management is much better able to efficiently buy and sell holdings and allocate investor capital. When added to the expense ratio differential, MLPA gets a massive head start over ARKK moving forward.\n#3 - Incredible Valuation Disparity\nLast, but not least, there's a massive valuation disparity between the underlying holdings of these two ETFs.\nInnovative tech valuations sit at near all-time highs and face growing headwinds from the COVID-19 vaccine changing consumer behavior and the economic narrative, as well as surging inflation and rising interest rates as detailed inWhy High Yield Will Keep Pummeling Tech.\nMeanwhile, as detailed inWe Are Buying Midstream Hand Over Fist- MLPs look more attractive than ever right now with:\n\nHistorically high yields even as interest rates sit at historic lows, resulting in record spreads:\n\nsource\n\nCheap valuation multiples in a market environment where major indexes are sporting record high valuations.\nRemarkably resilient fundamentals in the face of a double black swan event stemming from the oil price collapse and COVID-19.\nStrong recovery in cash flows and client profitability as energy prices have bounced back sharply in recent months.\n\nFurthermore, MLPA holds blue chip MLPs as its top holdings, including Enterprise Products Partners (EPD), Energy Transfer (ET), Magellan Midstream (MMP), MPLX (MPLX), and Plains All American (PAA) as its top 5 positions.\n\nsource\nWe are very bullish on each of these MLPs as they each possess investment grade balance sheets, trade at very attractive valuations with lucrative and well-covered yields, and have high-quality asset portfolios that are positioned to remain relevant well into the future even as the global economy continues to focus increasingly on green energy alternatives.\nA Better Alternative Than Either Of Them\nLow-cost ETFs concentrated on an out-of-favor sector with strong fundamentals like MLPA is a great option for unsophisticated and/or passive investors. They provide instant diversification with the purchase of a single share along with professional portfolio management.\nHowever, just like there's no free lunch, a drawback to ETFs is that they often pursue much broader diversification than we do in our portfolios and, as a result, often force investors to invest in positions that are not high conviction.\nThough we ourselves may occasionally invest in a specific sector’s ETF if we see a unique opportunity to add value with it, we generally greatly prefer investing in individual securities because it enables us to target stronger risk-adjusted returns.\nBy pursuing a simple, but time-tested value investing strategy of\n\nInvesting in what we know\nAvoiding bad management\nBuying attractive yields below a conservative estimate of fair value\nOverweightingcompanies with strong balance sheets\n\nwe are able to invest in mostly winners and minimize our losers. As a result, since its inception, our well-diversified value and income focused real money Equity Portfolio at High Yield Investor has absolutely crushed the broader market indexes along with ARKK:\n\nsource: Author\nInvestor Takeaway\nARKK has been on a remarkable run thanks in large part to their remarkable calls on top holding TSLA and aided significantly by the pandemic and the rise in popularity of disruptive tech. Meanwhile, as disruptive tech companies have soared to stratospheric valuations, MLPA has been weighed down by the MLP sector's deep unpopularity, the rise of renewable energy and ESG investing, and a demand plunge caused by COVID-19.\nWe believe that rising interest rates, combined with a re-opening economy, will bring tech valuations back down to earth while giving MLPs a strong demand boost. Furthermore, we believe that MLPA's strong fundamentals of robust free cash flow generation, strong balance sheets, improved corporate governance, and well-covered and record-high distribution yields will lead to strong outperformance moving forward.\nWhile we think that intelligently following a value investing approach is best in this sector, for investors looking for a totally passive approach, MLPA is a very attractive option given its relatively low fees, easily managed assets under management, and high quality top holdings.\nMeanwhile, ARKK will be increasingly weighed down by the runaway valuations of its core holdings, major drag from its highly volatile and enormous volume of assets under management, and - worst of all - its rather high expense ratio.\nPrudent investors will find room in their portfolios for both disruptive tech and high yield real assets, but we believe that the risk-adjusted return outlook for MLPA is meaningfully superior to ARKK's right now.","news_type":1,"symbols_score_info":{"ARKK":0.9}},"isVote":1,"tweetType":1,"viewCount":2719,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/347119329"}