Cathie Wood's Bloated ARK Forges Forward_老虎社区_美港股上老虎

Cathie Wood's Bloated ARK Forges Forward

ZeroHedge2021-04-26

We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now. Whatstartedas a look into how the law of large numbers and ...

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jonbeloved
·2021-04-27
Great insights
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- Phoebella:
  ok
  2021-04-27
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- jonbeloved:
  Ok
  2021-04-27
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- Phoebella回复jonbeloved:
  yup
  2021-04-28
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Tslverde
·2021-04-27
Ark? Response plse
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- Albaakbert:
  Yes
  2021-04-27
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Atwosome
·2021-04-27
ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.
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YWC
·2021-04-27
Hi...
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- Tslverde:
  Good
  2021-04-27
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181c3c94
·2021-04-27
Idk bro
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- 181c3c94:
  hmmm
  2021-04-27
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- 181c3c94:
  reply pls
  2021-04-27
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- Tslverde:
  Response
  2021-04-27
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BellcurveGod
·2021-04-27
LnC
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VSkemama
·2021-04-27
Market to the moon....huat ah....like and comment to huat
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- BellcurveGod:
  c
  2021-04-27
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- Camemberu:
  Cathie is legend!
  2021-04-27
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RaymondSCF
·2021-04-27
👍👍👍
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62dac398
·2021-04-27
This is a great article
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- 62dac398:
  Hi
  2021-04-30
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Peanutschez
·2021-04-27
Oh
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dent
·2021-04-26
Cathie wood ftw!!
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- hiuui:
  please comment Nd like baxk
  2021-04-27
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- ckh:
  reply to me here
  2021-04-27
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cyong
·2021-04-26
please like and comment thx
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- Cents:
  [得意]
  2021-04-26
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Ls1031
·2021-04-26
喔
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Tlger Buddy
·2021-04-26
Pls like and comment
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- cyong:
  please like n comment
  2021-04-26
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小威虎
·2021-04-26
Ok
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charlito
·2021-04-26
Wow amazing article, fully agree. Appreciate the article thanks
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ASCNMN
·2021-04-26
Ok
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6bd41974
·2021-04-26
Helpful. Please comment and like.
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- Hodl:
  Great
  2021-04-27
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LouisTeoh
·2021-04-26
Like
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- alicialjw:
  Done
  2021-04-26
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Keatz
·2021-04-26
👍🏻👍🏻👍🏻
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- KeithHan:
  😅 😅 😅 😅
  2021-04-26
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- wormsccc:
  [财迷]
  2021-04-27
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The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.\nThe second isbecause the launchof her newest actively managed \"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.\nBut something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.\nAnd now people are also pointing out that ARK's funds have been taking sizeable stakes in otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.\nAdditionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.\nAnd this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.\nNot unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.\nThe question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.\nBut for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.","kind":"news","is_publish_news":false,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":377004082,"gmtCreate":1619483231446,"gmtModify":1634212443646,"author":{"id":"3560138341869725","authorId":"3560138341869725","name":"jonbeloved","avatar":"https://static.tigerbbs.com/1312ffb19627a11a2ad03b49693f53dd","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3560138341869725","authorIdStr":"3560138341869725"},"htmlText":"Great insights","listText":"Great insights","text":"Great insights","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/377004082","repostId":1143873248,"repostType":4,"repost":{"id":"1143873248","kind":"news","pubTimestamp":1619446533,"share":"https://www.laohu8.com/m/news/1143873248?lang=zh_CN&edition=full","pubTime":"2021-04-26 22:15","market":"us","language":"en","title":"Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143873248","media":"ZeroHedge","summary":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the bett","content":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>","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>Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote></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; 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}\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: 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\">\nCathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nZeroHedge2021-04-26 22:15\n\n</h4>\n</header>\n<article>\nWe've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward\">ZeroHedge</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":{},"source_url":"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143873248","content_text":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.\nWhatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.\nMost recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.\nThe second isbecause the launchof her newest actively managed \"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.\nBut something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.\nAnd now people are also pointing out that ARK's funds have been taking sizeable stakes in otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.\nAdditionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.\nAnd this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.\nNot unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.\nThe question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.\nBut for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4150905,"gmtCreate":1619533211315,"gmtModify":1635509835211,"authorId":3559192645447375,"author":{"id":3559192645447375,"idStr":"3559192645447375","authorId":3559192645447375,"name":"Phoebella","avatar":"https://static.tigerbbs.com/c39afad3d430848c955620f39285f7b8","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":377004082,"type":1,"supId":0,"prevId":0,"content":"ok","text":"ok","html":"ok"},{"id":4151693,"gmtCreate":1619538272724,"gmtModify":1635509781789,"authorId":3560138341869725,"author":{"id":3560138341869725,"idStr":"3560138341869725","authorId":3560138341869725,"name":"jonbeloved","avatar":"https://static.tigerbbs.com/1312ffb19627a11a2ad03b49693f53dd","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":377004082,"type":1,"supId":4150905,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"},{"id":4153426,"gmtCreate":1619565486013,"gmtModify":1635509643362,"authorId":3559192645447375,"author":{"id":3559192645447375,"idStr":"3559192645447375","authorId":3559192645447375,"name":"Phoebella","avatar":"https://static.tigerbbs.com/c39afad3d430848c955620f39285f7b8","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":3560138341869725,"repliedAuthor":{"id":3560138341869725,"idStr":"3560138341869725","authorId":3560138341869725,"name":"jonbeloved","avatar":"https://static.tigerbbs.com/1312ffb19627a11a2ad03b49693f53dd","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"objectId":377004082,"type":1,"supId":4150905,"prevId":4151693,"content":"yup","text":"yup","html":"yup"},{"id":4165765,"gmtCreate":1619655640135,"gmtModify":1635508562571,"authorId":3559192645447375,"author":{"id":3559192645447375,"idStr":"3559192645447375","authorId":3559192645447375,"name":"Phoebella","avatar":"https://static.tigerbbs.com/c39afad3d430848c955620f39285f7b8","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":3560138341869725,"repliedAuthor":{"id":3560138341869725,"idStr":"3560138341869725","authorId":3560138341869725,"name":"jonbeloved","avatar":"https://static.tigerbbs.com/1312ffb19627a11a2ad03b49693f53dd","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"objectId":377004082,"type":1,"supId":4150905,"prevId":4151693,"content":"ok","text":"ok","html":"ok"},{"id":4166011,"gmtCreate":1619656351393,"gmtModify":1635508535964,"authorId":3560138341869725,"author":{"id":3560138341869725,"idStr":"3560138341869725","authorId":3560138341869725,"name":"jonbeloved","avatar":"https://static.tigerbbs.com/1312ffb19627a11a2ad03b49693f53dd","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":377004082,"type":1,"supId":4150905,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"}],"langContent":"EN"},{"id":374473745,"gmtCreate":1619479396687,"gmtModify":1634273186673,"author":{"id":"3556329315079497","authorId":"3556329315079497","name":"Tslverde","avatar":"https://static.tigerbbs.com/5f52f5991ed363792008cd868f78181c","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3556329315079497","authorIdStr":"3556329315079497"},"htmlText":"Ark? Response plse","listText":"Ark? Response plse","text":"Ark? Response plse","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/374473745","repostId":1143873248,"repostType":4,"repost":{"id":"1143873248","kind":"news","pubTimestamp":1619446533,"share":"https://www.laohu8.com/m/news/1143873248?lang=zh_CN&edition=full","pubTime":"2021-04-26 22:15","market":"us","language":"en","title":"Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143873248","media":"ZeroHedge","summary":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the bett","content":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>","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>Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote></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; 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}\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: 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\">\nCathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nZeroHedge2021-04-26 22:15\n\n</h4>\n</header>\n<article>\nWe've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward\">ZeroHedge</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":{},"source_url":"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143873248","content_text":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.\nWhatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.\nMost recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.\nThe second isbecause the launchof her newest actively managed \"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.\nBut something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.\nAnd now people are also pointing out that ARK's funds have been taking sizeable stakes in otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.\nAdditionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.\nAnd this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.\nNot unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.\nThe question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.\nBut for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4142971,"gmtCreate":1619480710370,"gmtModify":1635510513500,"authorId":3573197870935019,"author":{"id":3573197870935019,"idStr":"3573197870935019","authorId":3573197870935019,"name":"Albaakbert","avatar":"https://static.tigerbbs.com/38fb1a202f211aaf65a6b491072b884f","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":374473745,"type":1,"supId":0,"prevId":0,"content":"Yes","text":"Yes","html":"Yes"}],"langContent":"EN"},{"id":374424354,"gmtCreate":1619478340378,"gmtModify":1631887108990,"author":{"id":"3571305152732730","authorId":"3571305152732730","name":"Atwosome","avatar":"https://static.tigerbbs.com/2085a92415ef32924f70d916d490adce","vip":1,"crmLevel":13,"crmLevelSwitch":0,"idStr":"3571305152732730","authorIdStr":"3571305152732730"},"htmlText":"ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.","listText":"ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.","text":"ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/374424354","repostId":1143873248,"repostType":4,"repost":{"id":"1143873248","kind":"news","pubTimestamp":1619446533,"share":"https://www.laohu8.com/m/news/1143873248?lang=zh_CN&edition=full","pubTime":"2021-04-26 22:15","market":"us","language":"en","title":"Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143873248","media":"ZeroHedge","summary":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the bett","content":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>","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>Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote></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; 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}\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: 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\">\nCathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nZeroHedge2021-04-26 22:15\n\n</h4>\n</header>\n<article>\nWe've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward\">ZeroHedge</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":{},"source_url":"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143873248","content_text":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.\nWhatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.\nMost recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.\nThe second isbecause the launchof her newest actively managed \"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.\nBut something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.\nAnd now people are also pointing out that ARK's funds have been taking sizeable stakes in otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.\nAdditionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.\nAnd this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.\nNot unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.\nThe question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.\nBut for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":374421831,"gmtCreate":1619478137723,"gmtModify":1634273213484,"author":{"id":"3576206774226035","authorId":"3576206774226035","name":"YWC","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3576206774226035","authorIdStr":"3576206774226035"},"htmlText":"Hi...","listText":"Hi...","text":"Hi...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/374421831","repostId":1143873248,"repostType":4,"repost":{"id":"1143873248","kind":"news","pubTimestamp":1619446533,"share":"https://www.laohu8.com/m/news/1143873248?lang=zh_CN&edition=full","pubTime":"2021-04-26 22:15","market":"us","language":"en","title":"Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143873248","media":"ZeroHedge","summary":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the bett","content":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>","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>Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote></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; 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}\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: 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\">\nCathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nZeroHedge2021-04-26 22:15\n\n</h4>\n</header>\n<article>\nWe've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward\">ZeroHedge</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":{},"source_url":"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143873248","content_text":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.\nWhatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.\nMost recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.\nThe second isbecause the launchof her newest actively managed \"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.\nBut something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.\nAnd now people are also pointing out that ARK's funds have been taking sizeable stakes in otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.\nAdditionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.\nAnd this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.\nNot unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.\nThe question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.\nBut for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4142601,"gmtCreate":1619479410589,"gmtModify":1635510552213,"authorId":3556329315079497,"author":{"id":3556329315079497,"idStr":"3556329315079497","authorId":3556329315079497,"name":"Tslverde","avatar":"https://static.tigerbbs.com/5f52f5991ed363792008cd868f78181c","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":374421831,"type":1,"supId":0,"prevId":0,"content":"Good","text":"Good","html":"Good"}],"langContent":"EN"},{"id":374420024,"gmtCreate":1619477962768,"gmtModify":1634273216254,"author":{"id":"3575544839686991","authorId":"3575544839686991","name":"181c3c94","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3575544839686991","authorIdStr":"3575544839686991"},"htmlText":"Idk bro","listText":"Idk bro","text":"Idk bro","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/374420024","repostId":1143873248,"repostType":4,"repost":{"id":"1143873248","kind":"news","pubTimestamp":1619446533,"share":"https://www.laohu8.com/m/news/1143873248?lang=zh_CN&edition=full","pubTime":"2021-04-26 22:15","market":"us","language":"en","title":"Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143873248","media":"ZeroHedge","summary":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the bett","content":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>","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>Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote></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; 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}\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: 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\">\nCathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nZeroHedge2021-04-26 22:15\n\n</h4>\n</header>\n<article>\nWe've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward\">ZeroHedge</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":{},"source_url":"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143873248","content_text":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.\nWhatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.\nMost recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.\nThe second isbecause the launchof her newest actively managed \"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.\nBut something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.\nAnd now people are also pointing out that ARK's funds have been taking sizeable stakes in otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.\nAdditionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.\nAnd this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.\nNot unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.\nThe question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.\nBut for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4142327,"gmtCreate":1619478678727,"gmtModify":1635510580075,"authorId":3575544839686991,"author":{"id":3575544839686991,"idStr":"3575544839686991","authorId":3575544839686991,"name":"181c3c94","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":374420024,"type":1,"supId":0,"prevId":0,"content":"hmmm","text":"hmmm","html":"hmmm"},{"id":4142348,"gmtCreate":1619478710245,"gmtModify":1635510577802,"authorId":3575544839686991,"author":{"id":3575544839686991,"idStr":"3575544839686991","authorId":3575544839686991,"name":"181c3c94","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":374420024,"type":1,"supId":4142327,"prevId":0,"content":"reply pls","text":"reply pls","html":"reply pls"},{"id":4142603,"gmtCreate":1619479421587,"gmtModify":1635510551971,"authorId":3556329315079497,"author":{"id":3556329315079497,"idStr":"3556329315079497","authorId":3556329315079497,"name":"Tslverde","avatar":"https://static.tigerbbs.com/5f52f5991ed363792008cd868f78181c","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":374420024,"type":1,"supId":0,"prevId":0,"content":"Response","text":"Response","html":"Response"}],"langContent":"EN"},{"id":374485067,"gmtCreate":1619477320259,"gmtModify":1634273228129,"author":{"id":"3566941403316155","authorId":"3566941403316155","name":"BellcurveGod","avatar":"https://static.tigerbbs.com/ecbcd3f60b238d816cc0bffd5fd9df5d","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3566941403316155","authorIdStr":"3566941403316155"},"htmlText":"LnC","listText":"LnC","text":"LnC","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/374485067","repostId":1143873248,"repostType":4,"repost":{"id":"1143873248","kind":"news","pubTimestamp":1619446533,"share":"https://www.laohu8.com/m/news/1143873248?lang=zh_CN&edition=full","pubTime":"2021-04-26 22:15","market":"us","language":"en","title":"Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143873248","media":"ZeroHedge","summary":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the bett","content":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>","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>Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote></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; 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}\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: 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\">\nCathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nZeroHedge2021-04-26 22:15\n\n</h4>\n</header>\n<article>\nWe've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward\">ZeroHedge</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":{},"source_url":"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143873248","content_text":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.\nWhatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.\nMost recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.\nThe second isbecause the launchof her newest actively managed \"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.\nBut something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.\nAnd now people are also pointing out that ARK's funds have been taking sizeable stakes in otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.\nAdditionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.\nAnd this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.\nNot unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.\nThe question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.\nBut for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":374431913,"gmtCreate":1619475558932,"gmtModify":1634273249273,"author":{"id":"3581645176053205","authorId":"3581645176053205","name":"VSkemama","avatar":"https://static.tigerbbs.com/152a99fdc4377699d227035746bb7293","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3581645176053205","authorIdStr":"3581645176053205"},"htmlText":"Market to the moon....huat ah....like and comment to huat&nbsp;","listText":"Market to the moon....huat ah....like and comment to huat&nbsp;","text":"Market to the moon....huat ah....like and comment to huat","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/374431913","repostId":1143873248,"repostType":4,"repost":{"id":"1143873248","kind":"news","pubTimestamp":1619446533,"share":"https://www.laohu8.com/m/news/1143873248?lang=zh_CN&edition=full","pubTime":"2021-04-26 22:15","market":"us","language":"en","title":"Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143873248","media":"ZeroHedge","summary":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the bett","content":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>","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>Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote></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; 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}\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: 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\">\nCathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nZeroHedge2021-04-26 22:15\n\n</h4>\n</header>\n<article>\nWe've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward\">ZeroHedge</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":{},"source_url":"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143873248","content_text":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.\nWhatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.\nMost recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.\nThe second isbecause the launchof her newest actively managed \"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.\nBut something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.\nAnd now people are also pointing out that ARK's funds have been taking sizeable stakes in otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.\nAdditionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.\nAnd this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.\nNot unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.\nThe question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.\nBut for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4141997,"gmtCreate":1619477338538,"gmtModify":1635510610454,"authorId":3566941403316155,"author":{"id":3566941403316155,"idStr":"3566941403316155","authorId":3566941403316155,"name":"BellcurveGod","avatar":"https://static.tigerbbs.com/ecbcd3f60b238d816cc0bffd5fd9df5d","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":374431913,"type":1,"supId":0,"prevId":0,"content":"c","text":"c","html":"c"},{"id":4142450,"gmtCreate":1619479035087,"gmtModify":1635510567426,"authorId":3574372734093079,"author":{"id":3574372734093079,"idStr":"3574372734093079","authorId":3574372734093079,"name":"Camemberu","avatar":"https://static.tigerbbs.com/f6e006c4d0e8a340de0bf29e8c18ca51","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":374431913,"type":1,"supId":4141997,"prevId":0,"content":"Cathie is legend! ","text":"Cathie is legend! ","html":"Cathie is legend! "}],"langContent":"EN"},{"id":374404807,"gmtCreate":1619474191809,"gmtModify":1634273259425,"author":{"id":"3579308487588351","authorId":"3579308487588351","name":"RaymondSCF","avatar":"https://static.tigerbbs.com/d225800cc8cdaedb46d9cee9c44af062","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3579308487588351","authorIdStr":"3579308487588351"},"htmlText":"👍👍👍","listText":"👍👍👍","text":"👍👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/374404807","repostId":1143873248,"repostType":4,"repost":{"id":"1143873248","kind":"news","pubTimestamp":1619446533,"share":"https://www.laohu8.com/m/news/1143873248?lang=zh_CN&edition=full","pubTime":"2021-04-26 22:15","market":"us","language":"en","title":"Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143873248","media":"ZeroHedge","summary":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the bett","content":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>","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>Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote></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; 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}\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: 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\">\nCathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nZeroHedge2021-04-26 22:15\n\n</h4>\n</header>\n<article>\nWe've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward\">ZeroHedge</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":{},"source_url":"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143873248","content_text":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.\nWhatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.\nMost recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.\nThe second isbecause the launchof her newest actively managed \"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.\nBut something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.\nAnd now people are also pointing out that ARK's funds have been taking sizeable stakes in otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.\nAdditionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.\nAnd this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.\nNot unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.\nThe question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.\nBut for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":374547287,"gmtCreate":1619471455749,"gmtModify":1634273273470,"author":{"id":"3575848243295753","authorId":"3575848243295753","name":"62dac398","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3575848243295753","authorIdStr":"3575848243295753"},"htmlText":"This is a great article&nbsp;","listText":"This is a great article&nbsp;","text":"This is a great article","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/374547287","repostId":1143873248,"repostType":4,"repost":{"id":"1143873248","kind":"news","pubTimestamp":1619446533,"share":"https://www.laohu8.com/m/news/1143873248?lang=zh_CN&edition=full","pubTime":"2021-04-26 22:15","market":"us","language":"en","title":"Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143873248","media":"ZeroHedge","summary":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the bett","content":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>","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>Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote></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; 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}\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: 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\">\nCathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nZeroHedge2021-04-26 22:15\n\n</h4>\n</header>\n<article>\nWe've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward\">ZeroHedge</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":{},"source_url":"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143873248","content_text":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.\nWhatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.\nMost recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.\nThe second isbecause the launchof her newest actively managed \"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.\nBut something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.\nAnd now people are also pointing out that ARK's funds have been taking sizeable stakes in otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.\nAdditionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.\nAnd this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.\nNot unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.\nThe question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.\nBut for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4181730,"gmtCreate":1619777459577,"gmtModify":1635507189557,"authorId":3575848243295753,"author":{"id":3575848243295753,"idStr":"3575848243295753","authorId":3575848243295753,"name":"62dac398","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":374547287,"type":1,"supId":0,"prevId":0,"content":"Hi","text":"Hi","html":"Hi"}],"langContent":"EN"},{"id":374545345,"gmtCreate":1619470619887,"gmtModify":1634273275479,"author":{"id":"3566370712497974","authorId":"3566370712497974","name":"Peanutschez","avatar":"https://static.tigerbbs.com/2d70c19af05c37b08df1881c97681749","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3566370712497974","authorIdStr":"3566370712497974"},"htmlText":"Oh","listText":"Oh","text":"Oh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/374545345","repostId":1143873248,"repostType":4,"repost":{"id":"1143873248","kind":"news","pubTimestamp":1619446533,"share":"https://www.laohu8.com/m/news/1143873248?lang=zh_CN&edition=full","pubTime":"2021-04-26 22:15","market":"us","language":"en","title":"Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143873248","media":"ZeroHedge","summary":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the bett","content":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>","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>Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote></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; 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}\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: 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\">\nCathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nZeroHedge2021-04-26 22:15\n\n</h4>\n</header>\n<article>\nWe've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward\">ZeroHedge</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":{},"source_url":"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143873248","content_text":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.\nWhatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.\nMost recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.\nThe second isbecause the launchof her newest actively managed \"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.\nBut something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.\nAnd now people are also pointing out that ARK's funds have been taking sizeable stakes in otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.\nAdditionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.\nAnd this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.\nNot unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.\nThe question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.\nBut for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":374260533,"gmtCreate":1619448923522,"gmtModify":1634273362962,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3574392084255465","authorIdStr":"3574392084255465"},"htmlText":"Cathie wood ftw!!","listText":"Cathie wood ftw!!","text":"Cathie wood ftw!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/374260533","repostId":1143873248,"repostType":4,"repost":{"id":"1143873248","kind":"news","pubTimestamp":1619446533,"share":"https://www.laohu8.com/m/news/1143873248?lang=zh_CN&edition=full","pubTime":"2021-04-26 22:15","market":"us","language":"en","title":"Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143873248","media":"ZeroHedge","summary":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the bett","content":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>","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>Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote></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; 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}\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: 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\">\nCathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nZeroHedge2021-04-26 22:15\n\n</h4>\n</header>\n<article>\nWe've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward\">ZeroHedge</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":{},"source_url":"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143873248","content_text":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.\nWhatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.\nMost recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.\nThe second isbecause the launchof her newest actively managed \"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.\nBut something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.\nAnd now people are also pointing out that ARK's funds have been taking sizeable stakes in otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.\nAdditionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.\nAnd this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.\nNot unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.\nThe question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.\nBut for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4141324,"gmtCreate":1619472684953,"gmtModify":1635510670123,"authorId":3581743400084799,"author":{"id":3581743400084799,"idStr":"3581743400084799","authorId":3581743400084799,"name":"hiuui","avatar":"https://static.tigerbbs.com/12a6b8bf21420aa93f61aa2f538a944e","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":374260533,"type":1,"supId":0,"prevId":0,"content":"please comment Nd like baxk","text":"please comment Nd like baxk","html":"please comment Nd like baxk"},{"id":4141382,"gmtCreate":1619473375201,"gmtModify":1635510665155,"authorId":3568200501659310,"author":{"id":3568200501659310,"idStr":"3568200501659310","authorId":3568200501659310,"name":"ckh","avatar":"https://static.tigerbbs.com/046085c4c23df63d33eb436617a32ed6","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":374260533,"type":1,"supId":4141324,"prevId":0,"content":"reply to me here","text":"reply to me here","html":"reply to me here"}],"langContent":"EN"},{"id":374288729,"gmtCreate":1619448604061,"gmtModify":1634273365912,"author":{"id":"3568946367701965","authorId":"3568946367701965","name":"cyong","avatar":"https://static.tigerbbs.com/8575f448e784d75d9b7341464aa54fd8","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3568946367701965","authorIdStr":"3568946367701965"},"htmlText":"please like and comment thx&nbsp;","listText":"please like and comment thx&nbsp;","text":"please like and comment thx","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/374288729","repostId":1143873248,"repostType":4,"repost":{"id":"1143873248","kind":"news","pubTimestamp":1619446533,"share":"https://www.laohu8.com/m/news/1143873248?lang=zh_CN&edition=full","pubTime":"2021-04-26 22:15","market":"us","language":"en","title":"Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143873248","media":"ZeroHedge","summary":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the bett","content":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>","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>Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote></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; 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}\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: 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\">\nCathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nZeroHedge2021-04-26 22:15\n\n</h4>\n</header>\n<article>\nWe've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward\">ZeroHedge</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":{},"source_url":"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143873248","content_text":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.\nWhatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.\nMost recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.\nThe second isbecause the launchof her newest actively managed \"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.\nBut something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.\nAnd now people are also pointing out that ARK's funds have been taking sizeable stakes in otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.\nAdditionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.\nAnd this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.\nNot unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.\nThe question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.\nBut for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4140071,"gmtCreate":1619449959799,"gmtModify":1635510753447,"authorId":3582186328332132,"author":{"id":3582186328332132,"idStr":"3582186328332132","authorId":3582186328332132,"name":"Cents","avatar":"https://static.tigerbbs.com/9aeb5ea643c232ad183cafe1da096cf9","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":374288729,"type":1,"supId":0,"prevId":0,"content":"[得意]","text":"[得意]","html":"[得意]"}],"langContent":"EN"},{"id":374214275,"gmtCreate":1619448195997,"gmtModify":1634273369619,"author":{"id":"3579430616807702","authorId":"3579430616807702","name":"Ls1031","avatar":"https://static.tigerbbs.com/2ec8a44f817efb5d28e93d64393a697b","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3579430616807702","authorIdStr":"3579430616807702"},"htmlText":"喔","listText":"喔","text":"喔","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/374214275","repostId":1143873248,"repostType":4,"repost":{"id":"1143873248","kind":"news","pubTimestamp":1619446533,"share":"https://www.laohu8.com/m/news/1143873248?lang=zh_CN&edition=full","pubTime":"2021-04-26 22:15","market":"us","language":"en","title":"Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143873248","media":"ZeroHedge","summary":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the bett","content":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>","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>Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote></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; 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}\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: 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\">\nCathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nZeroHedge2021-04-26 22:15\n\n</h4>\n</header>\n<article>\nWe've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward\">ZeroHedge</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":{},"source_url":"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143873248","content_text":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.\nWhatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.\nMost recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.\nThe second isbecause the launchof her newest actively managed \"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.\nBut something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.\nAnd now people are also pointing out that ARK's funds have been taking sizeable stakes in otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.\nAdditionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.\nAnd this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.\nNot unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.\nThe question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.\nBut for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":374211977,"gmtCreate":1619447969499,"gmtModify":1634273373039,"author":{"id":"3566558181992521","authorId":"3566558181992521","name":"Tlger Buddy","avatar":"https://static.tigerbbs.com/1a7042135fd39c322422c2527f88db09","vip":1,"crmLevel":12,"crmLevelSwitch":0,"idStr":"3566558181992521","authorIdStr":"3566558181992521"},"htmlText":"Pls like and comment","listText":"Pls like and comment","text":"Pls like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/374211977","repostId":1143873248,"repostType":4,"repost":{"id":"1143873248","kind":"news","pubTimestamp":1619446533,"share":"https://www.laohu8.com/m/news/1143873248?lang=zh_CN&edition=full","pubTime":"2021-04-26 22:15","market":"us","language":"en","title":"Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143873248","media":"ZeroHedge","summary":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the bett","content":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>","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>Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote></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; 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}\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: 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\">\nCathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nZeroHedge2021-04-26 22:15\n\n</h4>\n</header>\n<article>\nWe've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward\">ZeroHedge</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":{},"source_url":"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143873248","content_text":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.\nWhatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.\nMost recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.\nThe second isbecause the launchof her newest actively managed \"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.\nBut something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.\nAnd now people are also pointing out that ARK's funds have been taking sizeable stakes in otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.\nAdditionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.\nAnd this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.\nNot unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.\nThe question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.\nBut for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4139893,"gmtCreate":1619448507155,"gmtModify":1635510764419,"authorId":3568946367701965,"author":{"id":3568946367701965,"idStr":"3568946367701965","authorId":3568946367701965,"name":"cyong","avatar":"https://static.tigerbbs.com/8575f448e784d75d9b7341464aa54fd8","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":374211977,"type":1,"supId":0,"prevId":0,"content":"please like n comment","text":"please like n comment","html":"please like n comment"}],"langContent":"EN"},{"id":374210513,"gmtCreate":1619447868132,"gmtModify":1634273374758,"author":{"id":"3575771157917057","authorId":"3575771157917057","name":"小威虎","avatar":"https://static.tigerbbs.com/de7f8f615003265ffe884920fb693298","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3575771157917057","authorIdStr":"3575771157917057"},"htmlText":"Ok&nbsp;","listText":"Ok&nbsp;","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/374210513","repostId":1143873248,"repostType":4,"repost":{"id":"1143873248","kind":"news","pubTimestamp":1619446533,"share":"https://www.laohu8.com/m/news/1143873248?lang=zh_CN&edition=full","pubTime":"2021-04-26 22:15","market":"us","language":"en","title":"Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143873248","media":"ZeroHedge","summary":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the bett","content":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>","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>Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote></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; 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}\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: 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\">\nCathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nZeroHedge2021-04-26 22:15\n\n</h4>\n</header>\n<article>\nWe've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward\">ZeroHedge</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":{},"source_url":"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143873248","content_text":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.\nWhatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.\nMost recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.\nThe second isbecause the launchof her newest actively managed \"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.\nBut something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.\nAnd now people are also pointing out that ARK's funds have been taking sizeable stakes in otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.\nAdditionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.\nAnd this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.\nNot unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.\nThe question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.\nBut for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":374238568,"gmtCreate":1619447642954,"gmtModify":1634273378703,"author":{"id":"3581727570212837","authorId":"3581727570212837","name":"charlito","avatar":"https://static.tigerbbs.com/187f09a2c9b9e341d7b9423366682194","vip":1,"crmLevel":12,"crmLevelSwitch":0,"idStr":"3581727570212837","authorIdStr":"3581727570212837"},"htmlText":"Wow amazing article, fully agree. Appreciate the article thanks","listText":"Wow amazing article, fully agree. Appreciate the article thanks","text":"Wow amazing article, fully agree. Appreciate the article thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/374238568","repostId":1143873248,"repostType":4,"repost":{"id":"1143873248","kind":"news","pubTimestamp":1619446533,"share":"https://www.laohu8.com/m/news/1143873248?lang=zh_CN&edition=full","pubTime":"2021-04-26 22:15","market":"us","language":"en","title":"Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143873248","media":"ZeroHedge","summary":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the bett","content":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>","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>Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote></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; 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}\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: 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\">\nCathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nZeroHedge2021-04-26 22:15\n\n</h4>\n</header>\n<article>\nWe've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward\">ZeroHedge</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":{},"source_url":"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143873248","content_text":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.\nWhatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.\nMost recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.\nThe second isbecause the launchof her newest actively managed \"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.\nBut something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.\nAnd now people are also pointing out that ARK's funds have been taking sizeable stakes in otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.\nAdditionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.\nAnd this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.\nNot unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.\nThe question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.\nBut for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":374238244,"gmtCreate":1619447632988,"gmtModify":1634273378824,"author":{"id":"3575240466494143","authorId":"3575240466494143","name":"ASCNMN","avatar":"https://static.tigerbbs.com/9e7cbe60e92249aab78ace30dafa5d20","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3575240466494143","authorIdStr":"3575240466494143"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/374238244","repostId":1143873248,"repostType":4,"repost":{"id":"1143873248","kind":"news","pubTimestamp":1619446533,"share":"https://www.laohu8.com/m/news/1143873248?lang=zh_CN&edition=full","pubTime":"2021-04-26 22:15","market":"us","language":"en","title":"Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143873248","media":"ZeroHedge","summary":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the bett","content":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>","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>Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote></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; 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}\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: 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\">\nCathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nZeroHedge2021-04-26 22:15\n\n</h4>\n</header>\n<article>\nWe've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward\">ZeroHedge</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":{},"source_url":"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143873248","content_text":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.\nWhatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.\nMost recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.\nThe second isbecause the launchof her newest actively managed \"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.\nBut something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.\nAnd now people are also pointing out that ARK's funds have been taking sizeable stakes in otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.\nAdditionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.\nAnd this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.\nNot unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.\nThe question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.\nBut for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":374233906,"gmtCreate":1619447533705,"gmtModify":1634273380768,"author":{"id":"3581920930646755","authorId":"3581920930646755","name":"6bd41974","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581920930646755","authorIdStr":"3581920930646755"},"htmlText":"Helpful. Please comment and like.&nbsp;","listText":"Helpful. Please comment and like.&nbsp;","text":"Helpful. Please comment and like.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/374233906","repostId":1143873248,"repostType":4,"repost":{"id":"1143873248","kind":"news","pubTimestamp":1619446533,"share":"https://www.laohu8.com/m/news/1143873248?lang=zh_CN&edition=full","pubTime":"2021-04-26 22:15","market":"us","language":"en","title":"Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143873248","media":"ZeroHedge","summary":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the bett","content":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>","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>Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote></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; 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}\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: 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\">\nCathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nZeroHedge2021-04-26 22:15\n\n</h4>\n</header>\n<article>\nWe've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward\">ZeroHedge</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":{},"source_url":"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143873248","content_text":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.\nWhatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.\nMost recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.\nThe second isbecause the launchof her newest actively managed \"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.\nBut something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.\nAnd now people are also pointing out that ARK's funds have been taking sizeable stakes in otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.\nAdditionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.\nAnd this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.\nNot unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.\nThe question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.\nBut for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4140522,"gmtCreate":1619452959482,"gmtModify":1635510717945,"authorId":3579666066637422,"author":{"id":3579666066637422,"idStr":"3579666066637422","authorId":3579666066637422,"name":"Hodl","avatar":"https://static.tigerbbs.com/d591a82f579d3114da9795812a4217a0","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":374233906,"type":1,"supId":0,"prevId":0,"content":"Great","text":"Great","html":"Great"}],"langContent":"EN"},{"id":374297461,"gmtCreate":1619447414153,"gmtModify":1634273382649,"author":{"id":"3576989391066214","authorId":"3576989391066214","name":"LouisTeoh","avatar":"https://static.tigerbbs.com/bf8046c28253800c5c7e05ed0ee9dbd7","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3576989391066214","authorIdStr":"3576989391066214"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/374297461","repostId":1143873248,"repostType":4,"repost":{"id":"1143873248","kind":"news","pubTimestamp":1619446533,"share":"https://www.laohu8.com/m/news/1143873248?lang=zh_CN&edition=full","pubTime":"2021-04-26 22:15","market":"us","language":"en","title":"Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143873248","media":"ZeroHedge","summary":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the bett","content":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>","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>Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote></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; 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}\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: 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\">\nCathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nZeroHedge2021-04-26 22:15\n\n</h4>\n</header>\n<article>\nWe've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward\">ZeroHedge</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":{},"source_url":"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143873248","content_text":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.\nWhatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.\nMost recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.\nThe second isbecause the launchof her newest actively managed \"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.\nBut something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.\nAnd now people are also pointing out that ARK's funds have been taking sizeable stakes in otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.\nAdditionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.\nAnd this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.\nNot unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.\nThe question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.\nBut for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4139707,"gmtCreate":1619447449130,"gmtModify":1635510779283,"authorId":3574747299650124,"author":{"id":3574747299650124,"idStr":"3574747299650124","authorId":3574747299650124,"name":"alicialjw","avatar":"https://static.tigerbbs.com/75446939ff21a7803eb236a4c6a5395c","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":374297461,"type":1,"supId":0,"prevId":0,"content":"Done","text":"Done","html":"Done"}],"langContent":"EN"},{"id":374290142,"gmtCreate":1619447009286,"gmtModify":1634273389154,"author":{"id":"3573786450103912","authorId":"3573786450103912","name":"Keatz","avatar":"https://static.tigerbbs.com/1d9b7ee59cb880841cedfc6ffb49f187","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3573786450103912","authorIdStr":"3573786450103912"},"htmlText":"👍🏻👍🏻👍🏻","listText":"👍🏻👍🏻👍🏻","text":"👍🏻👍🏻👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/374290142","repostId":1143873248,"repostType":4,"repost":{"id":"1143873248","kind":"news","pubTimestamp":1619446533,"share":"https://www.laohu8.com/m/news/1143873248?lang=zh_CN&edition=full","pubTime":"2021-04-26 22:15","market":"us","language":"en","title":"Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143873248","media":"ZeroHedge","summary":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the bett","content":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>","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>Cathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote></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; 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}\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: 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\">\nCathie Wood's Bloated ARK Forges Forward<blockquote>凯西·伍德臃肿的方舟向前迈进</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nZeroHedge2021-04-26 22:15\n\n</h4>\n</header>\n<article>\nWe've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.<blockquote>在过去一年半的大部分时间里，我们一直在记录Cathie Wood在ARK Invest主动管理方面的冒险经历。</blockquote> Whatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.<blockquote>早在2020年12月，对大数定律和伍德的受欢迎程度如何带来众多陷阱的研究现在已经成为金融界的肥皂剧，随着纳斯达克在中国摇摇欲坠，许多观察家都在极其密切地关注方舟基金。狂热和特斯拉在中国遇到了一条崎岖的道路。</blockquote> Most recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.<blockquote>最近，我们写了关于伍德的文章，原因有几个：第一个是她得到了比尔·黄(Bill Hwang)的支持，比尔·黄(Bill Hwang)是Archegos Capital大规模爆炸的掌舵人，单枪匹马将大量股票粘贴到每只股票的50%以上，同时还向瑞士信贷和其他被发现“拿着烫手山芋”的交易对手造成了数十亿美元的损失。这种联系引起了明显的比较，尽管我们确信伍德没有使用催化黄的疯狂杠杆。</blockquote> The second isbecause the launchof her newest actively managed&nbsp;\"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.<blockquote>第二个是因为她最新的主动管理的“太空探索ETF”的推出包含了一些奇怪的名字。例如，它拥有像约翰·Deere这样的名字，这让许多人感到好奇，同时排除了像Maxar这样的太空探索纯游戏。</blockquote> But something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.<blockquote>但是最近发生的其他事情激起了我们的好奇心。伍德的积极管理风格似乎越来越远离风险厌恶，越来越接近“风险”。当然，我们过去曾指出伍德倾向于出售微软等大型流动性科技公司，转而购买Workhorse和Vuzix等投机性早期公司。</blockquote> And now people are also pointing out that ARK's funds have been taking sizeable stakes in&nbsp;otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.<blockquote>现在人们还指出，方舟的基金一直在持有大量股份其他的方舟基金。例如，ARK的太空探索ETF现在拥有ARK 3D打印ETF 7.2%的股份。</blockquote> Additionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.<blockquote>此外，伍德还在新上市的Coinbase IPO中积累了数亿美元的头寸，较上市时350美元的参考价下跌了近20%。尽管您对加密货币有看法，但很难否认，大量持有主要基于超级波动性加密货币的大量股票头寸是一种风险厌恶策略。</blockquote> And this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.<blockquote>这让FinTwit上的许多人开始思考慢慢决定ARK基金是否成功的反馈循环。这张图表出现在周末，准确地显示了如果流入ARK基金的资金放缓或逆转，它们的内在价值可能会如何崩溃。</blockquote> Not unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.<blockquote>与世界上的盟国首都没有什么不同，随着循环继续自我驱动，ARK看起来越来越像一个在自己的账簿上标记的BDC。周期越长，大头针就越容易刺破整个泡沫。</blockquote> The question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.<blockquote>接下来的问题变成了ARK想要“推动”多少，这与保证金债务创纪录水平的整体市场没有什么不同.......如果股市决定与美联储作对，简单地决定“适可而止”，然后再吐出过去十年发生的所有不当投资，这场大屠杀会有多大。</blockquote> But for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.<blockquote>但是现在——也许再过一天，再过一周，甚至再过一个月，凯西·伍德的方舟向前迈进了。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward\">ZeroHedge</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":{},"source_url":"https://www.zerohedge.com/markets/cathie-woods-bloated-ark-forges-forward","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143873248","content_text":"We've been documenting Cathie Wood's adventures in active management over at ARK Invest for the better part of the last year and a half now.\nWhatstartedas a look into how the law of large numbers and Wood's popularity presented numerous pitfalls back in December 2020 has now become something of a financial world soap opera, with many observers watching ARK funds extremely closely as the NASDAQ teeters on the brink of a fever pitch and Tesla hits a patch of rocky road in China.\nMost recently, we've written about Wood for several reasons: the first is that shewas backed by Bill Hwang, who was at the helm of the massive Archegos Capital blowup that singlehandedly pasted numerous equities to the tune of more than 50% each, while also doling out a multi-billion dollar loss to Credit Suisse and other counterparties caught \"holding the hot potato\". The link drew obvious comparisons, although we're certain Wood isn't employing the insane leverage that catalyzed Hwang's blowup.\nThe second isbecause the launchof her newest actively managed \"Space Exploration ETF\" has included some curious names. For example, it owns names like John Deere, which many find curious, while excluding space exploration pure plays like Maxar.\nBut something else is going on that has piqued our curiosity as of late. Wood's actively managed style seems to be drifting further away from risk-adverse and closer to just \"risk\". Sure, we have pointed out in the past Wood's propensity to sell large, liquid tech names like Microsoft in favor of buying speculative early stage names like Workhorse and Vuzix.\nAnd now people are also pointing out that ARK's funds have been taking sizeable stakes in otherARK funds. ARK's Space Exploration ETF now owns 7.2% of ARK's 3D printing ETF, for example.\nAdditionally, Wood has alsoalready amasseda several hundred million dollar position in the newly listed Coinbase IPO, which is down almost 20% from its $350 reference price when it listed. Despite your take on crypto, it's tough to deny that piling into a sizeable equity position based mostly on super-volatile cryptocurrencies is a risk adverse strategy.\nAnd this has caused many on FinTwit to think about the feedback loop that is slowly determining whether or not ARK funds see success. This diagram appeared over the weekend, and shows exactly how - should inflows into ARK funds slow or reverse - their intrinsic value could collapse.\nNot unlike the Allied Capitals of the world, ARK looks more and more like a BDC marking its own book up as the cycle continues to feed off itself. The further along the cycle gets, the easier it becomes for a pin to prick the entire bubble.\nThe question then turns to how much further ARK wants to \"push it\" and - not unlike the overall market which is seeing record levels of margin debt......how big the bloodbath could wind up being if the stock market decides to buck the Fed and simply decide \"enough is enough\", before puking up all of the malinvestment that has taken place over the last decade.\nBut for now - maybe for one more day, one more week, or maybe even another month, Cathie Wood's ARK forges forward.","news_type":1,"symbols_score_info":{}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4139718,"gmtCreate":1619447484457,"gmtModify":1635510778454,"authorId":3573373078542650,"author":{"id":3573373078542650,"idStr":"3573373078542650","authorId":3573373078542650,"name":"KeithHan","avatar":"https://static.tigerbbs.com/499148728d0c775136a5099e0d8769c0","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":374290142,"type":1,"supId":0,"prevId":0,"content":"😅 😅 😅 😅","text":"😅 😅 😅 😅","html":"😅 😅 😅 😅"},{"id":4140648,"gmtCreate":1619454192645,"gmtModify":1635510708427,"authorId":3571822975434375,"author":{"id":3571822975434375,"idStr":"3571822975434375","authorId":3571822975434375,"name":"wormsccc","avatar":"https://static.tigerbbs.com/3aa76875645103bf18f2faa96838defd","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":374290142,"type":1,"supId":0,"prevId":0,"content":"[财迷]","text":"[财迷]","html":"[财迷]"}],"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":49,"commentSize":24,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}