Billionaire investor Bill Gross slams the hype around Cathie Wood, with Ark's flagship fund lagging top tech stocks
Ark Invest's massive success was one of the defining stories for markets in the pandemic era, with ARKK skyrocketing over 300% between March 2020 and February 2021 as low interest rates and cheap fiscal stimulus fueled an"But the ETF has given up all of its gains since then, coinciding with a period where the Fed has lifted interest rates from near-zero to just under 5% in a bid to tame soaring inflation.
Higher borrowing costs tend to be bad news for growth stocks, because they chip away at the future cash flows that make up a core part of their valuations.In October, Michael Burry said that he always expected the tech-investing star's ETFs to fall back to earth – and added that Ark's initial rally up to February 2021 was a sign of pandemic-era excess.in a now-deleted Tweet.
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