Cathie Wood’s ARKK up 25%: Is the damage over yet?
Cathie Wood’s flagship ARK Innovation ETF (ARKK) makes up for a promising investment for the long-term investors, says MarketRebellion.com’s Jon Najarian.
ARKK is a longer-term betCopy link to section
ARKK has shot up 25% in four days as investors turned back to the tech stocks after what’s been the longest bear market for the sector since the financial crisis of 2008. On CNBC’s “Halftime Report”, Najarian said:
There’s been a lot of slings and arrows shot over at Cathie and her team. I think a lot of it undeserved. She’s a longer-term play rather than a short one. If you’re in ARKK, you have to give it time for those innovations to play out. But I would definitely be betting on Cathie at this level.
Despite a significant move up, Wood’s flagship fund is still down nearly 50% since November 2021.
ARKK continues to see additional inflowCopy link to section
Wood herself has reiterated on numerous occasions recently that she wants her investors to focus on the bigger picture. Last week, she expressed confidence that her investments will bear “spectacular returns” over the next five years.
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Despite significant underperformance, ARKK has secured roughly $876 million in additional net inflow this year, suggesting that investors continue to believe in Wood’s “disruptive innovation” thesis.
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On the flip side, however, Short Hills Capital’s Steve Weiss recommends using the recent surge to get out of Cathie Wood stocks.
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