原文标题：
What it means if Cathie Wood is the face of the market
如果凯茜·伍德（Cathie Wood）成为市场的代表，那意味着什么
原文连结：
https://reurl.cc/Ag9XEE
发布时间：
Sat, March 20, 2021, 8:17 PM
Andy Serwer with Max Zahn
原文内容：
If I asked you to name the person who most epitomizes today’s stock market
you might say Roaring Kitty (aka Keith Gill) or Vlad Tenev, CEO of Robinhood,
or some other millennial meme-stock trading bro. They’re the ones driving
the narrative, right?
I would argue instead for someone who appears to be the exact opposite of
that stereotype: A 65-year-old female financial services insider, who
supported Donald Trump and has deep religious convictions—and paradoxically,
(or perhaps naturally), is beloved by the WSB Reddit crowd.
I’m talking of course about Cathie Wood, founder, CEO and CIO of ARK Invest.
Like Elaine Garzarelli, Peter Lynch, Bill Miller, Henry Blodget, Mary Meeker
or the guys from the Big Short in cycles before, Wood has become the public
face of this market’s moment, personifying the crazy gains in crypto,
fintech, cloud computing and biotech stocks. And Tesla, especially Tesla,
where she made a ridiculous, moonshot of a call that proved to be 100% right.
(More on that later.) Wood isn’t just a money manager though, she is
literally an evangelist for these companies and the new technological world
she sees them ushering in.
If you follow the markets, you probably know about ARK, which has become the
"It" investment house on Wall Street, albeit far from a typical one. ARK is
known for its ETFs (or exchange traded funds), the most famous being a “
disruptive innovation” ETF (ticker ARKK), which has run circles around the
stock market averages, up 152% last year and over 45% every year on average
over the past five years. Early last month, Bloomberg reported that “Ark’s
exchange-traded fund assets under management crossed $50 billion this week,
up from only $3.6 billion at this time last year.”
Wow.
“She has made some brilliant calls,” says Wall Street power player Todd
Boehly, CEO of investment company Eldridge, which made an investment in ARK
recently. “It can be hard to make brilliant calls continuously, time and
time again.”
And there’s the rub. If this bull market, driven to such a degree by tech
stocks like Tesla (TSLA), Square (SQ), and Roku (ROKU) (all major holdings of
ARK) is running out of steam, or more precisely, rotating over to cyclical
stocks as the economy restarts, (which I wrote about last week), then where
does that leave Cathie Wood? Is the tech up cycle of the bull market over,
and if so, does that mean Wood’s time is up? Or is this just a plateau that
Wood can navigate before another run for ARK?
It’s a big question not just for Wood but for millions of us.
To be clear, as great as 2020 was for Wood and ARK, 2021 has been as, well,
choppy. At one point ARKK was off 20% from its peak. Assets under management
at the company which crested at over $60 billion in mid-February have fallen
to some $48 billion now, according to Bloomberg. Short sellers have swooped
in and articles predicting the comeuppance of Cathie Wood have become a
cottage industry.
Institutional Investor, the Wall Street Journal’s Jason Zweig and
Morningstar, which notes that ARK last year grew much faster than any fund
company in history, have done excellent fundamental reporting (the kind Wood
herself might admire) pointing out risks ARK faces like the inability to cap,
or prevent new money from flowing into, an ETF, the transparency of ETFs that
allow others to mimic ARK’s trades, and the illiquidity of some of ARK’s
holdings.
For the past year or so, Wood has had to defend her investments, Tesla in
particular, arguing that these stocks were not in a bubble. Increasingly she
has to argue the same about her own funds.
Before we address that ultimate question, which is to say whither Wood and
ARK, it’s worth digging into Cathie Wood more, someone who is both very much
a creature of Wall Street and quite self-consciously a disruptive innovator.
She’s an overnight success story four decades in the making, and even more
than that, quite the singular character.
I know Cathie some having appeared on Yahoo Finance Live with her a number of
times over the past five years and having spoken with her off air as well. She
’s personable, driven, and super-smart and to me at least, Cathie has worn
neither her politics nor her religious conviction on her sleeve.
Through a spokesperson Wood declined to be interviewed for this story, but
based on our prior conversations, interviews with acquaintances, postings on
her website and social media as well as previous interviews with her and some
members of her team, we were able to derive a picture of Wood.
It wasn’t hard to track down her thinking because Wood is so out there.
Communicating her ideas has been a key part of ARK’s strategy, which she
spoke to in an interview:
"A big part of our success is social media," Wood says. "As we’re putting
our research out, we’ll get the innovators in that space DM-ing us and
saying 'Hey, what about us?' or 'Hey, have you thought of this?' or 'Hey, you
’re wrong.' I think the collaborative research ecosystem that we have keeps
fresh ideas flowing through." Wood posts essays here and on ARK’s website
(which sells ARK merch.) She has 717,000 followers on Twitter. On YouTube her
videos get a million views.
All of that, plus the performance of her ETFs have won her the hearts (and
wallets) of hordes of, well, fans. She’s been called “Aunt Cathie,” “
Cathie Bae" and “tendie goddess” on Reddit’s Wall Street Bets. A Korean
newspaper reports her nickname is “Money Tree.” And the media loves to
cover her (Bloomberg, CNBC, Barron’s and yes Yahoo Finance) because people
want to read about her or watch her.
So who is Cathie Wood?
She grew up in Los Angeles, the oldest daughter of four children of Irish
immigrants. Her mother was a homemaker and her father a radar system
engineer. “I was raised as a firstborn son,” Wood told Barron’s. “I was
going to blaze the trail for my family.”
Wood graduated from Notre Dame Academy, a highly-regarded, all-girls Catholic
school, in 1974, where Wood has established the Duddy (Wood’s maiden name)
Innovation Institute, which, “offers a unique challenge for young women
eager to stretch beyond the boundaries of the traditional classroom. The
Institute's flagship course is Disruptive Innovation.” (Sound familiar?)
Wood went on to USC where she received her Bachelor of Science, summa cum
laude, in finance and economics in 1981. Her mentor there was Art Laffer,
with whom she’s remained close, a conservative, supply-side economist famous
for the “Laffer Curve,” (which Laffer drew on a napkin in 1974 for a
non-comprehending Dick Cheney), that stipulates cutting tax rates stimulates
growth and thereby can actually increase tax revenue.
Laffer recalls meeting Wood in 1976:
“I was the Charles B. Thornton professor at USC,” Laffer told Yahoo
Finance. “And she wanted to take my class, as an undergraduate at USC. I didn
’t know who she was and she petitioned me to be able to enter one of my
graduate classes. I looked at the petition and let her take the class. She
performed well and it was clear something was really driving this young lady.
I had very little doubt in the very beginning that she would be very
successful and she’s been exceptionally successful throughout her whole
career. She works hard — not only hard but smart.”
Liberals disparage Laffer’s work, which became the basis of Reagan tax cuts.
Laffer, who worked in the Reagan administration and was an advisor to Donald
Trump, whose presidency Wood also supported “from a strict economic view.”
If you find the idea that Wood—who says she supports diversity and
empowerment of women and has a strong commitment to science, medicine and
technology—backed Donald Trump vexing, understand that the basis of that
support comes from Laffer’s teachings.
After USC, Wood’s career took on a more or less traditional path—for
decades. Out of school, she joined LA’s hometown Capital Group as an
assistant economist, with a hand from Laffer. In 1980 at age 25, she moved to
New York to join Jennison Associates, the equity investment arm of PGIM,
formerly Prudential Investment Management, the asset management unit of
Prudential, where she worked for 18 years as an economist, an equity research
analyst, and portfolio manager.
Along the way, Wood would marry and have three children.
One of her kids, a daughter Caroline, works at ARK as a marketing manager.
Her brother John Duddy, a health care executive, is on ARK’s board.) Wood’s
late ex-husband, Rob Wood, (who played basketball at Duke in the 1970s),
worked in financial services too, first at Financial World magazine and later
in institutional sales at Natwest and Wells Fargo. Through Rob, Wood is a
minority shareholder of the financial news site, 24/7 Wall Street.
It was at Jennison according to Barron’s, where Wood says she began to find
her niche as an investor in part because the analysts there wouldn’t give up
any stocks for her to cover.
Wood looked at places that other analysts were ignoring. “I was like a
little dog looking for scraps under the table,” she says. She found stocks
that sat at the intersection of multiple industries, and weren’t followed by
analysts from any side. This, she realized, "is where innovation happens.”
In 1998 Wood left to co-found and help run hedge fund, Tupelo Capital
Management, but departed after three years and joined AllianceBernstein,
where she oversaw a multi-billion portfolio of growth stocks. That’s where
the seeds of ARK were planted in her mind. Wood reportedly began to bridle at
the constraint of her portfolio being compared to benchmarks (like the S&P
500), particularly when the money she managed underperformed the market
leading up to the financial crisis of 2008/2009.
As more and more of the world moved to passive management (investing in
indexes), Wood began to consider going whole hog in the opposite direction.
Her vehicle of choice, an actively managed ETF, was an anomaly. According to
Barron’s, Wood turned to what for most Wall Street professionals would be an
unlikely source for guidance:
When she spoke to her spiritual advisers, however, it came to her: “You
cannot worship any idol, and the benchmark has become an idol.” The next
year, she made back much of the loss. But in prayer and meditation, she had
the following revelation: “Benchmarks are all about successes in the past.
God doesn’t want us to be stuck in the past. He wants us to move into the
new creation.” That’s when she knew she had to start her own company: “I
felt that a start-up could go out there and spread that message very loudly,”
she says, “We were putting all our chips on the table.” In 2014, Wood left
AllianceBernstein [and launched ARK.]
In a podcast interview, Wood spoke more about her faith and ARK. (I have
excerpted a fair amount here, which I think is worth doing because it shows
the depth of Wood’s religious conviction.)
“I decided to name my company after the Ark of the Covenant, because as
I was going through that very difficult period starting in ‘06, where the
market, nothing made sense to me, I started reading the One-Year Bible, after
I would read the passage for the day, I would then just open it up randomly
and say, “God, speak to me. Just show me what to do. Show me Your will. Show
me Your way.”
Here specifically is what Wood saw in the Ark:
“...I would [read about] the Ark of the Covenant being taken into the
Israelites, taking the Ark of the Covenant into battle before them, because
they believed that the presence of God was in the Ark of the Covenant. As I
began to get this idea of a firm going and realized that I was fighting this
war, I knew I had to name my company 'ARK' for Ark of the Covenant.”
And here Wood speaks more generally about the role God plays in her work:
“God’s standard of success for me in the financial world, and in my
life generally, is following His will. And I believe that in starting ARK
Invest, I was fulfilling His will for me here on Earth and that if I had not
done it, that I would have died an unhappy woman not having not fulfilled my
promise here. And so it’s not so much about me and my promise. It’s about
allocating capital to God’s creation in the most innovative and creative way
possible.
I founded the company out of faith. I got this calling one day when I
walked into my home. It was a beautiful summer day. I walked in to complete
silence, which was very unusual in my household at that time. The children
were all gone to Christian camps and other activities. And so I was all alone
for the first time ever in my house, all alone for two full weeks. And I
walked over to the kitchen island and I wasn’t happy and I wasn’t sad. I
was just, Wow, this has never happened to me before.
As soon as I said that to myself, I felt a wham and I really feel like
that was the Holy Spirit just saying to me, 'Okay, this is the plan.' And the
idea was basically, 'Look, you’ve been a student of disruptive innovation
your entire career. Why don’t you disrupt your own industry? It’s broken.
Why do you disrupt it with some of these new technologies? Why don’t you
harness social media? Why don’t you invite people in—even your competitors—
to brainstorm about these new ideas, to help spread the word?' And so I did
that, and it’s been amazing. It’s so much better than anything that I could
have possibly imagined.
I funded it for the first three years all by myself. And for the first
three years, our assets didn’t grow that much. And I thought, Oh my
goodness, what have I done? Every two weeks there was an exit of a
significant amount of my wealth into the company. And I would kneel down and
say, 'OK, God, You’re in control. Even if this company fails, I know I’ve
done the right thing. This is a walk of faith for me. Your will be done.'"
As I said, not your typical Wall Streeter.
In a podcast recorded two years ago. Laffer too spoke about how Wood started
ARK:
“All the stars were aligned for Kathy,” he said. “She had this model, this
way of looking at the world, this energy. So many people think they're in
technology, but they're superficial. She really gets the team together and
goes way in and digs deep, deep, deep. The team is wonderful, first class.”
Wood talks about her team, which is only 30 or so, and how it incorporates a
new, collaborative way of thinking, analyzing and sharing information and how
by posting research externally and seeking feedback, her firm is "the first
sharing economy asset manager" in the business. Could be. “The way they
discuss things, challenge each other, in such a civil way, it really is
different,” says Boehly.
Like so many businesses, Wood has had to change the way she operates during
COVID-19, as she explained to Yahoo Finance’s Jen Rogers last month:
“We feel like a startup still and I never want to lose it. When the
coronavirus started I brought everyone in the firm together at the beginning
of every day and we're still doing that. I think this has helped our cohesion
as a firm, which I didn't think was possible because I thought we were really
close before. We have an open office, everybody can hear everything going on.
What happened is the parts of the firm that were not involved with the
investment process were fascinated by the kinds of discussions we had. And so
the whole firm has coalesced around that.”
How is it possible for ARK to manage so much money with such a small team?
“We were built to scale actually,” Wood told Rogers. “I talk a lot about
exponential growth technologies. When we designed the firm and especially our
research ecosystem, I never dreamed of two things. One, how much information
would pour into us from the communities we're researching. Helping us to
battle test our ideas, and I think really giving us a leg up out there. And
then the other thing I never imagined was as you say, punching above our
weight when it comes to visibility and name recognition, brand out there. We
have a global minority partner, Nikko Asset Management.”
That doesn’t address questions about back office capacity which must be a
focal point for Wood, given the inflows of tens of billions of dollars—and
now outflows—in such a short period of time. It’s also worth pointing out
that one of Wood’s most prominent analysts, James Wang, left the firm last
month, “to pursue personal projects.”
Getting back to Wood’s comment on Nikko for a second though: That Japanese
firm is one partner. Another, with which Wood had a seemingly more complex
relationship, is a Texas company called Resolute Investment Managers, (which
traces its origins to American Airlines’ investment operations), and which
distributes ARK’s funds in the U.S. In 2016, Resolute bought a minority
stake in ARK with an option to buy majority control within five years. (This
investment seems to have been made during ARK’s trying, early years.)
Last fall, things got sticky with Resolute when it sought to exercise the
option, which Wood didn’t want. The dispute became public with Wood saying
she was “disappointed” about Resolute’s “unwelcome notice” to seek
control. That’s when Boehly and Eldridge stepped in with a $60 million loan
late last year to essentially buyout Resolute’s option and allow Wood to
maintain control of her firm, which patched up differences between the two
parties.
Statements explaining the resolution were issued with Resolute continuing to
distribute ARK’s funds and that firm’s CEO Greg Needles, staying on ARK’s
board. “Like anything in life that flares up, there was a little drama,”
says Boehly. “It really was a misunderstanding which happens in business.
We worked productively and harmoniously to get it solved. It was an economic
conversation.”
Before returning to the question of what becomes of ARK, a quick note about
Wood’s and Tesla with which she has become inextricably linked.
I remember Wood telling us in October 2018, "We believe that Tesla should be
priced in the marketplace today at $2,000. And we believe that's
conservative. Our bull case is a $4,000 price target in five years.” (At
that point the stock was trading around $300—unadjusted for a stock split.)
Wood became famous for this $4,000 call, but what’s under recognized is that
she was right, though her achievement has been somewhat muddled by a Tesla
stock split. Let me explain.
Tesla stock hit an all-time high of $900.40 on Jan. 25 this year. But
remember on Aug. 31 of last year, Tesla stock split five for one. So
split-adjusted, Tesla stock actually hit $4,500 early this year. Bottomline:
Tesla stock was up 15 fold over less than three years. And Wood called it. No
wonder the fan boys love her.
As of yesterday afternoon, Tesla had fallen to $650, (though still up some
10X mind you from Wood’s call) or down 18% this month, almost exactly the
same percent as ARKK. Talked about joined at the hip.
So what does the future hold for Wood and ARK? Wood has always said that
sell-offs provide ARK with an opportunity to buy, which is what you often
hear from money managers. “There are always cycles,” says Boehly. “And she
’s prepared for cycles.” But it becomes harder to buy on the dip or hunker
down now that ARK is so big and carries such a high-profile.
“I had dinner with her a month and a half ago in Hilton Head," Laffer says.
“I didn’t find any difference in her demeanor at all. She’s a very nice
person, very gracious, very focused. She will do very well. She may have a
big setback but that won’t stop her.”
Regardless, if you buy what Laffer says, as with Musk, you have to
acknowledge that Wood is on to something. Is it sustainable though? We all
know an idea isn’t enough. It reminds me of something legendary investor
Howard Marks said to me a few years back (and I’m paraphrasing), “There are
no bad assets, only bad prices.” Marks also said: “Being too far ahead of
your time is indistinguishable from being wrong.”
Wood certainly knows her stuff and has those decades of experience. And she
has her faith too, which might be a help or some might say, a hindrance. It’
s likely that for this particular person, Cathie Wood, to succeed, she will
have to continue to marry the two facets of her mindset, the secular and yes
the sacred, in the weeks, months and years ahead.
This article was featured in a Saturday edition of the Morning Brief on March
20, 2021. Get the Morning Brief sent directly to your inbox every Monday to
Friday by 6:30 a.m. ET. Subscribe
.Andy Serwer is editor-in-chief of Yahoo Finance. Follow him on Twitter:
@serwer
机翻如下：
如果我要您说出当今股市最能代表市场的人，您可能会说Roaring Kitty（又名Keith
Gill），Robinhood首席执行官Vlad Tenev或其他一些千禧世代的迷因股票交易者。他们
是故事的推动者，对不对？
我反而为似乎与这种陈规定型观念完全相反的人辩护：一位65岁的女性金融服务业内部人
士，支持唐纳德‧川普，并拥有深厚的宗教信仰，并且自相矛盾地（或自然而然）深受
WSB Reddit人群喜爱。
我说的当然是ARK Invest的创始人，首席执行官兼CIO Cathie Wood。
像Elaine Garzarelli，Peter Lynch，Bill Miller，Henry Blodget，Mary Meeker或之
前的Big Short的家伙一样，伍德已经成为这个市场当下的公众面孔，体现了加密，金融
科技，云计算和生物科技领域的疯狂收益股票。特斯拉（Tesla），尤其是特斯拉（Tesla
），她打了一个荒谬如登月般，事实证明那是100％正确的call。 （稍后会有更多介绍。
）伍德不仅是资金管理者，而且她实际上是这些公司以及她看到的新技术世界的传播者。
如果您跟随市场，您可能会对ARK有所了解，但它已成为华尔街的“ It”投资公司，尽管
远非如传统的一间投资公司。 ARK以其ETF（或交易所交易基金）而闻名，其中最著名的
是“破坏性创新” ETF（股票代号ARKK），该股票围绕股市平均水平徘徊，去年上涨了
152％，每年超过45％。过去五年的平均水平。彭博社上月初报导说：“方舟所管理的交
易所买卖基金资产本周越过了500亿美元，高于去年同期的36亿美元。”
哇。
“她打了一些很棒的call，”最近在ARK进行投资的投资公司Eldridge的首席执行官华德
街（Wall Street）玩家托德‧博利（Todd Boehly）说。 “很难一次又一次地连续打出
精彩的call。”
而且有摩擦。如果这种牛市在某种程度上被特斯拉（TSLA），Square（SQ）和Roku（ROK
）（所有ARK的主要持股）之类的科技股所驱动，那么它精疲力尽时，或者更确切地说，
是转为周期性经济复苏时，我会买一些股票（我在上周写过），那么凯茜‧伍德又会离开
到哪里呢？牛市的技术上升周期结束了吗？如果是，那是否意味着伍德的好日子结束的时
间点到了？还是这只是ARK再飙一次之前伍德可以带着大家度过的高原？
这不仅是伍德的难题，也是我们千百万人的难题。
需要明确的是，对于伍德和方舟而言，直到2020年都是如此，而2021年则是波涛汹涌。某
一时刻，ARKK的峰值下跌了20％。据彭博社报导，该公司管理的资产在二月中旬突破了
600亿美元，如今已降至约480亿美元。看空ark的人如雨后春笋般涌现，而预言凯蒂‧伍
德（Cathie Wood）报应的文章已成为一个手工业。
机构投资者，《华尔街日报》的Jason Zweig和Morningstar指出，去年ARK的增长速度超
过历史上任何一家基金公司，它们都做出了出色的基本报告（伍德本人可能会钦佩的那种
），指出ARK面临的风险如无力偿还债务、限制或阻止新资金流入ETF，ETF的透明性（允
许其他人抄ARK的作业）以及某些ARK持有股数过大造成的流动性不足。
在过去的一年左右的时间里，伍德不得不捍卫自己的投资，尤其是特斯拉，认为这些股票
没有出现泡沫。她不得不越来越多地对自己的资金提出异议。
在我们讨论最终的问题（即伍德和方舟）之前，有必要更深入地研究凯西‧伍德，她既是
华尔街的产物，又是一个自觉地具有颠覆性的创新者。她是一个四十年来一夜成功的故事
，而更重要的是，她有着非同寻常的性格。
我知道Cathie在过去五年中多次与她一起出现在Yahoo Finance Live上，并且还与她脱口
而出。她举止风度翩翩，驾驭和超级聪明，至少对我来说，凯茜既没有政治上的信仰，也
没有宗教信仰。
通过一位发言人，伍德拒绝接受这个故事的采访，但是根据我们之前的谈话，对熟人的采
访，在她的网站和社交媒体上的帖子以及对她和她的团队中某些成员的先前采访，我们能
够得到一个Wood的拼图。
因为伍德是一位公众人士，所以追踪她的想法并不难。交流她的想法一直是ARK战略的关
键部分，她在一次采访中谈到了这一点：
伍德说：“我们成功的很大一部分是在于社交媒体。” “当我们发布我们的研究出去时
，我们将让该领域的创新者与我们共舞，然后说：“嘿，那我们呢？”或“嘿，您想到这
个了吗？”或“嘿，你错了。”我认为我们拥有的协作研究生态系统可以使新思想不断传
播。”伍德在此处和ARK的网站上发表文章。她在Twitter上拥有717,000位关注者。在
YouTube上，她的影片获得了一百万次观看。
所有这些以及她的ETF的表现赢得了成群的粉丝的支持（包括钱包）。在Reddit的WSB板中
，她被称为“凯蒂姨妈”，“凯蒂贝”和“女神”。一家韩国报纸报导，她的暱称是“金
钱树”。而且，媒体喜欢报导她（彭博，CNBC，巴伦，还有雅虎财经），因为人们想了解
她或观看她。
那么，凯蒂‧伍德是谁？
她在洛杉矶长大，是爱尔兰移民的四个孩子的大女儿。她的母亲是家庭主妇，父亲是雷达
系统工程师。伍德对巴伦说：“我是长子长大的。” “我要为家人开辟道路。”
伍德于1974年毕业于巴黎圣母院，这是一所备受推崇的全女子天主教学校，在那里，伍德
成立了Duddy（伍德的娘家姓）创新学院，该学院“为渴望超越传统的年轻女性提供了独
特的挑战。传统教室的边界。该研究所的旗舰课程是颠覆性创新。” （听起来有点熟？
）
伍德进入了南加州大学，并于1981年以优异的成绩获得了理学学士学位。她的导师是拉弗
（Art Laffer），与她至今仍保持亲密的一位保守派供应侧经济学家，以“拉弗曲线”而
闻名（拉弗于1974年为不理解的迪克‧钱尼副总统在餐巾纸上画成），该假说认为减税可
刺激经济增长，从而实际上可以增加税收。
拉弗回忆起1976年与伍德的会面：
拉弗告诉雅虎财经：“我是南加州大学的查尔斯‧桑顿教授。” “她想上我的课，是南
加州大学的一名本科生。我不知道她是谁，她申请进入我的研究生班之一。我看着请愿书
，让她上课。她的表现很好，很明显某些东西在驱动着这位年轻女士。我从一开始就毫不
怀疑她会非常成功，并且在整个职业生涯中都非常出色。她努力工作-不仅努力，而且很
聪明。”
民主党人贬低了拉弗的工作，这成为雷根减税的基础。拉弗曾在雷根政府任职，曾是唐纳
德‧川普的顾问，对于唐纳德‧川普总统，伍德也“从严格的经济角度出发”支持。如果
您发现伍德（她说她支持妇女的多样性和赋权并对科学，医学和技术有坚定的承诺）是唐
纳德‧川普（Donald Trump）的支持者，请理解，这种支持的基础来自拉弗（Laffer）的
教育。
在南加州大学之后，伍德的职业生涯或多或少走了几十年的传统道路。放学后，她从拉弗
（Laffer）的帮助下加入了洛杉矶的Capital Group，担任助理经济学家。 1980年，年仅
25岁的她移居纽约，加入了PGIM的股票投资部门Jennison Associates，前身是
Prudential的资产管理部门Prudential Investment Management，在该公司工作了18年，
担任经济学家，股票研究分析师，和投资组合经理。
一路上，伍德结婚并生了三个孩子。
她的一个孩子，一个女儿卡罗琳（Caroline），在ARK担任市场经理。她的哥哥约翰‧杜
迪（John Duddy）是医疗保健部门的执行董事。 Natwest和Wells Fargo的机构销售。伍
德通过Rob成为财金新闻网站 “华尔街24/7” 的少数股东。
根据巴伦（Barron）的报导，当时在詹尼森（Jennison），伍德（Wood）说她开始找到自
己的利基市场，部分原因是那里的分析师不会放弃任何股票供她投资。
伍德看着其他分析师忽略的地方。她说：“我就像一只小狗，在桌子底下寻找废料。”她
发现好的股票标的位于多个行业的交汇处，并且没有任何方面的分析师关注。她意识到，
这就是“创新发生的地方”。
伍德于1998年离开共同创立并帮助管理对冲基金Tupelo Capital Management，但三年后
离职并加入了AllianceBernstein，在那里她负责管理数十亿美元的成长型股票投资组合
。那就是在她的脑海里种下ARK的种子的地方。据报导，伍德开始受到束缚，因为她的投
资组合与基准相比（例如标准普尔500指数），特别是当她管理的资金表现不佳导致市场
导致2008/2009年金融危机时。
随着越来越多的世界转向被动管理（对指数进行投资），伍德开始考虑朝相反的方向发展
。她选择的工具是积极管理的ETF，这是一个反常现象。根据巴伦（Barron）的说法，伍
德（Wood）转向大多数华尔街专业人士寻求指导的可能性不大：
但是，当她与她的属灵寻求建议交谈时，她想到：“你不能崇拜任何偶像，基准已经变成
了偶像。”第二年，她弥补了大部分损失。但是在祈祷和冥想中，她有以下启示：“基准
都是过去的成功。上帝不希望我们被困在过去。他希望我们进入新的创作。”从那时起，
她就知道自己必须创办自己的公司：“我认为一家初创公司可以在那里开展并大声地传播
这一信息，”她说，“我们正在将所有筹码都放在桌面上。” 2014年，伍德离开了
AllianceBernstein [并推出了ARK。]
在podcast采访中，伍德谈到了她的信仰和方舟。 （我在这里摘录了很多内容，我认为这
是值得做的，因为它表明了伍德对宗教信仰的深刻理解。）
“我决定以《约柜》命名我的公司，因为当我经历从06年开始的那个非常困难的时期
时，在那个市场，对我来说没有任何意义，所以我开始阅读《一年圣经》。会阅读当天的
文章，然后我随便打开它，说：“上帝，对我说话。告诉我该怎么做。告诉我你的意愿。
告诉我你的方式。”
具体来说是伍德在方舟中看到的东西：
“……我（会）读到约柜被带到以色列人手中，使约柜在他们面前参战，因为他们相
信上帝的同在就在约柜中。当我开始有了坚定前进的念头，并意识到我正在与这场战争搏
斗时，我知道我必须为公约方舟命名我的公司“ ARK”。
伍德在这里更笼统地谈论了上帝在她的工作中所扮演的角色：
“上帝在金融界乃至我一生中对我而言成功的标准都遵循他的意志。而且我相信，在
启动ARK Invest时，我是在地球上实现他对我的意愿，并且如果我不这样做，那我将成为
一个不幸的女人，如果没有履行我的诺言，我就会丧命。因此，与我和我的诺言无关紧要
。这是关于以尽可能最具创新性和创造力的方式将资金分配给上帝的创造。
我本着信念创立了公司。有一天，当我走进家时，我接到了这个召唤。那是一个美丽
的夏日。我走进去完全保持沉默，这在当时我的家庭中是非常不寻常的。孩子们都去了基
督教营和其他活动。因此，我第一次独自一人呆在家里，整整两个星期。我走到厨房小岛
时，我并不快乐，也并不难过。我只是，哇，这从来没有发生过。
我对自己说了那句话后，我感到一阵痛心，我真的觉得那是圣灵对我说：“好吧，这
是计划。”这个想法基本上是，“看，您在整个职业生涯中都是颠覆性创新的学生。您为
什么不破坏自己的行业？坏了您为什么用其中的一些新技术来破坏它？您为什么不利用社
交媒体？您为什么不邀请甚至是您的竞争对手在内的人们就这些新想法进行集思广益，以
帮助宣传？所以我做到了，这真是了不起。它比我想像的要好得多。
我在前三年全部由我自己资助。在最初的三年中，我们的资产增长不那么快。我想，
哦，天哪，我做了什么？每隔两周，我就会有相当数量的财富退出公司。然后我跪下来说
：“好吧，上帝，你掌握了一切。即使这家公司倒闭，我也知道我做对了事。这对我来说
是一个信仰之路。你会完成的。'“
正如我所说，她不是典型的华尔街人士。
在两年前录制的podcast中。拉弗还谈到了伍德是如何开始ARK的：
他说：“所有的明星都为凯西团结起来。”她拥有这种模式，这种看待世界的方式，这种
能量。如此多的人以为自己在技术上，但是他们是肤浅的。她真的使团队团结起来，并深
入，深入，深入。这个团队很棒，是一流的。”
伍德谈到了她的团队（只有30个左右），以及它如何结合新的协作思维方式，分析和共享
信息，以及如何通过在外部发布研究并寻求反馈来使她的公司成为“第一位共享经济资产
管理者”。在业务上。可能。 “他们以一种文明的方式讨论事物，互相挑战的方式确实
不同，” Boehly说。
就像许多企业一样，伍德在上个月对Yahoo Finance的詹‧罗杰斯（Jen Rogers）解释时
，不得不改变她在COVID-19期间的经营方式：
“我们仍然感觉像是一家初创公司，我永远不想失去它。当冠状病毒开始时，我每天开始
时将公司中的每个人都召集在一起，而我们仍在这样做。我认为这有助于我们凝聚为一家
公司的力量，这是不可能的，因为我认为我们之前真的很亲密。我们有一个开放的办公室
，每个人都可以听到一切。发生的事情是公司中与投资流程无关的部分对我们进行的各种
讨论著迷。因此，整个公司已将其合并。”
ARK如何在如此小的团队中管理这么多资金？
伍德对罗杰斯说：“实际上，我们是按比例建造的。” “我谈论了很多指数增长技术。
当我们设计公司，特别是我们的研究生态系统时，我从来没有梦想过两件事。第一，我们
正在研究的社区会向我们注入多少信息。帮助我们与我们的想法进行战斗，我认为这确实
给了我们很大的帮助。然后，我从未想过的另一件事是，正如您所说的，在可见度和名称
识别以及品牌知名度方面，我们发挥了举足轻重的作用。我们有一个全球性的少数派合作
伙伴，日光资产管理公司。”
考虑到在这么短的时间内有数百亿美元的资金流入（现在已经流出），这没有解决有关后
台办公能力的问题，后台办公能力必须是伍德的重点。还值得指出的是，伍德最杰出的分
析师之一詹姆斯‧王（James Wang）上个月离开了公司，“从事个人项目”。
不过，请回到伍德对日航的评论上：这家日本公司是一个合伙人。伍德与看似更复杂的关
系的另一家公司是德克萨斯州的一家名为Resolute Investment Managers的公司（其起源
可追溯至美国航空的投资业务），并在美国分配ARK的资金。2016年，Resolute收购了少
数股权可以选择在五年内购买多数股权。 （这项投资似乎是在ARK的早期尝试中进行的。
）
去年秋天，当Resolute寻求行使伍德不希望的选择权时，事情变得棘手。争端公开了，伍
德说她对Resolute寻求控制的“不受欢迎的通知”感到“失望”。到了那时，Boehly和
Eldridge于去年下半年介入了一笔6000万美元的贷款，以实质上买断Resolute的期权，并
允许Wood保持对自己公司的控制权，从而弥补了两方之间的分歧。
在发布决议说明的声明中，Resolute继续分配ARK的资金，而该公司的首席执行官Greg
Needles仍在ARK的董事会任职。 “就像生活中发生的任何事情一样，还有一点戏剧性，
” Boehly说。 “这确实是在业务中发生的误解。我们进行了富有成效和和谐的工作，以
解决它。这是一次经济对话。”
在回到关于ARK的问题之前，先快速了解一下伍德和特斯拉之间的联系，她已经与她密不
可分。
我记得伍德在2018年10月告诉我们：“我们认为特斯拉今天在市场上的定价应该为2,000
美元。我们认为这是保守的。我们的牛市假设是五年内目标价格为4,000美元。” （当时
股价为300美元左右，未作股票分割调整。）伍德因这次4,000美元看涨而闻名，但人们认
识到的是她是对的，尽管特斯拉股票分割使她的成就有些混乱。我解释一下。
特斯拉股价在今年1月25日创下900.40美元的历史新高。但请记住，在去年8月31日，特斯
拉股票一分为五。如此拆分调整后，特斯拉股票实际上在今年初达到了4,500美元。底线
：特斯拉股价在不到三年的时间内上涨了15倍。伍德喊对了。难怪她的粉丝们如此爱她。
截至昨天下午，特斯拉已跌至650美元，（尽管您仍想从伍德的call中获得10倍的收益）
或本月下跌了18％，几乎与ARKK相同。谈到逢低买进。
那么伍德和方舟的未来会怎样呢？伍德一直说，抛售为ARK提供了购买的机会，这是您经
常从理财经理那里听到的。 “总是有周期，” Boehly说。 “而且她为上行做好了准备
。”但是，由于ARK规模如此之大且备受瞩目，现在很难逢低买入或渴望买入。
拉弗说：“一个半月前，我在希尔顿黑德岛(南卡州的一座城市)与她共进晚餐。我的举止
一点都没发现。她是一个非常友好的人，非常客气，非常专注。她会做的很好吧。她可能
会遇到很大的挫折，但这不会阻止她。”
无论如何，如果您买单Laffer所说的话（就像买单Musk所说的一样），则必须承认Wood正
在发展。虽然可持续吗？我们都知道一个概念还不够。这让我想起了几年前传奇投资者霍
华德‧马克斯（Howard Marks）对我说的话（我的意思是：没有坏资产，只有坏价格）。
马克斯还说：“与对的时间点相距太远与犯错无异。”
伍德当然知道她在干什么，并且拥有几十年的经验。她也有自己的信仰，这可能会有所帮
助，或者有人会说这是一个障碍。为了使这个特定的人凯西‧伍德（Cathie Wood）成功
，她将不得不在未来的几周，几个月和几年内继续嫁给她的心态，在世俗的和神圣的两个
层面。
心得/评论：
在诸多批评或者剖悉Cathy wood的文章中
我特别喜欢这一篇
其中包含了ㄧ些投资观念的探索和追寻
包含Cathy 导师 Laffer在经济学上的供给侧的想法去回追 Cathy的想法
或者宗教的层面去看这些东西，信仰之类的
没有信仰的人无法成为好的价值投资者
在这一点上面，巴菲特、查理和Cathy真的非常相像。

菜包 美国女版老苏

机翻用DeepL比较准 改一下