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WUWO

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- WUWOWUWO
  ·2021-09-23
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- WUWOWUWO
  ·2021-06-23
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- WUWOWUWO
  ·2021-05-27
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- WUWOWUWO
  ·2021-05-07
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- WUWOWUWO
  ·2021-03-30
  Ark
  A woman who "finances for God"!
  “木头姐”Cathie Wood：给我几个支点，让我撬动整个世界。
  A woman who "finances for God"!
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- WUWOWUWO
  ·2021-03-04
  Teacher told me that,cash is bad,banker love debt.
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- WUWOWUWO
  ·2021-02-12
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- WUWOWUWO
  ·2021-02-09
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- WUWOWUWO
  ·2021-02-09
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  Pre-market change: Bitcoin hits a new high! Blockchain sector gains like rainbow
  2月9日，美国三大股指期货短线下挫，截至发稿，道指期货跌0.12%；标普500指数期货跌0.12%；纳斯达克100指数期货跌0.14%。美股区块链板块盘前大涨，比特币日内一度站上48000美元，此前特
  Pre-market change: Bitcoin hits a new high! Blockchain sector gains like rainbow
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- WUWOWUWO
  ·2021-02-08
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  Alibaba's Hong Kong stocks rose more than 2% against the trend
  2月4日，阿里巴巴港股逆势涨超2%，此前一度跌超1%，市场消息称蚂蚁集团据悉与监管机构就整改达成一致。此外淘宝再度成央视春晚独家电商合作伙伴，在春晚期间发出至少20亿红包。
  Alibaba's Hong Kong stocks rose more than 2% against the trend
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12:25","market":"us","language":"zh","title":"A woman who \"finances for God\"!","url":"https://stock-news.laohu8.com/highlight/detail?id=2123790280","media":"华尔街见闻","summary":"“木头姐”Cathie Wood：给我几个支点，让我撬动整个世界。","content":"<p>\"Sister Wood\" Cathie Wood: Give me a few fulcrums so I can move the whole world. It's hard to imagine such a market-shaking landscape:</p><p>She invested<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>They bet it will disrupt the automotive industry; She invested in Bitcoin, betting that it would overturn the monetary system; She is preparing a space fund, looking to the future of Mars; She invested in streaming platform Roku, mobile payment company Square, and 3D printing company<a href=\"https://laohu8.com/S/SSYS\">Stratasys</a>They are at the forefront of technological progress, working together to drive changes in contemporary life.</p><p>She said she would give me a few fulcrum points so I could move the whole world.</p><p>She has placed her bets on disruptors in various industries, and she herself stands at the center of the asset management industry storm. Born on Wall Street, she abandoned tradition and disregarded \"discipline,\" eventually embarking on an unconventional investment path. Today, she has enjoyed both immense success and much skepticism. The collapse of a building may happen overnight; just as many people have seen it rise, so many want to see it collapse.</p><p>To ask how it all began, Cathie Wood, the founder of ARK Invest and now a household name for the annual \"Bull Market Queen\"—over 65 years old—sat in a comfortable chair, smoothed her shoulder-length gray-brown hair, adjusted her signature black-rimmed glasses, and slowly recalled that summer afternoon many years ago:</p><p><img src=\"https://static.tigerbbs.com/1c69c183f3df90b688867160c4eb35b5\" tg-width=\"795\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p>It was a beautiful summer day, and I returned home to an unfamiliar silence. With three kids at Christian Camp and other activities, I suddenly realized that I would be spending the next two weeks alone. I've been away from days like this for too long. Stepping into the kitchen, I was neither happy nor sad, just a little dazed... until a sudden jolt tore through the air, and I seemed to hear the Holy Spirit speaking to me—\"Come, begin your plan,\" I heard him say. She said, \"Look, you've spent your whole life researching disruptive innovation, why don't you try to disrupt your own industry?\" Why not innovate it with new technology? Why not make your new idea public and spread it on social media? Why not invite your competitors and spark ideas together? He said so, and so I did. “She said so, and I did so.” So in 2014, at the age of 57, Wood resigned from the renowned asset management giant Alliance Bernstein and founded his own asset management company, named after the ARK of the Covenant in the Bible.</p><p>Just as the Israelites of the Old Testament campaigned with the ARK of the Covenant, believing that God was with it, this devout Catholic firmly believes that ARK is destined to invest its capital in innovation, in the future, and in \"God's hand,\" fulfilling the mission entrusted to it by God.</p><p>Many Chinese media outlets now translate ARK as \"ARK,\" which, although not Wood's original intention, still reflects his self-image of \"bearing the destiny of the world.\"</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e2ef328f314a2d1785b3d3ba7f27e1f1\" tg-width=\"641\" tg-height=\"361\" referrerpolicy=\"no-referrer\"><span>The Image of the \"Ark of the Covenant\" in the Bible</span></p><p>Six years later, 2020 was undoubtedly a historic year for ARK. March's epic volatility sounded like a series of sirens. US stocks, which had hit the pandemic, fully recovered amid the central bank's massive easing. ARK, on the other hand, became the biggest beneficiary of this bull market due to its previous aggressive buying of technology and small-cap stocks under the guise of \"disruptive innovation.\" Its ETFs swept the top, second, and third place in the US fund market. The five best-performing ETFs achieved an average annual return of 141%, with the size increasing by more than 10 times at its highest, as if God had finally bestowed grace upon its loyal followers.</p><p>However, in February of this year, ARK, which was incredibly successful at the beginning of the month, plummeted by the end of the month along with the decline in tech stocks. More and more doubts are beginning to emerge. People say that Wood will repeat the mistakes of a large number of star fund managers during the dot-com bubble of the 1990s. They first took off in high spirits, then fell completely when the bubble burst.</p><p>Amidst the ups and downs, reports about ARK and Wood himself have been flooding the market for months.<b>People belatedly realized that this self-proclaimed \"bull market queen\" who allocated capital to God was either a \"missionary\" in the faith world or a flash in the pan in the fund industry, or she might truly be a disruptor in the asset management industry and a \"prophet\" who foreshadowed the future direction of innovation.</b></p><p><b>A childhood of travel, a curious child</b></p><p>To really trace Wood's penchant for new things, we may have to go back to her unstable childhood.</p><p>Wood was born in 1955 into a Catholic immigrant family in Los Angeles, USA. He grew up reciting scriptures and attending church. Her parents were both from Ireland, and her father served in the Irish Army and the U.S. Air Force before becoming a successful radar systems engineer.</p><p>Because of my father's job, he often needed to move the whole family from one military base to another.<b>As a child, Wood never stayed anywhere for long, and by the time he was twelve, he had moved ten times.</b>Fortunately, probably because he inherited his mother's lively and open-minded personality, Wood did not feel too uneasy about the frequent changes around him. Instead, he was constantly bursting with curiosity about life from adapting to new environments and exploring new things.</p><p>After growing up a little, like many children from immigrant families, she began to receive a good education and gradually showed a talent for learning. After graduating from Notre Dame College high school, she graduated with honors from the University of Southern California (USC) in 1981 with a bachelor's degree in financial economics.</p><p>At the beginning of his career at USC, Wood's vision for the future was also vague. For two years before choosing her major in her junior year, she worked in a supermarket to earn tuition fees while considering possible directions for further studies: geology, astronomy, engineering... It seemed like she could try many things, but none of them were particularly firm choices.</p><p>It wasn't until one semester, at his father's suggestion, that Wood got his first taste of macroeconomics—the wonder of fate is that moment when all your senses tell you: this is it.</p><p>Wood was deeply fascinated by the \"grand views\" that arose from economic activity and transcended the micro and concrete—distant, panoramic, and future-oriented \"grand views.\" By her own account, she found macroscopic research damn fascinating, allowing people to imagine boldly how the world would work in the future, which was more important than studying existing theories.</p><p><b>Looking back, this was the first time that his consistent preference for the unknown had helped Wood make a major life choice in a way that struck him squarely on the head.</b></p><p>Being educated in a prestigious family allowed Wood to move faster on this path than anyone else. Her mentor, economics professor Arthur Laffer, was the inventor of the famous \"Laffer curve\".</p><p>Despite being an undergraduate, Wood still attended the graduate courses taught by his professor and was highly regarded for his excellent talent.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fcf68e0010cae1663dd31058f8a34c7e\" tg-width=\"1000\" tg-height=\"563\" referrerpolicy=\"no-referrer\"><span>On October 21, 2014, Wood and Laffer appeared on the podium of the New York Stock Exchange. (Image source: Investors' Business Daily)</span></p><p><b>Young Chiefs: Standing on the Other Side of the Consensus</b></p><p>It was also through Laffer's guidance that Wood joined Capital Group, a traditional asset management giant, as an assistant economist at the age of 22, thus beginning her career.</p><p>In 1980, she moved to New York by chance and became the chief economist of the investment advisory firm Jennison Associates.<b>In other words, in just three years, Wood rose from assistant to chief at the age of only 25.</b></p><p>Just as she was taking on her first major responsibility, the U.S. economy was also undergoing a dramatic transformation.</p><p>In the early 1980s, the United States was in the abyss of high stagflation. While production declined and unemployment soared, prices instead of falling generally rose sharply, resulting in a rare situation where high inflation, high unemployment, and low economic growth coexisted. At the time, Paul Volcker, the newly appointed chairman of the Federal Reserve, tried to reduce the money supply to combat high inflation, but with little success.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1b08eb3a10fa740d150c2486a9ea158\" tg-width=\"715\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>U.S. inflation peaked in 1980</span></p><p>Against this backdrop, some of the most authoritative economists in the United States at the time, such as \"Dr. Doomsday\" Henry Kaufman and Milton Friedman, despaired that inflation had become the norm and deeply entrenched.</p><p>Wood thought otherwise.<b>Interest rates and inflation have peaked, she insists.</b></p><p>Jennison co-founder Spiros Segalas and Wood were both mentors and friends. During that time, he often invited these well-known academics to the company to share their predictions, and for the purpose of training, testing, or exchanging ideas, he made Wood stand on the \"opposite side\" and debate with them one-on-one.</p><p><b>On one side are veterans with many years of experience in the martial arts world and a large camp; on the other side are a minority of players who have just become chief and, judging by their age alone, seem to have little experience.</b>We cannot know whether the \"Kaufmans\" were seriously participating in this academic battle or performing with the mindset of mentoring the younger generation, but the facts ultimately proved that Wood's judgment was very accurate. After the Reagan administration took office in 1980, inflation and interest rates were well controlled and fell from their peak.</p><p>After witnessing many debates, Segalas made this assessment of Wood:<b>A woman of incredible conviction. She is the sharpest one so far.</b></p><p>Wood later said that it was those days that truly shaped her ability to act independently and challenge authority, making her deeply aware that she must always be wary of so-called \"consensuses,\" which may seem irrefutable, but often have room for debate—<b>Behaviors that violate the \"consensus\" may actually have enormous potential.</b></p><p>Decades later, looking back on his fledgling past, Wood would find that when he made this accurate prediction, he was standing at the crossroads of himself and history.</p><p><b>Once interest rates fall, a 40-year bull market in tech stocks will follow, and she will soon participate in it, fighting in the same \"maverick\" manner for several years until she makes waves. At that time, she will no longer be \"defying\" a few academic \"Kaufmans,\" but the entire Wall Street.</b></p><p><b>She hadn't expected this at the time.</b></p><p><b>Switching to Stocks: Looking for Leftovers Under the Table</b></p><p>All she could sense was that the tech stock boom was going to last for a while. Lower interest rates provided more room for growth for tech companies that had previously been hit hard, and Wood, who already loved astronomy and engineering, quickly decided to get on board.</p><p>So in 1985, she switched from macro to equity research at Jennison, and in 1990 she also served as the company's portfolio manager, always focusing on the technology stock sector.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3ab2a3e6a38a1e6cadb57da984a401bb\" tg-width=\"768\" tg-height=\"615\" referrerpolicy=\"no-referrer\"><span>Wood in his youth (Image source: Jesus Calling)</span></p><p>In the bustling crowd of tech stocks, she once again left the crowd.</p><p>Unlike when predicting interest rates, this time the belief in defying consensus and seeking new things truly \"proactively\" came into play.</p><p>Wood immediately asked himself, \"Other analysts must have studied all the good tech stocks and wouldn't let any of them go unnoticed. So what's left?\" What's left for me? Which stocks belong to me?</p><p>She immediately had the answer.<b>So, with a strong tendency, even a little paranoia, Wood began to try to find two kinds of stocks:</b></p><p><ul><li>Those areas that are too advanced, so advanced that people haven't yet paid attention to them and haven't had time to rush into them;</li><li>Some stocks are located at the intersection of multiple industries without any analysts following them. Wood believes this is likely also where innovation is born.</li></ul><b>She described herself as \"a puppy looking for scraps under the table\".</b>She said, \"When analysts and fund managers agree that certain stocks are insignificant or cannot fit perfectly into any portfolio, you usually have to take a second look.\" They may be temporarily undervalued, but over time, they may experience exponential growth.</p><p>When studying stocks, Wood didn't have any fixed procedures or routines.<b>They simply greedily absorb all the information they can get their hands on, digest it, and judge it.</b>Current<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Chief Investment Officer Lisa Shalett, who worked with her for some time, recalled:</p><p>\"Cathie's curiosity seems to never be satisfied. She eagerly absorbs research results from all kinds of channels, big and small, and works tirelessly 24 hours a day to ensure that the team has the most in-depth research and generates the most unique perspectives.\"</p><p><b>Sometimes, she would even listen to her intuition.</b>For example, when investing in Reuters, people generally find it difficult to understand this \"publishing database\" business model—what does it mean to collect data from financial companies and then sell it all back to them?</p><p>Wood herself can't say for sure, but she thinks this model is very innovative. She later recalled, \"At the time, I just thought it was doing something big, but now we know that it is a microcosm of the concept of the Internet today.\"</p><p><b>As we will see later, Wood has retained this \"reckless\" investment style to this day.</b></p><p>And so Wood stayed at Jennison for 18 years. In the remaining years, she raised her three children while going further and further down the path of stock research and becoming more sophisticated in her unique stock selection techniques.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7db68c3edd34e7c90a2ace397b8ebc1c\" tg-width=\"768\" tg-height=\"512\" referrerpolicy=\"no-referrer\"><span>Wood and children (Image source: Jesus Calling)</span></p><p>After leaving Jennison in 1998, Wood first served as a limited partner at hedge fund Tupelo Capital for three years before officially joining AllianceBernstein in 2001 as a fund manager and thematic research strategist. With $5 billion under management, Wood continued to focus on the stock market at AllianceBernstein, embarking on another 12-year career phase.</p><p>At that time, she did not realize that, with the onset of a financial crisis, this period would become a crucial turning point in her future self-employment.</p><p><b>Break free from tradition and start your own business</b></p><p>At AllianceBernstein, Wood continues his consistent investment style, focusing on high-growth, high-risk, and small-cap stocks. Starting in the second half of 2002, the US stock market was in a bull market, and Wood's portfolio performed quite well.</p><p><b>But two subsequent events gave her the idea of breaking away from the traditional fund investment analysis framework.</b></p><p>First, in 2006, the U.S. housing bubble had reached a fairly high level, and various contradictory signals began to appear in the market. Wood predicted that the bubble would burst soon. She then significantly reduced her portfolio positions.</p><p>However, the subprime mortgage boom continued for more than a year. The price of sobering up too early was that Wood's yield that year was only 5%, underperforming the broader market (12%-13%) by nearly a thousand basis points.</p><p>Wood was devastated. When she told her Catholic mentor about this matter and sought his help, the mentor left behind a meaningful remark that completely reversed her original perspective: you cannot worship any idol, but now the market benchmark has become your idol.</p><p>The following year, Wood made up for most of her losses, but reflecting on her mentor's words in prayer and meditation, she said she...<b>I suddenly realized that the success of index investing belongs to the past, and God doesn't want us to stay in the past; He wants us to enter a new creation.</b></p><p>From that moment on, a thought gradually took root in Wood's mind—<b>To change the old way of investing, the real mission of investing is to move towards the future guided by God, and to allocate capital for God.</b></p><p>By the time of the 2008-09 financial crisis, Wood's high-risk investment strategy had caused his fund's pullback/retracement to significantly exceed the market level during the US stock market crash. AllianceBernstein couldn't stand it anymore and demanded that Wood add indices like the S&P 500 to his holdings to reduce volatility.</p><p><b>But this time, Wood was no longer willing to be constrained by so-called market \"benchmarks\".</b></p><p>She bluntly retorted, \"I think we rely too much on benchmark investing and invest too little in innovation. Some innovative companies are now priced at only 10% of the private market price, which is a huge opportunity!\"</p><p><b>These two events, like a rhythmic prelude, ultimately led Wood in the same direction: in 2014, Wood resigned from his stable job at AllianceBernstein to start his own startup.</b></p><p>She realized that the only way to truly break free from the constraints of traditional fund company investment frameworks, to truly practice her own standards and investment philosophy, and to boldly invest money in innovative fields was to start her own business.</p><p>Thus began the era of ARK.</p><p><b>The unconventional ARK</b></p><p>Therefore, it can be said that ARK was created from the very beginning to bypass the rules and regulations of traditional asset management, so it naturally followed a different path from everyone else.<b>No longer living under someone else's roof, Wood unleashed his unconventionality to the limit, going further and further in an unconventional direction.</b></p><p>She distinguished herself from traditional asset management in one sentence:</p><p><b>\"What we really need to do is encourage new creation, God's new creation.\"</b>We should allocate capital where it can be most effective and useful—on transformative technologies that have the potential to change and improve the world. They, the other fund managers, simply invested their money in the past; that was the safest path.<b>\"We\" and \"them\"—one side is fearless, transformative, pioneering, connecting to the future, and allocating assets to \"God's creation\"; On the other side, there are those who are safe, brush up on old grievances, ignore emerging technologies, and have no ambition or sense of mission whatsoever.</b></p><p>She asked, \"Which side do you choose?\"</p><p>Of course, this wasn't just talk.<b>Wood's \"three fires when a new official takes office\" continues to this day.</b></p><p><b>One</b>Just like the plan Wood claimed the Holy Spirit had planted in his heart that summer afternoon, since its inception, ARK has consistently targeted its investments at emerging disruptive technologies.<b>They greatly encourage emerging companies that many traditional funds scoff at, which is completely different from the latter's investment strategy of fearing volatility and stabilizing returns.</b></p><p>Tesla is probably the most famous and successful example of this.</p><p>Wood invested in Tesla five years ago, when the stock price was around $50. For the past three years, Tesla has been ARK's largest holding. Wood believes that Tesla is a company \"located at the intersection of multiple industries,\" integrating...<a href=\"https://laohu8.com/S/300024\">Robot</a>With artificial intelligence and energy storage all in one, traditional automotive analysts \"don't know what to do\".</p><p>When Tesla's stock price hovered around $320 in August 2018, Musk considered taking the company private and buying back all the shares at a price of $420 per share.<b>Wood, however, was the same 1% when 99% of the market was bearish on Tesla at the time.</b>。 She then sent an open letter to Musk, predicting that Tesla's stock price could reach as high as $4,000 within five years, and opposing his taking the company private.</p><p>Since that open letter, Tesla has released the Model 3, and its stock price has soared from $320 to $3,500 (adjusted for a 1:5 stock split), proving Wood's unique insight.</p><p>According to ARK's 2021 investment report, in addition to the Bitcoin and electric vehicles, Wood is now focusing on several emerging fields such as deep learning, next-generation gene sequencing, and data center reinvention, and is as passionate about these terms that symbolize disruptive innovation as ever.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/736971a7c4e609eeaee76c1d1f93c2c0\" tg-width=\"775\" tg-height=\"1072\" referrerpolicy=\"no-referrer\"><span>Image source: Alotta Money</span></p><p><b>Secondly, just as Wood envisioned, ARK, from its analysts to its investment strategies, never adheres to traditional indicators and rules. Its unconventional approach is completely beautiful.</b></p><p>Traditional ETFs primarily invest passively in indices, while Wood's ETF adopts an active stock selection and management strategy, which is quite rare. Even today, when actively managed ETFs are becoming increasingly popular, they only account for 3% of the total assets of US ETFs. As mentioned earlier, Wood disliked indices, believing that they were measures of past achievements.</p><p>Her employees are also completely different from traditional funds, with a total of more than 30 employees, few with Wall Street backgrounds or MBA degrees, most of whom are professionals in different industries-cancer scientists, artificial intelligence analysts, game engineers, and even ship captains. They don't understand moving averages, momentum indicators, and some don't even know how to use the Bloomberg terminal.</p><p>Wood didn't care about these things; what she valued was professionalism from different backgrounds and fields.</p><p>She also seems to strongly believe in the idea that \"philosophy comes from the coffee shop,\" and manages the company in a very relaxed manner. The office on East 28th Street in Manhattan has no cubicles. All the tables are surrounded by bar-style high chairs, and employees move freely, communicate, and talk, ready to brainstorm at any time.</p><p><b>Thirdly, traditional asset management companies tend to keep their \"exclusive information\" hidden, but ARK is completely different. Wood's attitude is: transparent, open, and \"information attracts information\".</b></p><p>ARK's weekly \"brainstorming\" meetings are open to anyone, including industry experts and competitors. Teams can share research findings and collaborate with scientists, engineers, doctors, and other experts, which is a violation in many traditional fund companies and is punishable by dismissal.</p><p>Moreover, Wood publishes research reports for free on social media platforms such as Reddit, announces changes in his holdings daily, and even personally discusses investment targets with netizens, which has built up a large number of loyal fans for him. She believes this helps ARK reflect on areas where there are disagreements or misunderstandings with the market and better understand what is happening in the world.</p><p><b>Investing in ARK = Believe in God, Believe in the Future?</b></p><p><b>So-called unconventional people are either regarded as geniuses or laughed at as madmen. The success of investing in Tesla is like a shot in the arm, making more people willing to believe that Wood belongs to the former.</b></p><p>As a result, these three moves sowed a degree of enthusiasm in the hearts of fans, as if Wood had already guaranteed the limitless innovative prospects of his stock pool—in ARK, as long as you invest time, you can get a monetary return.</p><p>But more importantly,<b>The above sentence, interwoven with concepts such as God, faith, and the future, sheds its cliché and sounds impassioned and inspiring.</b></p><p><b>Think about it, investing in ARK is linked to believing in the future.</b>If Buffett and Munger's version of value investing is considered the king of empiricism, then ARK's grand claims have a somewhat metaphysical feel.</p><p>In general, humans are still creatures who love to fantasize, and they are always prone to believing in things that are ethereal. You may not believe in Tesla or Bitcoin, but do you believe in technology and its development? You don't have to believe in ARK, but do you believe in \"God's mission\"? You say you're not a Christian, so do you believe in the future? When ARK confidently describes the future, can you shout out the same volume to refute that the future is not like that?</p><p>After all, Tesla, which everyone called a liar, really did it, didn't it? It disrupted the entire automotive industry, changing everything from metals to energy—and what about Bitcoin? So what about ARK, which has been bullish on Tesla all along?</p><p>This mindset is much more powerful than imagined.</p><p>Even if they encounter some hardships along the way, such as a 30 percentage point drop in net asset value, some investors will feel that they are paying for the future. There are two paths in the forest. Those who choose the one full of thorns will laugh the loudest when they persevere to the end.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eaf28c6de9e5b0e0e414e8b6c9db7dd0\" tg-width=\"1174\" tg-height=\"400\" referrerpolicy=\"no-referrer\"><span>As of March 8th, ARK's five best-performing ETFs had fallen by an average of nearly 30 points from their highs. The chart shows the net asset value curve of the flagship fund ARKK.</span></p><p>But if that's true, who can predict the future? Can a limited wallet really pay for an infinite amount of faith? Even if that is the case in the future, how far into the future will perseverance lead to?</p><p>For example, how will this year end?</p><p>2021 was undoubtedly a year of severe challenges for ARK. As several months passed, ARK's intricate connections with Tesla and Bitcoin almost formed a \"three-in-one\" risk landscape. At the end of last year, Wood even told the media that he was determined to triple investors' money in the next five years. However, just two months into 2021, the stock price began to turn downward, and the start was not good.</p><p>The preference for small-cap stocks remains a major hidden danger. Analysts have cited examples such as ARK's ARKG fund, which holds more than 5% of the circulating share capital in 20 of the funds, accounting for 45.45% of the total holdings. ARK has become the largest shareholder of many funds. Once the market environment is unfavorable or the sector's popularity declines, the fund's net asset value may experience a significant drop due to negative factors combined with liquidity risks.</p><p><b>Amid panic, people once again recalled the US stock market in the 1990s—that tall building made of bubbles collapsed overnight, burying a group of newly rising \"asset management stars\" under the rubble.</b></p><p>For example, Bill Miller, a star fund manager who outperformed the S&P 500 for 15 consecutive years from 1991 to 2005, suffered a major setback during the 2008 financial crisis and was once described by the market as \"unable to survive in his later years\".</p><p>For example, Janus (the two-faced god in ancient Roman mythology), a mutual fund company, grew from the 20th largest mutual fund company in the United States to the 5th largest between the end of 1998 and March 2000, and its size expanded from $3 billion to $300 billion in just ten years. Even former US President Bill Clinton entrusted his personal accounts to Janus for management.</p><p>However, with the bursting of the dot-com bubble, the net asset value of some of its fund products plummeted by two-thirds, and the myth of the \"two-faced god\" was shattered. Like ARK, Janus happens to have a particular fondness for technology stocks and small-cap stocks, and also happens to have a confident attitude of looking to the future and making a strong move once he is optimistic about it.</p><p>So, will ARK become the next two-faced god? Would the current Wood be the next Miller to fall from grace? Or will they become the next Tesla and Musk, weathering the difficult times and truly standing at the center of industry transformation?</p><p>More than two years ago, Musk smoked marijuana and drank alcohol on a show, frowning as he weathered Tesla's most difficult days. Is Wood also facing such a time now?</p><p>Then, Musk truly became a disruptor in the automotive industry, forcing traditional automakers to turn around and catch up. Will Wood also do the same?</p><p>Will there be more ARKs on Wall Street? Is a more transparent, open, and dynamic asset management industry taking shape?</p><p>Obeying God's word, Noah built the ark. That year, the ark survived the great flood. God said, \"When I cover the earth with clouds, a rainbow will appear in the clouds.\"</p><p>Now, \"following the Holy Spirit's commission,\" Wood has been building the ARK for seven years. A great flood has transformed into a storm in the financial markets, and clouds have obscured our vision. Can Wood lead the whole ship through the flood and truly set off a wind of industry change? Can she see the rainbow that God descended?</p>","source":"wallstreetcn_api","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>A woman who \"finances for God\"!</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; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\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\">\nA woman who \"finances for God\"!\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-03-29 12:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p>\"Sister Wood\" Cathie Wood: Give me a few fulcrums so I can move the whole world. It's hard to imagine such a market-shaking landscape:</p><p>She invested<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>They bet it will disrupt the automotive industry; She invested in Bitcoin, betting that it would overturn the monetary system; She is preparing a space fund, looking to the future of Mars; She invested in streaming platform Roku, mobile payment company Square, and 3D printing company<a href=\"https://laohu8.com/S/SSYS\">Stratasys</a>They are at the forefront of technological progress, working together to drive changes in contemporary life.</p><p>She said she would give me a few fulcrum points so I could move the whole world.</p><p>She has placed her bets on disruptors in various industries, and she herself stands at the center of the asset management industry storm. Born on Wall Street, she abandoned tradition and disregarded \"discipline,\" eventually embarking on an unconventional investment path. Today, she has enjoyed both immense success and much skepticism. The collapse of a building may happen overnight; just as many people have seen it rise, so many want to see it collapse.</p><p>To ask how it all began, Cathie Wood, the founder of ARK Invest and now a household name for the annual \"Bull Market Queen\"—over 65 years old—sat in a comfortable chair, smoothed her shoulder-length gray-brown hair, adjusted her signature black-rimmed glasses, and slowly recalled that summer afternoon many years ago:</p><p><img src=\"https://static.tigerbbs.com/1c69c183f3df90b688867160c4eb35b5\" tg-width=\"795\" tg-height=\"441\" referrerpolicy=\"no-referrer\"></p><p>It was a beautiful summer day, and I returned home to an unfamiliar silence. With three kids at Christian Camp and other activities, I suddenly realized that I would be spending the next two weeks alone. I've been away from days like this for too long. Stepping into the kitchen, I was neither happy nor sad, just a little dazed... until a sudden jolt tore through the air, and I seemed to hear the Holy Spirit speaking to me—\"Come, begin your plan,\" I heard him say. She said, \"Look, you've spent your whole life researching disruptive innovation, why don't you try to disrupt your own industry?\" Why not innovate it with new technology? Why not make your new idea public and spread it on social media? Why not invite your competitors and spark ideas together? He said so, and so I did. “She said so, and I did so.” So in 2014, at the age of 57, Wood resigned from the renowned asset management giant Alliance Bernstein and founded his own asset management company, named after the ARK of the Covenant in the Bible.</p><p>Just as the Israelites of the Old Testament campaigned with the ARK of the Covenant, believing that God was with it, this devout Catholic firmly believes that ARK is destined to invest its capital in innovation, in the future, and in \"God's hand,\" fulfilling the mission entrusted to it by God.</p><p>Many Chinese media outlets now translate ARK as \"ARK,\" which, although not Wood's original intention, still reflects his self-image of \"bearing the destiny of the world.\"</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e2ef328f314a2d1785b3d3ba7f27e1f1\" tg-width=\"641\" tg-height=\"361\" referrerpolicy=\"no-referrer\"><span>The Image of the \"Ark of the Covenant\" in the Bible</span></p><p>Six years later, 2020 was undoubtedly a historic year for ARK. March's epic volatility sounded like a series of sirens. US stocks, which had hit the pandemic, fully recovered amid the central bank's massive easing. ARK, on the other hand, became the biggest beneficiary of this bull market due to its previous aggressive buying of technology and small-cap stocks under the guise of \"disruptive innovation.\" Its ETFs swept the top, second, and third place in the US fund market. The five best-performing ETFs achieved an average annual return of 141%, with the size increasing by more than 10 times at its highest, as if God had finally bestowed grace upon its loyal followers.</p><p>However, in February of this year, ARK, which was incredibly successful at the beginning of the month, plummeted by the end of the month along with the decline in tech stocks. More and more doubts are beginning to emerge. People say that Wood will repeat the mistakes of a large number of star fund managers during the dot-com bubble of the 1990s. They first took off in high spirits, then fell completely when the bubble burst.</p><p>Amidst the ups and downs, reports about ARK and Wood himself have been flooding the market for months.<b>People belatedly realized that this self-proclaimed \"bull market queen\" who allocated capital to God was either a \"missionary\" in the faith world or a flash in the pan in the fund industry, or she might truly be a disruptor in the asset management industry and a \"prophet\" who foreshadowed the future direction of innovation.</b></p><p><b>A childhood of travel, a curious child</b></p><p>To really trace Wood's penchant for new things, we may have to go back to her unstable childhood.</p><p>Wood was born in 1955 into a Catholic immigrant family in Los Angeles, USA. He grew up reciting scriptures and attending church. Her parents were both from Ireland, and her father served in the Irish Army and the U.S. Air Force before becoming a successful radar systems engineer.</p><p>Because of my father's job, he often needed to move the whole family from one military base to another.<b>As a child, Wood never stayed anywhere for long, and by the time he was twelve, he had moved ten times.</b>Fortunately, probably because he inherited his mother's lively and open-minded personality, Wood did not feel too uneasy about the frequent changes around him. Instead, he was constantly bursting with curiosity about life from adapting to new environments and exploring new things.</p><p>After growing up a little, like many children from immigrant families, she began to receive a good education and gradually showed a talent for learning. After graduating from Notre Dame College high school, she graduated with honors from the University of Southern California (USC) in 1981 with a bachelor's degree in financial economics.</p><p>At the beginning of his career at USC, Wood's vision for the future was also vague. For two years before choosing her major in her junior year, she worked in a supermarket to earn tuition fees while considering possible directions for further studies: geology, astronomy, engineering... It seemed like she could try many things, but none of them were particularly firm choices.</p><p>It wasn't until one semester, at his father's suggestion, that Wood got his first taste of macroeconomics—the wonder of fate is that moment when all your senses tell you: this is it.</p><p>Wood was deeply fascinated by the \"grand views\" that arose from economic activity and transcended the micro and concrete—distant, panoramic, and future-oriented \"grand views.\" By her own account, she found macroscopic research damn fascinating, allowing people to imagine boldly how the world would work in the future, which was more important than studying existing theories.</p><p><b>Looking back, this was the first time that his consistent preference for the unknown had helped Wood make a major life choice in a way that struck him squarely on the head.</b></p><p>Being educated in a prestigious family allowed Wood to move faster on this path than anyone else. Her mentor, economics professor Arthur Laffer, was the inventor of the famous \"Laffer curve\".</p><p>Despite being an undergraduate, Wood still attended the graduate courses taught by his professor and was highly regarded for his excellent talent.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fcf68e0010cae1663dd31058f8a34c7e\" tg-width=\"1000\" tg-height=\"563\" referrerpolicy=\"no-referrer\"><span>On October 21, 2014, Wood and Laffer appeared on the podium of the New York Stock Exchange. (Image source: Investors' Business Daily)</span></p><p><b>Young Chiefs: Standing on the Other Side of the Consensus</b></p><p>It was also through Laffer's guidance that Wood joined Capital Group, a traditional asset management giant, as an assistant economist at the age of 22, thus beginning her career.</p><p>In 1980, she moved to New York by chance and became the chief economist of the investment advisory firm Jennison Associates.<b>In other words, in just three years, Wood rose from assistant to chief at the age of only 25.</b></p><p>Just as she was taking on her first major responsibility, the U.S. economy was also undergoing a dramatic transformation.</p><p>In the early 1980s, the United States was in the abyss of high stagflation. While production declined and unemployment soared, prices instead of falling generally rose sharply, resulting in a rare situation where high inflation, high unemployment, and low economic growth coexisted. At the time, Paul Volcker, the newly appointed chairman of the Federal Reserve, tried to reduce the money supply to combat high inflation, but with little success.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f1b08eb3a10fa740d150c2486a9ea158\" tg-width=\"715\" tg-height=\"337\" referrerpolicy=\"no-referrer\"><span>U.S. inflation peaked in 1980</span></p><p>Against this backdrop, some of the most authoritative economists in the United States at the time, such as \"Dr. Doomsday\" Henry Kaufman and Milton Friedman, despaired that inflation had become the norm and deeply entrenched.</p><p>Wood thought otherwise.<b>Interest rates and inflation have peaked, she insists.</b></p><p>Jennison co-founder Spiros Segalas and Wood were both mentors and friends. During that time, he often invited these well-known academics to the company to share their predictions, and for the purpose of training, testing, or exchanging ideas, he made Wood stand on the \"opposite side\" and debate with them one-on-one.</p><p><b>On one side are veterans with many years of experience in the martial arts world and a large camp; on the other side are a minority of players who have just become chief and, judging by their age alone, seem to have little experience.</b>We cannot know whether the \"Kaufmans\" were seriously participating in this academic battle or performing with the mindset of mentoring the younger generation, but the facts ultimately proved that Wood's judgment was very accurate. After the Reagan administration took office in 1980, inflation and interest rates were well controlled and fell from their peak.</p><p>After witnessing many debates, Segalas made this assessment of Wood:<b>A woman of incredible conviction. She is the sharpest one so far.</b></p><p>Wood later said that it was those days that truly shaped her ability to act independently and challenge authority, making her deeply aware that she must always be wary of so-called \"consensuses,\" which may seem irrefutable, but often have room for debate—<b>Behaviors that violate the \"consensus\" may actually have enormous potential.</b></p><p>Decades later, looking back on his fledgling past, Wood would find that when he made this accurate prediction, he was standing at the crossroads of himself and history.</p><p><b>Once interest rates fall, a 40-year bull market in tech stocks will follow, and she will soon participate in it, fighting in the same \"maverick\" manner for several years until she makes waves. At that time, she will no longer be \"defying\" a few academic \"Kaufmans,\" but the entire Wall Street.</b></p><p><b>She hadn't expected this at the time.</b></p><p><b>Switching to Stocks: Looking for Leftovers Under the Table</b></p><p>All she could sense was that the tech stock boom was going to last for a while. Lower interest rates provided more room for growth for tech companies that had previously been hit hard, and Wood, who already loved astronomy and engineering, quickly decided to get on board.</p><p>So in 1985, she switched from macro to equity research at Jennison, and in 1990 she also served as the company's portfolio manager, always focusing on the technology stock sector.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3ab2a3e6a38a1e6cadb57da984a401bb\" tg-width=\"768\" tg-height=\"615\" referrerpolicy=\"no-referrer\"><span>Wood in his youth (Image source: Jesus Calling)</span></p><p>In the bustling crowd of tech stocks, she once again left the crowd.</p><p>Unlike when predicting interest rates, this time the belief in defying consensus and seeking new things truly \"proactively\" came into play.</p><p>Wood immediately asked himself, \"Other analysts must have studied all the good tech stocks and wouldn't let any of them go unnoticed. So what's left?\" What's left for me? Which stocks belong to me?</p><p>She immediately had the answer.<b>So, with a strong tendency, even a little paranoia, Wood began to try to find two kinds of stocks:</b></p><p><ul><li>Those areas that are too advanced, so advanced that people haven't yet paid attention to them and haven't had time to rush into them;</li><li>Some stocks are located at the intersection of multiple industries without any analysts following them. Wood believes this is likely also where innovation is born.</li></ul><b>She described herself as \"a puppy looking for scraps under the table\".</b>She said, \"When analysts and fund managers agree that certain stocks are insignificant or cannot fit perfectly into any portfolio, you usually have to take a second look.\" They may be temporarily undervalued, but over time, they may experience exponential growth.</p><p>When studying stocks, Wood didn't have any fixed procedures or routines.<b>They simply greedily absorb all the information they can get their hands on, digest it, and judge it.</b>Current<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Chief Investment Officer Lisa Shalett, who worked with her for some time, recalled:</p><p>\"Cathie's curiosity seems to never be satisfied. She eagerly absorbs research results from all kinds of channels, big and small, and works tirelessly 24 hours a day to ensure that the team has the most in-depth research and generates the most unique perspectives.\"</p><p><b>Sometimes, she would even listen to her intuition.</b>For example, when investing in Reuters, people generally find it difficult to understand this \"publishing database\" business model—what does it mean to collect data from financial companies and then sell it all back to them?</p><p>Wood herself can't say for sure, but she thinks this model is very innovative. She later recalled, \"At the time, I just thought it was doing something big, but now we know that it is a microcosm of the concept of the Internet today.\"</p><p><b>As we will see later, Wood has retained this \"reckless\" investment style to this day.</b></p><p>And so Wood stayed at Jennison for 18 years. In the remaining years, she raised her three children while going further and further down the path of stock research and becoming more sophisticated in her unique stock selection techniques.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7db68c3edd34e7c90a2ace397b8ebc1c\" tg-width=\"768\" tg-height=\"512\" referrerpolicy=\"no-referrer\"><span>Wood and children (Image source: Jesus Calling)</span></p><p>After leaving Jennison in 1998, Wood first served as a limited partner at hedge fund Tupelo Capital for three years before officially joining AllianceBernstein in 2001 as a fund manager and thematic research strategist. With $5 billion under management, Wood continued to focus on the stock market at AllianceBernstein, embarking on another 12-year career phase.</p><p>At that time, she did not realize that, with the onset of a financial crisis, this period would become a crucial turning point in her future self-employment.</p><p><b>Break free from tradition and start your own business</b></p><p>At AllianceBernstein, Wood continues his consistent investment style, focusing on high-growth, high-risk, and small-cap stocks. Starting in the second half of 2002, the US stock market was in a bull market, and Wood's portfolio performed quite well.</p><p><b>But two subsequent events gave her the idea of breaking away from the traditional fund investment analysis framework.</b></p><p>First, in 2006, the U.S. housing bubble had reached a fairly high level, and various contradictory signals began to appear in the market. Wood predicted that the bubble would burst soon. She then significantly reduced her portfolio positions.</p><p>However, the subprime mortgage boom continued for more than a year. The price of sobering up too early was that Wood's yield that year was only 5%, underperforming the broader market (12%-13%) by nearly a thousand basis points.</p><p>Wood was devastated. When she told her Catholic mentor about this matter and sought his help, the mentor left behind a meaningful remark that completely reversed her original perspective: you cannot worship any idol, but now the market benchmark has become your idol.</p><p>The following year, Wood made up for most of her losses, but reflecting on her mentor's words in prayer and meditation, she said she...<b>I suddenly realized that the success of index investing belongs to the past, and God doesn't want us to stay in the past; He wants us to enter a new creation.</b></p><p>From that moment on, a thought gradually took root in Wood's mind—<b>To change the old way of investing, the real mission of investing is to move towards the future guided by God, and to allocate capital for God.</b></p><p>By the time of the 2008-09 financial crisis, Wood's high-risk investment strategy had caused his fund's pullback/retracement to significantly exceed the market level during the US stock market crash. AllianceBernstein couldn't stand it anymore and demanded that Wood add indices like the S&P 500 to his holdings to reduce volatility.</p><p><b>But this time, Wood was no longer willing to be constrained by so-called market \"benchmarks\".</b></p><p>She bluntly retorted, \"I think we rely too much on benchmark investing and invest too little in innovation. Some innovative companies are now priced at only 10% of the private market price, which is a huge opportunity!\"</p><p><b>These two events, like a rhythmic prelude, ultimately led Wood in the same direction: in 2014, Wood resigned from his stable job at AllianceBernstein to start his own startup.</b></p><p>She realized that the only way to truly break free from the constraints of traditional fund company investment frameworks, to truly practice her own standards and investment philosophy, and to boldly invest money in innovative fields was to start her own business.</p><p>Thus began the era of ARK.</p><p><b>The unconventional ARK</b></p><p>Therefore, it can be said that ARK was created from the very beginning to bypass the rules and regulations of traditional asset management, so it naturally followed a different path from everyone else.<b>No longer living under someone else's roof, Wood unleashed his unconventionality to the limit, going further and further in an unconventional direction.</b></p><p>She distinguished herself from traditional asset management in one sentence:</p><p><b>\"What we really need to do is encourage new creation, God's new creation.\"</b>We should allocate capital where it can be most effective and useful—on transformative technologies that have the potential to change and improve the world. They, the other fund managers, simply invested their money in the past; that was the safest path.<b>\"We\" and \"them\"—one side is fearless, transformative, pioneering, connecting to the future, and allocating assets to \"God's creation\"; On the other side, there are those who are safe, brush up on old grievances, ignore emerging technologies, and have no ambition or sense of mission whatsoever.</b></p><p>She asked, \"Which side do you choose?\"</p><p>Of course, this wasn't just talk.<b>Wood's \"three fires when a new official takes office\" continues to this day.</b></p><p><b>One</b>Just like the plan Wood claimed the Holy Spirit had planted in his heart that summer afternoon, since its inception, ARK has consistently targeted its investments at emerging disruptive technologies.<b>They greatly encourage emerging companies that many traditional funds scoff at, which is completely different from the latter's investment strategy of fearing volatility and stabilizing returns.</b></p><p>Tesla is probably the most famous and successful example of this.</p><p>Wood invested in Tesla five years ago, when the stock price was around $50. For the past three years, Tesla has been ARK's largest holding. Wood believes that Tesla is a company \"located at the intersection of multiple industries,\" integrating...<a href=\"https://laohu8.com/S/300024\">Robot</a>With artificial intelligence and energy storage all in one, traditional automotive analysts \"don't know what to do\".</p><p>When Tesla's stock price hovered around $320 in August 2018, Musk considered taking the company private and buying back all the shares at a price of $420 per share.<b>Wood, however, was the same 1% when 99% of the market was bearish on Tesla at the time.</b>。 She then sent an open letter to Musk, predicting that Tesla's stock price could reach as high as $4,000 within five years, and opposing his taking the company private.</p><p>Since that open letter, Tesla has released the Model 3, and its stock price has soared from $320 to $3,500 (adjusted for a 1:5 stock split), proving Wood's unique insight.</p><p>According to ARK's 2021 investment report, in addition to the Bitcoin and electric vehicles, Wood is now focusing on several emerging fields such as deep learning, next-generation gene sequencing, and data center reinvention, and is as passionate about these terms that symbolize disruptive innovation as ever.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/736971a7c4e609eeaee76c1d1f93c2c0\" tg-width=\"775\" tg-height=\"1072\" referrerpolicy=\"no-referrer\"><span>Image source: Alotta Money</span></p><p><b>Secondly, just as Wood envisioned, ARK, from its analysts to its investment strategies, never adheres to traditional indicators and rules. Its unconventional approach is completely beautiful.</b></p><p>Traditional ETFs primarily invest passively in indices, while Wood's ETF adopts an active stock selection and management strategy, which is quite rare. Even today, when actively managed ETFs are becoming increasingly popular, they only account for 3% of the total assets of US ETFs. As mentioned earlier, Wood disliked indices, believing that they were measures of past achievements.</p><p>Her employees are also completely different from traditional funds, with a total of more than 30 employees, few with Wall Street backgrounds or MBA degrees, most of whom are professionals in different industries-cancer scientists, artificial intelligence analysts, game engineers, and even ship captains. They don't understand moving averages, momentum indicators, and some don't even know how to use the Bloomberg terminal.</p><p>Wood didn't care about these things; what she valued was professionalism from different backgrounds and fields.</p><p>She also seems to strongly believe in the idea that \"philosophy comes from the coffee shop,\" and manages the company in a very relaxed manner. The office on East 28th Street in Manhattan has no cubicles. All the tables are surrounded by bar-style high chairs, and employees move freely, communicate, and talk, ready to brainstorm at any time.</p><p><b>Thirdly, traditional asset management companies tend to keep their \"exclusive information\" hidden, but ARK is completely different. Wood's attitude is: transparent, open, and \"information attracts information\".</b></p><p>ARK's weekly \"brainstorming\" meetings are open to anyone, including industry experts and competitors. Teams can share research findings and collaborate with scientists, engineers, doctors, and other experts, which is a violation in many traditional fund companies and is punishable by dismissal.</p><p>Moreover, Wood publishes research reports for free on social media platforms such as Reddit, announces changes in his holdings daily, and even personally discusses investment targets with netizens, which has built up a large number of loyal fans for him. She believes this helps ARK reflect on areas where there are disagreements or misunderstandings with the market and better understand what is happening in the world.</p><p><b>Investing in ARK = Believe in God, Believe in the Future?</b></p><p><b>So-called unconventional people are either regarded as geniuses or laughed at as madmen. The success of investing in Tesla is like a shot in the arm, making more people willing to believe that Wood belongs to the former.</b></p><p>As a result, these three moves sowed a degree of enthusiasm in the hearts of fans, as if Wood had already guaranteed the limitless innovative prospects of his stock pool—in ARK, as long as you invest time, you can get a monetary return.</p><p>But more importantly,<b>The above sentence, interwoven with concepts such as God, faith, and the future, sheds its cliché and sounds impassioned and inspiring.</b></p><p><b>Think about it, investing in ARK is linked to believing in the future.</b>If Buffett and Munger's version of value investing is considered the king of empiricism, then ARK's grand claims have a somewhat metaphysical feel.</p><p>In general, humans are still creatures who love to fantasize, and they are always prone to believing in things that are ethereal. You may not believe in Tesla or Bitcoin, but do you believe in technology and its development? You don't have to believe in ARK, but do you believe in \"God's mission\"? You say you're not a Christian, so do you believe in the future? When ARK confidently describes the future, can you shout out the same volume to refute that the future is not like that?</p><p>After all, Tesla, which everyone called a liar, really did it, didn't it? It disrupted the entire automotive industry, changing everything from metals to energy—and what about Bitcoin? So what about ARK, which has been bullish on Tesla all along?</p><p>This mindset is much more powerful than imagined.</p><p>Even if they encounter some hardships along the way, such as a 30 percentage point drop in net asset value, some investors will feel that they are paying for the future. There are two paths in the forest. Those who choose the one full of thorns will laugh the loudest when they persevere to the end.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eaf28c6de9e5b0e0e414e8b6c9db7dd0\" tg-width=\"1174\" tg-height=\"400\" referrerpolicy=\"no-referrer\"><span>As of March 8th, ARK's five best-performing ETFs had fallen by an average of nearly 30 points from their highs. The chart shows the net asset value curve of the flagship fund ARKK.</span></p><p>But if that's true, who can predict the future? Can a limited wallet really pay for an infinite amount of faith? Even if that is the case in the future, how far into the future will perseverance lead to?</p><p>For example, how will this year end?</p><p>2021 was undoubtedly a year of severe challenges for ARK. As several months passed, ARK's intricate connections with Tesla and Bitcoin almost formed a \"three-in-one\" risk landscape. At the end of last year, Wood even told the media that he was determined to triple investors' money in the next five years. However, just two months into 2021, the stock price began to turn downward, and the start was not good.</p><p>The preference for small-cap stocks remains a major hidden danger. Analysts have cited examples such as ARK's ARKG fund, which holds more than 5% of the circulating share capital in 20 of the funds, accounting for 45.45% of the total holdings. ARK has become the largest shareholder of many funds. Once the market environment is unfavorable or the sector's popularity declines, the fund's net asset value may experience a significant drop due to negative factors combined with liquidity risks.</p><p><b>Amid panic, people once again recalled the US stock market in the 1990s—that tall building made of bubbles collapsed overnight, burying a group of newly rising \"asset management stars\" under the rubble.</b></p><p>For example, Bill Miller, a star fund manager who outperformed the S&P 500 for 15 consecutive years from 1991 to 2005, suffered a major setback during the 2008 financial crisis and was once described by the market as \"unable to survive in his later years\".</p><p>For example, Janus (the two-faced god in ancient Roman mythology), a mutual fund company, grew from the 20th largest mutual fund company in the United States to the 5th largest between the end of 1998 and March 2000, and its size expanded from $3 billion to $300 billion in just ten years. Even former US President Bill Clinton entrusted his personal accounts to Janus for management.</p><p>However, with the bursting of the dot-com bubble, the net asset value of some of its fund products plummeted by two-thirds, and the myth of the \"two-faced god\" was shattered. Like ARK, Janus happens to have a particular fondness for technology stocks and small-cap stocks, and also happens to have a confident attitude of looking to the future and making a strong move once he is optimistic about it.</p><p>So, will ARK become the next two-faced god? Would the current Wood be the next Miller to fall from grace? Or will they become the next Tesla and Musk, weathering the difficult times and truly standing at the center of industry transformation?</p><p>More than two years ago, Musk smoked marijuana and drank alcohol on a show, frowning as he weathered Tesla's most difficult days. Is Wood also facing such a time now?</p><p>Then, Musk truly became a disruptor in the automotive industry, forcing traditional automakers to turn around and catch up. Will Wood also do the same?</p><p>Will there be more ARKs on Wall Street? Is a more transparent, open, and dynamic asset management industry taking shape?</p><p>Obeying God's word, Noah built the ark. That year, the ark survived the great flood. God said, \"When I cover the earth with clouds, a rainbow will appear in the clouds.\"</p><p>Now, \"following the Holy Spirit's commission,\" Wood has been building the ARK for seven years. A great flood has transformed into a storm in the financial markets, and clouds have obscured our vision. Can Wood lead the whole ship through the flood and truly set off a wind of industry change? Can she see the rainbow that God descended?</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3623490\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1c69c183f3df90b688867160c4eb35b5","relate_stocks":{".IXIC":"NASDAQ Composite","ARKK":"ARK Innovation ETF","TSLA":"特斯拉","ARKF":"ARK Fintech Innovation ETF",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3623490","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2123790280","content_text":"“木头姐”Cathie Wood：给我几个支点，让我撬动整个世界。很难想象这样一番撼动市场的格局：她投资特斯拉，赌它颠覆汽车领域；她投资比特币，赌它掀翻货币体系；她筹备太空基金，放眼火星未来；她投资流媒体平台Roku、移动支付公司Square、3D打印公司Stratasys，它们走在技术进步的前沿，共同拨动着当代生活变革的杠杆。她说给我几个支点，让我撬动整个世界。她将赌注下在各行各业的颠覆者上，自己也站在资管业风暴的中心。生于华尔街，她却抛弃传统，不顾“纪律”，最终走上一条离经叛道的投资之路，时至今日，一度风光无限，又备受质疑。楼之倾覆或在一夜之间，多少人看过它高楼起，就多少人想看它楼倾覆。而要问这一切是如何开始的，ARK Invest的创始人、这位如今家喻户晓的年度“牛市女皇”——年过65岁的伍德女士（Cathie Wood），坐在某张舒服的座椅上，捋了捋及肩的灰褐色长发，扶稳了她的标志性黑框眼镜，徐徐回忆起多年前那个夏天的午后：那是个美丽的夏日，我回到家里，周围是一片陌生的静寂。三个孩子去基督营了，还有别的什么活动，我突然意识到，接下来两周我都要一个人度过了。我和这样的日子分别太久了。走进厨房，我既不快乐也不悲伤，只是有些恍惚……直到一阵突如其来的撼动划破空气，我仿佛听到圣灵在对我说话——“来吧，开启你的计划。”我听到他说。她说你看，你一辈子都在研究颠覆性创新，何不试着颠覆下自己的行业呢？何不用新的技术革新它？何不将新的想法公之于众，用社交媒体传播它？何不叫上竞争对手，一起碰撞思维的火花？他这样说，我遂这样做了。“她这样说，我遂这样做了”，于是2014年，57岁的伍德从大名鼎鼎的资管巨头联博（Alliance Bernstein）辞职，创立了这家属于自己的资管公司，并以《圣经》中圣物约柜（ARK）的名字为它命名。正如旧约时代的以色列人带着约柜征战，相信神与约柜同在一样，这位虔诚的天主教徒坚信，ARK注定要将资本投向创新，投向未来，投向“神的手笔”，这是在完成上帝交托的使命。现在很多中文媒体都将ARK译作“方舟”，虽非伍德本意，却也颇有其自视“身负世界命运”的神韵。《圣经》中的“约柜”形象六年过去，对ARK来说，2020年无疑是历史性的一年。3月的史诗级波动如一声号响，撞上疫情的美股在央行大放水中全面复苏，ARK则由于此前打着“颠覆性创新”的旗号狂买科技股和小盘股，成了本轮牛市的头号受益者，旗下ETF包揽全美基金年度冠亚季军，5只表现最好的ETF年度回报平均达141%，规模最高涨超10倍，仿佛神终于为其忠实的信徒降下恩典。不过时间又来到今年二月，月初还风光无限的ARK，到了月底就随科技股下跌一路俯冲。越来越多质疑的声音开始涌现。人们说，伍德是否将重蹈上世纪90年代互联网泡沫时期那一大批明星基金经理的覆辙？他们先是飘飘然起飞，又随着泡沫破裂摔得一败涂地。大起大落之中，几个月来，有关ARK和伍德本人的报道铺天盖地。人们后知后觉地发现，这位自称替上帝配资本的“牛市女皇”，要不就是信仰界的“传教”高手、基金界的昙花一朵，要不，就可能真是资管业横空出世的颠覆者、是预示未来创新方向的“先知”。游历的童年 好奇的孩子真要追溯伍德对新生事物的情有独钟，可能还得从她不算安定的童年讲起。1955年，伍德出生在美国洛杉矶的一个天主教移民家庭，从小诵经读卷，去教堂做礼拜。她的父母都来自爱尔兰，父亲曾经在爱尔兰陆军和美国空军服役，后来成为了一名成功的雷达系统工程师。由于父亲工作的缘故，经常需要带着全家从一个军事基地搬到另一个基地，小时候的伍德从没在哪个地方待过很久，12岁就已经搬了十次家。好在，大概是继承了母亲活泼开明的个性，伍德并未对周遭频繁的变动感到太多不安，反而从适应新环境和探索新事物中，不断迸发出对生活的好奇。略微长大之后，和许多移民家庭的孩子一样，她开始经受良好的教育，并在学习上逐渐显露出天赋。圣母学院高中毕业后，1981年，她在南加州大学（USC）获得金融经济学学士学位，以优异的成绩荣誉毕业。升入南加大的最初，伍德对未来的设想也很模糊。大三选专业前的两年时间里，她一边在超市打工赚着学费，一边思忖着可能的进修方向：地质学、天文学、工程学……似乎很多都可以尝试，但又没有哪个说得上是多么坚定的选择。直到某一学期，在父亲的建议之下，伍德初尝到了宏观经济学的味道——命运的神妙之处就是在那一刻，全身心的感应都告诉你：就是它了。伍德深深地着迷于那些从经济活动中诞生，而又凌驾于微观和具体之上的“宏大观点”——遥远的、纵览全局的、直指未来的“宏大观点”。按照她自己的说法，她发现宏观研究是多么该死的迷人，让人大胆地畅想，畅想未来世界运转的方式，比起研究那些已经存在的理论，这是更加要紧的事。回头来看，这是头一回，那股对未知事物一脉相承的偏爱，以一种直击脑门的方式，帮伍德做了一个重大的人生抉择。师从名门让伍德在这条路上比其他人走得更快了些。她的导师——经济学教授Arthur Laffer正是著名的“拉弗曲线”的提出者。虽是本科生，伍德仍然参加了他教授的研究生课程，凭借着优秀的禀赋深得器重。2014年10月21日，Wood和Laffer在纽交所主席台上亮相 图源：Investors’Business Daily年轻的首席：站在共识另一边也是在拉弗的牵线下，22岁时，伍德进入传统资管巨头Capital Group就任助理经济学家，开启了她的职业生涯。1980年，她又在一次偶然机遇下移居纽约，成为了投顾公司Jennison Associates的首席经济学家。也就是说，仅仅三年，伍德就在年仅25岁之时从助理做到了首席。正值她初担大任之际，美国经济也正经历一番风起云涌的巨变。20世纪80年代初的美国正处于高度滞胀的深渊，生产下降和失业率猛增的同时，物价不但没有下跌反而普遍大幅上涨，出现了高通胀、高失业和低经济增长并存的罕见局面。当时美联储新上任的主席保罗·沃尔克试图缩减货币供应来对抗高企的通胀，但始终收效甚微。美国通胀在1980年升至高点这一背景下，“末日博士”亨利·考夫曼和米尔顿·弗里德曼等一批当时美国最具权威性的经济学家都绝望地认为，通货膨胀已经成为常态，根深蒂固了。伍德则认为不然，她坚持，利率和通货膨胀已经见顶。Jennison的联合创始人Spiros Segalas与伍德亦师亦友，那段时间，他经常邀请这些学界知名人士来公司分享他们的预测，又出于或训练、或考验、或交流的目的，让伍德站在“反方”，跟他们一对一辩上一辩。一边是江湖多年、拥有庞大阵营的老将，一边是刚刚做上首席、单看年龄就好像没什么经验的少数派选手，我们无法知道“考夫曼们”究竟是在认真参与这场学术对垒，还是抱着指教后辈的心态倾情演出，但事实最终证明，伍德的判断十分准确，1980年里根政府上台后，通胀和利率得到了不错的控制，从高峰一路下跌。目睹了许多场辩论之后，Segalas对伍德做出这样的评价：一位有着不可思议坚定信念的女士。她是目前为止最犀利的一个。伍德后来说，正是那段日子真正塑造了她自行其是、挑战权威的能力，让她深刻意识到，要时刻警惕那些所谓的“共识”，它们看似不容辩驳，却往往有可商榷的空间——而那些有违“共识”的行为，反而可能有巨大的潜力。几十年后回首初生牛犊的往昔，伍德会发现，自己做下这一精准预测之时，正站在自身和历史转折交汇的当口。利率一经回落，随之而来的将是一场长达40年的科技股牛市，而她不久后将参与其中，以同样“特立独行”的姿态战斗数年，直到掀起一番风浪。届时，她将“忤逆”的不再是几位学界的“考夫曼”，而是一整个华尔街。那时的她并未料到这一点。转战股票：在桌子底下寻找残羹剩饭她能嗅到的只是，科技股的风要刮上一阵子了。利率下行为之前深受冲击的科技公司带来了更多成长空间，伍德本来就热爱天文学和工程学，很快决定得坐上这班车。于是1985年，她在Jennison从宏观转向股票研究，1990年又兼任该公司的投资组合经理，始终聚焦科技股领域。年轻时的伍德 图源：Jesus Calling在科技股熙熙攘攘的人潮中，她又一次离开了大部队。和利率预测时不同，这一次，违背共识、寻找新事物的信念真正“主动”发挥了作用。伍德一上来就问自己，别的分析师肯定把不错的科技股都研究过一轮了，一个也不会放过，那还剩下什么？留给我的是什么？哪些是属于我的股票？她随即有了答案。于是，极具倾向性、甚至有些偏执地，伍德开始努力寻找两类股票：那些过于超前，超前到人们还没引起重视、还来不及一拥而上的领域；某些股票位于多个行业的交汇处，而没有任何方面的分析师跟进。伍德认为，这很可能也是创新诞生的地方。她将自己形容为“一只小狗，在桌子底下寻找残羹剩饭”。她说，“当分析师和基金经理都认为某些股票不足挂齿，或无法完美地融入任意一个投资组合中时，通常得多看两眼”，它们可能暂时被低估，但随着时间推移，可能爆发指数级的增长。研究股票时，伍德没什么固定的程序、套路可言，只是贪婪地汲取着所能触及的所有信息，加以消化和判断。现任摩根士丹利首席投资官的Lisa Shalett曾同她工作过一段时间，回忆说：“Cathie的好奇心像是永远得不到满足，她如饥似渴地吸收来自大大小小各类渠道的研究成果，一天24小时不知疲倦地工作，以确保团队拥有最深入的研究，生成最独到的观点。”有时候，她甚至会听一听直觉讲的话。比如投资路透社（Reuters）时，人们普遍很难理解这种“出版数据库”的商业模式——从金融公司收集数据，再把数据全部卖回给它们，这算什么呢？伍德自己也说不好，但她认为这种模式非常创新。她后来回忆说：“当时只是觉得它在干件大事，现在我们知道了，这正是当今互联网概念的缩影。”我们后面会看到，这种“肆意妄为”的投资风格，一直被伍德保留到了今天。就这样，伍德在Jennison一待就是18年。余下的几年时光，她一边将三个孩子抚养长大，一边在股票研究的道路上越走越远，也在其独特的选股门道上越走越精。Wood和孩子们 图源：Jesus Calling1998年，伍德离开Jennison后，先是在对冲基金Tupelo Capital做了3年的有限合伙人，2001年正式加入联博，担任基金经理和专题研究策略师。揣着50亿美元资金的管理规模，伍德在联博继续潜心股票领域，开启了长达12年的又一个职业阶段。那时她尚未意识到，伴随着一阵金融风暴的来袭，这段岁月将成为其日后自立门户的关键转折。摆脱传统 自立门户在联博，伍德延续一贯的投资风格，走着高增长、高风险、小盘股的路径。2002年下半年开始，美股正值一轮牛市，伍德的投资组合也表现得相当不错。但随后发生的两件事，让她萌生了摆脱传统基金投资分析框架的想法。先是2006年，美国房地产泡沫已经达到了相当高的水平，市场上开始出现各种各样矛盾的信号，伍德预计泡沫不久就会破裂。她随即大幅降低了投资组合的头寸。然而次贷的盛宴又继续了一年多，清醒得太早的代价是，伍德当年的收益率仅5%，跑输了大盘（12%-13%）将近一千个基点。伍德深受打击。而当她对天主教会的导师诉说这件事，向其寻求开解的时候，导师留下一句意味深长的话，完全扭转了她原先看问题的角度：你不能崇拜任何偶像，而现在，市场基准却成了你的偶像。第二年，伍德弥补了大部分损失，但在祈祷和冥想中回味起导师的话，她说自己突然意识到，指数投资的成功属于过去，而上帝并不希望我们停留在过去，他希望我们进入新的创造。从这时起，一个念头逐渐被深耕在伍德心里——要变革原有的投资方式，投资的真正使命是要走向上帝所指引的未来，是要替上帝分配资本。时间到了08-09年金融危机，高风险的投资策略使得伍德的基金在美股崩盘中，回撤明显大于市场水平。联博看不下去了，要求伍德在持仓中加入标普500等指数来减小波动性。但是这一次，伍德不愿再受制于所谓的市场“基准”了。她直截了当地反驳道：“我认为我们太过信奉基准投资法了，针对创新领域的投资则太少。现在有些创新公司在公开市场的价格，甚至只有私募市场的10%，这是个巨大的机会！”这两件事如一段抑扬顿挫的前奏，最终将伍德引向了同一个方向：2014年，伍德辞去了联博收入稳定的工作，着手建立属于自己的初创公司。她意识到，想要真正摆脱传统基金公司投资框架下的束手束脚，想要真正践行一套自己的标准和投资理念、大胆把钱投在创新领域，那就只有自立门户。ARK的时代就此开始了。离经叛道的ARK因而可以说，ARK从最开始就是为了绕开传统资管的条条框框而生的，自然和大家走的不是一条路子。不再寄人篱下的伍德，将其不拘一格释放到极限，向着离经叛道的方向越走越远。她用一句话就和传统资管划清了界限：“我们真正要做的是鼓励新的创造，上帝的新创造。我们要将资本配置到它能发挥最高效益的、最有用的地方——那些有望改变世界、改善世界的变革性技术之上。而他们，那些其他的基金业者，只是把钱投向过去，那是最安全的路径。”“我们”，和“他们”——一边是无惧挑战的、变革性的、先锋的、连接未来的、为“神的创造”分配资产的；另一边，是安全的、翻旧账的、对新兴技术视而不见的、毫无上进心和使命感可言的。她问，你选哪一方？话自然不只说说而已，伍德的“新官上任三把火”延续至今。一则就像那个夏日午后，伍德自称圣灵在自己心里种下的计划一样，成立以来，ARK使命必达地将投资瞄准那些初绽头角的颠覆性技术，对不少传统基金嗤之以鼻的新兴企业都大为鼓励，这与后者怕波动、稳收益的投资策略截然不同。特斯拉可能是其中最著名、也最成功的例子了。伍德五年前就投资了特斯拉，当时股价50美元左右，过去三年，特斯拉一直是ARK的最大持股。伍德认为，特斯拉就是那样一个“位于多个行业的交汇处”的企业，集机器人、人工智能、能源储存于一身，传统的汽车分析师“不知道该怎么办”。2018年8月特斯拉股价徘徊在320美元时，马斯克一度考虑将公司私有化，用420美元/股的价格回购所有股票。伍德却是当时99%的市场看跌特斯拉时那1%的声音。她随即向马斯克发了一封公开信，预测称特斯拉在五年内股价最高能达到4000美元，反对其私有化公司。那封公开信至今，特斯拉已经发布了Model3，股价从320美元飙升至3500美元(按1比5的拆股比例调整)，伍德独到的眼光也得到了验证。根据ARK 2021年投资报告，除了比特币和电动车，如今伍德又将目光驻足到深度学习、新一代基因测序、数据中心再创造等等多个新兴领域，一如既往不吝对这些象征颠覆性创新的词汇付诸无限热情。图源：Alotta Money二则，和伍德所设想的一样，ARK公司从分析师本身到投资策略，从不拘泥于传统的指标、规则，十足的野路子打法，却不失漂亮。传统ETF主要被动投资于指数，而伍德的ETF采取主动选股、积极管理策略，这是很罕见的，即便在主动型ETF越来越受欢迎的今天，也只占美国ETF总资产的3%。正如前文提到，伍德很不喜欢指数，认为那衡量是过去的成就。她的雇员和传统基金也完全不同，总共30多名员工，很少有华尔街背景或MBA学位的，大多数都是不同行业的专业人士——癌症科学家、人工智能分析师、游戏工程师，甚至船长。他们不懂移动平均线，不懂动量指标，有些甚至连彭博终端都不会用。伍德不在乎这些，她看中的就是不同背景、不同领域的专业性。她似乎也非常信奉“咖啡馆里出哲学”的理念，以一种极轻松的模式管理着公司。曼哈顿东28街的办公室没有隔间，酒吧式的高脚椅旁边，所有桌子围成一圈，职员们自由地走动、交流、对谈，随时准备着思维的交锋。三则，传统资管公司总爱深藏不露自己掌握的“独家信息”，ARK则完全不同。伍德的态度是：透明、开放，“信息吸引信息”。ARK的周度“头脑风暴”会议任何人都可以参加，包括行业专家和竞争对手。团队可以与科学家、工程师、医生和其他专家分享研究成果并进行合作，这在很多传统基金公司是违规行为，是要被开除的。不仅如此，伍德还会在Reddit论坛等社交平台上免费发布研究报告，每天公布持仓变动，甚至亲自和网友讨论投资标的，这为其积攒下一大批忠实的粉丝。她认为，这有助于ARK对与市场存在分歧或误解的地方进行反思，更好地理解世界在发生什么。投资ARK=信上帝、信未来？所谓离经叛道者，人们要么视其为天才，要么笑其为疯子，投资特斯拉的成功有如一剂强心剂，让更多人愿意相信伍德归属前者。于是这三把火多少在粉丝心中埋下了几分狂热因子，似乎伍德已经为其股票池无可限量的创新前景打了包票——在ARK这里，只要付出时间成本，就能获得金钱回报。但更重要的一点是，上面这句话在上帝、信仰、未来这些概念的贯穿下，卸下了俗套的外衣，听起来慷慨激昂，振奋人心。想想吧，投资ARK，和笃信未来挂了钩。如果巴菲特、芒格版价值投资算是经验主义的王道，那么ARK这套轰轰烈烈的说法就有些形而上的架势了。总的来说，人还是爱幻想的动物，对于虚无缥缈着的东西总容易信点什么。你可以不信特斯拉、不信比特币，但你信技术吗，信技术的发展吗？你可以不信ARK，但你信“上帝的使命”吗？你说你不是基督徒，那你信未来吗？当ARK信誓旦旦地描画着未来，你又能喊出同样的音量反驳说，未来并非如此吗？毕竟，那个被所有人称作是骗子的特斯拉真的干成了不是吗，它颠覆了整个汽车业，从金属到能源也为之改变——那么比特币呢？那么一路看好特斯拉到现在的ARK呢？这套思维的力量比想象中要大得多。就算在路途中受了些苦，比如净值暴跌了30个点什么的……一些投资者也会觉得自己是在为未来买单，是林中有两条路，选择了布满荆棘的那条，是坚持到最后的人笑得最大声。截至3/8，ARK五只表现最好的ETF自高点平均下跌近30个点，图为旗舰基金ARKK净值曲线但确实如此，谁又说得准未来呢？有限的钱包是否真的可以为无限的信仰买单，即便未来确乎如此，坚持得到的又是多远的未来？比如，今年的结局又将是如何。2021年对ARK无疑是严峻挑战的一年。风风火火的几个月过去，ARK与特斯拉、比特币之间千丝万缕的联系几乎酿成了“三位一体”的风险格局，去年年底伍德还告诉媒体，有决心未来五年把投资人的钱翻三倍，不料进入2021年才两个月，股价就开始掉头向下，开局不利。对小盘股的钟爱还始终是一大隐患。有分析师举例，ARK旗下ARKG基金持仓的标的中有20家超过流通股本的5%，占全部持仓标的比例为45.45%，ARK已经成为不少标的的第一大股东，一旦市场环境不好或板块热度下降，基金净值可能会出现利空叠加流动性风险带来的大幅下跌。人们在恐慌中再次回想起上世纪90年代的美股市场——那座用泡沫堆成的高楼一夜之间轰然倒塌，也将一众刚升起不久的“资管新星”埋在废墟之下。比如，曾在1991年至2005连续15年间跑赢标普500指数的明星基金经理比尔·米勒（Bill Miller），08年金融危机时却惨遭滑铁卢，一度被市场形容为“晚节不保”。又比如共同基金公司Janus（古罗马神话中的两面神），1998年底至2000年3月间，从美国第20大共同基金公司发展到第5大，短短十年规模从30亿美元扩张到3000亿。就连曾任美国总统的克林顿都把个人账户交托Janus管理。但随着互联网泡沫破裂，其部分基金产品净值一下子暴跌三分之二，“两面神”的神话也就此灰飞烟灭。和ARK一样，Janus恰好也对科技股和小盘股情有独钟，也恰好是一副放眼未来，一旦看好就重拳出击的自信架势。那么如今的ARK，会成为下一个两面神吗？如今的伍德，会是下一个跌落神坛的米勒吗？还是，它们将成为下一个特斯拉和马斯克，度过艰难的日子，真正站上行业变革的中心？两年多前马斯克在节目上一口大麻一口酒，愁眉不展地度过特斯拉最艰难的日子。如今，伍德也正迎来这样的时候吗？而后，马斯克真的成了汽车领域的颠覆者，传统车企不得不大象掉头奋起直追，伍德也将这样地拨云开雾吗？华尔街将出现更多的ARK吗？更透明、更开放、更具活力的资管业正在形成吗？遵从上帝的话，诺亚建好了方舟，那年方舟从大洪水中存活下来，神说“我使云彩盖地的时候，必有虹现在云中”。如今“遵从圣灵之托”，伍德建成ARK也来到第七个年头，大洪水化身金融市场的风暴袭来，云雾遮挡视线。伍德能够带领整船的人翻过洪水，真正掀起行业变革的风吗？她能见到，神降下的虹吗？","news_type":1,"symbols_score_info":{"ARKK":0.9,"ARKF":0.9,"TSLA":0.9,".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":3159,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":364988939,"gmtCreate":1614794595521,"gmtModify":1704775395765,"author":{"id":"3567143887858435","authorId":"3567143887858435","name":"WUWO","avatar":"https://static.tigerbbs.com/3effb73710ccef62b12622f71ad76164","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3567143887858435","idStr":"3567143887858435"},"themes":[],"title":"","htmlText":"Teacher told me that,cash is bad,banker love debt.","listText":"Teacher told me that,cash is bad,banker love debt.","text":"Teacher told me that,cash is bad,banker love 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17:19","market":"us","language":"zh","title":"Pre-market change: Bitcoin hits a new high! Blockchain sector gains like rainbow","url":"https://stock-news.laohu8.com/highlight/detail?id=1192916175","media":"老虎资讯综合","summary":"2月9日，美国三大股指期货短线下挫，截至发稿，道指期货跌0.12%；标普500指数期货跌0.12%；纳斯达克100指数期货跌0.14%。美股区块链板块盘前大涨，比特币日内一度站上48000美元，此前特","content":"<p>On February 9th, the three major stock index futures in the United States fell in the short term. As of press time, the Dow futures fell by 0.12%; S&P 500 futures fell 0.12%; Nasdaq 100 futures fell 0.14%.</p><p><img src=\"https://static.tigerbbs.com/babdb0f2cbed2e72838ef43dac089e41\" tg-width=\"497\" tg-height=\"198\" referrerpolicy=\"no-referrer\"></p><p>The U.S. blockchain sector rose before the market, and Bitcoin once stood at $48,000 in the day. Previously,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Bitcoin with investments totaling $1.5 billion.</p><p><img src=\"https://static.tigerbbs.com/a54d68552bb6392bdb43cc8a4484d073\" tg-width=\"497\" tg-height=\"489\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/BIDU\">Baidu</a>It rose 1.91% before the market, market news:<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Initiated a 5-year $3 billion financing round.<a href=\"https://laohu8.com/S/03988\">Bank of China</a>The PRC<a href=\"https://laohu8.com/S/00939\">China Construction Bank</a>The PRC<a href=\"https://laohu8.com/S/01988\">Minsheng Bank</a>、<a href=\"https://laohu8.com/S/C\">Citigroup</a>And DBS Bank were the underwriters initially entrusted by Baidu for this bullet loan.</p><p><img src=\"https://static.tigerbbs.com/920922172b2e44e54c7124ba5128b73b\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/TSM\">TSMC</a>It rose 0.68% premarket, and January sales rose 22% year-on-year to NT$126.75 billion.</p><p><img src=\"https://static.tigerbbs.com/bf206e9c563a67abb95af6a3138354e7\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/AMC\">AMC Cinema</a>It fell 6.8% before the market and closed down 9.5% in the previous trading day; AMC disclosed in a filing with the U.S. SEC last Friday that its majority shareholder China Wanda Group made a share conversion, which may be a sale of shares.</p><p><img src=\"https://static.tigerbbs.com/64244c6083636344a8892ae1f52461a8\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/GLUU\">Glu Mobile</a>It rose nearly 34% before the market, and EA, a well-known American game developer, announced that it would buy the company at an offer of $12.5 per share. According to the agreement, the two parties will complete the transaction in the second quarter of this year.</p><p><img src=\"https://static.tigerbbs.com/857a527587faf3d8462ecbec46af9f54\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p>","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>Pre-market change: Bitcoin hits a new high! Blockchain sector gains like rainbow</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; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\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\">\nPre-market change: Bitcoin hits a new high! Blockchain sector gains like rainbow\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-02-09 17:19</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On February 9th, the three major stock index futures in the United States fell in the short term. As of press time, the Dow futures fell by 0.12%; S&P 500 futures fell 0.12%; Nasdaq 100 futures fell 0.14%.</p><p><img src=\"https://static.tigerbbs.com/babdb0f2cbed2e72838ef43dac089e41\" tg-width=\"497\" tg-height=\"198\" referrerpolicy=\"no-referrer\"></p><p>The U.S. blockchain sector rose before the market, and Bitcoin once stood at $48,000 in the day. Previously,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Bitcoin with investments totaling $1.5 billion.</p><p><img src=\"https://static.tigerbbs.com/a54d68552bb6392bdb43cc8a4484d073\" tg-width=\"497\" tg-height=\"489\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/BIDU\">Baidu</a>It rose 1.91% before the market, market news:<a href=\"https://laohu8.com/S/BIDU\">Baidu</a>Initiated a 5-year $3 billion financing round.<a href=\"https://laohu8.com/S/03988\">Bank of China</a>The PRC<a href=\"https://laohu8.com/S/00939\">China Construction Bank</a>The PRC<a href=\"https://laohu8.com/S/01988\">Minsheng Bank</a>、<a href=\"https://laohu8.com/S/C\">Citigroup</a>And DBS Bank were the underwriters initially entrusted by Baidu for this bullet loan.</p><p><img src=\"https://static.tigerbbs.com/920922172b2e44e54c7124ba5128b73b\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/TSM\">TSMC</a>It rose 0.68% premarket, and January sales rose 22% year-on-year to NT$126.75 billion.</p><p><img src=\"https://static.tigerbbs.com/bf206e9c563a67abb95af6a3138354e7\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/AMC\">AMC Cinema</a>It fell 6.8% before the market and closed down 9.5% in the previous trading day; AMC disclosed in a filing with the U.S. SEC last Friday that its majority shareholder China Wanda Group made a share conversion, which may be a sale of shares.</p><p><img src=\"https://static.tigerbbs.com/64244c6083636344a8892ae1f52461a8\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><a href=\"https://laohu8.com/S/GLUU\">Glu Mobile</a>It rose nearly 34% before the market, and EA, a well-known American game developer, announced that it would buy the company at an offer of $12.5 per share. According to the agreement, the two parties will complete the transaction in the second quarter of this year.</p><p><img src=\"https://static.tigerbbs.com/857a527587faf3d8462ecbec46af9f54\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a82005fdd5a20870413111b3adc1a547","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192916175","content_text":"2月9日，美国三大股指期货短线下挫，截至发稿，道指期货跌0.12%；标普500指数期货跌0.12%；纳斯达克100指数期货跌0.14%。美股区块链板块盘前大涨，比特币日内一度站上48000美元，此前特斯拉投资总计15亿美元的比特币。百度盘前涨1.91%，市场消息：百度启动了一项5年期30亿美元的融资。中国银行、中国建设银行、中国民生银行、花旗和星展银行是百度此次子弹式贷款最初委托的承销商。台积电盘前涨0.68%，1月销售额同比增22%至1,267.5亿台币。AMC院线盘前跌6.8%，上一交易日收跌9.5%；AMC在上周五向美国SEC提交的文件中披露，其大股东中国万达集团进行了一次股份转换，可能为出售股份。Glu移动盘前涨近34%，美国知名游戏开发商EA宣布将以每股12.5美元的报价收购该公司。根据协议，双方将会在今年二季度完成交易。","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":2762,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":389689164,"gmtCreate":1612765040958,"gmtModify":1704873910717,"author":{"id":"3567143887858435","authorId":"3567143887858435","name":"WUWO","avatar":"https://static.tigerbbs.com/3effb73710ccef62b12622f71ad76164","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3567143887858435","idStr":"3567143887858435"},"themes":[],"title":"","htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/389689164","repostId":"1131442798","repostType":4,"repost":{"id":"1131442798","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1612406443,"share":"https://ttm.financial/m/news/1131442798?lang=en_US&edition=fundamental","pubTime":"2021-02-04 10:40","market":"us","language":"zh","title":"Alibaba's Hong Kong stocks rose more than 2% against the trend","url":"https://stock-news.laohu8.com/highlight/detail?id=1131442798","media":"老虎资讯综合","summary":"2月4日，阿里巴巴港股逆势涨超2%，此前一度跌超1%，市场消息称蚂蚁集团据悉与监管机构就整改达成一致。此外淘宝再度成央视春晚独家电商合作伙伴，在春晚期间发出至少20亿红包。","content":"<p>On February 4,<a href=\"https://laohu8.com/S/09988\">Alibaba</a>Hong Kong stocks rose more than 2% against the trend, after falling more than 1% before, market news said<a href=\"https://laohu8.com/S/06688\">Ant Group</a>It is reported that an agreement has been reached with the regulatory agency on rectification. In addition, Taobao once again became the exclusive e-commerce partner of CCTV Spring Festival Gala, issuing at least 2 billion red envelopes during the Spring Festival Gala.</p><p><img src=\"https://static.tigerbbs.com/f00cc0801d340bbbadb1e62403046b5c\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","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>Alibaba's Hong Kong stocks rose more than 2% against the trend</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; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\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\">\nAlibaba's Hong Kong stocks rose more than 2% against the trend\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-02-04 10:40</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On February 4,<a href=\"https://laohu8.com/S/09988\">Alibaba</a>Hong Kong stocks rose more than 2% against the trend, after falling more than 1% before, market news said<a href=\"https://laohu8.com/S/06688\">Ant Group</a>It is reported that an agreement has been reached with the regulatory agency on rectification. In addition, Taobao once again became the exclusive e-commerce partner of CCTV Spring Festival Gala, issuing at least 2 billion red envelopes during the Spring Festival Gala.</p><p><img src=\"https://static.tigerbbs.com/f00cc0801d340bbbadb1e62403046b5c\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/ca2161e8ddb469de4171b1fb09459c6b","relate_stocks":{"09988":"阿里巴巴-W","BABA":"阿里巴巴"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131442798","content_text":"2月4日，阿里巴巴港股逆势涨超2%，此前一度跌超1%，市场消息称蚂蚁集团据悉与监管机构就整改达成一致。此外淘宝再度成央视春晚独家电商合作伙伴，在春晚期间发出至少20亿红包。","news_type":1,"symbols_score_info":{"BABA":0.9,"09988":0.9}},"isVote":1,"tweetType":1,"viewCount":2655,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":true}