Cathie Wood ends the year still a superstar, but the ebb and flow of her flagship fund illustrates the danger of being an aggressive active stock picker.
Most of the major holdings also hit new highs earlier this year: all but Tesla are at least 30% off their 52-week highs.Bottom line: There's nothing wrong with Cathie Wood's main line of reasoning--disruptive technology companies will change the world.
True enough, but when everyone buys into the argument and prices go through the roof for companies that currently make little or no profit , or trade for an enormous multiple to earnings , some investors will inevitably start questioning what the right price should be.
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