Cathie Wood says it isn't the stocks that she favors that are in a bubble.
Cathie Wood, the star fund manager and chief executive of ARK Invest, in a new video told investors she is sharing their pain, as the flagship ARK Innovation Fund ARKK, -1.36% has slumped 45% since February. She said ARK funds make up more than half of her individual retirement account, and a “significant” part of her net worth.
Ford shares have jumped 18% this year, Chrysler owner Stellantis STLA, -2.06% has gained 9%, and GM has climbed 6%. In the 2008 recession, people chose to pay down their car loan instead of their mortgage because they needed to get to their job. This time they might not make the same choice because of the existence of ride-sharing, Wood said. “I wouldn’t be surprised if at least one of the companies loses money next year, which would be most unexpected.”
The buzz Tennis star Novak Djokovic won a court ruling allowing him to stay in Australia, though he may still get deported. Take-Two Interactive TTWO, -0.01% struck a $12.7 billion deal to buy Zynga ZNGA, -1.48%, in a deal it says will boost its presence in mobile gaming.
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