ARK's research lead breaks down the firm's rise, recent market jitters, and bitcoin
March 5, 2021, 3:55PM EST · 1 min read
Episode 14 of Season 3 of The Scoop was recorded remotely with The Block’s Frank Chaparro Ryan Todd and ARK Invest’s Brett Winton.
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ARK Invest has had quite the year so far.
Since the beginning of 2021, the investment manager's assets under management have soared.
ARK has also been buoyed this year by its bets on high-growth tech stocks. Many of the names the firm has backed overlap with the stocks that have become darlings among the Wall Street Bets crowd. Indeed, ARK has grown into a heavy-hitter on Wall Street. The Wall Street Journal said in early February that founder Cathie Wood had "Wall Street's hottest hand."
During the last few trading sessions, however, the firm has experienced somewhat of a reckoning. The firm's Ark Innovation fund — which includes Tesla, Square, and Silvergate — has fallen sharply relative to the overall market, as The Journal noted today. The $23 billion fund is down more than 30% from its high.
On this episode of The Scoop, Brett Winton — ARK's head of research — breaks down the firm's rise, the recent market volatility and macro backdrop, Wall Street Bets and the explosion in retail trading, and the big ideas in the crypto and bitcoin that have captured the fund's attention lately.
© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.