Ark’s Cathie Wood kept stumbling

It was roughly the year 2022 for famed money manager Cathy Wood, CEO of Ark Investment Management, as her exchange-traded funds flooded.

Wood’s main fund, Ark Innovation ETF (see you) , is down 64% YTD to October 14, hitting its lowest level in five years. Ark Innovation is down 79% from its February 2021 high.

High interest rates and slow economic growth have weakened Wood’s “disruptive” (as she called it) technology companies. Higher interest rates are hurting them because the flow of their profits will be down the road (if at all), while the safe yields of Treasury bonds are now on the rise.

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