During my eighty-seven years, I have witnessed a whole succession of technological revolutions. But none of them has done away with the need for character in the individual or the ability to think.”
January 20, 2022
As you might recall, Cathie Wood’s ARK Disruptive Innovation fund was up an amazing 60% in 2020. The S&P 500 was up 16% that year. Thus the fund outperformed the S&P 500 by 46%! Last year it was down 25% underperforming by 50%. But that’s not why I consider the actively managed ETF a hedge fund. It’s because it has the macro...