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上周,凯茜·伍德密切关注市场并采取了行动:逢低买入。
伍德的方舟投资旗下的几只交易所交易基金(以下简称ETF)在大盘下跌的情况下买入了多只科技股。方舟投资管理着67亿美元的资产,是一家颇具影响力的公司,但其基金近期表现不佳。今年早些时候的报告显示,由于基金业绩不佳,投资者共从基金中撤资22亿美元。
伍德希望能扭转局面。上周,至少有两只方舟投资的ETF买入了过去一个月股价暴跌的科技公司股票。以购买当日的开盘价计算,积极管理的方舟创新ETF购买了亚马逊(Amazon)、Advanced Micro Devices和Coinbase等公司价值约4500万美元的股票。以同样的计算方式,该公司的方舟下一代互联网基金买入了Meta、特斯拉(Tesla)和Robinhood公司950万美元的股票。这两只基金还买入了其他股票。
所有这些公司都受到了整个市场大幅下跌的冲击。然而,伍德是在低价买入股票,还是在市场开始崩溃时买入,还有待观察。
金融科技投资平台Prospero.ai首席执行官乔治·凯拉斯(George Kailas)表示:"她可能是对的,也可能是错的。在过去几年里,这两种情况她都经历过。"
方舟投资拒绝置评,而是让《财富》杂志参考伍德讨论近期市场走势的一段视频。
凯拉斯指的是方舟投资对特斯拉的押注,在2021年特斯拉股价上涨时,该公司因此赚得盆满钵满。然而,自那以后,方舟投资的表现却令人大失所望。投资于云计算相关互联网公司的下一代互联网基金今年迄今下跌了2%。与此同时,方舟投资的旗舰基金创新ETF今年下跌了近20%。这两只ETF均未达到2021年的高点。
科技股的暴跌与全球股市的抛售同时出现,有人可能会认为,科技股的暴跌引发了全球股市的抛售。8月2日,从日本到美国的股指均出现了单日大幅下跌。此后,日本的日经指数和标准普尔500指数都略有反弹,但这并不足以消除一些投资者的担忧,他们认为这可能只是股价下跌的短暂复苏。金融服务公司Cetera的首席投资官吉恩·戈德曼(Gene Goldman)表示:“我认为这是死猫式反弹。”
戈德曼预测,"标准普尔500指数从峰值到谷底的跌幅将达到10%或更多。”
凯拉斯表示认同,但态度更为谨慎,他表示,如果必须为股市的走向做出选择,那会是“稍微更看跌一些”。
有一群像伍德这样的长期成长型投资者,将当前的市场状况视为机遇。瑞银(UBS)在上周四发布的一份分析师报告中指出,许多科技公司即使在市场动荡的情况下仍状况良好,这使得股价下跌的股票成为了“便宜货”。
分析师写道:"在我们看来,科技股的基本面依然稳健,而估值如今已经有所降低。”
瑞银表示,预计全球科技行业第二季度的盈利同比增长20%至25%。该银行还预计在未来一年半内持续盈利增长15%至20%。
不过,即使是想要采取行动的投资者也在谨慎行事。知名科技投资者、前投资组合经理保罗·米克斯(Paul Meeks)表示:“我还没有买入。即使我喜欢当前的价格,但我不看好当前的时机。”
在美国,美联储在7月份的会议上决定推迟降息,这给投资者带来了意想不到的打击。市场已将9月降息视为板上钉钉的事。瑞银仍然看好科技股,部分原因是其所谓的“技术因素”,这些因素更多地与宏观经济有关,而非个别公司自身。
对凯拉斯来说,还有其他大局因素令他担忧——即美国大选。他说:"真正棘手的部分在于,我们看到的下跌,我认为与政治和地缘政治问题有关。”
试图预测任何选举的结果都会让投资者头疼不已。然而,这一次,共和党和民主党都可能入主白宫,这可能为科技行业带来不同的未来。米克斯说,两个潜在的政府都没有明确表示将推行何种科技监管政策。
民主党已表现出对大型科技公司进行监管的决心,这在很大程度上是前所未有的。另一方面,该党的总统候选人、副总统卡玛拉·哈里斯(Kamala Harris)与硅谷的一些重要人物关系密切。
与此同时,共和党候选人也存在不确定性。副总统候选人詹姆斯·戴维·万斯(JD Vance)曾是一名风险投资家,得到了彼得·蒂尔(Peter Thiel)等有影响力的科技界人士的支持。然而,前总统唐纳德·特朗普(Donald Trump)提出对中国进口商品征收全面关税,这将对一些科技公司造成严重打击,而且他建议台湾向美国支付保护费,这已经使一些股票大幅飙升。凯拉斯说:"尤其是在特朗普身上,我从未见他如此行事。”(财富中文网)
译者:中慧言-王芳
上周,凯茜·伍德密切关注市场并采取了行动:逢低买入。
伍德的方舟投资旗下的几只交易所交易基金(以下简称ETF)在大盘下跌的情况下买入了多只科技股。方舟投资管理着67亿美元的资产,是一家颇具影响力的公司,但其基金近期表现不佳。今年早些时候的报告显示,由于基金业绩不佳,投资者共从基金中撤资22亿美元。
伍德希望能扭转局面。上周,至少有两只方舟投资的ETF买入了过去一个月股价暴跌的科技公司股票。以购买当日的开盘价计算,积极管理的方舟创新ETF购买了亚马逊(Amazon)、Advanced Micro Devices和Coinbase等公司价值约4500万美元的股票。以同样的计算方式,该公司的方舟下一代互联网基金买入了Meta、特斯拉(Tesla)和Robinhood公司950万美元的股票。这两只基金还买入了其他股票。
所有这些公司都受到了整个市场大幅下跌的冲击。然而,伍德是在低价买入股票,还是在市场开始崩溃时买入,还有待观察。
金融科技投资平台Prospero.ai首席执行官乔治·凯拉斯(George Kailas)表示:"她可能是对的,也可能是错的。在过去几年里,这两种情况她都经历过。"
方舟投资拒绝置评,而是让《财富》杂志参考伍德讨论近期市场走势的一段视频。
凯拉斯指的是方舟投资对特斯拉的押注,在2021年特斯拉股价上涨时,该公司因此赚得盆满钵满。然而,自那以后,方舟投资的表现却令人大失所望。投资于云计算相关互联网公司的下一代互联网基金今年迄今下跌了2%。与此同时,方舟投资的旗舰基金创新ETF今年下跌了近20%。这两只ETF均未达到2021年的高点。
科技股的暴跌与全球股市的抛售同时出现,有人可能会认为,科技股的暴跌引发了全球股市的抛售。8月2日,从日本到美国的股指均出现了单日大幅下跌。此后,日本的日经指数和标准普尔500指数都略有反弹,但这并不足以消除一些投资者的担忧,他们认为这可能只是股价下跌的短暂复苏。金融服务公司Cetera的首席投资官吉恩·戈德曼(Gene Goldman)表示:“我认为这是死猫式反弹。”
戈德曼预测,"标准普尔500指数从峰值到谷底的跌幅将达到10%或更多。”
凯拉斯表示认同,但态度更为谨慎,他表示,如果必须为股市的走向做出选择,那会是“稍微更看跌一些”。
有一群像伍德这样的长期成长型投资者,将当前的市场状况视为机遇。瑞银(UBS)在上周四发布的一份分析师报告中指出,许多科技公司即使在市场动荡的情况下仍状况良好,这使得股价下跌的股票成为了“便宜货”。
分析师写道:"在我们看来,科技股的基本面依然稳健,而估值如今已经有所降低。”
瑞银表示,预计全球科技行业第二季度的盈利同比增长20%至25%。该银行还预计在未来一年半内持续盈利增长15%至20%。
不过,即使是想要采取行动的投资者也在谨慎行事。知名科技投资者、前投资组合经理保罗·米克斯(Paul Meeks)表示:“我还没有买入。即使我喜欢当前的价格,但我不看好当前的时机。”
在美国,美联储在7月份的会议上决定推迟降息,这给投资者带来了意想不到的打击。市场已将9月降息视为板上钉钉的事。瑞银仍然看好科技股,部分原因是其所谓的“技术因素”,这些因素更多地与宏观经济有关,而非个别公司自身。
对凯拉斯来说,还有其他大局因素令他担忧——即美国大选。他说:"真正棘手的部分在于,我们看到的下跌,我认为与政治和地缘政治问题有关。”
试图预测任何选举的结果都会让投资者头疼不已。然而,这一次,共和党和民主党都可能入主白宫,这可能为科技行业带来不同的未来。米克斯说,两个潜在的政府都没有明确表示将推行何种科技监管政策。
民主党已表现出对大型科技公司进行监管的决心,这在很大程度上是前所未有的。另一方面,该党的总统候选人、副总统卡玛拉·哈里斯(Kamala Harris)与硅谷的一些重要人物关系密切。
与此同时,共和党候选人也存在不确定性。副总统候选人詹姆斯·戴维·万斯(JD Vance)曾是一名风险投资家,得到了彼得·蒂尔(Peter Thiel)等有影响力的科技界人士的支持。然而,前总统唐纳德·特朗普(Donald Trump)提出对中国进口商品征收全面关税,这将对一些科技公司造成严重打击,而且他建议台湾向美国支付保护费,这已经使一些股票大幅飙升。凯拉斯说:"尤其是在特朗普身上,我从未见他如此行事。”(财富中文网)
译者:中慧言-王芳
Cathie Wood eyed the market this week and made her move: She bought the dip.
Several ETFs at Wood’s firm, ARK Invest, bought a variety of tech stocks after they fell alongside a broader market drop. ARK Invest, which has $6.7 billion in assets under management, is an influential firm whose funds have fallen on hard times. Reports earlier this year showed investors pulled a total of $2.2 billion from the funds over their poor performance.
Wood is hoping to turn things around. This week, at least two ARK Invest ETFs bought shares in tech companies whose shares tumbled over the past month. The actively managed ARK Innovation ETF bought roughly $45 million worth of shares in companies like Amazon, Advanced Micro Devices, and Coinbase, based on the opening price on the day they were purchased. The firm’s ARK Next Generation Internet Fund bought $9.5 million of Meta, Tesla, and Robinhood shares, based on the same calculations. Both funds purchased other stocks as well.
All of those companies got caught up in the drastic rout that hit the entirety of the market. However, whether Woods is buying stocks at a bargain price or right as the market begins to crater remains to be seen.
“She could be right, she could be wrong,” says George Kailas, CEO of Prospero.ai, a fintech investment platform. “She’s definitely been both in the last couple years.”
ARK invest declined to comment and instead directed Fortune to a video where Wood discussed the recent market moves.
Kailas is referring to ARK Invest’s bet on Tesla, which netted the firm a fortune when its stock rallied in 2021. However, since then ARK Invest’s performance has been much more disappointing. The Next Generation Internet fund, which invests in cloud-related internet companies, is down 2% so far this year. Meanwhile the Innovation ETF, ARK Invest’s flagship fund, is down almost 20% for the year. Neither ETF has reached the heights they soared to in 2021.
The slump in tech stocks coincided with, or some might say led to, a global selloff across equities. On Friday, stock market indexes from Japan to the U.S. all had sharp single-day declines. Since then, both Japan’s Nikkei and the S&P 500 rebounded slightly, but not enough to assuage the fears of some investors that it might just be a short recovery of falling stock prices. “I feel it is a dead cat bounce,” said Gene Goldman, chief investment officer of financial services company Cetera.
Goldman predicts a “peak to trough fall in the S&P 500 of 10% or more.”
Kailas agreed, though more tentatively, saying if he had to pick a direction for the stock market it would be “a little more bearish.”
There are a group of long-term growth investors that, like Wood, view the current state of the market as an opportunity. Many tech companies remain in good shape, even if the market is tumultuous, making their cheapening stocks a bargain, UBS said in an analyst note published Thursday.
“Tech fundamentals remain solid, in our view, while valuations have now reset lower,” analysts wrote.
UBS said it estimated second-quarter earnings growth for the global tech sector would be 20% to 25% higher year over year. The bank also expected sustained earnings growth of 15% to 20% over the next year and a half.
Still, even investors who want to make a move are proceeding with caution. “I’m still not buying yet,” says prominent tech investor and former portfolio manager Paul Meeks. “Even though I love the price. I don’t like the timing.”
In the U.S., investors were hit with an unexpected blow when the Federal Reserve opted to hold off on interest rate cuts at its meeting in July. The markets are now treating a rate cut in September as a virtual certainty. UBS remains bullish on tech stocks in part because of what it called “technical factors” that have more to do with the macroeconomy than individual firms themselves.
For Kailas, there are other big-picture factors that worry him—namely the U.S. election. “Part of what’s really tough is we’re seeing dips that, I think, are related to political and geopolitical issues,” he said.
Trying to divine the outcome of any election can be headache-inducing for investors. However, this time around, both a possible Republican and Democratic White House could spell diverging futures for tech. Neither potential administration offers a clear picture of what sort of tech regulations it will pursue, Meeks said.
Democrats have shown a determination to regulate Big Tech that’s largely unprecedented. On the other hand, the party’s presidential nominee, Vice President Kamala Harris, has close ties to a few major figures from Silicon Valley.
Meanwhile the Republican ticket presents its own source of uncertainty. The vice presidential pick, JD Vance, is a former venture capitalist backed by influential tech names like Peter Thiel. However, former President Donald Trump has floated blanket tariffs on Chinese imports that would be crippling for some tech firms and already sent some stocks spiraling when he suggested Taiwan pay the U.S. for protection. “Especially with Trump I’ve never really seen behavior like this,” Kailas said.