Investing
Billionaires Loeb, Asness Blast Cathie Wood’s Investing Strategy
High-profile investors criticized the Ark founder for disparaging ‘archaic’ measures like cash flow and stoking stock mania.
Cathie Wood
Photographer: Zed Jameson/BloombergThis article is for subscribers only.
It’s been a tough year for Cathie Wood. And her naysayers are piling on.
The founder of Ark Investment Management, who could seemingly do no wrong during the pandemic run-up in asset values, has seen soaring inflation and elevated interest rates crush her exchange-traded funds in 2022. The flagship Ark Innovation ETF, once a byword for market-beating returns, has tumbled more than 65% this year because of a bruising selloff in tech stocks like Tesla Inc. and Zoom Video Communications Inc.