美国国家公共电台 NPR--Investor Cathie Wood, a Wall Street darling, is now criticized as a one-trick pony

Investor¹ Cathie Wood, a Wall Street darling, is now criticized as a one-trick pony²

Transcript³

Cathie Wood, who has millions of social media followers⁴, is struggling this year. Wall Street is wondering whether one of the most successful investors⁵ it has seen in years was previously⁶ just lucky.

STEVE INSKEEP, HOST:

The world of investing has a handful of star portfolio⁷ managers, like Warren Buffett. But nobody is quite like Cathie Wood. She has more than a million followers on Twitter and YouTube. She's been on magazine covers. She's headlined conferences.

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UNIDENTIFIED PERSON: Please, help me welcome to the stage Cathie Wood, the founder⁸, CEO, CIO of ARK Invest.

INSKEEP: Her funds saw astronomical⁹ returns during the early parts of the pandemic, and now they're doing worse. So was she brilliant or just lucky? NPR's David Gura spoke¹⁰ with her.

DAVID GURA, BYLINE¹¹: To her millions of fans, Cathie Wood is a visionary. She believes huge technological¹² changes will soon reshape the world. And during a recent interview, she told me she thinks most of Wall Street is too timid to bet on that future.

CATHIE WOOD: I really do believe that it borders on one of the greatest misallocations of capital in the history of mankind.

GURA: Wood is always on the lookout¹³ for companies she says are innovative¹⁴, that will help define the future even if many of them are not profitable. And in 2020, Wood's bets paid off big time. COVID-19 was spreading. The economy was spiraling. And her ARK Innovation Fund returned a whopping 150%. That made Wood the toast of Wall Street.

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ERIK SCHATZKER: You're having one of the best years in the history of professional money management. What's it like?

WOOD: Oh, it's been unbelievable.

GURA: But today, it's a different story. Wood's portfolios¹⁵ are packed with high growth technology companies, including Roku and Zoom¹⁶. But lately, those stocks have been crashing hard. The ARK Innovation Fund has also gotten crushed. It's down 60% this year. On Wall Street, the knives are out. And the pundits¹⁷ have put away the champagne¹⁸.

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ADAM SHAPIRO: I would imagine a lot of people that have invested with her are pulling an old Ricky Ricardo, saying, you got some explaining to do.

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JIM CRAMER: I am shocked at what she buys and how she buys. She buys like someone who just started yesterday.

GURA: But Wood, who's 66 years old, has been a professional investor for decades. And she says her strategy is going to pay off. She says she's dealt with downturns and doubters before.

WOOD: I'm pretty battle-tested on that score. And, you know, as I say to anyone who will listen, just keep your eye on that prize.

GURA: The pursuit of that prize has led Wood down an unconventional path. In 2014, when many of her colleagues' careers were winding¹⁹ down, Wood, who is a devout²⁰ Christian²¹, decided²² to strike out on her own after decades working on Wall Street.

WOOD: A lot of prayer went into that. And I was 57 at the time. So I - you know, it was a choice. Do I retire? Or do I start this business? So that was a big leap of faith and has been very important.

GURA: And soon, she started making a name for herself. One of her best-known buys was Tesla. Wood first invested in the carmaker when many on Wall Street were skeptical²³. And today, it's worth three quarters of $1 trillion.

WOOD: We think there are a lot more Teslas evolving out there, meaning these companies that are enabling the convergence of technologies and various sectors²⁴ and are going to enjoy explosive growth opportunities.

GURA: And something else that sets Wood apart is how she's embraced the power of social media. Wood gives away her research for free. And she's amassed²⁵ a following on YouTube, where her videos have millions of views. That online outreach appeals to younger investors in particular, who have helped ARK Invest grow from managing just over $10 million to more than 40 billion, like Kevin Paffrath, who's a YouTube star in his own right. Like a lot of her followers, he calls her Cathie, just Cathie.

KEVIN PAFFRATH: About a year into me being on YouTube, we heard Cathie's bold theses. I had just bought a Tesla myself, so it seemed like somebody very easy to align²⁶ with and, I have to say, I completely agreed with.

GURA: Paffrath hears the criticism. And he sees how badly her funds have performed recently. But he hasn't lost faith in Wood. Paffrath has his eye on that prize.

PAFFRATH: One of the things that I really love about Cathie is she really stays stern on her convictions.

GURA: But increasingly, Wall Street sees the steadfastness²⁷ Paffrath so admires as stubbornness. Critics say Wood's funds are too risky²⁸ and that she's a one-trick pony. In fact, there's even a fund that's six months old set up specifically to bet against her. It's brought in more than half a billion dollars from investors. But Wood tells her followers to tune²⁹ out the noise. And in her latest YouTube videos, she is characteristically upbeat.

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WOOD: Read our research for hope, optimism and, really, a thrilling look at what the future is going to hold.

GURA: Despite everything, Wood has something else that gives her comfort and quiets her critics, also puzzles them. The money keeps flowing in from new investors, all betting Wood's vision for the future will come to pass.

David Gura, NPR News, New York.

1 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

2 pony   

adj.小型的；n.小马

参考例句：

• His father gave him a pony as a Christmas present.他父亲给了他一匹小马驹作为圣诞礼物。
• They made him pony up the money he owed.他们逼他还债。

3 transcript   

n.抄本，誊本，副本，肄业证书

参考例句：

• A transcript of the tapes was presented as evidence in court.一份录音带的文字本作为证据被呈交法庭。
• They wouldn't let me have a transcript of the interview.他们拒绝给我一份采访的文字整理稿。

4 followers   

追随者( follower的名词复数 )； 用户； 契据的附面； 从动件

参考例句：

• the followers of Mahatma Gandhi 圣雄甘地的拥护者
• The reformer soon gathered a band of followers round him. 改革者很快就获得一群追随者支持他。

5 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

6 previously   

adv.以前，先前（地）

参考例句：

• The bicycle tyre blew out at a previously damaged point.自行车胎在以前损坏过的地方又爆开了。
• Let me digress for a moment and explain what had happened previously.让我岔开一会儿，解释原先发生了什么。

7 portfolio   

n.公事包；文件夹；大臣及部长职位

参考例句：

• He remembered her because she was carrying a large portfolio.他因为她带着一个大公文包而记住了她。
• He resigned his portfolio.他辞去了大臣职务。

8 Founder   

n.创始者，缔造者

参考例句：

• He was extolled as the founder of their Florentine school.他被称颂为佛罗伦萨画派的鼻祖。
• According to the old tradition,Romulus was the founder of Rome.按照古老的传说，罗穆卢斯是古罗马的建国者。

9 astronomical   

adj.天文学的，（数字）极大的

参考例句：

• He was an expert on ancient Chinese astronomical literature.他是研究中国古代天文学文献的专家。
• Houses in the village are selling for astronomical prices.乡村的房价正在飙升。

10 spoke   

n.（车轮的）辐条；轮辐；破坏某人的计划；阻挠某人的行动 v.讲，谈（speak的过去式）；说；演说；从某种观点来说

参考例句：

• They sourced the spoke nuts from our company.他们的轮辐螺帽是从我们公司获得的。
• The spokes of a wheel are the bars that connect the outer ring to the centre.辐条是轮子上连接外圈与中心的条棒。

11 byline   

n.署名；v.署名

参考例句：

• His byline was absent as well.他的署名也不见了。
• We wish to thank the author of this article which carries no byline.我们要感谢这篇文章的那位没有署名的作者。

12 technological   

adj.技术的；工艺的

参考例句：

• A successful company must keep up with the pace of technological change.一家成功的公司必须得跟上技术变革的步伐。
• Today,the pace of life is increasing with technological advancements.当今， 随着科技进步，生活节奏不断增快。

13 lookout   

n.注意，前途，瞭望台

参考例句：

• You can see everything around from the lookout.从了望台上你可以看清周围的一切。
• It's a bad lookout for the company if interest rates don't come down.如果利率降不下来，公司的前景可就不妙了。

14 innovative   

adj.革新的，新颖的，富有革新精神的

参考例句：

• Discover an innovative way of marketing.发现一个创新的营销方式。
• He was one of the most creative and innovative engineers of his generation.他是他那代人当中最富创造性与革新精神的工程师之一。

15 portfolios   

n.投资组合( portfolio的名词复数 )；（保险）业务量；（公司或机构提供的）系列产品；纸夹

参考例句：

• Price risk arises in non-trading portfolios, as well as in trading portfolios. 价格风险中出现的非贸易投资，以及在贸易投资组合。 来自互联网
• How do we fatten our portfolios and stay financially healthy? 我们怎样育肥我们的投资结构和维持财政健康呢？ 来自互联网

16 zoom   

n.急速上升；v.突然扩大，急速上升

参考例句：

• The airplane's zoom carried it above the clouds.飞机的陡直上升使它飞到云层之上。
• I live near an airport and the zoom of passing planes can be heard night and day.我住在一个飞机场附近，昼夜都能听到飞机飞过的嗡嗡声。

17 pundits   

n.某一学科的权威，专家( pundit的名词复数 )

参考例句：

• The pundits disagree on the best way of dealing with the problem. 如何妥善处理这一问题，专家众说纷纭。 来自辞典例句
• That did not stop Chinese pundits from making a fuss over it. 这并没有阻止中国的博学之士对此大惊小怪。 来自互联网

18 champagne   

n.香槟酒；微黄色

参考例句：

• There were two glasses of champagne on the tray.托盘里有两杯香槟酒。
• They sat there swilling champagne.他们坐在那里大喝香槟酒。

19 winding   

n.绕，缠，绕组，线圈

参考例句：

• A winding lane led down towards the river.一条弯弯曲曲的小路通向河边。
• The winding trail caused us to lose our orientation.迂回曲折的小道使我们迷失了方向。

20 devout   

adj.虔诚的，虔敬的，衷心的 (n.devoutness)

参考例句：

• His devout Catholicism appeals to ordinary people.他对天主教的虔诚信仰感染了普通民众。
• The devout man prayed daily.那位虔诚的男士每天都祈祷。

21 Christian   

adj.基督教徒的；n.基督教徒

参考例句：

• They always addressed each other by their Christian name.他们总是以教名互相称呼。
• His mother is a sincere Christian.他母亲是个虔诚的基督教徒。

22 decided   

adj.决定了的，坚决的；明显的，明确的

参考例句：

• This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
• There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。

23 skeptical   

adj.怀疑的，多疑的

参考例句：

• Others here are more skeptical about the chances for justice being done.这里的其他人更为怀疑正义能否得到伸张。
• Her look was skeptical and resigned.她的表情是将信将疑而又无可奈何。

24 sectors   

n.部门( sector的名词复数 )；领域；防御地区；扇形

参考例句：

• Berlin was divided into four sectors after the war. 战后柏林分成了4 个区。 来自《简明英汉词典》
• Industry and agriculture are the two important sectors of the national economy. 工业和农业是国民经济的两个重要部门。 来自《现代汉英综合大词典》

25 amassed   

v.积累，积聚( amass的过去式和过去分词 )

参考例句：

• He amassed a fortune from silver mining. 他靠开采银矿积累了一笔财富。
• They have amassed a fortune in just a few years. 他们在几年的时间里就聚集了一笔财富。 来自《简明英汉词典》

26 align   

vt.使成一线，结盟，调节；vi.成一线，结盟

参考例句：

• Align the ruler and the middle of the paper.使尺子与纸张的中部成一条直线。
• There are signs that the prime minister is aligning himself with the liberals.有迹象表明首相正在与自由党人结盟。

27 steadfastness   

n.坚定，稳当

参考例句：

• But he was attacked with increasing boldness and steadfastness. 但他却受到日益大胆和坚决的攻击。 来自辞典例句
• There was an unceremonious directness, a searching, decided steadfastness in his gaze now. 现在他的凝视中有一种不礼貌的直率，一种锐利、断然的坚定。 来自辞典例句

28 risky   

adj.有风险的，冒险的

参考例句：

• It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
• He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。

29 tune   

n.调子；和谐，协调；v.调音，调节，调整

参考例句：

• He'd written a tune,and played it to us on the piano.他写了一段曲子，并在钢琴上弹给我们听。
• The boy beat out a tune on a tin can.那男孩在易拉罐上敲出一首曲子。