Cathie Wood’s bold bets have yet to pay off

For a while there, many felt like Cathie Wood’s bold bet on a trendy group of disruptive tech companies was one of the best in recent investing memory.

To be clear, it could be one day. Just not yet.

In a trend pattern that very closely resembles the tortoise and the hare: If five years ago you had invested in Wood’s high-flying ARK Innovation ETF — which holds shares in pandemic darlings like Zoom and Teladoc Health, and at one point skyrocketed 300% — you would now be down on your investment.

• Wood’s fund invests heavily in growth stocks that jumped when interest rates and inflation were low. As the economic tides have turned, so has the fund.
• For comparison: If five years ago you had invested in Warren Buffett’s Berkshire Hathaway, which owns steadier, profitable, “boring” businesses, you would now be up 59%.

Wood seems unphased. She’s countered critics by emphasizing her focus on a long-term outlook, and has even predicted the price of bitcoin will hit $1m by 2030.