- Ark Investment Management s Cathie Wood may be associated with the idea of high-flying shares, but that doesn t mean she likes so-called meme stocks.
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Investors underappreciate the exponential growth rates and high growth rates possible for some tech companies, Wood said at the CFA Societies Australia 2021 Australian Investment Conference on Thursday. Her funds are looking to the next FAANGs, she said, referring to megacap tech stocks like Facebook Inc. Apple Inc. and Netflix Inc.
Meme stocks, which have captured retail investor interest in particular this year, are more like GameStop Corp. and AMC Entertainment Holdings Inc.
I guess the only one people could consider a meme stock that we own, or have owned ever, is Robinhood, said Wood, who is Ark's chief executive officer. Most stockists of memes are dinosaurs, she added.
Wood s funds'funds surged early last year and early in 2021 as they made tech-heavy bets that prospered amid the pandemic. However, some of her betting lines - such as Ark Innovation ETF - have struggled, and the flagship Ark Bioworks Inc. led the biggest quarterly outflows ever.
Wood reiterated its bullishness on Bitcoin, noting that if institutional investors allocated 5% of their portfolios to the digital currency it could add $500,000 to the price. Ark has lent its name to an exchange-traded fund tracking Bitcoin futures, according to a filing with the U.S. Securities and Exchange Commission last Wednesday.
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