Відео

You are right. Nobody seems to remember when she could do no wrong. That was really recently actually! My how fortunes can change in the wonder wacky world of disruptive tech. I think when she finds stocks she likes a lot she just stuffs them into other ETFs so she can own more. Yes, there may be some grand vision we're not seeing, but frankly it's a bit annoying. Also don't like when she holds an ARK ETF within an ARK ETF.

@@Nanalyze That's true too. I remember her space fund was holding her 3d printing fund and vice versa. Funny though, I just checked and the 3d printing fund is now mostly legacy companies like Siemens, Nikon and HP. It really has been a rough couple of years for disruptive tech companies.

Thank you for sharing! It's a royal shame the United States has become such a divided place because of politics. We're a politics free zone where everyone is welcome. When it comes down to it, politicians are playing everyone and many can't see that. In other countries it's the same old story. Politicians gonna politic. It's a sad state of affairs, but we can proceed forward and do the best we can with out lives and help others along the way. Welcome and thank you for the comment. Joe P.

Yes, huge losses can happen very quickly. Disruptive tech stocks are extremely volatile which makes it very difficult to try and figure out fair valuations.

@@Nanalyze And you perfectly illustrated how a 67% loss requires a 200% plus gain to recovery, not 67% gain. Which is why Buffett's has his rules. I've experienced such losses and they are terrible to try to recover from. You often end up writing them off and moving into other investments to try and recover taking years.

Good point. It all comes down to performance! We have no dog in the race so just making observations from the sidelines. ARK's strategy seems sound enough, but look how tough it's been to invest in some of those themes - like synthetic biology. So many deaths along the way of publicly traded companies with grand visions.

Solid comment. We don't have skin in the game either, but this topic always proves popular. She has become a very popular brand (for better or for worse) and people want to read about what she does and how she performs. We'll occasionally oblige them. ;)

There are over 11,000 crypto "assets." Just two of those are - Bitcoin and Ethereum - are seeing mainstream adoption from institutions so far. COIN's revenues point to institutional fees on crypto transactions which could relate to ETFs. Not sure. At any rate, Coinbase seems likely to be a dominant player in whatever crypto turns out to be.

We are looking into a Quantigence ETF. That might be able to get some serious traction. A tech ETF would be very tough to pull off as you're competing against a lot of funds targeting a red hot theme. Our brand isn't big enough yet to provide some leverage there. As for finding managers that outperformed, that sounds like a good topic for a future video. Maybe the most notable example if the incredible Medallion Fund. Joe P. PS: Check out the below from Cornell Capital on Medallion. "Over the period from the start of trading in 1988 to 2018, $100 invested in Medallion would have grown to $398.7 million, representing a compound return of 63.3%. Returns of this magnitude over such an extended period far outstrip anything reported in the academic literature. Furthermore, during the entire 31-year period, Medallion never had a negative return despite the dot.com crash and the financial crisis."

@@Nanalyze I'm excited to hear about the possibility of a Quantigence ETF, Joe! Best of luck and please keep us posted! You can definitely count me in. As for the quote you provided about the Medallion fund, I think you are referring to Renaissance Technologies' Medallion Fund. Cornell Capital doesn't have a fund by that name. One interesting fact that I learned is that it's only available to current and past employees. There is a 5% fixed fee and 44% performance fee whatever that means. Even accounting for them, it has an annual return of 39%. It's astounding how well they performed. What's their secret sauce? Hmmm...🤔 One section of the article caught my attention: "As described by Zuckerman, Medallion’s strategy involved constantly opening and covering thousands of short-term positions, both long and short. According to Robert Mercer, one of Medallion’s key investment managers, Medallion was right on only about 50.75% of its trades. Nonetheless, he stated that taken over millions of trades that percentage allowed the firm to make billions. It is worth noting that engaging in millions of trades suggests that the transaction costs would be significant. The fact that the reported gross returns are after trading costs, makes Medallion’s performance even more extraordinary. It also implies that Renaissance was apparently particularly effective in minimizing such costs." Medallion S&P 500 2008 83.38% -38.49% 2009 38.98% 23.45% 2010 29.40% 12.78% 2011 37.02% 0.00% 2012 29.01% 13.41% 2013 46.93% 29.60% 2014 39.20% 11.39% 2015 36.01% -0.73% 2016 35.62% 9.54% 2017 45.02% 19.42% 2018 39.98% -6.24%

Thank you for the added data! Fascinating. Cornell is the company I pulled the data from and quip.

Right? You are spot on. Thank you for sharing some good thoughts. Love your last sentence too ;)

Let's be fair here. 75 bips isn't outrageous for an active thematic fund. So that's sorted. As for destroying more wealth than any fund manager, globally, there were 9,904 ETFs at the end of August 2023. If you evaluated that entire domain using an appropriate time frame and arrived at the conclusion that Cathie has destroyed more wealth than anyone else, fine. But if not, let's lose the hyperbole please. Be objective. That's what we're doing here. Being objective.

Lots of fair weather friends in the world of investing.

Generally we're getting favorable feedback from video as much as I dislike the extra work ;) We'll keep this format going I think. Thank you for the feedback! Joe P.

So addictive though

We love you too! ;)

Nice one. "Don't count your money until you walk away from the table."

You're most welcome! Pick a benchmark - a fair one - and try to beat it. That's what active fund managers do. If they pick a benchmark that mimics what they do and they match those returns it's hardly impressive. The names you list may be winning now, but they won't always be.

She is making a lot of money, yes. And she has amassed a lot of AUM which is making that happen. She did not "miss" the AI bull market, she's been talking about it for close to a decade now. She hasn't - so far - been able to capitalize on it in a way that beats the benchmarks we're measuring her against. Picking a theme that will be successful and making money off that theme are two different animals. The latter is very tough which is why 95% of money managers can't beat a benchmark in the long term.

@@Nanalyze Big blunder to sell Nvidia at the bottom if she saw AI coming a decade ago.

Easy thing to say when looking in the rear view mirror.

Whether or not a management team is acting maliciously or simply just incompetent, the outcome is always the same for Joe Retail bag holder.

The video discusses the importance of picking an appropriate benchmark. Yes, long-term performance is all that matters. We're giving it another decade before we condemn her to the depths of hell for the sin of not beating a benchmark that 95% of professional money managers cant beat.

@@Nanalyze She managed to get a pathetic 0.81 % return in the span of ten years for her client when she worked at Alliance bernstein while collecting hundreds of millions of dollars in fees.

@@user-gs1to4nm7v Haven't looked into her performance at AB. Any particular fund and duration you're referring to so that we're all reading from the same page here?

When I was a hiring manager assessing competency across hundreds of candidates I don't recall every asking someone about their belief system. Neither did any of the other hiring managers in my division. We could care less if you believed in Dumbo the flying elephant, provided you exceled at whatever role we were hiring for. Joe P.

You had me at the words "paying subscriber." You made this video possible. Thank you! Good question on factoring in interest rates. That's what she says as well. Once we see interest rates fall, many of her names will benefit. Let's see. Analyzing all her trades is really tough because she moves around a lot - analyzing the change in her top ten might be interesting. We actually have a piece in the queue titled, "Stocks Cathie Wood Sold | Reviewing ARK's Trades." Maybe we'll pick that up for a coming video. She has made a number of good calls selling popular names before they declined that we've noticed. Others, maybe not such good timing. Yep, you have a great point there! Being right about some theme and then profiting off it are two very different animals. It's damn tough! We've been trying to do it for decades now. You win some, you lose some. Your losers always feel worse than your winners (human psychology). Regarding NVIDIA, we keep it simple. Until growth stalls, we enjoy the ride while trimming our position to not be overly overweight. We might do another piece on NVIDIA at some point because it's so popular. Maybe a look at valuation again. This might be an article and/or video. Thank you for the engaging comment and financial support! Joe P.

@@Nanalyze Thanks, much appreciated!

Thank you for the kind words! It's just an objective look at a fund manager is all. Joe P.

I worked in finance for over a decade as a hiring manager and I can tell you one thing. Whether you sit down or stand up to take a piss has no bearing on your competence. Neither does the color of your skin, your eye color, your hair color, or any other superficial aspect of a person that competent hiring managers could care less about. Joe P.

Let's hope they increase contribution limits!

Thank you Terry! I will :) Joe P.

Is this time different? Here's a piece we did on AI hype if you're interested: ua-cam.com/video/CK8u0wytjEQ/v-deo.html

I'm picking up what you're putting down ;) Joe P.

First sentence nails it. We all (should) know the risks going in. And your point about leveraged funds is excellent. Exactly! These do nothing but encourage speculators. As Buffett once said, “My partner Charlie says there are only three ways a smart person can go broke: liquor, ladies and leverage."

She’s not beating QQQ/VGT/SCHG whose fees are a fraction of hers…what’s the upside here?

@@nikitaovt159 Good question. $8 billion in AUM means someone (and not just Joe Retail) sees potential upside here. What that is? Well, that's for Cathie to say. We're just taking an objective look at past performance for one of the most notorious thematic managers today.

Oh boy

Trying to extrapolate a fund manager's performance from short term volatility is tough, especially when each return isn't being compared to the best possible benchmark.

Love Olympia. So green all the time! Then continue down the Oregon coast for a real treat. One of the most beautiful areas in the PNW. :) Joe P.

Always good to hear feedback on what's working! We'll keep it up.

Did you want to go through every single one of her trades and discuss winners and losers? That's what you'd like to do? Because we thought it might be easier to gauge performance based on how professional investors might assess the quality of an asset manager. Otherwise we can delete the video and reupload one where we laboriously analyze every single trade Cathie has ever made. ;) What you're seeing here is an objective look at the analysis of a fund manager. Many have probably never seen this before, but it's about gauging performance in a professional manner and leaving any preconceived notions at the door. Joe P.

No she didn't, because unlike you would ever be able to, she bought in at 5£ and sold SOME around 450£+.. When have you EVER accomplished ANYTHING near that scale of success, an 8900% gain.. You are confused, because YOU just recently found out about NVDA...

This stuff has to be fun as well as informative otherwise people tune out

This is an important point to make which goes over most people's heads. Getting into a top financial firm is extremely tough. Extremely. Even tougher? Building a reputation. That's because top firms out there hire only the best and the brightest. Some of the smartest people in the world work on Wall Street. That's a fact. Another interesting fact is that 95% of them can't beat a benchmark. It's very easy to sit in the old recliner having a few suds on a Friday morning and taking pot shots at Cathie's intelligence. Experienced professionals who have sat across hundreds of people in a finance career quickly recognize competence. It does not equate to investment performance. That's why it's so tough to make money by beating the market. Again, Joe retail never seems to get this. Joe P.

@@Nanalyze really no offence, but buying everything that is being hyped at the moment and the thing in question going up does not make you smart investor, actually that's close to "dumb money" behaviour. The difference here being that she is paying the Yahooo Finance, the fool and the rest automated news outlets worship her every step(until recently) and suck more money in her funds. Every once in a while not very bright person makes it really big and they get themselves convinced they are the 💩. Cathie Wood, Softbank, the big vc firms that invested in Theranos or FTX for example. Being early on the hype train, does not mean you are the brightest star in the night sky. We all know the OGs here - Munger, WB, Lynch and all the rest value monsters, Cathie is not there, nor will be, unless some hype train keeps on rolling for generation and that's unlikely.

It's hard to make sense of your first sentence so we'll move to the second. Can you please provide a citation for your claim that Cathie "is paying the Yahoo Finance, the fool, and the rest" because that's news to us. EDIT: Posting links isn't allowed so please just state a source for your claim.

@@Nanalyze I do not have proof of financial transactions between Cathie Wood and Yahoo Finance, just common sense. Why would a disastrous performing fund get so much exposure in your opinion? I am yet to see an article saying you should put your money into etf and forget about it or buy brk and forget about it, however I get tons and tons of BUY THIS TOP CATHIE WOOD 10 BAGGER BEFORE IT'S TOO LATE. Can't help but wonder why that is.

Accusing someone of "pay to play" is a very serious accusation. Don't make it unless you have proof. Disastrous performing fund? Did you watch the video? Cathie could do no wrong when her funds were absolutely spanking the market. Bet you would would have thought she was real smart then. ;) The reason Cathie received so much coverage is because she is top-of-the-game in her profession. Again, retail investors will have a very tough time understanding the story because they don't understand how everything works in this world. Carry on please.

Pray tell

@Nanalyze I think she has named some amazing companies over the years. Some, but I don't invest in her fund to much expense overtime, you know that obviously, but I heavily believe in a select few companies she is invested in, whilst stock picking isn't wise I suppose, maybe im just not to wise, only the future will tell if my assumptions are correct.

@@Bigshort42000 Hey, at least you have a suitable benchmark! We also went our own way on investing in disruptive tech with some crossover to Aunt Cathie but not much. Being that active in this space we can see where she's made great calls and really horrible ones. Beating the market is damn tough, especially in the risky space of disruptive tech. Thank you for clarifying!

Whether a company is a scam or run by incompetent individuals, the outcome will be the same. Never get involved in equity crowdfunding. Ever.

Crypto has opened the door for a wealth of scams unfortunately. Democratizing access to wealth as they say.

Thank you so much for the support! It means a lot.

Thank you for letting us know. That's completely based.

This is a politics free zone. Please refrain from any political statements.

That's very kind of you, thank you! Your support truly means a lot.

Our latest piece on the company is here: www.nanalyze.com/2024/02/10x-genomics-expanding-platform/

The stock can slide all it wants, but what's happening at the company is what's important to pay attention to.

Thank you! Its a great place. Joe P.

And this is based on what verifiable data?