저자: CathieWood · 외국인
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결론: 캐시 우드는 혁신 기업 중심의 장기 투자 철학을 강조하며, 단기적으로는 인플레이션보다 디플레이션과 경기침체 위험을 더 크게 본다. 벤처펀드 상품 비교: ARK 공개펀드 수수료 2.75%는 벤처캐피털의 2&20 구조보다 유리하며, 5~10년 기준 벤처펀드 수수료가 약 40% 더 높다고 주장한다. 기대수익률: 비공개 벤처 성격 펀드는 연 20~25% 수익 기대, 상장 ETF는 약 15% 수준이며 투자기간은 최소 5년 이상으로 제시한다. 벤처캐피털 협력: 우수 벤처캐피털들이 ARK에 기업을 소개하며 협력적이라고 말한다. 리테일 접근성: Titan 플랫폼을 통해 비인가(non-accredited) 투자자도 비공개 기업에 접근할 수 있게 한다고 강조한다. 혁신 기업 예시: 유전체 분석 기업(암 조기 식별 1단계 진행), AI 분야 기업 등을 언급했다. 인플레이션 vs 디플레이션: 향후 1~3년 주요 위험은 인플레이션이 아니라 디플레이션이라고 주장한다. 원자재 가격(유가 30~80% 하락) 하락, 중국·유럽·미국 경기침체, 나이키 재고 급증(북미 재고 68% 증가, 운송중 재고 85% 증가)을 근거로 든다. 출연자 관점: 혁신이 문제를 해결하며 불황기에 오히려 채택이 늘어난다고 본다. 벤치마크·패시브 투자 중심 시장에서 혁신주 리서치가 부족하다는 입장이다. 리스크: 리튬 등 물리적 제약, 노동시장 타이트함에 대한 질문이 제기되었으나 명확한 답변은 제한적이다. 자막 특성상 일부 문장은 불완전하다.
다듬은 글
term profile again this is similar to our public funds the but the return expectation is higher we have a five-year investment time Horizon generally I shouldn't say generally always five years plus the return expectation is somewhere in the 20 to 25 percent per year range now for our ETFs in the public Equity markets these are more mature companies that number is 15 so again this is just uh filling out uh you know a space that is where we should rightly be because we are so focused exclusively focused on disruptive innovation so our fee structure the 2.75 percent is the relevant number against the 2 and 20.
those other fees Venture Capital charges as well they're embedded let's compare the 2.75 percent where you have the low minimum and you have liquidity against the the 2 and 20. if you if you were to compare a fund with our fee structure versus a 2 and 20 and you kept your your uh money in each fund what you would see over five to ten year period is uh that the Venture Capital fund and and these would be the top tier where the their uh multiple of invested capital is more like 4.5 times that the Venture Capital fees over that time span would be 40 percent higher than our fees so uh we do think we're providing a service here in that we're comparing against Venture Capital not against ETFs and uh we're allowing Venture your access to private companies that just did not exist before with a low minimum and with liquidity as well be fair to the current Venture Capital firms out there the best of them they have been really open to what we're doing and they've invited us in and introduced us to their best companies at the prices at the last round they want to help change the world a little bit they understand the flaws uh you know historically and they love the idea that we can partner with them it's not just a one-way street they're just showing us their best companies no we're going to Showcase them and we're going to introduce the world to the CEOs the retail base uh our base of investors and we're going to help them recruit Talent tell their story and recruit Talent so it's a bit of a win-win it's not an US versus them I would say everyone understands the problem you mentioned but I think that that we're coming together to do this together a lot of your Market forecast Kathy are really optimistic which is great like optimism is wonderful but you know going back to that point made earlier like there's a fine line between reality and optimism how do you sort to think about the physical constraints on some of what you're thinking around Innovation especially lithium and to the point of having jobs available for people within these venture-backed companies the labor market is historically tight so how are you sort of thinking about the physical constraints that are happening big part of our research is trying to figure out what is possible we don't want to be optimistic for optimistic sake we Wall Street and and a lot of investing has has become very Benchmark sensitive it's gone passive in a way and so there's less and less research being done there's no reason for many analysts to follow stocks because they're not in their benchmarks those are the Innovation stocks that we follow and I believe that's why we have the best research we're very focused on Innovation and How likely or not will scale during the next five to ten years social distribution is going to break down barriers that have existed distribution has been a big barrier to entry for a lot of funds to be honest as you are saying Kyla earlier non-accredited investors have no shot at Venture funds so Titan is breaking down barriers and we're grateful for that one of the goals with Arc Venture fund is information access right so bringing the retail investor on board so how do you plan to help Founders through maybe your audience that is all of a sudden watching their every move Arc is a very social company to begin with and I think Titan will Turbo charge us in the investment realm this way we have 3.3 million among among us we have 3.3 million Twitter followers and they're Global as we do more with private companies and expose them to retail investors through the investors through the Titan platform we're going to be educating them on what we believe are some of the most exciting companies in the world we've started the fund already with one of the most uh interesting genomics companies that actually is making progress to identifying cancer are in stage one if you can believe that including pancreatic cancer that company is free gnome pick is in the AI space and it is that's pretty mind-blowing and so we want to you know I'm sure gamers are very interested in that they love the company it's hard to get access to Epic we have it and we can appreciate more What epic is doing because we're working on the research uh behind those very very difficult problems to solve Innovation solves problems I always say that and so we want to we want to showcase these companies as problem solvers and as companies who are going to change the world and really make it a better place yeah and I'll I'll Echo and I say all the time Innovation solves problems Innovation solves problems and we have a lot of problems and actually Innovation gains more traction during tough times because consumers and businesses if they're afraid they're willing to change the way they behave there's a lot of inertia in human behavior and they're willing to change in terms of an unmet need that's why I found it Arc I saw the traditional Asset Management World focused on public equities going past it and at the same time we saw this explosion of innovation you know the seeds were planted a long time ago the Technologies are ready now the costs are low enough it's just so ironic the the because of what happened in the Tekken Telecom bust people won't go near a lot of innovation these days that's a good thing that's a good thing from a portfolio manager's point of view I know I know we're in we are not in a hype phase but I do feel the UN unmet need that we are filling is innovation as a special asset category because benchmarks and passive are all based on backward looking indicators the stocks in those portfolios are there because of their past success if we're right and these five major platforms which involve 14 different Technologies are going to disturb if not destroy the traditional world order if we are right we are we have a contrarian point of view here we think the bigger risk in the next one to three years is deflation not inflation and it's both good and bad deflation we're already seeing cyclical deflation in the pipeline we've got commodity prices down 30 40 even oil 30 40 50 60 80 percent and it's because China's in recession Europe's effectively in recession and we think the US is in recession so you've got deflation coming in the pipeline and we have a massive inventory build up that is actually shocking Nike for its recent quarter reported that its sales were up three percent and its inventories were up 44 in North America its inventories were up 68 percent and the inventory in transit is up 85 percent this is going to overwhelm retailers and the only way they'll clear their shelves is to Discount aggressively we're already hearing Walmart Target and others uh talking about discounting
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