Cathie Wood defends her strategy as big losses mount

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결론: 캐시 우드는 최근 큰 손실에도 혁신 투자 전략을 고수하며, 5년 관점에서 높은 수익을 기대한다고 주장한다. 최근 성과 방어: 혁신주 약세장으로 고점 대비 약 60% 하락했으나, 코로나 저점에서 2021년 2월 고점까지는 358% 상승했다고 강조한다. 최근 성과 방어: 최근 5년 누적 성과는 연 복리 최소 목표 수익률 15%를 크게 상회하며, 3년 기준으로는 약 25%에 가깝다고 주장한다. 시장 환경 진단: 러시아-우크라이나 사태로 원자재 공급 충격과 수요 파괴가 발생하고 있으며, 이는 혁신 기술로의 대체를 가속한다고 본다. 수혜 분야: 전기차가 가솔린차를 대체하는 가장 큰 흐름이며, 노동력 부족에 따른 자동화도 혁신의 수혜 영역이라고 본다. 투자자 대응: 손실 중인 투자자들에게 물타기(평단 낮추기)를 제시하며, 1월 17일 이후 유입이 이어지고 있어 투자자 기반이 평균단가를 낮추는 중이라고 언급한다. 장기 전망: 5년 투자 기간을 전제로 하면 ARK는 공개시장에서 벤처캐피털에 가장 가까운 펀드이며, 성장 기대가 실현되면 '스펙터클한' 수익이 가능하다고 주장한다. 리스크 언급: 2021년 2월 이후 자금 유출이 있었다는 질문에 대해 이를 부인하며 유입세를 강조했다. 구체적 손실 회복 시점이나 목표가는 제시하지 않았다.

다듬은 글

※ 자동 자막 원문(다듬기 전)

01. well it's good to have you here so let's talk about what's happening in the markets right now and what's happening in the fund because kathy it's been said that you are in the toughest battle of your career right now not only are you fighting against the market momentum you're also trying to halt huge losses and outflows so i want you to address this for us what is the message to investors here do you think that the street is just getting you wrong or is it time to concede that mistakes have been made so um let's put in perspective you mentioned 60 which is absolutely right we have been in a terrible bear market for innovation hard to understand but terrible uh but bear market for innovation however if you look from the bottom of the coronavirus to that peak in february of 21 uh we were up 358 percent why because innovation solves problems right now we're down 60 percent and we have a whole new set of problems certainly coming out of russia and ukraine if you look at our strategy over a five-year period look at the last five years i'm not quite sure what the numbers are but they are well above our minimum hurdle rate of return which is 15 at a compound annual rate and i think over three years we're closer to 25 so that that helps uh put our performance into perspective you know this is a period if you believe in innovation uh and and that innovation does solve problems we had a preview of that after the covid crisis when our strategies in in the span of a month many of the stocks were taken down 75 percent because uh either they were burning cash or they had low cash cushions but guess what those were the genomics companies that were going to get us out of the corona virus and today what do we have we have all kinds of problems the latest of which is russia ukraine and all of the commodities coming out of that area especially hitting europe i think we're going to be looking at a lot of demand destruction and substitution into innovation electric vehicles as opposed to gas-powered vehicles would be the biggest one we also have labor shortages all over the place again automation this is innovation at its best and it's being turbocharged by this environment as the market is really hitting our stocks so i think if you were to look at the next five years you and and if you were to give us that five-year investment time horizon we are the closest you'll find to a venture capital fund in the public equity markets if you were to give us that five years given our expectations for growth in these new technologies uh i think we're going to see some spectacular returns so what is the message to investors though who jumped on the ark innovation bandwagon through the peak of the coronavirus who are now looking at losses of around 50 through the course of the year pretty significant downside there and very hard to defend uh consider the source uh but what i do as an investor when i'm faced with a situation like this where i have a high conviction strategy i believe that innovation solves problems we have a lot of problems in that case you average down into a strategy and i i have to tell you you mentioned outflows in february we had inflows and in fact since january 17th we've had significant inflows so i think a lot of our investor base is averaging down and as an investor i've done that over my career especially in innovation related stocks and you'd be amazed if you average down over time how quickly a strategy can come back above that average and if we're right significantly above that average over the next five years