저자: CathieWood · 외국인
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결론: Cathie Wood는 혁신 기업이 단기 수익 대신 장기 선점을 위해 투자하므로 현재 시장에서 저평가되어 있으며, 5년 내 연 20% 이상 수익을 기대한다고 주장. [투자 철학과 밸류에이션] 혁신 기업은 공개 주식시장에서 단기 투자 시계(1년~18개월) 때문에 잘못 가격이 매겨져 있음. AI로 인해 데이터 우위 기업이 승자독식하는 시장이 확대되고 있으며 테슬라 자율주행 택시 네트워크가 예시. 기업들이 공격적으로 투자하면 현재 밸류에이션은 비싸 보이지만 5년 장기로 보면 달라진다고 주장. [수익률 전망] 전기차 시장 연평균 약 82% 성장을 근거로 제시. 가치 포트폴리오 운용 중이며 5년간 연 20% 이상 복리 수익을 목표로 함(약 2배 이상). [조정장 대응] 과거 코로나 위기 때 보유 종목을 33개로 줄였고 현재 55개. 장기 조정 시에는 확신 높은 상위 30~35개 종목으로 집중하겠다고 함. [ETF 구조 논쟁] 잭 보글 등의 펀드 청산 주장에 대해 ETF는 폐쇄가 불가능하며 유동성 공급자가 바스켓을 생성·환매하므로 자금 유출입 대응 없이 투자에만 집중 가능하다고 반박. ETF가 펀드매니저에게 더 우월한 구조라고 주장. [매매 공개와 유동성] 2018년 테슬라 매매만으로 175bp, 2019년 320bp의 성과 기여를 주장. 변동성 장에서 고확신 종목을 매도해 차익 실현하고 급등 시 추격 매수하지 않는다고 설명. 일일 매매 내역 공개는 ETF 시장 조성자의 의심을 줄이고 스프레드를 낮추기 위한 목적이었으며, 공개 후 선행매매 위험은 크지 않다고 설명. [언급 종목] 테슬라: 자율주행 택시 네트워크 관점에서 긍정적. Nano Dimension(NNDM): 국방 수요가 늘고 있고 신임 경영진이 좋다고 긍정 평가. 영상 진행자 역시 강세 입장. Roku, Zoom, Lucid: 질문이 있었으나 본문에서 구체 발언은 확인되지 않음. [리스크] 기술주 조정이 길어질 경우 전략 변화 가능성 언급. 변동성 장에서 매매 전략 변동 가능. [출연자 전망 요약] 기술 혁신주 중심 장기 강세 전망 유지, 단기 조정은 매수 기회로 봄.
다듬은 글
what's going on youtube welcome back to the channel as always i hope you're having an amazing day so far today so if you didn't hear kathy wood actually just had an interview today she talked about things such as nndm she talked about roku zoom uh bitcoin and cryptocurrencies along with nfts so if you've been subscribed to my channel you know that i'm super bullish on nndm which is now dimension i'm sure you already know that's that you clicked the video but i have about 21 000 worth of nndm shares currently i posted a video yesterday about how i bought the dip and loaded more shares in my portfolio i'm super bullish on this company but you have to realize that these dips are opportunities for you to buy buy the dip you don't want to panic sell during these dips because you will regret it the market will eventually go back up you guys all know the memes that stocks only go up so make sure you do buy the dip do not panic sell this is a long term play you're going to hold this for you know at least a year maybe even a couple years if you do enjoy this video and you are bullish on nndm and have a few shares of nngm all they ask in your turn is you to smash that thumbs up button make sure you are subscribed with the bell clicked right next to it we're about to hit 1300 subscribers which is crazy so next goal is 1400 so it would be awesome if you guys did make sure you hit that subscribe button all right i'm sure you guys are tired of me rambling on so let's get right into the interview you know or you talk about is disruptive innovation is priced incorrectly why do you say that and how do you see it yes it's priced incorrectly in the public equity markets because of the short-term investment time horizon of most strategies so if if you talk to most analysts and portfolio managers they're really focused on the next year or 18 months in terms of guiding their buy and sell decisions we are not and in fact we want our companies to sacrifice short-term profits in order to be in the poll position to win in many of these win or take most markets artificial intelligence is causing a lot of winner take most markets the companies with the best data the highest quality data are going to win tesla in the autonomous taxi network world is one of those examples so uh by definition then if our if our companies are investing aggressively now for going short-term profits their valuations are going to look very rich and that's the probably the biggest criticism we get it's on today's valuation uh next year's valuation if you give us five years however uh and given the exponential growth rates we're talking about say 82 growth on average per year in the electric vehicle market if you give us that we are managing value portfolios i truly believe that now a year ago uh i would have told you deep value uh portfolios but of course the market has recognized tesla and many of our genomic stops and many of our uh innovation themes period but we still and i get this metric every every day we still expect uh north of 20 compound annual returns from our portfolio over five years uh uh so that's a more than a doubling yeah and so i'm skipping ahead but to your point like the question i get asked is that the stock market's been in a growth looking at growth stock technology stocks they wanted me to ask you if if we start seeing technology stocks sell off for like a couple years or a year do you switch strategies do you um what do you do in that scenario um we will in a sell-off any sell-off we will concentrate towards our highest conviction name so during the coronavirus for example the crisis uh we uh went down to 33 names in our flagship portfolio today we're up to 55 so what we will do in an extended correction is we will uh concentrate the portfolio once again to the top 30 35 stocks um because those are the ones in which we have the highest conviction uh and it has been grow that conviction has been growing over time well we're going to transition to something i'm going to show a clip from a show uh you guys jim cramer i'm going to show this clip real quick and have you respond to it now to kathy wood close your fund close it listen to what the late jack bogle would say close concentrate on performance not on trying to deploy capital it's okay it snows in okay now i should just shut up and let you take over your response well uh he's talking about the etfs it is not possible to to close an etf it's just not possible uh so i'm i'm i think he's referring to the mutual fund industry and that's not what we are uh but i think the other mistake that um that that commentators are making uh is that they they don't understand that i have nothing to do with the flows in other words the etf ecosystem outside of ark the market makers the authorized participants they are creating and redeeming baskets of stock um which are the stocks we're invested in but i am not seeing i'm not having to invest those flows or raise money to satisfy redemptions at all i am investing do pure and simple i am making investment decisions i am not dealing with flows this is such a luxury in a volatile market to be able to focus only on the investing side and not to be forced to do anything because of flows one way or the other and from that point of view i think etfs are a superior wrapper for the portfolio manager now mutual funds have their place in defined contribution funds and so forth i'm not putting them down uh but i think etfs for an investor uh a portfolio manager uh are a better rapper got it and so that's your response so yeah it's not a mutual fund you can't just close it down it doesn't work like that the irony is all i'm doing is concentrating on investing if you look at our trades every day we are being so opportunistic out there during a volatile market we trade around volatility we are liquidity providers when when uh investors and speculators are are selling our stocks creaming them our highest conviction stocks we won't be buying them when they are hyperventilating about our stocks we will be selling them we'll be taking profits because we know there will be another source of controversy we'll get another bout of volatility and we can train around it let me give you the uh just a couple of stats just tesla alone in 2018 tesla alone just are trading not the performance of the stock which by the way in a down year 2018 the market was down three and a half percent tesla was up six percent but take that performance away our trading activity alone uh contributed 175 basis points to performance just tesla just tesla and we trade all of our names last uh 2019 uh just tesla's trading around at our trading around added 320 basis points to our performance and last year even more although we're still trying to uh confirm the exact number now what the daily trade you send out do you ever get afraid that people are going to target your trades or go you know like this target what kathy we're doing because nightly it's like what kathy would do um i believe you're doing it for transparency and to teach a little bit but what would be the reason that you would say you're doing that well in the beginning we did it because the etf world was very suspicious of what active management in an etf rapper would do to to them so market makers were thinking active you could flip the portfolio upside down in the span of a day and i'd be caught flat-footed because i'd always i'd only find out at the end of the day when you have to disclose your holdings so we said okay fine uh we'll disclose our trades once we make them so you aren't flat-footed we don't want the spreads uh between the bid and the ask in our etfs to to do to be too wide um and so even last week when there was extreme volatility in our portfolios um the spreads were only seven cents that's nothing to pay for liquidity right i think it's because market makers have learned and authorized participants that we're not going to catch them flat-footed they've gotten used to our style of trading we're not momentum oriented they've got their algorithms tuned up to figure out what we're going to do so they're just not surprised we got such great feedback for publishing the trades and the the reason we had to publish them broadly is we could we cannot have any selective disclosure that is against a regulation so we said okay we'll send those trades out to everyone that's how that started we got such great feedback that and in fact people sometimes are panicked if they don't get our trade sheet at the end like did you take me off the list and we get a lot of those emails uh so we knew it was gaining traction now we don't the reason so do i expect there to be a reaction sure uh but uh if you if you've been watching our trades we will initiate a position if it goes up i'm exaggerating although not always if it goes up 30 20 the next day because headlines are you know arc has bought we're not going to be buying into that we're just not going to be buying into that and then we get a week like last week and this week we get plenty of opportunities to fill in position so uh you know we don't feel like that by giving away our trades that uh we're going to be faced with a lot of front running because we're a liquidity provider we're not going to chase it and we'll wait for everything to settle back down all right so you can pick a few of these i'll just name a few uh roku zoom uh draftings uh someone said lucid um nmdm any of the or any of those you wanna like give a little insight on well roku we got okay and then the last thing to finish up nndm anything on and like uh yeah and nano dimension actually is uh originally it used to call itself a 3d printed uh circuit board company now it's broadened its um view of itself you know defining the market uh to a 3d printed technology device company it's getting incredible business from uh from defense agencies around the world it's an israeli company we always look for where the defense is putting their money where they think a technology is highly differentiated and we get to know the company which we have and we're very impressed with the new management the the the founder is still very involved but as is usually the case um a company a company's founder is into the tech and really needs to bring in a business uh partner which he has done so we're very
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