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Cathie Wood Is Wall Street’s Hottest Hand. Maybe Too Hot.
While the world has been mesmerized by the crazy gyrations of a handful of stocks over the past couple of weeks, Cathie Wood has kept on minting money for her investors as few money managers ever have. Ms. Wood is chief executive and chief investment officer of ARK Investment Management LLC of New York, which is not only today’s hottest fund manager but one of the hottest performers of all time. Such success for other managers, however, has often carried the seeds of its own undoing. It’s almost inevitable that when funds get too big, too fast, they can’t sustain their performance. That’s partly because all that money makes it hard for fund managers to maneuver as nimbly as they did when they were small. Copycats mimic their every move, and it’s a lot easier to sell a few shares of a stock on the way up than it is to sell oodles of them on the way down. ARK runs five exchange-traded funds for which Ms. Wood and her team of 11 analysts and portfolio managers actively invest ...