Cathie Wood's firm built 3 of the world's best ETFs, which all doubled in value within 3 years. She told us her 3-part process for spotting underappreciated technologies before they explode.
Wood isn't necessarily looking to get in on the ground floor with every new technological development. Ark invests in companies that work in five sectors: DNA sequencing, robotics, energy storage, artificial intelligence, and blockchain technology.
"The biggest mistake that investors thematically make is they get in too early; they chase the dream," she said. "Our minimum hurdle rate of return for a stock to get into the portfolio is 15% at a compound annual rate over five years. And we feel that's conservative because the revenue growth in the portfolio is north of 25%."Lots of gadgets are intended to improve productivity.
She says that helps Ark focus on world-changing innovations over the long term, in contrast to the estimate- and metric-driven approach favored by much of Wall Street. In that respect, she says she's following the same approach that value investing legend"We'd much prefer that our companies ... spend aggressively right now and forego short term earnings to capitalize on the exponential growth opportunities ahead," she said.
For example, she says genomic sequencing has huge potential for both disease treatment and agriculture, and autonomous taxi networks bridge robotics, energy storage, and artificial intelligence.That convergence explains Tesla's surprising position at the top of Ark's internet-related portfolio — a reflection of its involvement in artificial intelligence and over-the-air software fixes.
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