Ever turned away briefly from watching a football match only to a hear a fellow spectator loudly exclaim “ooooft”?
In such an instance, you’ll probably guess that someone has been poleaxed on the field, likely from a challenge that used to be referred to as a “reducer”. That was before, you know, injuring someone stopped being a point of pride in the sport sometime in the mid-2000s.
On Wednesday one corner of the second floor at Bracken House was treated to such a noise from this FT Alphavillain. This time, however, it wasn’t from witnessing a horror challenge, but after reading a piece published by fund research shop Morningstar explaining why it downgraded Cathie Wood’s flagship ARK Innovation ETF.
Move over Roy Keane, there’s a new enforcer in town, and his name is Robby Greengold, CFA.
Here’s an excerpt:
OK but I’m sure she’s learned a lot from such a humbling right?
Oh. Well, I’m sure there’s an experienced team of risk managers there that keep an eye on things. What’s that Robby?
Wait what?
OK OK but the rest of the Ark team has plenty of experience, so maybe the cavalier attitude to risk management is fine.
OK Robby, what do you REALLY think?
It did make us wonder, what has Cathie’s flagship fund been trading over the past few days?
Turns out, not much. Here’s its trade record during Monday’s shitco rally:
And the trade record during Tuesday’s shitco sell-off:
All seems quiet. A little too quiet.
