Us technology stocks tumbled in early trading on Tuesday, led by heavy stocks of "female Buffett" Cathy Wood's Ark Investment Management, but it was a rare discount opportunity for investors who really believed in technology stocks. Wood is one of them.
Wood told the media after Tuesday thatTeslaHer fund bought a lot of the stock after it tumbled 13% in early trading, wiping out all this year's gains. Although she said she bought "a lot", she did not provide specific figures.
A growth strategy like Wood faces a test on TuesdayNASDAQAt one point on Tuesday, the 100 index fell more than 3% on rising u.s. Treasury yields and concerns that technology companies were overvalued. But that concern was quickly replaced by a "bargain-hunting" frenzy, which helped the index rise at 03:20 EDT, although it closed down 0.2 per cent.
"We like the liquidity it provides for us and we think it's very healthy, a very healthy reshuffle," Wood said of his ETF team. All I know is that we have been paying attention to the prizes and the prizes are becoming more and more interesting. "
ETF, Mr Wood's flagship fund, Ark Innovation, fell as much as 11.8 per cent in early trading on Tuesday, but closed down 3.3 per cent. The stock's total turnover for the day reached a record $4.96 billion, more than double the previous record set the day before.
"corrections are good," Wood said. "they keep us humble. The strongest bull market I have ever experienced has been built on the wall of worry. "