Cathie Wood, founder of Ark Invest, said Friday that the pullback in technology stocks is not a cause for concern, and that her long-term bets will pay off over time.
“I love this setup,” she said Friday on CNBC’s “Closing Bell.” “The worst thing that could have happened to us is to have the market narrowly focus on just our ilk of stock — the innovation space.”
Amid the rotation out of high-growth areas of the market, some of Wood’s strategies are now down more than 30% since their February peak.
“From our point of view — five-year time horizon — nothing has changed except the price,” she said. Back in February, Wood expected a 15% compound annual rate of return from her strategies,…