In this issue we highlight the fact that a 100% rise only requires a 50% fall to put you back where you started. Conversly, a 50% fall requires a 100% rise to get back to par. We use the live example of Cathy Woods' ARKK ETF investing in innovative technologies, which had stellar returns followed by a sobering fall back to earth. Since the start of 2020, it is more or less in line with a 60/40 global portfolio. We also look at the material behaviour gap between what the fund earned and what the average investor made. Not pretty!
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