Star stock picker thinks lower interest rates should be a ‘boon’ to growth stocks
Energy stocks and other value stocks will likely be “casualties” of falling inflation, said Cathie Wood, the star stock picker whose ARK Innovation Fund has come back down to earth, in a webinar on Tuesday.
Rising interest rates have weighed heavily on the sort of “innovative” growth stocks, many of which are unprofitable, that Wood focuses on by raising the cost of borrowing. The fund’s performance this year is a far cry from 2020, when ARK Innovation more than doubled by making outsized bets on Zoom Video Communications Inc and other “stay-at-home stocks” that sky-rocketed during the early stages of the coronavirus pandemic.U.S. consumer prices rose less than expected for a second straight month in November, leading to the smallest annual increase in inflation in nearly a year.
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