若市场风险偏好回归，ARKK将大幅受益。
逐段跳播
但我会为 Cathy Wood 的项目 ARK、ARK 辩护。我会竭尽全力这么做。我认为，如果股市开始动起来，而且它正在动，情绪不会需要太久就会很快恢复正常。
But I will defend Cathy Wood's project, ARK, ARK. I will do it with all my might. I don't think it will take long for sentiment to return to normal very quickly if the stock market starts moving, and it is moving.
看看 ARK 的这张图。请看那条紫色的线。我的意思是，它可能在这里失败，但你会押注它吗？你会押注它就在这里失败吗？
look at this chart for ARK. The purple line, please. I mean, it might fail here, but would you bet on it? Would you bet on it failing right here?
问题在于，我看到的只是一只持仓每天都在变化的交易所交易基金（ETF）。它不是指数。换句话说，如果她把这个拿给我看，说“这是 BlackRock 的 X 和 Y 基金”，而我知道那是一组固定的股票，我明白你的意思。
我告诉你，策略很重要。她今晚就可能把整个投资组合换掉。
The problem is, I'm only looking at an exchange-traded fund (ETF) whose composition changes daily. It's not an index. In other words, if She showed me this and said, "This is BlackRock's X and Y fund."
And I know it's a fixed set of stocks. I get your point. I'm telling you, strategies matter. She could change this entire portfolio tonight.
但，她不会，因为……因为我……所以，你的观察是有道理的。应该存在一些疑虑，因为你买的并持有的不是指数。但是，她所投资的市场变化不大。她买的是需要的东西，我不是说坏股票，我是说她具体买的东西。创新。
Well, but she won't because...because I...so , your observation is valid. There should be some doubt because you're not buying and holding an index. But, the market she's investing in doesn't change much.
She's buying what's needed, and I don't mean bad stocks, I mean what she specifically buys. Innovation.
看看这张图。这是她最大的六项投资，它们表现都很好。所以，她持有的是创新、加密货币和基因领域的股票。所有这些股票都从高点大幅下跌，处于长期下行趋势中。全部都是。
Look at this chart. These are her top six investments, and they're all performing well. So, she's holding stocks in innovation, cryptocurrencies, and genetics. All of these stocks have fallen significantly from their highs and are in a long-term downtrend. All of them.
所以，如果市场的风险偏好大幅回归，我认为 ARK 会大大受益，而且看起来它我钦佩你的勇气。第一次，我想挑战你的观点。不只是不同意，我想提出一种不同的看法。
So, if risk appetite returns to the market significantly, I think ARK will benefit greatly, and it looks like it's I admire your courage. For the first time, I want to challenge your opinion.
Not just disagree , I want to take a different view.
我想告诉你，你会做的事，而且不幸的是，历史上已经发生的事，就是卖掉你赚钱的股票，买入更多你亏钱的股票。其中一些股票可能会奏效，但这种投资组合管理策略是：当社交媒体上的人开始评论“我真不敢相信你蠢到去买 CRISPR 的股票”时，你会把这当作一个信号，去买入更多股票。而这往往不符合 ARK 股东的最佳利益。
I want to tell you that what you'll do, and unfortunately, what has happened historically, is sell your winning shares and buy more of your losing shares. Some of those shares might work, but the portfolio management strategy is that when people on social media start commenting, "I can't believe you were so stupid to buy CRISPR stock," you'll take that as a signal to buy more shares.
And that's often not in the best interests of ARK shareholders.
所以，我想把这个提出来。这是对你的一个挑战。你想什么时候参与？你加入吗？是的。你可能是对的。你知道，我不是一个固执的人，但我想看看我的逻辑是否会胜过你的，因为我们不只是在看结果，我们也在看实际的组合换手率，以及我对将要发生的事的判断是否正确。
我们今天会对资产做一次快照，将来再做一次，看看它们是否吻合。
So, I'd like to put This is a challenge for you. When do you want to participate? Are you in? Yes. You might be right. You know, I'm not one to be stubborn , but I want to see if my logic will outweigh yours, because we're not just looking at the outcome, we're also looking at the actual portfolio turnover , and whether I'm right about what's going to happen.
We'll take a snapshot of the assets today, and another one in the future, and see if they match.
这个频道对 $ARKK 的历次判断
The Compound 在这只股票上只有这一条判断。