by Tyler Durden
Saturday, May 08, 2021 - 10:54 AM
Just hours after we wrote an article titled ARKegos Looming on Thursday, which compared ARK Invest s Cathie Wood to Bill Hwang and started to ask some critical, pointed questions about how many times ARK can closely sheer the NASDAQ sheep from which it is making its living, the firm s matriarch appeared on CNBC late on Friday for
some urgent damage control an interview about the recent performance of her funds. Her flagship ARKK fund is now down about 31% off its 52 week and all time highs near $151 per share.
During Wood s CNBC interview on Friday, she admitted on national television what we had been reporting weeks ago:
slash available leverage for their hedge fund clients:
.managers of
small hedge funds who lack the negotiating clout of trading whales are grousing. For the little guy especially, the saga will make it harder to borrow money from banks to finance bets.
While specific measures will vary by bank and client - and in many cases are still being ironed out - the talks and tensions point to
greater pressure on clients to reveal their biggest wagers, stricter margin limits on those positions, more frequent collateral adjustments and more rigorous audits. The deliberations were described by executives close to prime brokerage desks and money managers.
In the decade through December 2020, Vanguard Growth ETF (VUG) generated nearly double the return of its value counterpart Vanguard Value ETF (VTV). But in a recent interview on Morningtar s
The Long View podcast, Vanguard s global chief economist Joe Davis said that he expected value stocks to make up for lost time. He also expounded on the thesis that low-quality growth stocks are significantly overvalued, which he discussed in a recent paper about asset bubbles. The following is an excerpt from the conversation; it has been lightly edited for clarity.
Jeffrey Ptak: You single out low-quality U.S. growth stocks as appearing frothy today. How do you define low quality in this case?
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