Cathie Wood
Wood in 2020
Born
Catherine Duddy

(1955-11-26) November 26, 1955
Los Angeles, California, U.S.
Alma materUniversity of Southern California (BS)
Occupation(s)CEO and CIO of ARK Invest
Known forFounder of ARK Invest
SpouseRobert Wood (div.)
Children3

Catherine Duddy Wood (born November 26, 1955) is an American investor and founder, CEO and CIO of ARK Invest, an investment management firm.[1][2][3][4] Cathie Wood is a proponent of Bitcoin and other cryptocurrencies[5][6] and has an allocation of 25% of her net worth in Bitcoin as of 2024.[7]

Early life and education

Wood was born in Los Angeles, the eldest child of Gerald and Mary Duddy, immigrants from Ireland.[8] Wood's father served in the Irish Army and the United States Air Force as a radar systems engineer.[9] In 1974, Wood graduated from Notre Dame Academy in Los Angeles, an all-girls Catholic high school.[10][11] In 1981, Wood graduated summa cum laude from the University of Southern California, with a Bachelor of Science degree in finance and economics.[2] One of Wood's professors was economist Arthur Laffer, advisor to Presidents Ronald Reagan and Donald Trump, who became Wood's mentor.[9][12]

Career

In 1977, via her mentor Arthur Laffer, Wood got a job as an assistant economist at Capital Group, where she worked for three years.[9] In 1980, she moved to New York City to take a job at Jennison Associates as chief economist, analyst, portfolio manager and managing director. She worked there for 18 years. In the early 1980s, she debated Henry Kaufman on why she believed interest rates had peaked.[9]

In 1998, along with Lulu C. Wang, Wood co-founded Tupelo Capital Management, a hedge fund based in New York City.[9]

In 2001, she joined AllianceBernstein as chief investment officer of global thematic strategies, where she worked for 12 years, managing $5 billion. She was criticized for performing worse than the overall market during the 2007–2008 financial crisis.[9][2][13]

In 2014, after her idea for actively managed exchange-traded funds (ETFs) based on disruptive innovation was deemed too risky by AllianceBernstein, Wood left the company and founded ARK Invest.[9][2][14][15] The company is named after the Ark of the Covenant; Wood was reading the One-Year Bible at the time.[16] ARK's first four ETFs were seeded with capital from Bill Hwang of Archegos Capital.[17]

Wood was named the best stock picker of 2020 by Bloomberg News editor-in-chief emeritus Matthew A. Winkler.[18]

However, her flagship ARK Innovation fund fell 24% in 2021 and, in the first quarter of 2022, it was the worst performer among equity funds covered by Morningstar, Inc.[19] In early 2022, eight other funds managed by Wood, including funds focused on financial technology and space exploration were among the worst performers in their categories.[20]

Awards and honors

Wood was selected for the inaugural 2021 Forbes 50 Over 50; made up of entrepreneurs, leaders, scientists, and creators who are over the age of 50.[21]

Personal life

Wood lives in Wilton, Connecticut.[12] She was divorced from Robert Wood, who died in 2018. She has three children.[22][23][24]

Wood is a devout Christian.[22] During the 2020 election, she warned that Joe Biden's plan of taxation and regulation would stifle innovation.[25]

In 2018, she donated funds to her high school to start the Duddy Innovation Institute, which encourages girls to study disruptive innovation.[11]

References

  1. ↑ Schatzker, Erik (December 18, 2020). "Tesla, Bitcoin Bull Cathie Wood Targets 20% ETF Returns". Bloomberg News.
  2. 1 2 3 4 Winkler, Matthew A. (February 18, 2020). "Cathie Wood, the Best Investor You've Never Heard Of". Bloomberg News.
  3. ↑ Ballentine, Claire; Greifeld, Katherine (December 11, 2020). "Cathie Wood Takes Crown From JPMorgan for Largest Active ETF". Bloomberg News. Archived from the original on January 28, 2021.
  4. ↑ Fitzgerald, Maggie (December 23, 2020). "Cathie Wood's ARK Innovation becomes largest actively managed ETF, amid 170% 2020 return". CNBC. Archived from the original on January 19, 2021.
  5. ↑ Li, Yun (January 11, 2024). "Cathie Wood says bitcoin ETF approval makes her $1.5 million bull case more likely". CNBC. Retrieved January 12, 2024.
  6. ↑ Ge Huang, Vicky (November 15, 2023). "Cathie Wood Has a Message for Investors: You're Worried About the Wrong Thing". The Wall Street Journal.
  7. ↑ Ark Invest’s Cathie Wood On Bitcoin ETF & Crypto Investing, retrieved January 12, 2024
  8. ↑ Fitzgerald, Maggie (March 29, 2022). "Cathie Wood has been a magnet for criticism. She blames her contrarian views, not her gender". CNBC. Retrieved January 11, 2024.
  9. 1 2 3 4 5 6 7 Liu, Evie (March 8, 2021). "ARK's Cathie Wood Disrupted Investment Management. She's Not Done Yet". Barron's.
  10. ↑ Ballentine, Claire (September 26, 2020). "Secret Sauce Behind ARK's Success Is Cathie Wood's Diverse Team". Bloomberg News.
  11. 1 2 "Duddy Innovation Institute – Duddy Innovation Institute – Notre Dame Academy". Notre Dame Academy. Archived from the original on April 16, 2021. Retrieved March 7, 2021.
  12. 1 2 "Forbes profile: Cathie Wood". Forbes.
  13. ↑ Cuccinello, Hayley C. (October 13, 2020). "'Go For It': America's Richest Self-Made Women On Founding Businesses After 40". Forbes. Archived from the original on December 21, 2020.
  14. ↑ Stupples, Ben (January 14, 2021). "Cathie Wood's ARK Gives Richard Branson a $300 Million Boost". Bloomberg News.
  15. ↑ Potter, Sam; Ballentine, Claire (January 14, 2021). "Cathie Wood's Vision for Space ETF Sends Industry Soaring". Bloomberg News. Archived from the original on January 28, 2021.
  16. ↑ So, Dorothy (March 3, 2021). "Cathie Wood: religious, Reddit hit, Trump supporter? Meet Ark Invest's rock star stock picker who even has her own merchandise". South China Morning Post.
  17. ↑ "ARK Invest CEO Wood says Bill Hwang provided seed capital for first 4 ETFs- CNBC". Reuters. May 7, 2021.
  18. ↑ Winkler, Matthew A. (December 31, 2020). "The Best Stock Picker of 2020 Wins With Disruptive DNA". Bloomberg News.
  19. ↑ Semenova, Alexandra (April 5, 2022). "Cathie Wood's ARKK is worst-performing US equity fund in Q1 2022: Morningstar". Yahoo! Finance.
  20. ↑ Gura, David (May 22, 2022). "A superstar investor with the Midas touch or just lucky? The puzzle of Cathie Wood". NPR.
  21. ↑ Gross, Elana Lyn; Voytko, Lisette; McGrath, Maggie (June 2, 2021). "The New Golden Age". Forbes. Retrieved June 2, 2021.
  22. 1 2 "Cathie Wood: a tech investor doing God's work". Financial Times. March 12, 2021.
  23. ↑ "Robert Wood". Legacy.com.
  24. ↑ Rogers, Jen (February 6, 2021). "A typical day for ARK Invest's star stock picker Cathie Wood". Yahoo! Finance.
  25. ↑ McInnes, William (October 8, 2020). "Tesla bull warns Biden presidency could stifle innovation". Australian Financial Review.
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