2020全民抄作業 乾媽不講武德

先簡單介紹一下誰是美股乾媽 Cathie Wood

• 方舟投資 (Ark Invest) CEO
• 投資策略 : 破壞性創新
  人工智慧、能源儲備（如電池系統、電動汽車、自動駕駛）、機器人技術、DNA測序及區塊鏈技術五個創新領域
• 更詳細的介紹 請詳閱股癌 青菜聊聊 ARK ETF 全解析 #2

本周科技股的全面修正, 看到了不少股民開始質疑ARK基金的能力

正如同巴菲特名言：『海水退潮就知道誰沒穿褲子游泳』

在真的遇到低潮的時候,才能看的出來這個人真正的能力

這邊就記錄一下Cathie Wood在這次Podcast中對於Value Reset還有ARK投資理念是否有所不同

Tesla was imploding 特斯拉正在崩潰

Jason Raznick:

They wanted me to ask you if if we start seeing technology stocks sell off for
他們想讓我問您是否開始看到科技股被拋售

like a couple years or a year do you switch strategies do you
像幾年或一年，您會改變策略嗎？

Cathie Wood :

We did not think the company was going to run out of money. The markets were open this was not 2008 2009
我們不認為該公司是快要破產了，這市場才剛剛開始, 這不是2008年2009年

We want our companies to sacrifice short-term profits in order to be in the poll position to win in many of these winner takes most markets.
我們希望我們的公司犧牲短期利潤, 但是在大者恆大的市場中搶得先機

Artificial intelligence is causing a lot of winner take most markets
AI已經讓很多贏家佔領了大多數市場

The companies with the best data the highest quality data are going to win.
擁有最佳數據，最高質量數據的公司將來一定會成功

If you give us five years however and given the exponential growth rates we’re talking about say 82% growth on average per year in the electric vehicle market.
如果您給我們五年的話並考慮到電動汽車市場上平均每年增長82%指數增長率

If you give us that we are managing value portfolios i truly believe that.
我堅定的相信我們正在管理價值投資組合

Do you ever get afraid that people are going to target your trades ? 你會害怕空軍會狙擊ARK的交易嗎

At the end of the day when you have to disclose your holdings so we said okay fine uh. We’ll disclose our trades once we make them.
在一天結束時，你必須公布你的持股，所以我們說好吧，嗯，一旦我們完成交易，我們將披露我們的交易

So, you aren’t flat-footed. We don’t want the spreads between the bid and the ask in our etfs to to do. 所以您不會措手不及，我們並不想要賺中間的價差

Jason Raznick :

Why do they need to invest in the ARK or their the ETF if they can just copy the trades you make?
為什麼看為什麼他們需要投資於ARKetf，如果可以的話他們只要復制您每天做的交易就好了

Cathie Wood :

You know they’re busy on some days like this week , last week
你知道我們最近很忙 就像上週的這個星期

If you look at our trade sheet , it’s kind of tough to keep up with us but they would like to i mean you know very flattering
我們的交易單很難跟上我們的腳步，如果還是他們還是這樣做的話, 我們很受寵若驚

We’re happy that that but i think it might cost them more to do it than to have us. 我們對此感到高興，但我認為這樣做可能要比讓我們付出更多

That was our little thing for crypto 聊一下加密貨幣吧

Cathie Wood :

I think the big surprise to us. We had been expecting more institutional or professional interest and meaning institutions starting to put it in their their their funds. and to see mass mutual put a hundred million dollars of bitcoin into the general account.
我覺得很驚喜, 我們一直期待著更多的機構或專業興趣和意義機構開始投入彼特幣到他們的資金配置中並相互投入將一億美元的比特幣存入普通賬戶

What has surprised us is the diversification that companies like Square,Tesla and Microstrategy.
令人驚訝的多元化的公司像SQ ,特斯拉, MSTR.

The diversification into bitcoin on their balance sheets .They are starting to build their cash positions.

比特幣的多元化建立在他們的資產負債表上，他們開始調整他們的現金配置

Can you believe two years ago? people thought tesla was going to run out of cash
你兩年前可以相信嗎? 人們都以為特斯拉現金將要用光了

Now it’s built it’s cash positions to such an extent that it’s diversifying about eight percent into bitcoin.
現在他們配置大概8%現金到比特幣，

i think it’s a great insurance policy it makes a lot of sense
我認為這是一個好的保險政策也很有道理

Roku , Zoom , Draftkings, NNDM 個股提問

There’s a huge transition from linear tv to streaming tv .

從有線電視到串流媒體電視有一個巨大過渡期

And what would you invest in or or where would you invest given the 70 billion dollars of linear tv advertising dollars that are going to disappear and go somewhere where would you invest
700億美元的有線電視廣告收入將會消失並會被串流電視取代

Most people would say facebook, google that’s a we would say
大多數人會說facebook google

A lot of people know that that is no surprise
很多人都知道, 這並不奇怪

the surprise is roku roku is becoming the operating system of streaming tv of connected TVs
令人驚訝的是Roku正在成為串流電視的作業系統

Amazon are in are in competition, but Roku put its own channel it has started its own channel and is starting to buy contents
亞馬遜也都在在競爭中, 但是roku已經有了自己的地位並也開始購買內容

So we think those two certainly in the united states uh are um are going to take the lion’s share of the connected tv market.
所以我們認為這Roku跟Amazon 在美國將佔大部分影音串流電視市場.

Roku is moving internationally and finding really good success
Roku也正在向國際發展業務，也找到了非常好的機會

Zoom was cut in half from 600 to nearly 300
ZOOM股價從600減少到將近300

Last week got the the earnings report this week and most people have been saying okay yeah we’re kind of getting back to normal they got to slow down
上週獲得了Zoom的收益報告, 而且大多數人都說好吧，是的，我們有點回到正常情況下，Zoom成長會趨緩.

2021 會計年度 Q4(1 月 31 日止) 財報關鍵數據

調整後 EPS：1.22 美元 vs. 0.79 美元 (Refinitiv 分析師預測)

淨利：2.604 億美元

營收： 8.825 億美元 vs. 8.118 億美元 (Refinitiv 分析師預測)

Their growth rate accelerated from 365% Y-O-Y growth to 369
% . Y-O-Y growth a 900 million dollar run rate which is 3.6 billion dollars annualized.

事實上Zoom 第四季營收 實際增長 369% , 將近9億美元

If our estimate for this for this year is right in fact it’s probably undervalued i know people think that’s outrageous.
如果我們今年對Zoom估計是正確的，那Zoom是可能被低估了

Draftkings is becoming a platform for sports betting
Draftkings正在成為一個體育博彩平台

States in crisis uh with huge deficits are going to capitulate one after another
目前仍是處於虧損中

its revenues were up a hundred percent again
它的收入再次增長了100％

NNDM actually is used to call itself a 3d printed uh circuit board company
NNDM以前稱自己為3D打印的電路板公司

Now, it’s broadened its view of itself you know defining the market to a 3d printed technology device company
現在它是一家3D打印技術設備公司

It’s getting incredible business from uh from defense agencies around the world
它正在從世界上各地的國防機構那裡獲得令人難以置信的生意

It’s an israeli company. We always look for where the defense is putting their money where they think a technology is highly differentiated and we get to know the company which we have
這是一家以色列公司，我們一直在尋找防禦的地方把錢花在他們認為區別性的技術的地方

Digital wallets are going to gut bank
數位錢包將摧毀傳統銀行

We think that fintech is probably one of the most misunderstood of all of the technology platforms
恩，我們認為金融科技可能是最被誤解的科技平台了

Digital wallets are going to we believe gut banks
我們相信數字錢包摧毀銀行

We’re going to buy stocks and crypto that all we’re ready is happening
我們將購買股票和加密貨幣，我們已經準備就緒

Millennials are leading the way.here i think banks are facing innovative dilemma
我認為銀行在千禧一代的領導下正面臨創新的困境

I think they are going to have a hard time catching up
嗯，我認為他們將很難追趕得上

總結與心得

如果有長期在追蹤Cathie Wood的訪問, 像是CNBC採訪或是ARK本身的報告, ARK的一直是堅守著自己的價值, 即便是遇到股災修正, 仍會持續加碼自己最看好的標的, 這個其實也是另一種的價值投資. 或許ARK在幾年後績效就無法像現在這麼誇張離譜, 但是就像是影片評論區的留言一樣

Truth, transparency is why I love ARK

ARK不只公開自己的交易紀錄，還每天將自己的交易紀錄寄給你，光是這點就要給一個Respect!

有興趣的 推薦一個異界番茄-ARK追蹤神器, 是在有夠佛心還弄成網站

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