With shares of Cathie Wood’s signature Ark ETF ARKK over 30% off the lows and many of the names inside the fundgetting cut in half or worse, the famed money manager and devout Christian is blaming the poor performance solely on an ‘act of god’.
“I called a $4000 price target on Tesla and everyone laughed at me,” said Wood via telephone. “But I was right and they were wrong. I’m always right and that can be seen in the performance of my ETF’s. Except recently but again this has nothing to do with me but rather god. Would you blame a building for getting leveled by a tornado? No, you blame god it’s pretty basic stuff.”
Wood isn’t the first fund manager to blame poor performance on an act of god however she is the most recent. Other notable money managers who have used this tactic include Ray Dalio, Peter Schiff and most notably everyone involved in the Long-Term Capital Markets crisis.
Wood insists she has been doing double duty praying for the fund to make new highs and expects that to occur sometime later this year.