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Oil Could Reach $80 This Summer, But There’s A Catch

Reuters

No inflation fears here: ARK’s Wood says portfolio should triple in five years

Lower prices for growth stocks as a result of the inflation-driven selloff that began in February should mean that Ark Investment’s portfolios should see a “more than tripling” over the next five years, star fund manager and firm founder Cathie Wood said in a webinar on Tuesday. Wood, who became the face of the outsized rally in technology stocks such as Zoom Video Communications Inc and electric vehicle maker Tesla Inc during the coronavirus pandemic last year, said that falling lumber and copper prices signal that the market is “beginning to see signs that the risks are overblown” from inflation. Lumber prices are down approximately 30% from their May 7 highs, while copper prices are down nearly 6% over the same time.

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