Ark Invest's massive success was one of the defining stories for markets in the pandemic era, with ARKK skyrocketing over 300% between March 2020 and February 2021 as low interest rates and cheap fiscal stimulus fueled an"But the ETF has given up all of its gains since then, coinciding with a period where the Fed has lifted interest rates from near-zero to just under 5% in a bid to tame soaring inflation.
Higher borrowing costs tend to be bad news for growth stocks, because they chip away at the future cash flows that make up a core part of their valuations.In October, Michael Burry said that he always expected the tech-investing star's ETFs to fall back to earth – and added that Ark's initial rally up to February 2021 was a sign of pandemic-era excess.in a now-deleted Tweet.
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