In the Know with Cathie Wood | ARK Invest | Summary and Q&A

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May 22, 2020
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ARK Invest
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In the Know with Cathie Wood | ARK Invest

TL;DR

Kathy Wood discusses fiscal policy, monetary policy, the economy, markets, and innovation, including potential stimulus measures and the impact of COVID-19 on various industries.

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Key Insights

  • 🚕 Potential fiscal policy measures, such as a payroll tax holiday and capital gains tax holiday, could provide a significant stimulus to the economy.
  • 🤘 The credit markets continue to show signs of stress and uncertainty, particularly in the collateralized loan obligation market.
  • 😨 Financial stocks have been underperforming, reflecting fears of defaults and the potential disruption of traditional financial services by fintech companies.
  • 🫱 The housing market is showing signs of resilience, with increased new home purchases and bidding wars in certain areas.
  • ❓ The genomic revolution is accelerating vaccine development, with potential breakthroughs in COVID-19 vaccines by companies like Moderna, Arcturus, and Inovio.
  • 😘 Interest in Bitcoin and stock trading has surged, potentially driven by the absence of sports betting and low-interest rates pushing investors towards equities.

Transcript

hello everyone again well I am back from South Carolina back in Connecticut so we're making progress and and for that reason I think what we're going to do is read igger things so that first of all we will call this something other than stay at home even though we might be staying at home a little bit more in some places and something like in the k... Read More

Questions & Answers

Q: What are some potential fiscal policy measures discussed by Kathy Wood?

Kathy Wood discusses the possibility of a payroll tax holiday, full deduction or expensing of capital expenditures, and a capital gains tax holiday as potential stimulus measures to boost economic activity.

Q: What is the current state of the credit markets?

According to Kathy Wood, the credit default swaps for industrials and consumer discretionary sectors show signs of stress, uncertainty, and concerns about defaults. While high-yield rates have dropped, there are still concerns about the stability of the credit markets.

Q: Why have financial stocks been underperforming?

Kathy Wood attributes the underperformance of financial stocks to fears of defaults in certain sectors, such as oil and retail, as well as the potential disintermediation of financial services by fintech companies and digital wallets.

Q: What are some key developments in innovation discussed by Kathy Wood?

Kathy Wood mentions Facebook's announcement to facilitate in-app shopping on its platforms, Joe Rogan signing up with Spotify for podcasting, and advancements in COVID-19 vaccine development, particularly by companies like Moderna, Arcturus, and Inovio.

Summary & Key Takeaways

  • Kathy Wood talks about potential fiscal policy measures to stimulate the economy, including a payroll tax holiday and capital gains tax holiday.

  • She discusses the current state of the credit markets, with signs of stress and uncertainty, particularly in the collateralized loan obligation market.

  • Wood highlights the underperformance of financial stocks and the fear of negative interest rates, as well as the potential disruptions and disintermediation in the financial services industry.

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