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Ark Investment Founder and CEO Cathie Wood joined Benzinga s Raz Report this week to discuss the company s ETFs. She also got a chance to respond to Jim Cramer.
What Cramer Said: On CNBC last month, Jim Cramer gave the fund manager a suggestion: Memo to Cathie Wood, close your fund.
Cramer wasn t suggesting Ark Funds shut down or for Wood to stop managing funds. The suggestion was rather to close off the Ark Funds from new investments. Concentrate on performance, not on trying to deploy capital, Cramer said.
Cramer said many of the great fund managers closed off their funds from new investments, such as Peter Lynch, who ran the Fidelity Magellan Fund closed off the fund. Fidelity Magellan Fund was the best-performing mutual fund in the world from 1977 to 1990 with annualized returns of 29%.
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Ark Investment Management Founder and CEO Cathie Wood joined Benzinga s Raz Report for an interview and shared how she got her start on Wall Street.
Start On Wall Street: Cathie Wood wanted to become a portfolio manager, so she had to become an analyst first. She started in economics with Jennison Associates in the early 1980s and spent 18 years with the firm before moving on to AllianceBernstein.
“When I started in the business I really had to scrap,” Wood told Benzinga.
She spent 12 years at AllianceBernstein before launching Ark in 2014.
“I had to find stocks that no one wanted,” she said.