I first presented ARKK as a short idea in the January 3, 2021 of my Short Seller’s Journal issue at $124.49. And of course like every other insanely overvalued stock or ETF, it continued to run higher, with a high-close of $156 on February 12th. As air seems to be leaking out the stock bubble, ARKK has taken a 25% beating since the high-close. At one point Friday it was down 32% from the high-close. ARKK is an ETF that has attracted a high degree of speculative interest because it has invested heavily in many of the high-beta, Silicon Valley “tech” and bio-tech stocks. These are stocks that have captured the market’s imagination to such an extreme degree that once again, just like in 1999, earnings or even the potential to generate earnings are irrelevant. The ARKK Invest website describes its investment thesis as “disruptive innovation.” It harkens back to 1999 when earnings were dismissed as “old economy” and the value of dot.com’s was derived from “clicks and eyeballs.” At some point as the stock bubble is popping, ARKK will turn out to be “disruptive” to its investors net worth.