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After hearing my idea that Magda Wierzycka’s 4IR ETF was the ideal home for tax free savings, BizNews Premium member Neels Viljoen offered to bet me $500 on Cathie Wood’s ARK Fund doing better. He stipulated a five-year term. And suggested the loser pay the $500 into a charity of my choice.
Sorry Neels, I was cured of gambling many years ago when going into the breeding side of the horse game. But given how her fame has reached our shores, the note did sharpen my interest in Ms Wood, Wall Street’s new darling. So I researched her background. What emerged is worth re-telling.
Cathie is a devout Christian who starts each day with a Bible reading. She relies on her faith always and especially during challenging times. Quoted in the FT, Ms Wood says she’s doing God’s work: “It’s all about allocating capital to God’s creation in the most innovative and creative way possible.”
Before you use this to write off the 65-year-old superstar fund manager as a religious kook, it’s worth noting Cathie’s reliance on a Higher Power isn’t unique. The great investor Sir John Templeton, for instance, would pray before every investment decision. Divine Guidance has goes a long way. Including when you’re buying shares.
- PS Delivery of this newsletter will be interrupted for the rest of the week as I’m helping out at the inaugural BizNews Investment conference. Normal service resumes next Monday.
- PPS Another superb edition of the BizNews Digest, our interactive PDF, has just been published. Here’s the download link: https://bit.ly/3vlrp3d
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