Kathy Wood may be the most expensive lesson retail investors have ever paid for.

Her flagship ARK Innovation ETF has fallen 23% over the past five years, while the S&P 500 has risen 77% during the same period.
She has underperformed the index by 100 percentage points.
And she did this while collecting billions of dollars in management fees.
Let's quickly review her "highlights":
– She predicted Tesla's stock price would reach $3,000 by 2025. It is currently $432.
– She forecasted Tesla's revenue in 2025 to be between $234 billion and $367 billion. The actual figure is less than $100 billion.
– She made Teladoc her largest holding when the stock was around $80. Today, it trades at $7.
– She heavily bought Zoom when its stock was close to $300. It is now trading at $110.
– In January 2023, she nearly liquidated her entire Nvidia position at about $20 per share. Nvidia is now at $220, meaning she sold before this greatest stock of her generation was about to grow tenfold.
Morningstar officially labeled the ARK fund family as "value destroyers," noting that her funds lost about $14 billion in shareholder value from 2014 to 2024.
But there's an overlooked part: ARK Investment Management has been one of the most profitable asset management firms over the past decade. Wood personally earned tens of millions of dollars in fees, while her investors collectively lost real money.
This is the part Wall Street retail investors understand the least.
You're not paying for performance; you're paying for marketing.
The winners are the fund operators, not the fundholders.
This Friday, May 15th, every fund managing over $100 million must legally disclose their trades for the first quarter of 2026 to the SEC. We will analyze each major filing here, the moment they are released.