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That’s become an even bigger issue since last year’s buggy release of the long-awaited and overdue “Cyberpunk 2077” from CD Projekt SA Gamers and investors have become particularly unforgiving when a game is released and it contains bugs.
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“That’s not a terribly new concept, but they do it really well, and they caught a wave perfectly.In a note, Jefferies analyst Andrew Uerkwitz, who has a buy rating and a $231 price target on Take-Two, said the launch “will likely cause investors to lower their December quarter estimates and continue to question TTWO’s ability to expand the portfolio while maintaining quality.”Īdmitting that his expectations for the launch had already been low, Uerkwitz said the launch troubles likely will “likely remove some upside,” and that while “several fixes have already been implemented, including the PC version being available again we do wonder how the game got launched in this state.” “They aim to look 10, 20 years in the future, and then figure what companies will be there, what companies are making that future,” Balchunas said. Balchunas says Bloomberg’s quantitative research suggests Wood is both lucky and good-her firm is investing in sectors that are nuclear hot, but that only explains about half of her outperformance. Meredith Whitney became a star analyst after correctly foreseeing in 2007 that Citigroup would face a shortfall in capital, but her later predictions about widespread municipal defaults appeared to fizzle. Some investors get known for a great idea and then struggle to replicate it. It remains to be seen whether Wood can sustain her incredible record. Wood says ARK has assembled a group of young engineers, computer scientists, and mathematicians to come up with new investment ideas, and diversity is part of her team’s “secret sauce.” Better to be lucky and good In a recent interview with Goldman Sachs, Wood said part of her edge is that her team is organized by “ innovation platforms,” like artificial intelligence and DNA sequencing, instead of industry sectors, and she has said they use social media to test and crowdsource ideas. “It’s sort of like taking all chips at the table and just putting them in the middle.” (Tesla shares are now trading at around $4,400, after accounting for a five-to-one share split in August.) “She made the Tesla call and that was mocked for a year,” Balchunas said. Her call for Tesla stock to climb to $4,000 when it was trading at $300 in 2018, and making the prediction on the big news networks, was shockingly bold. ARK didn’t reply to a request for comment.īalchunas says Wood, who was previously the chief investment officer of global thematic strategies at AllianceBernstein, is more than just a recent sensation.
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It has more than a whiff of the “ new era” thinking that tends to come with technology bubbles.
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The firm says it’s focused on “technological innovations centered around DNA sequencing, robotics, artificial intelligence, energy storage, and blockchain”-a series of promising but ultra-hyped technologies. Wood has championed the buzziest assets that seem the least connected to anything resembling economic reality, from Tesla stock to bitcoin. The question for ARK is how well the team’s picks hold up if and when the stock market has another downturn.