I Got All Up In Cathy Woods' Grill And Here's What I Learned
Cathy Woods was the one who was the biggest Tesla bull out there years ago and said Tesla could hit $4000. People thought she was crazy, but she looked beyond the car making segment of the business. Her thesis was Tesla was also a chip manufacturer, a battery manufacturer and a data collector (think autonomous cars).
Cathy's MO is to be successful, you need conviction in your ideas and must be proud of your work, even amid criticism. And she has been able to put to work what she believes in though her ARK ETFs that invests in DNA sequencing, robotics, artificial intelligence, energy storage and blockchain technology.
Cathy is the Elon Musk of the ETF world. Thus, she is very successful and if you want to be successful, you have to study what successful people do.
Wood says she gets to sleep in a little longer these days since her commute is “a few feet.” She’s up at about 7:00am and begins reading research.
“8:45, we bring the entire firm together and I think this has helped our cohesion as a firm. “Most people who are not in research will drop off at about 9:15am,” Wood says. “We continue til about 10:30am. And then every day, we will have between stock meetings where we do a deep dive into our portfolio tracker, which has our scoring system. That was Monday. That is always Monday.”
After over five hours of virtual meetings, Wood tries to get some air. “I need to go out and walk,” she says. “I'll sometimes do them on video, if they want to watch me walking around.
But for the afternoon. And those will be business. They will be company management, they will be analysts, they will be business opportunities.” Even as the firm has grown, she is trying to keep her time laser focused on the investing side of Ark. “I would say 80% is on investing,” she says. “And because I am our Chief Investment Officer, it is my core competency. And I've delegated the management of the firm to other very capable people.”
My entire family knows where they can find me most of the time...right in front of the computer. I'm usually blogging or trading or looking for new investment opportunities. When it comes to trading, since 2015, I think I'm approaching 15,000 hrs just analyzing charts, placing trades or marking up the charts to see what price action does next. I do have an objective, had to sacrifice many of things, but I do have conviction in my objective, happy with the work I putt into thus far...and yes, have taken some criticism from my wife, daughter and family matter.
So what's the learning lesson for today from Cathy. Well, have a routine, no matter what, but take a break by getting away for a bit to recharge. Focus on the important stuff in order to move the needle forward.
How does this all relate to me. Don't ignore and listen to the noise, criticism and suggestions that my family gives me about being in front of the computer all the time, but keep my eye on the prize.
"Some people want it to happen, some wish it would happen, others make it happen."
-Michael Jordan
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