There’s nothing wrong with placing bets on the future. That’s what venture capital firms do as their business. The problem with Cathie Wood and her ARK fund is that she has decided what the future will look like and has doubled down on that prediction. There’s a certain arrogance about that, and as we are seeing with the Bitcoin promoters, one is more likely to go down in flames when becoming attached to a fantasy of a radical new future. Bitcoin aside (basically a sophisticated Ponzi scheme), look at Tesla. They have pioneered the mass electricification of driving, but their success will inherently limit their growth as competitors jump in to capture market share. The grossly inflated stock price of Tesla is based on them being a future oriented technology company, rather than a car company. But guess what, Tesla is basically a car company, and not necessarily the best one. In 2030 they probably won’t even be number one in market share for electric vehicles. Then their stock price will be valued more like GM and Ford. Ugh!