Cathie Wood Buys $13.8 Million of Tumbling Tech Stock

Cathie Wood's Ark Investment Management has purchased $13.8 million of Pinterest stock, following the social platform's stock plunge after disappointing earnings and outlook. Wood's investment strategy involves buying stocks when they pull back, looking for names she believes will recover over time. Her funds have outpaced major market indexes this year, with the Ark Innovation ETF up 40% year-to-date. However, the ETF has delivered a five-year annualized return of -4.07%, while the S&P 500 has an annualized return of 15.57%.