In 2020, Cathie Wood's ARK funds earned spectacular returns. They posted scorching gains since they were first launched in 2014. But the typical person who invests in broad market index funds (a Boglehead) easily beat the typical ARK investor since 2014. How can that be?

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Why Cathie Wood’s ARK Investors Aren’t Making Much Money
In the Bible, Noah populated his Ark with every animal, two-by-two. By comparison, Cathie Wood’s ARK funds are more like ships of experimental embryos. As I explained in Investors’ Great Expectations for Disruptive Technologies, most of the companies in Wood’s funds aren’t making business profits.