A Bull Market Is Coming: 1 Cathie Wood Growth Stock to Buy Now Before It Soars 200% by 2030
Cathie Wood's Ark Invest considers disruptive innovation a key driver of capital appreciation, and the firm seeks to monetize that belief with index funds focused on cutting-edge technologies -- everything from artificial intelligence and robotics to DNA sequencing and fintech.
Accordingly, Ark has 3.7% of its portfolio invested in Block (NYSE: SQ), which makes the fintech company its sixth-largest holding. The conviction implied by that position size is at odds with the prevailing market sentiment. Block has fallen out favor as macroeconomic headwinds have stifled growth, and the stock has dropped 84% from its all-time high.
However, shares look significantly oversold at their present valuation, and with the S&P 500 (SNPINDEX: ^GSPC) just 9 percentage points from bull market territory -- a turning point that promises to send the broader market much higher -- now is a particularly good time to invest in Block.
Source Fool.com
