Cathie Wood, the founder and CEO of Ark Invest, tells Yahoo Finance Live that, just as baby boomers have had a significant impact on the stock market jobs for decades, their children — referred to as millennials — will have an equal, if not greater, impact on the investing landscape in the decades ahead, which is one reason why the closely followed Ark Invest founder and CEO is staying long-term bullish on stocks.
"This is the echo of the baby boom," Wood said of the millennial investment jobs boom, which will peak in 2021. As millennials build out their investments, Wood cited research that predicts the stock market bull market might last until 2038. In many ways, it's these millennials, with their growing purchasing power, who is to blame for the meme-stock craze that began in January. It's a dynamic that's propelled the stock prices of well-known, easy-to-understand companies like GameStop (GME), AMC (AMC), and BlackBerry (BB) to stratospheric new heights.
Millennial interest in markets, on the other hand, has boosted the stock price of Wood's favorite Tesla (TSLA), which is led by well-known CEO Elon Musk (Wood has a $3,000 price objective on Tesla). Wood's investment advice has become extremely popular as a result of this.
Adds Wood, "I lived through the baby boom years, and that equity market move was magnificent. It was a very simple assumption, and it worked. And I do feel we are in the same place now." To be sure, many of Wood's investments through her various ETFs have a millennial vibe as they are focused on companies leading in high-profile technologies.
When it comes to cryptocurrencies, Wood has shares of companies like Robinhood (HOOD) and Coinbase (COIN). Square (SQ) is likewise developing into a super app as it moves into crypto. When it comes to Roku (ROKU), the company is likewise a top holding for Wood.
