Cathie Wood says she remains bullish on shares in Silicon Valley Bank.
Wood, who admitted to only checking the news “now and again”, is the CEO of Investment Managers, Ark Invest, and believes she has spotted a bargain.
“So there’s a small regional bank that few people have heard of called Silicon Valley”, Wood told Planet Crypto. “Its shares dropped over 60% in a week and since then, no-one’s touched it. So it’s got all the attributes of a great pick for the Ark Innovation ETF – under the radar, undervalued, and with significant potential on the upside. I was in two minds about it, but then I remembered that Jim Cramer recommended it as a buy a few months ago and that’s good enough for me. The man’s a genius.”
Wood added that Silicon Valley isn’t the only bank she has her eye on. “Credit Suisse look a good buy too. Don’t know why their price went down, but the Swiss are synonymous with banking so I’ve got no worries about that one. Signature Bank looks undervalued as well. Checking accounts depend on signatures so they clearly know what banking’s about.”
Wood’s Ark Innovation ETF has fallen 75% since February 2021, but she remains confident that she hasn’t lost her touch. “I was the one that told people to buy shares in Lehmann Brothers when they dipped in ’08, and I’ve barely heard a thing about them since, so they must be ticking along very nicely. I’ll get round to checking their price one of these days.”
