GHOST

Cathie Wood might be the most expensive lesson retail investors have ever paid for. Her flagship ARK Innovation ETF is down 23% in the last 5 years. The S&P 500 is up 77% over the same period. She has underperformed the index by 100 percentage points. And she has done it while collecting BILLIONS in management fees. A quick reminder of the highlight reel: – She predicted Tesla would hit $3,000 per share by 2025. It is currently $432. – She predicted Tesla revenue would hit $234 to $367 billion in 2025. The actual number came in under $100 billion. – She made Teladoc her single largest position around $80 per share. It trades at $7 today. – She loaded up on Zoom near $300. It trades at $110. – She dumped almost her entire Nvidia position in January 2023 around $20 per share. Nvidia is now at $220, which means she sold the single greatest stock of this generation right before it 10x’d. Morningstar officially labeled the ARK family of funds a “value destroyer,” noting that her funds lost roughly $14 billion in shareholder value from 2014 to 2024. But here’s the part nobody talks about: ARK Investment Management has been one of the most profitable asset managers of the last decade. Wood has personally made tens of millions in fees while her investors have collectively lost real money. This is the part of Wall Street most retail investors do not understand. You’re not paying for performance, you’re paying for marketing. The people who win are the ones running the fund, not the ones holding it. This Friday, May 15, every fund managing over $100 million is legally required to disclose their Q1 2026 trades to the SEC. We will be breaking down EVERY major filing right here the moment they drop. Follow us with notifications before it’s too late. If you don’t follow us, you might regret it.

A retailer with no advertising budget. Four thousand products on the shelf. A hot dog priced the same as it was when Reagan was president. Costco shouldn't be the most powerful brand in retail. But it is. The rule is almost annoyingly simple: cap markups at 14%. Most stores are at 20% or higher. Every dollar of efficiency gets handed back to the customer as a lower price. That's the flywheel. Lower prices bring more members. More members bring better supplier deals. Better deals bring lower prices. Run it for forty years and nobody can catch you. Ninety percent of members renew. Every year. For decades. You don't get loyalty like that from coupons. You get it from making people feel, every single visit, like they got away with something. Strip away the warehouses and the hot dogs and what's left is a simple decision: the customer eats first. Almost nobody has the discipline to actually do it.