Luxembourg life insurers and visionary tech speculators may have diametrically opposite investing objectives, yet they are hitched to the same wild ride.
If there was a poster child for this frenzied boom and bust in speculative non-profitable technology stocks, it would have to be Cathie Wood and her ARK Innovation ETF.
The fund, which trades as ARKK and has bets ranging from Tesla to telehealth, tripled in value from September 2017 to the end of 2020. It then shed 75 per cent to return almost to its starting point.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
