Cathie Wood's flagship Ark fund is 'dead money' as it's actually down 18% from 5 years ago, markets guru Larry McDonald says

• Cathie Wood's flagship Ark fund is "dead money", said Larry McDonald, citing its poor longer-term performance. 
• Despite its gains in 2023, the Ark Innovation ETF is still down by about 18% from five years ago, the markets guru pointed out.
• "They said to get long sexy innovation, what they didn't say is you are actually short the Fed, rate hikes, and sustained inflation..." he added.

Larry McDonald is the latest critic of Cathie Wood's flagship fund. 

The Ark Innovation ETF is "dead money" in terms of its longer-term performance, the founder of the "Bear Traps Report" said, pointing out the fund is down 18% from five years ago despite a much-hyped pandemic-era rally.