Think 5 years from now. You don't think COIN, RBLX, TSLA, sq, path will be worth a good amount more than they are now??
This is my whole point. When you are a VC you get prices that are "potentially" dirt cheap, and typically only buy additional ownership pre-IOP buying investing in A/B/C rounds (Still potentially "cheap").
When someone buys and ETF, the ETF's PM has to go out and use that capital to buy the underlying stocks at whatever % they are in the portfolio. What this means in Cathies case is that all those years of hard work and due diligence from 2016-2019; finding disruptive companies at reasonable prices was "ruined" in 2020 buy the huge inflows of $ forcing her to continue buy those companies at very high levels, levels you may have not want to buy at, which then raises the average cost basis of positions.
She should have been a VC bruh, maybe even a PM at a hedge fund, or at least would have had a better outcome if she had been.
I’m not saying Cathie is going to be wrong or the stock won’t be up in whatever years. But imagine buying one share of a company at $1, it runs up to $10 and now u buy another share at $10, then it goes back at $5.
you were “right”, but you didn’t make any money.