Cathie Wood’s ARKK Invest (NYSEARCA:ARKK) peaked in early 2021; it has since lost two-thirds of its value. -38% By comparison, ARKK Invest has fallen by 22% over the same period. “Either the Fed sufficiently fights inflation or it doesn’t, the latter resulting in the stagflationary combination of high prices and slow growth that inevitably leads to a worse recession.” In other words, the S&P 500’s 12-year bull market seems to have left without paying the check.