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Cathie Wood buys $59 million of pummeled tech stocks

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Cathie Wood , head of Ark Investment Management , may be the country’s best-known investor after Warren Buffett .

Wood's flagship Ark Innovation ETF produced negative annualized returns of 8% for the past 12 months , 30% for three years and 1% for five years .

Wood has defended herself from Morningstar 's criticism.

Ark funds snapped up 1,29 million shares of online securities brokerage Robinhood Markets (HOOD) Robinhood is the eighth biggest holding in Ark Innovation .

The stock has slumped 27% since July 16 .

The company’s net revenue totaled $682 million in the second quarter , up 40% from a year earlier .