ARKK: Heads You Don't Win, Tails You Lose

Core Insights - The equity market has experienced an exceptional two-year period, with valuations reaching some of the highest levels in history [1] - The cyclically adjusted price-to-earnings ratio for the S&P 500 index is currently at elevated levels, indicating a potentially overvalued market [1] Company and Industry Analysis - The analysis highlights the importance of identifying reasonably priced businesses that possess sustainable long-term competitive advantages, particularly in sectors such as technology, telecom, and banking [1]