The Year Ahead
What We Got Right and Wrong About 2021
We made good calls on crypto and Justin Bieber, bad ones on Peloton and unions.
Photo illustration: 731: Photos: Bloomberg; Getty Images; Paramount Pictures; Peloton
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• The success of Cathie Wood’s ARK funds seemed to herald a boom for actively managed exchange-traded funds. But Wood’s flagship ARK innovation ETF peaked in February and other active funds have yet to generate much investor interest.
• We were correct when we said that Beijing’s plan to tilt the economy toward consumers wasn’t going to be easy to achieve: China’s consumer spending moved back into positive territory in 2021, but it still fell short of pre-pandemic growth rates, reflecting weak wage growth, consumer caution about the coronavirus, and local lockdowns.