Earlier this week, and for no obvious reason, Cathie Wood’s $23bn flagship Ark investment innovation fund rose 10 per cent in a day. On Wall Street that kind of bounce is usually a warning sign of frothy markets, especially given Ark’s recent price falls. Not for Wood. “Buy the dip,” is a catchphrase.

Wood is the public face of a speculative tech boom many liken to the dot.com boom and bust of the early 2000s. The success of Tesla and other technology stocks that Ark owns has, together with massive investor inflows, propelled the combined value of the five exchange traded funds she manages to $60bn from $3bn just a year ago.

This extraordinary performance has made Wood a cult figure among some investors. Doubters say her bull run is due to a mix of self-publicity and investor mania fed by abundant financial liquidity. Supporters are undaunted: an image of her face with the slogan “invest with conviction” adorns a clothing range created for fans, with profits donated to charity.