In this article we discuss the 10 best software stocks to buy according to Cathie Wood.
Catherine Wood, the founder of New York-based ARK Investment Management, has publicly blamed Tesla, Inc. (NASDAQ: TSLA) chief Elon Musk for the recent crash in prices of cryptocurrency stocks. In a pre-recorded message to a conference recently, Wood, a pioneer in aggressive growth investing who has seen her crypto holdings fall in value by more than 30% since February, said that institutional pressure had forced the Tesla, Inc. (NASDAQ: TSLA) chief to raise environmental concerns related to coin mining earlier this month.
As a result of the concerns raised by Musk, Bitcoin, the most popular crypto currency, lost close to 50% in value over the past few weeks. Other crypto stocks like Square, Inc. (NYSE: SQ) followed too. Tesla, Inc. (NASDAQ: TSLA) later announced that it would suspend Bitcoin payments for vehicle sales, paradoxically sending Tesla, Inc. (NASDAQ: TSLA) share price nose diving as well. Wood, through ARK Investment, owns large holdings in Square, Inc. (NYSE: SQ) and Tesla, Inc. (NASDAQ: TSLA) with a combined worth of over $6 billion.
Amid the chaos around crypto stocks, Wood has turned her attention towards software-related growth stocks in recent months, according to regulatory filings submitted to the US government. ARK Investment has increased stakes in software platforms like Shopify Inc. (NYSE: SHOP), the Canadian ecommerce giant, and Zillow Group, Inc. (NASDAQ: Z), the online real estate marketplace, during the last quarter. Shopify Inc. (NYSE: SHOP) and Zillow Group, Inc. (NASDAQ: Z) now together represent close to 5% of the entire investment portfolio of ARK.
However, Wood is still bullish on the crypto industry, and around growth stocks in particular. According to a report published by American news platform CNBC, Wood has doubled down on her bets on technology stocks in recent weeks as financial experts warn of a bursting tech bubble that saw Wood, whose portfolio is loaded with tech stocks, post over 152% in returns last year. Wood said earlier this week that she was not worried about the threat of inflation that had been disturbing many on Wall Street.
She also added that she actually expected deflation in the context of a breakdown in commodity prices, a gridlock on tax policy in Washington, and several trends which indicated that innovation stocks were set to take off. It remains to be seen whether Wood is right about her outlook on growth stocks like crypto and software, amid a broader lull in the market around technology stocks and increased interest in established sectors like manufacturing and consumer staples. The post-pandemic economy has even left market experts baffled.
The entire hedge fund industry is feeling the reverberations of the changing financial landscape. Its reputation has been tarnished in the last decade, during which its hedged returns couldn’t keep up with the unhedged returns of the market indices. On the other hand, Insider Monkey’s research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 124 percentage points since March 2017. Between March 2017 and February 26th 2021 our monthly newsletter’s stock picks returned 197.2%, vs. 72.4% for the SPY. Our stock picks outperformed the market by more than 124 percentage points (see the details here). We were also able to identify in advance a select group of hedge fund holdings that significantly underperformed the market. We have been tracking and sharing the list of these stocks since February 2017 and they lost 13% through November 16th. That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to. You can subscribe to our free newsletter on our homepage to receive our stories in your inbox.
Cathie Wood of ARK Investment Management
With this context in mind, here is our list of the 10 best software stocks to buy according to Cathie Wood.
Best Software Stocks to Buy According to Cathie Wood
10. Sea Limited (NYSE: SE)
Number of Hedge Fund Holders: 98
Sea Limited (NYSE: SE) is a Singapore-based holding company most famous for running ecommerce platform Shopee. It was founded in 2009 and is placed tenth on our list of 10 best software stocks to buy according to Cathie Wood. Sea stock has offered investors more than 244% in returns over the past year. ARK Investment holds more than 3.1 million shares in the company worth over $707 million, representing 1.4% of their portfolio. Sea has international business interests in digital entertainment and financial services as well.
In earnings results for the first quarter of 2021, posted on May 18, Sea Limited (NYSE: SE) reported earnings per share of -$0.62, missing market predictions by $0.07. The revenue for the first three months of 2021 was $1.8 billion, up 146% year-on-year.
At the end of the first quarter of 2021, 98 hedge funds in the database of Insider Monkey held stakes worth $10.4 billion in Sea Limited (NYSE: SE), down from 115 the preceding quarter worth $10.8 billion.
Just like Square, Inc. (NYSE: SQ), Shopify Inc. (NYSE: SHOP), and Zillow Group, Inc. (NASDAQ: Z), Sea Limited (NYSE: SE) is one of the best software stocks to buy according to Cathie Wood.
In its Q4 2020 investor letter, Hayden Capital, an asset management firm, highlighted a few stocks and Sea Limited (NYSE: SE) was one of them. Here is what the fund said:
“Sea Ltd (SE): When I wrote our Q4 2019 letter about Shopee launching a Brazilian business, it seemed very few investors or competitors knew or cared.
A year ago, I wrote: “This is the first test for the ecommerce marketplace outside of its Southeast Asia home base. Will the platform’s fun and addicting features overcome a lack of local knowledge and presence? It’s hard to predict consumer behavior and how accepting users will be to a platform – especially one that’s a foreign culture and 10,000 miles away. The only way to know is to experiment and watch the results closely.
Empirically though, it seems that what consumers find entertaining in Asia, generally translates well to Brazil (and Shopee really is as much an entertainment platform, as an ecommerce one).
For example, just look at the top 10 free apps in Brazil. Two are utility messaging apps, so we’ll ignore those (WhatsApp and
Facebook Messenger). But among the remaining eight apps, they’re all entertainment based and overwhelmingly Asian. Four are from China (Kwai, TikTok, VStatus, TikTok Lite), two from Singapore (Free Fire and Shopee, both Sea Ltd apps), and one from the US (Instagram). The commonality is that all these apps are experts at creating addictive habits, as evidenced by their personalized recommendations, avg usage time, number of logins per day per user, etc.” (LINK)
I distinctly remember having conversations with several Brazilian hedge funds as recently as last summer who were investors in Sea Ltd. When the topic of Brazil came up, many of them didn’t even know Shopee was operating in their own backyard!
Part of this stems from the fact that Shopee tends to enter markets with a bottoms-up approach. Instead of going after urban, high disposable income users first (of which these hedge fund professionals were certainly part of), they tend to initially go after those with only a few hundred or thousand USD of annual disposable income. These users tend to reside outside of major cities, have fewer choices for recreational pastime (thus turning to gaming, short-form videos, or online shopping for entertainment), can’t afford “branded” items and thus are willing to take a chance on cheaper (but still good quality) un-branded goods, and are willing to wait several weeks for it to be shipped from Asian factories.
Anyone who has studied Pinduoduo (Nasdaq: PDD) in China, will recognize this strategy and just how large of a market these consumers can be. As Shopee gains popularity in a market, they will then start to slowly move “up-market”, and cater to more urban and higher-income consumers. They’ve already followed this exact strategy in Southeast Asia, and this is the point they’ve reached in Brazil over the past year.
Shopee made its first big social push last fall, hiring over a dozen influencers with 1M+ followers to promote Shopee’s Black Friday sale (LINK). In addition, they also released their first Brazilian TV commercial last year.
It seems these initiatives are working. Shopee now consistently ranks in Brazil’s top 5 apps (while sister app Free Fire, is also the #1 grossing app). In addition, Shopee also moved Pine Kyaw (LINK), one of their key lieutenants in Vietnam who successfully helped Shopee fight off competitors (Tiki, Lazada, Sendo), to Brazil last May.
For the past year, the company has insisted publicly that the Brazil initiative is still a “test” initiated by the cross-border team. While this may have been true at first, it’s clear this is no longer a “test”, but rather a strategic focus for Shopee and posed to be the next battleground. It’s likely the company has chosen to remain tight-lipped so as to not tip off competitors, while they quietly “position the troops” to prepare for a larger assault.
For example, Shopee is also starting to allow local sellers to join the platform and list their local inventory (LINK). By definition, this is no longer a cross-border initiative (i.e. allowing their Southeast Asian sellers to sell to Brazilian consumers, and then shipping the goods directly from Asia. This is the model Aliexpress follows.).
This is the start of a localized marketplace. And similar to their early days in Southeast Asia, the goal is to reach the “tipping point” at which the marketplace becomes self-sustainable (this concept is discussed in our Q1 2019 letter; LINK). The weapons of choice in reaching critical mass: social media influencers to drive rust & awareness, free shipping & discounts to acquire / convert these new customers, and gamification of shopping to drive continued engagement, habit building, and repeat purchases.
Given all of this, and the strong (but early) traction in the local Shopee Brazil marketplace, investors need to keep an eye on this development. It is the smallest GMV contribution among Shopee’s countries currently, but a large inherent call option in the valuation. Something that so far, seems greatly underappreciated. I suspect at some point in the near future, Shopee’s management team will disclose more on the initiative, and at which point investors will be surprised by how Shopee managed to quietly build one of the largest marketplaces in Brazil.”
9. Pure Storage, Inc. (NYSE: PSTG)
Number of Hedge Fund Holders: 30
Pure Storage, Inc. (NYSE: PSTG) is a California-based company that provides hardware and software solutions related to data storage management. It was founded in 2009 and is ranked ninth on our list of 10 best software stocks to buy according to Cathie Wood. The company stock has offered investors more than 13% in returns over the course of the past twelve months. ARK Investment owns more than 32 million shares in the data storage firm that are worth over $708 million, representing 1.4% of their portfolio. ARK Investment trimmed their stakes in the firm by 21% in the last quarter.
Pure Storage, Inc. (NYSE: PSTG) posted earnings results for the first three months of 2021 on May 26, reporting earnings per share of -$0.30, beating market estimates by $0.02. The revenue for the period was over $412 million, up more than 12% year-on-year.
Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Eminence Capital is a leading shareholder in Pure Storage, Inc. (NYSE: PSTG) with 6 million shares worth more than $130 million.
Just like Square, Inc. (NYSE: SQ), Shopify Inc. (NYSE: SHOP), and Zillow Group, Inc. (NASDAQ: Z), Pure Storage, Inc. (NYSE: PSTG) is one of the best software stocks to buy according to Cathie Wood.
8. Unity Software Inc. (NYSE: U)
Number of Hedge Fund Holders: 39
Unity Software Inc. (NYSE: U) is a California-based software firm founded in 2004. It is placed eighth on our list of 10 best software stocks to buy according to Cathie Wood. The company primarily engages in the development of computer simulations for video game developers. Unity stock has returned more than 6.3% to investors over the past week. ARK Investment owns more than 8 million shares in the software firm worth over $812 million. This represents 1.61% of their portfolio. ARK activity on Unity stock increased by more than 240% in the past months.
On May 12, investment advisory Stifel upgraded Unity Software Inc. (NYSE: U) stock to Buy on the back of strong quarterly revenues for the software firm and the upside potential for expansion in markets like ecommerce and automotive industries.
At the end of the first quarter of 2021, 39 hedge funds in the database of Insider Monkey held stakes worth $6.6 billion in Unity Software Inc. (NYSE: U), up from 32 in the previous quarter worth $11.9 billion.
7. Twilio Inc. (NYSE: TWLO)
Number of Hedge Fund Holders: 99
Twilio Inc. (NYSE: TWLO) is a California-based cloud-based communications firm founded in 2008. It is ranked seventh on our list of 10 best software stocks to buy according to Cathie Wood. Twilio stock has offered investors returns exceeding 76% in the past year. ARK Investment holds more than 2.7 million shares in the firm worth over $932 million. This represents 1.85% of their portfolio. ARK activity on Twilio stock increased by 53% in the past few months, latest data reveals.
In earnings results for the first quarter of 2021, posted on May 5, Twilio Inc. (NYSE: TWLO) reported earnings per share of $0.05, beating market predictions by $0.15. The revenue over the period was more than $589 million, beating market estimates by $56 million.
Out of the hedge funds being tracked by Insider Monkey, California-based investment firm SCGE Management is a leading shareholder in Twilio Inc. (NYSE: TWLO) with 2.7 million shares worth more than $948 million.
Just like Square, Inc. (NYSE: SQ), Shopify Inc. (NYSE: SHOP), and Zillow Group, Inc. (NASDAQ: Z), Twilio Inc. (NYSE: TWLO) is one of the best software stocks to buy according to Cathie Wood.
6. Zoom Video Communications, Inc. (NASDAQ: ZM)
Number of Hedge Fund Holders: 54
Zoom Video Communications, Inc. (NASDAQ: ZM) is a California-based communications technology company founded in 2011. It is placed sixth on our list of 10 best software stocks to buy according to Cathie Wood. Zoom stock has offered 99% in returns to investors over the course of the past twelve months. ARK Investment holds more than 3 million shares in the communications technology firm worth over $964 million, accounts for 1.91% of their portfolio. ARK activity on Zoom stock increased by 215% in the past few months.
On May 19, Zoom Video Communications, Inc. (NASDAQ: ZM) announced the launch of a dedicated events platform that would be used for ticketed communications and video in live events having audiences of any size.
At the end of the first quarter of 2021, 54 hedge funds in the database of Insider Monkey held stakes worth $5.6 billion in Zoom Video Communications, Inc. (NASDAQ: ZM), down from 59 in the previous quarter worth $6 billion.
Just like Square, Inc. (NYSE: SQ), Shopify Inc. (NYSE: SHOP), and Zillow Group, Inc. (NASDAQ: Z), Zoom Video Communications, Inc. (NASDAQ: ZM) is one of the best software stocks to buy according to Cathie Wood.
In its Q4 2020 investor letter, Baron Opportunity Fund, an asset management firm, highlighted a few stocks and Zoom Video Communications, Inc. (NASDAQ: ZM) was one of them. Here is what the fund said:
“Zoom Video Communications, Inc. is a cloud-based software company providing a video-first platform for communication. Shares of Zoom declined during the fourth quarter on profit taking following the strong run in the stock because of accelerated pandemic-driven Zoom adoption, revenue growth, and free cash flow generation. We retain conviction as Zoom remains a leading player in disrupting the $100 billion unified communications market with its scalable, globally distributed, cloud-based, video-first offering, while its well-known brand (Zoom is now a verb!) should enable it to grow profitably as it takes market share.”
5. Spotify Technology S.A. (NYSE: SPOT)
Number of Hedge Fund Holders: 46
Spotify Technology S.A. (NYSE: SPOT) is a Sweden-based company that owns software that streams audio and media. It was founded in 2006 and is ranked fifth on our list of 10 best software stocks to buy according to Cathie Wood. Spotify stock has offered investors returns exceeding 35% in the past year. ARK Investment holds more than 3.8 million shares in the company worth over $1 billion, representing more than 2.05% of their portfolio. ARK activity on Spotify stock increased by 66% in the last few months.
On April 29, Spotify Technology S.A. (NYSE: SPOT) stock was upgraded to Buy from Hold by investment advisory Pivotal Research. The share price of the firm jumped 2% after the ratings update as Pivotal assigned the stock a price target of $340.
Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Tiger Global Management LLC is a leading shareholder in Spotify Technology S.A. (NYSE: SPOT) with 3.1 shares worth more than $852 million.
In its Q4 2020 investor letter, Guardian Fund, an asset management firm, highlighted a few stocks and Spotify Technology S.A. (NYSE: SPOT) was one of them. Here is what the fund said:
“At the current share price, Spotify basically only represents a fraction of the value they will be able to unlock in the growing market of audio entertainment. The key for Spotify is to change a variable cost base into a fixed cost base just like Netflix has. As the market share of the big labels, measured by the daily hours of engagement of the big labels, is declining, Spotify will be able to adjust its business model and create enormous operational leverage meaning that profitability will grow faster than expenses.
The music catalogue is not the business model. The value lies in the machine learning that drives discovery and engagement, the original content from people like Michelle Obama, Kim Kardashian, and Joe Rogan, the data analytics and distribution for artists, the direct and social relations artists can have with fans through music and videos. We believe that Spotify will be worth at least five times more in 2030.”
4. Shopify Inc. (NYSE: SHOP)
Number of Hedge Fund Holders: 91
Shopify Inc. (NYSE: SHOP) is a Canadian ecommerce company founded in 2006. It is placed fourth on our list of 10 best software stocks to buy according to Cathie Wood. Shopify stock has offered investors returns of more than 66% over the course of the past twelve months. ARK Investment Management holds more than 1 million shares in Shopify worth close to $1.2 billion. This represents almost 2.3% of the investment portfolio of the hedge fund. ARK activity on Shopify stock has increased 124% in the past few months.
In earnings results for the first quarter of 2021, posted in late April, Shopify Inc. (NYSE: SHOP) reported earnings per share of $2.01, beating market estimates by $1.26. The revenue over the period was over $988 million, up 110% year-on-year.
Out of the hedge funds being tracked by Insider Monkey, Connecticut-based investment firm Lone Pine Capital is a leading shareholder in Shopify Inc. (NYSE: SHOP) with 1.7 million shares worth more than $1.8 billion.
In its Q4 2020 investor letter, RGA Investment Advisors, an asset management firm, highlighted a few stocks and Shopify Inc. (NYSE: SHOP) was one of them. Here is what the fund said:
“While we are pleased with the results of these specific purchases, we made a huge mistake of omission at that time. This mistake will likely be one of the biggest we ever make in our careers. Specifically, we did deep work on Shopify and loved everything about the business qualitatively. Unfortunately, we ultimately found ourselves unable to get comfortable with the numbers.
We built our model up from the key performance indicators (KPIs) that drive revenues. Our last save of the model dated 8/3/2016 looked as follows: (Page 2). These numbers seemed right from everything we understood about the company. While we tend not to rely on sell-side consensus estimates before finishing our own workup of the business, we do give them a look once we feel comfortable with how we have approached our analysis as it is often helpful to get a sense of what the average participant in the market expects the business to do. With Shopify, the sell-side consensus was so far from where our numbers were shaking out, it seemed almost impossible that we were basing our analysis on the same underlying information. Our natural next step was thus to take the sell-side consensus data and work backwards to figure out the implied expectations on each of the key revenue drivers. Here is what the sell-side consensus looked like as at the time: (Page 2).
Shopify’s actual revenues for 2016-2018 ended up being $389m, $673m and $1,073m. In other words, not only were we justifiably far more optimistic than the consensus estimate, but we also were far too conservative in terms of how the company actually performed.
The nature of our job as securities analysts is to take calculated risks, in an uncertain world where the “true” answer is inherently unknowable before the fact. We operate in what many call an “efficient market” and subscribe to the belief that for the most part, markets are generally pretty efficient and it requires differentiated analysis to find a return above what the market can offer. So why did we pass on Shopify despite 1) deeply believing in the qualitative elements of the business; and, 2) seeing a meaningful gap between what we expected and the consensus expected? The answer is unfortunate but simple: we lacked confidence in ourselves. It was the first time we truly experienced such a stark divergence between our expectation and the consensus and the result was the inclination was to pound ourselves over the head with how dumb we must be, rather than the other way around. We also learned that the truly great companies use their strong business advantages, smart management and execution to raise the bar every step along the way. Obviously this is a cycle which cannot continue ad infinitum, but especially in instances where our qualitative work identifies the inherent strengths in the business and the numbers shake out to be quite fair, the consistent “raising of the bar” can be a potent driver for the stock.
Please do not judge us too harshly for our mistake on Shopify, for we have from the very beginning made one commitment above all else to both our clients and ourselves: that we will be better today than we were yesterday, and better tomorrow than we are today. While this mistake was quite costly, it ended up being a key confidence and process builder.”
3. Zillow Group, Inc. (NASDAQ: Z)
Number of Hedge Fund Holders: 82
Zillow Group, Inc. (NASDAQ: Z) is a Washington-based online real estate company founded in 2004. It is ranked third on our list of 10 best software stocks to buy according to Cathie Wood. Zillow stock has returned more than 101% to investors over the past year. The hedge fund run by Wood owns more than 10 million shares in the company worth over $1.3 billion, representing close to 2.6% of the investment portfolio of ARK Investment. Zillow has stakes in the finance and insurance businesses as well.
On April 21, Zillow Group, Inc. (NASDAQ: Z) stock was given a Buy rating with a $230 price target by investment advisory Benchmark on the back of strong growth prospects for Zillow that had earlier dropped close to 37% after hitting a 52-week high in February.
Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm SRS Investment Management is a leading shareholder in Zillow Group, Inc. (NASDAQ: Z) with 7.3 million shares worth more than $946 million.
In its Q1 2021 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Zillow Group, Inc. (NASDAQ: Z) was one of them. Here is what the fund said:
“Zillow Group, Inc. operates leading U.S. real estate sites, a mortgage marketplace, and the Zillow Offers home-buying business. Shares fell during the quarter in concert with the broader rotation out of technology-based stocks despite the company’s continued inflection in mortgages revenue, strong profitability in its core business, and a positive real estate outlook as Zillow builds out its iBuying ecosystem. In our view, Zillow is a leader in the large online real estate advertising market with substantial upside from mortgages and Offers, and we remain investors.”
2. Roku, Inc. (NASDAQ: ROKU)
Number of Hedge Fund Holders: 63
Roku, Inc. (NASDAQ: ROKU) is a California-based company that offers users access to streaming media content. It was founded in 2002 and is placed second on our list of 10 best software stocks to buy according to Cathie Wood. Roku stock has offered investors returns exceeding 219% in the past twelve months. ARK Investment holds close to 5 million shares in the company worth over $1.6 billion. These represent more than 3.2% of the investment portfolio of the hedge fund. ARK trimmed their stock in Roku by 8% in the past few months.
Roku, Inc. (NASDAQ: ROKU) posted earnings results for the first quarter of 2021 on May 6, reporting earnings per share of $0.54, beating market predictions by $0.67. The revenue for the first three months of 2021 was over $574 million.
At the end of the first quarter of 2021, 63 hedge funds in the database of Insider Monkey held stakes worth $3.7 billion in Roku, Inc. (NASDAQ: ROKU), up from 60 in the preceding quarter worth $3.2 billion.
In its Q4 2020 investor letter, RGA Investment Advisors, an asset management firm, highlighted a few stocks and Roku, Inc. (NASDAQ: ROKU) was one of them. Here is what the fund said:
“For two years running, Roku has now been either the largest or second largest driver of performance in portfolios. When we purchased Roku, obviously we never expected such a phenomenal outcome, so quickly—these things can only be chalked up to luck. However, we do think luck is the residue of design and Roku had all the hallmarks ex ante as the kind of position that could do something wildly spectacular. One of the first signs in seeing Roku’s potential was the sharp contrast between our modeled expectations for the top line of the business and where the consensus expectations were. This was the Shopify setup all over again. By this time, we had added an additional tool to our analytical framework, and this helped further enforce our conviction that not only was it we who were right about where things should go, but also that the very existence of this gap could be a potent source of fuel behind the stock as the world came around to our expectation. Specifically, we had become increasingly comfortable building lifetime value analyses of companies, and notably, when we bought Roku, we were quite confident that with only modest annual increases in average revenue per user (ARPU), and a 5-year average customer lifespan, we were buying the company for its existing customer base and nothing more. In other words, the growth at Roku was entirely free at the prevailing prices we bought into.”
1. Square, Inc. (NYSE: SQ)
Number of Hedge Fund Holders: 92
Square, Inc. (NYSE: SQ) is a California-based digital payments firm founded in 2009. It is ranked first on our list of 10 best software stocks to buy according to Cathie Wood. Square stock has offered investors close to 177% in returns over the past year. The hedge fund chaired by Wood holds close to 11 million shares in the company worth over $2.4 billion. It is the third largest holding of the New York-based fund. ARK activity on Square stock increased by 56% in the past few months.
On May 26, Square, Inc. (NYSE: SQ) announced that it had entered into a deal with Noble to implement online payments processing for food and drinks at live events. The deal provides Square sellers with a concessions platform to enhance operations.
Out of the hedge funds being tracked by Insider Monkey, Texas-based investment firm Bares Capital Management is a leading shareholder in Square, Inc. (NYSE: SQ) with 4.9 million shares worth more than $1.1 billion.
You can also take a peek at Eagle Capital’s Top 10 Stock Picks and Billionaire David Siegel’s Top 10 Stock Picks.
Follow Insider Monkey on Twitter
Suggested articles:
- Short Seller Jim Chanos’ Top 10 Stock Picks
- Billionaire Louis Bacon’s Top 10 Stock Picks
- Billionaire John Paulson’s Top 10 Stock Picks
Disclosure: None. 10 Best Software Stocks to Buy According to Cathie Wood is originally published on Insider Monkey.
