ARK uses top-down research to define the investment universe. ARK’s investment process initially examines from the top-down how the world is changing and where it is headed. As a result of extensive and iterative research steps, ARK anticipates and quantifies multi-year value-chain transformations and market opportunities. ARK models cost-curves and calculates elasticity of demand to identify entry points for tech-enabled disruption. Through this process, specific companies percolate to the top as best positioned to benefit from the identified investment premise.