Appearing Tuesday on CNBC’s Squawk Box, Ark Invest CEO Cathie Wood stated the United States is currently in recession as concerns regarding the economy grow.
A transcript is as follows:
ANDREW ROSS SORKIN: When you think about the last and you think about your approach, what is the lesson in it? I know you have a north star about stocks you’re talking about, but at some level you have to look around, and I think your investors would want you to look around and say, “Okay, I was wrong. What was I wrong about? If I was wrong, how am I going to change my approach in the future?”
CATHIE WOOD: We were wrong on one thing and that was inflation being as sustained as it has been. For the supply chain, I can’t believe it’s taken two years and Russia’s invasion of Ukraine, which of course we couldn’t have seen that. Inflation has been a big problem.
We think we’re in a recession and we think a big problem out there is inventories… the increase of which I’ve never seen this large in my career. I’ve been around for 45 years.