Tech Investment Guru Cathie Wood: We’re Already In A Recession

MIAMI, FLORIDA - APRIL 7: Cathie Wood, chief executive officer and chief investment officer, Ark Invest, gestures as she speaks during the Bitcoin 2022 Conference at Miami Beach Convention Center on April 7, 2022 in Miami, Florida. The world's largest bitcoin conference runs from April 6-9, expecting over 30,000 people …
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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.

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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.

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