STONEY!!!!!
‘We are in a recession’: Long-time bull Cathie Wood is warning investors about the ‘big problem’ in today's economy. Also agrees to Naked And Afraid episode with Van!
‘We are in a recession’: And I look forward to talking around the fire naked.
Real GDP in the U.S. declined at an annual rate of 0.9% in Q2 – and that’s after a 1.6% drop in Q1.
While politicians refuse to use the “R” word, plenty of experts – including Ark Invest’s Cathie Wood – are calling for a recession.
In fact, she made the call even before the official data came out.
“We think we are in a recession,” Wood said in a recent CNBC interview. “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.”
Based on how markets are doing,sentiment is certainly bearish. The S&P 500 is down 14% year to date. Wood’s flagship fund Ark Innovation ETF (ARKK) tumbled by 49% during the same period.
But investors are not giving up. CNBC noted Fact Set data showing that ARKK saw over $180 million in inflows in June.
“I think the inflows are happening because our clients have been diversifying away from broad-based benchmarks like the Nasdaq 100,” says Wood. “We are dedicated completely to disruptive innovation. Innovation solves problems.”
I just got off the phone with your girlfriend Cathie, she wanted to know GBA's opinion on Zoom Video for earnings tonight. I punted off to you. Expect a call.
P.S. I told her you were feeling a little lonely today due to empty-nest syndrome and could use a good massage. Said she'll stop by Ulta and pick up some orgy jelly if you give her a new biotech stock.
