Cathie Wood:Everyone Will Be Wiped Out In 30 Days. Most people have NO idea what is coming.
Both Ark Invest CEO Cathie Wood and Jeremy Siegel, a professor at the Wharton School of Business, concur that the recession is already well underway.
Despite the recent increase in recession predictions, the most of them have a timescale of one to two years out. However, Wood and Siegel claimed it is happening now even as inflation is beginning to ease in separate interviews on CNBC on Tuesday.
We believe we are in a recession, and inventories—whose increase I've never seen this large in my career—are a really big problem, according to Wood.
She cited retail behemoths like Target and Walmart, who normally have well-managed supply chains but have recently warned they are suffering with excessive inventories, as evidence that the problem's breadth and spread are greater throughout the industry.
Retailers will have to lower prices in order to clear off extra inventory. Wood also reaffirmed her belief that the economy will experience deflation, or lowering prices, as a result of the present high inflation rate.
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