Cathie Wood says exodus from high-cost cities will push down inflation as ARK heads to St. Petersburg

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  • Kathy Wood is moving her investment firm’s headquarters to St. Petersburg, Florida on November 1.
  • The disruptive innovation investor said individuals and companies moving to more affordable areas of the country should keep inflation at bay.
  • “We believe St. Pete wants to be the next Austin and wants to attract tech companies, attract innovation,” Wood said during the ARK Invest webinar on Wednesday.

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Innovation investor Cathy Wood said the migration trend at her own company is further evidence that investors should fear deflation rather than inflation.

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Wood — founder, CEO and CIO of ARK Invest — is moving his investment firm’s headquarters to St. Petersburg, Florida on November 1. The disruptive innovation investor said individuals and companies moving to more affordable areas of the country should keep inflation at bay. .

“the cost of living [in St. Petersburg] “That’s anywhere from 20% to 40% less than in New York City and that includes rents,” Wood said during an ARK Invest webinar on Tuesday.

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“The Exodus, or the Great Migration, is a lot of low rents from very high rent areas of the world. So there’s going to be a mixed effect that many people are not paying attention because they are thinking about inflation,” he added. .

Wood has been vocal about her theory on deflation. While many market participants are concerned about rising prices, the founder of ARK Invest expects deflation amid falling commodity prices, the impasse over tax policy in Washington, and innovation trends.

The hot-handed investor is also trying to put St. Petersburg on the map for the innovation community, which is on Florida’s central, west-coast.

“We believe St. Pete wants to be the next Austin and wants to attract tech companies, attract innovation,” Wood said. “We are seeing all levels of government working together, which is very refreshing. They are very excited that ARK is on hand to help with that process.”

company announced last week The foundation of the ARK Innovation Centre, which will take place in St. Petersburg during the first quarter of 2022. According to ARK’s news release, this will include facilities to help retain and attract top talent by supporting entrepreneurs and tech startups in the St. Petersburg and Tampa Bay area.

“I think this region of the world is emerging, this region of our country continues to grow because of our focus on innovation,” he said.

Wood also said that St Petersburg is “incredible” from a quality of life standpoint.

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