Cathie Wood said that as Ark heads to St. Petersburg, the outflow from high-cost cities will depress inflation

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Cathie Wood, founder and CEO of ARK Investment Management LLC, speaks at the Skybridge Capital SALT New York 2021 conference to be held in New York City on September 13, 2021.

Bren Dank Demead | Reuters

Casey Wood, an innovative investor who is closely watching, said that the immigration trend that has emerged in her own company is further proof that investors should worry about deflation rather than inflation.

Wood-the founder, CEO and CIO of Ark Investments-will move the headquarters of his investment company to St. Petersburg, Florida on November 1. The disruptive innovation investor said that individuals and companies flocking to affordable areas of the country should be able to curb inflation.

“Cost of living [in St. Petersburg] 20% to 40% lower than New York City, including rent,” Wood said at the Ark Invest webinar on Tuesday.

“Exodus or major migration is from areas with very high rents in the world to areas with much lower rents. Therefore, many people will not consider the mixed effect when considering inflation,” she added. .

Wood has been talking bluntly about her deflation theory. Although many market participants are worried about rising prices, the founders of Ark Invest expect deflation in the event of a collapse in commodity prices, a deadlock in Washington’s tax policy, and the take-off of innovation trends.

The enthusiastic investor also tried to put St. Petersburg west of Tampa on the map of the innovation community.

“We believe that St. Peter wants to be the next Austin and attract technology companies and innovation,” Wood said. “We have seen governments at all levels cooperate very in unity, which is very refreshing. They are very happy that Ark is here to help complete this process.”

The company also announced last week that the groundbreaking ceremony for the Ark Innovation Center will be held in St. Petersburg in the first quarter of 2022. According to Ark’s press release, this will include facilities to help attract and retain top talent by supporting entrepreneurs and technology start-ups in the St. Petersburg and Tampa Bay areas.

“I think this part of the world will flourish, and this part of our country will flourish because of its focus on innovation,” she added.

Wood also added that from a quality of life perspective, St. Petersburg is “incredible”.

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