Billionaire Howard Marks is worried anti-billionaire sentiments are taking hold in US politics. “There is a rising tide of anti-capitalism and we should be concerned about that,” the co-chairman of Oaktree Capital said Thursday on CNBC.
Marks addressed the issue in a memo to clients. He’s known for his prescient memos to clients, having warned his clients about the 2008 financial crisis and the dot-com bubble. He’s now predicting the far-left will “show up strongly” in the 2020 primaries.
He called out the “increasing anti-capitalist sentiment” and took issue with proposals targeting the super rich. He said he understands that income inequality has expanded and that something should be done about it, but he doesn’t think that his money or his clients’ money should be impacted.
His company, Oaktree Capital, was managing $124 billion on behalf of its clients as of last year. Howard Marks is personally worth $2 billion, according to Forbes.