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Howard Marks Opposes Leftist Politics in Memo 'Growing the Pie'

- By Holly LaFon

Howard Marks (Trades, Portfolio) on Monday allayed worries that the purchase of a majority stake in his firm, Oaktree Capital (OAK), by Brookfield Asset Management (BAM) in March would end his famous periodic memos.

In "Growing the Pie," the investor took aim at leftist politics, particularly the demise in February of Amazon (AMZN)'s deal with New York to build a headquarters in Queens. Marks criticized opposition leaders, including U.S. Representative Alexandria Ocasio-Cortez, calling her "the most prominent spokesperson for the approach that so troubles" him and citing an article calling her an "economically illiterate."

"But the policies [of the left] are more likely to equalize the sharing of misery than to expand blessings, however unequal," Marks wrote. The investor, whose firm manages $122 billion, ended the memo by calling for more "responsible capitalism."

Read Marks' memo here.
This article first appeared on GuruFocus.