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.
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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.
Warning! GuruFocus has detected 6 Warning Signs with BAM. Click here to check it out.
The intrinsic value of BAM
