Hedge Fund Billionaire Slams Democracy, Says The "Tyranny Of The Majority Is An Unhealthy Development"

In his latest letter to investors, OakTree Capital's Howard Marks goes political (slamming Trump's tariffs and Bernie's minimum wage machinations), shedding some blinding light on the economic reality of America, the dismal failure (and increasing impotence) of central bankers, and the ongoing "tryanny of the majority" warning that if everyone wants to tax-the-rich, soon there will be no rich to tax.

Stocks, Bonds Slide As Hawkish Yellen Sends July Rate-Hike Odds To Record Highs

Stocks, Bonds Slide As Hawkish Yellen Sends July Rate-Hike Odds To Record Highs

Following Yellen's uncharacteristicaly hawkish tone, the odds of a July rate-hike have shot higher - now higher than June or September have ever been - to record highs. This has sent short-term bond yields higher, the yield curve dramatically flatter, stocks lower, and gold down...

July Rate hike odds soar... (note these are the odds of a rate hike in that month - which suggests The Fed will be "one more and done")

 

and the reaction in asset markets as bonds close early and correelations break down...

 

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