I always love reading these memos. I discovered Howard Marks listening to a podcast and found him full of wisdom. In respect to this memo, Marks isn't the first big name portfolio manager to mention the growing possibility of capitalism becoming the target of the progressive left. Ray Dalio of Bridgewater has also alluded to it several times. Then again, when you have CEO's in America making 271 times more than the average employee, it's easy to resent the capitalist system.