In one of his famous “memos” released on Thursday, Howard Marks (Trades, Portfolio), co-chairman of multibillion-dollar asset management firm Oaktree Capital, commented on the protests and riots that have taken place in recent weeks following the death of George Floyd, a man who was wrongfully killed by a Minneapolis police officer while being detained. The event has sparked nationwide calls for police reform and shed light on “glaring injustices” that people of color encounter in the U.S. today.
The paper, titled “Not Enough,” begins with quotes from Reverend Dr. Martin Luther King Jr. and Benjamin Franklin in regard to justice and change. He then follows with a brief overview of the event itself and the significance the resulting protests have.
While Marks said he wanted to add his voice to the large number of people who are speaking out, he emphasized that he is not a social commentator or any sort of expert.
“I certainly don’t feel I know the solution or have the means to implement it. I’m afraid of coming across as holier-than-thou, and especially of saying something that anyone finds insensitive, patronizing or hurtful. I hold good thoughts in my heart and have always tried to be a good, thoughtful, inclusive person. But I now know that’s not enough.
I find the statistics relating to the injustices listed above appalling, the result of individual as well as institutionalized racism going all the way back to the original sin of slavery. But behind the statistics – unpleasant as they are – are millions of individuals suffering. While the battle for civil rights was “won” a half-century ago, and we have talked about progress in the area of race, our society still denies equal opportunity to many.”
He then goes on to discuss several major economic and societal issues we have yet to overcome in regard to race and told readers that solutions can be found by empathizing, listening and “playing an active part.” The guru also shared some of the initiatives his firm has taken to create a “harmonious environment” of “shared opportunity and reward,” including expanding its “population of women and underrepresented professionals.”
Marks ended his missive with a solemn vow:
“It is imperative that all Americans see the recent events as a call for action and work to ensure equality for people of color. I pledge that Oaktree and I will heed this call and listen, learn and act.”
Read Marks’ full memo here.
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