Billionaire investor Howard Marks has said that his son Andrew owns “a meaningful amount” of bitcoin for the family.
Revealing the news in the latest client memo published Monday, Marks said despite Andrew’s bitcoin investment, his skeptical view on crypto has not changed yet.
“The natural state for the value investor is one of skepticism,” said Marks, co-founder and co-chairman of Oaktree Capital Management. “Our default reaction is to be deeply dubious when we hear ‘this time it’s different,’ and we point to a history of speculative manias and financial innovations that left behind significant carnage. It’s this skepticism that reduces the value investor’s probability of losing money.”
Marks, who manages assets worth more than $140 billion, further said that he is not yet informed enough to form a firm view on cryptocurrencies and is striving to learn about the space.
The value investor has previously called bitcoin ” a pyramid scheme.” He then went on to compare cryptocurrencies to the Tulip mania of 1637, the South Sea bubble of 1720, and the internet bubble of 1999-2000.
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