An indirect discussion on investments via politics, a democratic system and class warfare. Needless to say it’s quite a good read, see below for a snippet and a link to the rest of the memo.

The trends discussed above – and resentment over experiencing them, fear of doing so, and anger upon seeing them at work in one’s community – have been big contributors to Trump’s popularity over the last year, and also to Sanders’s appeal to large numbers of Democratic primary voters. Similar sentiment played a big part in the Brexit vote to Leave and is on the rise in Europe. The issues won’t end with this year’s presidential election. Rather, I believe they are likely to prove long-lasting and difficult to resolve. They and the non-economic forces at play in this election are likely to have significant influence on U.S. politics for years to come.

Source: Oaktree Capital