Howard Marks backs Clinton because she's 'sane and competent'

Hillary Clinton
Melina Mara | The Washington Post | Getty Images

Investor Howard Marks is backing Hillary Clinton even though he doesn't see her as the agent of change the country needs.

The head of Oaktree Management, whose takes on the market are widely followed on Wall Street, said he hasn't "heard very much that convinces me" that Clinton will guide the country to a better future, "but I believe that she's, well ... sane and competent."

"And I believe that she will surround herself with good advisors, and that she understands the need for good advisors and will work tirelessly with long hours of study to come up with a plan," Marks added. "She is not the candidate of change, and we need change."

Though Marks did not mention Donald Trump by name, he indicated that he was not excited by the Republican businessman.

"I am not crazy about the current messenger of change, and that's a problem," he said.

The comments came at a conference sponsored by Bloomberg and just a few hours after investment banker Ken Moelis predicted a Trump victory.

Marks' tepid endorsement also came amid observations that the country has seen its best days. Lower investment returns and weak economic growth are likely ahead, he said.

"I think we've had our best times," he said. "I don't enjoy saying it, but I think it's true, and I don't enjoy saying it to my kids."

However, Marks added that he doesn't think the stock market is in a "dangerous bubble," and that U.S., despite its problems, "is the envy of the world."

As an investor, he's well-known both for his stellar history with distressed debt and his "Oaktree Memos" where he regularly dispenses advice and opinions.