Marc Lasry, a billionaire investor and longtime supporter of Hillary Clinton, told CNBC on Wednesday a Democratic takeover on Capitol Hill in the November midterm elections could lead to a shakeup in the stock market.
"If Congress shifts, you'll have more investigations. You'll have more issues. And from a business standpoint, I think people will then step back," said the co-founder of Avenue Capital, a distressed asset specialist with about $9.6 billion in assets under management.
As an American, Lasry said he likes to see the economy do well. But as a investor, he added he'd "like a little more chaos."
Despite supporting Clinton in the 2016 election, Lasry said Donald Trump’s presidency has so far been good for American business interests and growth.
"Congress today, they seem to be supporting pretty much anything President Trump does," Lasry said on “Squawk Box” from the eighth annual CNBC and Institutional Investor Delivering Alpha conference in New York City. "You could argue it back and forth — but for business, it's good."
The market seems to believe the Trump trade actions against China and Europe won't last too long, Lasry argued.
Since he buys into companies that already have problems, he said he has not walked away from any investment opportunities due to international trade tensions.
In addition to running Avenue Capital as chairman and CEO, Lasry owns a stake in the NBA's Milwaukee Bucks.