Key investor Bruce Berkowitz explains why he backs Trump right now
Bruce Berkowitz said Friday he leans toward voting for Donald Trump for president, not because of the billionaire developer himself, but because of Trump's advisors.
"I'm looking at the people who are gonna be doing the hard work for the country, who are reforming financial systems, welfare benefits ... right now I'm picking the people that Donald Trump is picking to do the heavy lifting for the country," the founder and chief investment officer of Fairholme Capital Management, which manages just under $5 billion, told CNBC.
The money manager added "that could change" before the election. But Berkowitz said he had "a lot of difficulty" with President Barack Obama's administration.
Republican candidate Trump has repeatedly touted his business success on the campaign trail, claiming it would help him to handle the rigors of the presidency. But many on Wall Street have suggested a Trump presidency could bring volatility to the stock market.
Trump's proposals, like income and corporate tax cuts and the removal of the estate tax, have appealed to both fiscal conservatives and wealthier Americans.
Berkowitz has donated to both sides of the political aisle in the past but gave to super PACs backing former Florida Gov. Jeb Bush and Sen. Marco Rubio during their failed presidential bids last year, according to Federal Election Commission data.
While Trump has not given serious hints about whom he would choose for his cabinet, he relies on counsel from New Jersey Gov. Chris Christie, former New York City Mayor Rudy Giuliani and Sen. Jeff Sessions of Alabama, among others.
For economic advice, Trump has largely surrounded himself with investors and businessmen rather than economists. Hedge fund manager John Paulson, energy baron Harold Hamm, and investors Wilbur Ross and Tom Barrack all serve on Trump's economic advisory team, among others.