Billionaire media mogul Barry Diller urged investors to maintain sizable cash positions following the stock market’s robust rally from coronavirus-induced lows in late March.
"Each day from now until November is going to get more and more concerning, and more and more decisive, and more and more difficult," said Diller, a longtime Democratic donor who has contributed more than $600,000 this year to the Biden Victory Fund,"I actually think if I could wake up in mid-November, maybe it's even late November given what might be contested, I would rub that magic genie," added Diller, the former CEO of Fox and Paramount Pictures.
"As far as business is concerned, I don't think long term there's going to be any particular difference" between Trump and Biden, said Diller. "I think there will be differences personally. I think people are going to pay higher taxes, particularly the wealthy. I think there are going to be things that are going to be done, really done, to deal with inequality."
"I think other things will happen, I do not think they are — let's call it — a big damper on business," he argued, suggesting new regulations on large technology companies will be implemented under both a second Trump term or a Biden White House.
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