According to billionaire Howard Marks, president Donald Trump’s reelection is not “preordained” because of the markets.  But, if the president is reelected, the stock market would “breathe a sigh of relief” Marks said.

During an interview on CNBC on the sidelines of the Goldman Sachs Financial Services conference in New York City on Tuesday, Marks, the CEO of Oaktree Capital Management, said that electing a “progressive” would result in a short-term shock to the markets. On the other hand, according to Marks. Trump’s pro-business stance since winning a first presidential term in 2016, in stunning fashion against Democratic rival Hillary Clinton, has made him an attractive president for the deep-pocketed crowd in financial markets

“The market took off after Trump’s election because he was judged to be pro-market and he has behaved pro-business. So, if he is re-elected people will continue to see him as pro-business. They’ll breathe a sigh of relief that he was re-elected and that will probably be healthy for the market.” –Howard Marks, via Market Watch

According to a report by Forbes, Marks said that the roster of candidates campaigning for the presidency will be assessed, at least partly, on how pro-business or antibusiness their policies are. “Market-wise, it all depends on whether we have a president who’s considered pro or antibusiness,” he told CNBC.

“Hold your hat,” if a progressive wins the White House Marks added. That said he also states that nothing is guaranteed. “There is uncertainty as to the outcome,” and the market reaction, referring to the presidential election. “Well, look! A week before Donald Trump’s election, there were two things we were sure of: Hillary would win and if Trump won the markets would collapse. So, Donald won and the market went up. So that tells me that we don’t know what’s going to happen,” Marks said.