A number of businesses and financial networks have distanced themselves from investor and financial newsletter author Marc Faber after a “racist” investor letter came to light on Tuesday.

In the October edition of the “Gloom, Boom, and Doom” report Faber addressed government regulation and what he considers impending issues facing the financial future of the US. He also said that too many people were focused on minor concerns like the removal of Confederate statues, an issue he also addressed as an aside.

“But the very same people are now disturbed by statues of honourable people whose only crime was to defend what all societies had done for more than 5,000 years: keep a part of the population enslaved,” Faber wrote in part.

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