Racist outburst prompts Faber's exit from two company boards

Faber argued against the removal of confederate statues, saying the "only crime" of the men those monuments honored was to defend slavery

Veteran investor Marc Faber left the boards of money manager Sprott and mining companies Novagold Resources and Ivanhoe Mines after he claimed in his newsletter this month that “the US would look like Zimbabwe” if it had been settled by black people instead of whites.

“The recent comments by Faber are deeply disappointing and are completely contradictory with the views of Sprott and its employees,” Sprott Chief Executive Officer Peter Grosskopf said in announcing Faber’s departure from the board. “We pride ourselves on being a diverse organisation and comments of this sort will not be tolerated."

In a 15-page edition of his