
Market Comments October - Thinking The Unthinkable - What If?
A Bank of America poll of global fund managers found that a Republican victory is one of the two great tail risks facing the markets. Investors are generally assumed to favor the Republican candidates, on the grounds that they favor a low tax, less-regulated economy. Interestingly, equity markets have tended to perform more than five percentage points a year higher under Democratic than Republican Presidents. This time, the tail risk stems from the candidate himelf: Donald Tr