By Sam Miller, CFA®, CFP®, CAIA®
Senior Investment Strategist
Having just passed the midpoint of 2020, the year has already staked its claim as one for the history books – a year that for many reasons most of us will remember for the rest of our lives. But in addition to the ongoing coronavirus pandemic, associated economic challenges, and civil unrest, the presidential election is fast approaching. In a day and age where emotions can run high and seemingly every issue can be divided along party lines (see Exhibit 1), it’s particularly important to remove any embedded political bias when making important decisions, especially when it comes to your portfolio. So, let’s assess where we are today, and look to history as a guide for how markets may respond to the upcoming election (exploring bull/bear cases for either a Trump re-election or a Biden election.