November 16, 2022

The investment implications are straightforward. The election outcome is mildly bullish, the degree of bullishness depends on the degree of cooperation or negotiation between the Biden administration and the Republicans. If as the President has already signaled, his administration will not be predisposed to negotiate, it will likely opt to govern using executive orders and regulation thereby creating an environment that will favor the smaller capitalization stocks. One important point to make is that irrespective of the outcome, we do not foresee a strong surge in economic activity. In addition, we anticipate a continuation of the interest rate increases. All of this adds up to an environment favoring value stocks.

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