December 18, 2000

With Gore’s concession now behind us and the Bush transition in full swing, the uncertainty surrounding the election is now over. We are on record as saying that we believe increases in uncertainty shorten investors’ horizons. This has a negative effect on market levels but also creates a distinct sectoral effect. Shortening of investors’ horizons has a disproportionate effect on longer-horizon stocks (i.e., growth stocks). Hence, value stocks will be favored. Increased uncertainty also favors companies with greater ability to adapt to a changing economic environment.

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