With the election just a couple weeks away I wanted to spend this letter discussing some things to watch to see if an early winner can be determined, how the Senate race is shaping up and our expectations under different scenarios. Of course, a delayed or contested result is possible, sparked by a record number of mail-in ballots. A delayed [...]

This year we have all had ring-side seats to the battle of the economic effects of the virus-related lockdown vs the economic effects of the stimulus from the Fed and Congress (and the rest of the world). The first few rounds went to the virus, the latest few rounds went to the stimulus…so far it seems like a draw. But [...]