Votes Count, Fundamentals Weigh
Ben Graham, a professor at New York University, was the best-known teacher of his most famous student, Warren Buffet. He’s often a good quote, too. His wisdom helps us to frame our quarterly update during the final weeks of an extraordinary Presidential election. We make the (possibly) surprising argument that the election outcome may not signify much for the direction of investment markets. Other, weightier things may matter more. Politics seemed to have little effect on markets in the third quarter, at least.