{"content":[{"text":"Divided We Rise!","bbox":{"left":0.071429,"top":0.055996,"width":0.355976,"height":0.030418999999999995}},{"text":"Bottom Line:","bbox":{"left":0.071429,"top":0.125688,"width":0.266982,"height":0.030419}},{"text":"Markets seem destined for new highs despite presidential pugilism. A \n Republican majority in the Senate assures us of shared governance \n responsibilities. This outcome should enable sizable stimulus legislation \n while disabling historic tax hikes and industrial re-engineering. \n Historically, the highest near term returns for the market synchronize with \n two-party rule. Perhaps it’s ironic that, given all the polarity in the \n country today, the best environment for investors is one of diverse opinion \n and shared responsibility.","bbox":{"left":0.071429,"top":0.208781,"width":0.834315,"height":0.13657399999999997}},{"text":"The Full Story:","bbox":{"left":0.071429,"top":0.408904,"width":0.19522999999999996,"height":0.017795000000000005}},{"text":"Despite not knowing the outcome of the presidential election (unknown at time \n of writing), markets staged the largest post-election rally on record in the \n days following November 3 rd. Casual observers may wonder why such a bitterly \n competed and yet unresolved presidential contest would elate investors to \n such an historic degree. The answer? The ballot undercard. The retained \n Republican majority within the Senate ensures either legislative compromise \n or legislative gridlock in Washington for at least the next two years. The \n first two years of any presidential term tend to house the most ambitious \n legislative proposals. President Obama took office in January of 2009 and \n signed the Affordable Care Act in March of 2010. President Trump took office \n in January of 2017 and signed The Tax Cuts and Jobs Act in December of 2017. \n Both acts led to sizable adjustments and unintended consequences across the \n US economy. More importantly, both acts required single party control of the \n White House, the Senate, and the House of Representatives. No single party \n control, no transformational legislation.","bbox":{"left":0.071429,"top":0.475614,"width":0.8565630000000001,"height":0.2585360000000001}},{"text":"There have been 58 presidential elections since 1789. There have been 19 \n Democratic sweeps. Over the two years after a Democratic sweep, the stock \n market gained a mere 3.4% annualized, on average. This history likely \n informed the strong sell-off right before this election as polls strongly \n suggested a cresting “blue wave”. However, when Democrats have won the White \n House without winning Congress, the stock market gained 14.5% annualized, on \n average. This two-year rate of return outpaces the historic rate of return \n for all other legislative combinations.","bbox":{"left":0.071429,"top":0.782884,"width":0.856563,"height":0.13657399999999997}}],"images_bbox":[],"images_bbox_not_text_overlap":[]}